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
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.
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.
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.
If a Vehicle is covered by a Manufacturer’s warranty, the applicable Lessee and each related Franchisee, during the Vehicle Term, shall have the right to make any claims under such warranty which 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 net book value under GAAP of such Lease Vehicle.
More Definitions of Vehicle Term
Vehicle Term with respect to each Repurchase Vehicle shall extend from the Vehicle Lease Commencement Date through the earliest of (i) the Turnback Date for such Repurchase Vehicle, (ii) the date the Vehicle is sold to a third party through any means other than an auction conducted by or through or arranged by the Manufacturer pursuant to its Repurchase Program and the 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), (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 or 2.6 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 deliver each Repurchase Vehicle to the related Manufacturer or the designated auction site, as applicable, (a) not prior to the end of the minimum holding period specified in the related Repurchase Program (prior to which the Lessor may not deliver such Repurchase 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 Repurchase Vehicle without penalty (the "Maximum Term")); provided, however, if for any reason, a Lessee fails to deliver a Repurchase Vehicle to the applicable Manufacturer or designated auction site 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 Repurchase 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 Repurchase Vehicle. Each Lessee will pay the equivalent of the Rent for the Minimum Term for Repurchase 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. Group III Repurchase Vehicles. The "Vehicle Lease Commencement Date" for each Group III Repurchase Vehicle and Eligible Receivable shall mean the day referenced as such in the Group III Vehicle Acquisition Schedule or Refinancing Schedule with respect to such Group III Repurchase Vehicle or Eligible Receivable but in no event beyond the date that funds are expended by the Lessor to acquire such Group III Repurchase Vehicle or Eligible Receivable. The "Vehicle Term" with respect to each Group III Repurchase Vehicle shall extend from the Vehicle Lease Commencement Date through the earliest of (i) the Turnback Date for such Group III Repurchase Vehicle, (ii) the date the Vehicle is sold to a third party through any means other than an auction conducted by or through or arranged by the Manufacturer pursuant to its Repurchase Program and the funds in respect of such sale are received by the Trustee in the Group III Collection Account (from such third party or from any member of the Lessee Group on behalf of such third party), (iii) if such Vehicle becomes a Casualty, the date funds in the amount of the Net Book Value thereof are received by the Trustee in the Group III Collection Account from the applicable Lessee, (iv) the date that such Vehicle is purchased by the applicable Lessee pursuant to paragraph 6 or 7 of Annex A 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 in the Group III Collection Account and (v) the maximum vehicle lease term of the Operating Lease and the Financing Lease, as applicable, as specified in, respectively, paragraph 5 of each of Annex A and Annex B to this Agreement (the earliest of such five 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 deliver each Group III Repurchase Vehicle (other than any such Group III Repurchase Vehicle that has been redesignated as a Group III Non-Repurchase Vehicle pursuant to Section 14 hereof) to the related Manufacturer or the designated auction site, as applicable, (a) not prior to the end of the minimum holding period specified in the related Repurchase Program (prior to which the Lessor may not deliver such Group III Repurchase Vehicle without penalty (the "Minimum Term") and (b) not later than the end of the maximum holding period (after which the Lessor ...