Vehicle Lease Commencement Date is defined in Section 3.1 of the Master Lease.
Vehicle Lease Commencement Date with respect to any Lease Vehicle shall mean the date referenced in the applicable Lease Vehicle Acquisition Schedule with respect to such Lease Vehicle, provided that:
Vehicle Lease Commencement Date means, for each Vehicle, the earlier of (a) the date referenced in the Vehicle Acquisition Schedule or Refinancing Schedule with respect to such Vehicle, and (b) other than in the case of Acquired Vehicles refinanced pursuant to Section 2.3 of the Master Collateral Agency Agreement, the date that funds are expended by the Lessor to acquire or finance the acquisition of such Vehicle (with respect to such Vehicle, the “Vehicle Funding Date”). A vehicle shall be deemed hereunder to be a Vehicle leased under this Lease on each day during the period (the “Vehicle Term”) from and including the Vehicle Lease Commencement Date to but excluding the Vehicle Lease Expiration Date.
Examples of Vehicle Lease Commencement Date in a sentence
Each Lease Vehicle is or will be, as the case may be, on the applicable Vehicle Lease Commencement Date, an Eligible Vehicle or in the case of any Credit Vehicle will be an Eligible Vehicle following payment of the purchase price in respect thereof.
More Definitions of Vehicle Lease Commencement Date
Vehicle Lease Commencement Date means, for each Vehicle, the earlier of (a) the date referenced in the Vehicle Acquisition Schedule or Refinancing Schedule with respect to such Vehicle, and (b) the date that funds are expended by the Lessor to acquire or finance the acquisition of such Vehicle (with respect to such Vehicle, the “Vehicle Funding Date”). A vehicle shall be deemed hereunder to be a Vehicle leased under this Lease on each day during the period (the “Vehicle Term”) from and including the Vehicle Lease Commencement Date to but excluding the Vehicle Lease Expiration Date.
Vehicle Lease Commencement Date for each Vehicle shall mean the day as referenced in the Vehicle Acquisition Schedule with respect to such Vehicle but in no event beyond the date that funds are expended by the Lessor to acquire such Vehicle. The "Vehicle Term" with respect to each Vehicle shall extend from the Vehicle Lease Commencement Date through the earliest of (i) the Turnback Date for such Vehicle, (ii) if the Vehicle is sold to a third party (other than through an auction conducted by or through or arranged by the Manufacturer pursuant to its Repurchase Program), the date on which such funds in respect of such sale are received by the Trustee (from such third party or from any member of the Lessee Group on behalf of such third party) and such funds equal or exceed the Net Book Value of such vehicle, (iii) if the Vehicle becomes a Casualty, the date funds in the amount of the Net Book Value thereof are received by the Trustee from the applicable Lessee, or (iv) the date that the Vehicle is purchased by the applicable Lessee pursuant to Section 2.5 hereof and the Vehicle Purchase Price with respect to such purchase (and any unpaid Monthly Base Rent and Monthly Variable Rent with respect to such Vehicle) is received by the Trustee (the earliest of such four dates being referred to as the "Vehicle Lease Expiration Date"). The Lessor and each Lessee agree that each Lessee shall use its commercially reasonable efforts to return each Vehicle to the related Manufacturer (a) not prior to the end of the minimum holding period specified in the related Repurchase Program (prior to which the Lessor may not return such Vehicle without penalty (the "Minimum Term")) and (b) not later than the end of the maximum holding period (after which the Lessor may not return such vehicle without penalty (the "Maximum Term")); provided, however, if for any reason, a Lessee fails to return a Vehicle to the applicable Manufacturer during the time period between the expiration of the Minimum Term and the expiration of the Maximum Term, such Lessee shall be obligated to purchase such Vehicle from the Lessor on the first Due Date after the expiration of the Maximum Term for an amount equal to the Vehicle Purchase Price with respect to such Vehicle. Each Lessee will pay the equivalent of the Rent for the Minimum Term for Vehicles returned before the Minimum Term, regardless of actual usage, unless a Vehicle is a Casualty which will be handled in accordance with Section 6 hereof.
Vehicle Lease Commencement Date has the meaning set forth in Section 3.1.
Vehicle Lease Commencement Date has the meaning specified in Section 3.2 of the Group IV Master Lease.
Vehicle Lease Commencement Date means, for each Vehicle, the earlier of (a) the date referenced in the Vehicle Acquisition Schedule with respect to such Vehicle, and (b) the date that funds are expended by the Lessor to acquire or finance the acquisition of such Vehicle (such date that funds are expended by the Lessor with respect to a Vehicle, the "Vehicle Funding Date" for such Vehicle). A vehicle shall be deemed hereunder to be a Vehicle leased under this Lease on each day during the period (the "Vehicle Term") from and including the Vehicle Lease Commencement Date to but excluding the Vehicle Lease Expiration Date.
Vehicle Lease Commencement Date means, (i) for each Group IV Vehicle leased under this Lease as of the Group IV Initial Closing Date, the Group IV Initial Closing Date, or with respect to each Group IV Vehicle in the Group IV Initial Fleet of an Additional Group IV Lessee, the Additional Group IV Lessee Closing Date, or with respect to each Group IV Vehicle included in the Group IV Initial Fleet of a Group IV Lessee pursuant to a Fleet Purchase Transaction, the Vehicle Funding Date for such Group IV Vehicle, and (ii) for each other Group IV Vehicle, including Group IV Refinanced Vehicles that are not in an Group IV Initial Fleet, the date referenced in the Vehicle Order with respect to such Group IV Vehicle, but in no event later than the date that funds are expended by the Group IV Lessor to acquire, finance the acquisition of or refinance such Group IV Vehicle (such date, the "VEHICLE FUNDING DATE" for such Group IV Vehicle). A vehicle shall be deemed to be a Group IV Vehicle leased under this Lease on each day during the period (the "GROUP IV VEHICLE TERM") from and including the Vehicle Lease Commencement Date for such Group IV Vehicle to but excluding the Vehicle Lease Expiration Date for such Group IV Vehicle.
Vehicle Lease Commencement Date is defined in Section 3.1 of the Lease. ------------------------------- -----------