Vehicle Term definition
Vehicle Term with respect to each Lease Vehicle shall extend from the Vehicle Lease Commencement Date through the earliest of:
Vehicle Term is defined in Section 3.1 of the Master Lease.
Vehicle Term with respect to each Lease Vehicle that has a Special Term shall extend from the Vehicle Operating Lease Commencement Date for such Lease Vehicle through the earlier to occur of the last day of the Special Term applicable to such Lease Vehicle and the date that would be the Vehicle Operating Lease Expiration Date for such Lease Vehicle if such Lease Vehicle did not have a Special Term; provided that, at the expiration of each Special Term with respect to such Lease Vehicle, the lease of such Lease Vehicle shall automatically be renewed for a successive Special Term applicable to such Lease Vehicle, until the earlier to occur of the Maximum Lease Termination Date with respect to such Lease Vehicle and the date that would be the Vehicle Operating Lease Expiration Date for such Lease Vehicle if such Lease Vehicle did not have a Special Term.
Examples of Vehicle Term in a sentence
With respect to any Payment Date and any Lease Vehicle with respect to which the Disposition Date occurred during such Related Month, the “Final Base Rent” with respect to any such Lease Vehicle for such Payment Date shall be an amount equal to the pro rata portion (based upon the number of days in such Related Month that were included in the Vehicle Term for such Lease Vehicle) of the Depreciation Charge for such Lease Vehicle as of such Disposition Date, calculated on a 30/360 day basis.
For the avoidance of doubt, with respect to any Lease Vehicle that experiences more than one Vehicle Term pursuant to this Agreement, each such Vehicle Term with respect to such Lease Vehicle will be treated as an independent Vehicle Term for all purposes hereunder.
If a Lease Vehicle is covered by a Manufacturer’s warranty, the Lessee, during the Vehicle Term for such Lease Vehicle, shall have the right to make any claims under such warranty that the Lessor could make.
The Lessor may sell a Lease Vehicle during such Lease Vehicle’s Vehicle Term to the relevant Lessee for an amount equal to the market value of such Lease Vehicle.
If a Lease Vehicle is covered by a Manufacturer’s warranty, the relevant Lessee, during the Vehicle Term for such Lease Vehicle, shall have the right to make any claims under such warranty that the Lessor could make.
More Definitions of Vehicle Term
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 Term has the meaning specified in Section 3.1(b) of the Series 2010-3 Lease or Section 3.1(c) of the Series 2010-3 Lease, as applicable.
Vehicle Term has the meaning given to it in Section 3.1 of the Base Lease.
Vehicle Term has the meaning specified in Section 3.1(b) of the Series 2013-G1 Lease or Section 3.1(c) of the Series 2013-G1 Lease, as applicable.
Vehicle Term has the meaning specified in Section 3.1 of the HVF Lease.
Vehicle Term with respect to each Vehicle shall extend from the Vehicle Finance Lease Commencement Date through the earliest of (i) if such Vehicle is a Program Vehicle or a Non-Program Vehicle returned to a Manufacturer under a Manufacturer Program in accordance with Section 2.6(b), the Turnback Date for such Vehicle, (ii) if such Vehicle is sold to a third party (other than through an auction conducted by or through or arranged by the Manufacturer pursuant to its Manufacturer Program), the date on which such funds in respect of such sale are deposited in the Collection Account (by such third party or by the Lessee or the Guarantor on behalf of such third party) and such funds equal or exceed the Termination Value of such Vehicle, (iii) if such Vehicle becomes a Standard Casualty or an Ineligible Vehicle, the date funds in the amount of the Termination Value thereof are deposited in the Collection Account by the Lessee, (iv) if the Lessee purchases the Vehicle pursuant to Section 2.5, the date on which the Vehicle Purchase Price is deposited in the Collection Account by the Lessee, (v) the date that is the last Business Day of the month that is 18 months (or such longer term as agreed to by the Lessee and the Lessor) after the month in which the Vehicle Finance Lease Commencement Date occurs with respect to such Vehicle, or (vi) the date described under clause (i) of Section 3.2 (the earliest of such six dates being referred to as the "Vehicle Finance Lease Expiration Date").
Vehicle Term with respect to each ZVF Vehicle (other than a ZVF Vehicle which has a Special Term) shall extend from the Vehicle Operating Lease Commencement Date with respect to such ZVF Vehicle through the earliest of (i) if such ZVF Vehicle is sold to a third party pursuant to Section 2.5(a), the date on which funds in respect of such sale are deposited in the Collection Account (by such third party or by the Servicer or Collateral Agent or Trustee on behalf of such third party), (ii) if such ZVF Vehicle is sold to the Lessee pursuant to Section 2.4, the date on which the Vehicle Purchase Price for such ZVF Vehicle is deposited into the Collection Account, (iii) if such ZVF Vehicle becomes a Casualty or an Ineligible Vehicle, the date funds in the amount of the Termination Value thereof are deposited in the Collection Account by the Lessee, and (iv) the date that is the last Business Day of the month that is 36 months after the month in which the Vehicle Operating Lease Commencement Date occurs with respect to such ZVF Vehicle (the earliest of such dates described in clauses (i) through (iv) being referred to as the “Vehicle Operating Lease Expiration Date” for such ZVF Vehicle). The “Vehicle Term” with respect to each ZVF Vehicle which has a Special Term shall extend from the Vehicle Operating Commencement Date with respect to such ZVF Vehicle through the earlier of (i) the last date of the Special Term for such ZVF Vehicle as the same may be extended in accordance with the following sentence and (ii) the Vehicle Operating Lease Expiration Date for such ZVF Vehicle. The Special Term shall be automatically renewed until the date that is the last Business Day of the month that is 36 months after the month in which the Vehicle Operating Lease Commencement Date occurs with respect to such ZVF Vehicle, unless the Lessor or the Lessee gives prior notice of non-renewal of the Special Term to the Lessor or the Lessee, as applicable, during the period of any Special Term, or the Vehicle Operating Lease Expiration Date occurs during the period of any Special Term. The “Special Term” shall mean (i) 180 days with respect to ZVF Vehicles titled in the State of Texas and the State of Maryland; (ii) one year with respect to ZVF Vehicles titled in the State of Illinois; (iii) eleven months with respect to ZVF Vehicles titled in the State of Iowa, the Commonwealth of Massachusetts, the State of Maine, the State of Vermont and the Commonwealth of Virginia; (iv) 30 days with respect Z...