Common use of Lessee's Rights to Purchase Vehicles Clause in Contracts

Lessee's Rights to Purchase Vehicles. (a) Each Lessee shall have the option, exercisable with respect to any Vehicle during the Vehicle Term with respect to such Vehicle, to purchase any Vehicle leased by such Lessee hereunder at the greater of (i) the Termination Value or (ii) the Market Value of such Vehicle, in each case, as of the Payment Date with respect to the Related Month in which such Lessee elects to purchase such Vehicle (the greater of such amounts being referred to as the “Vehicle Purchase Price”), in which event such Lessee will pay the Vehicle Purchase Price to the Lessor on or before such Payment Date and such Lessee will pay on or before such Payment Date all accrued and unpaid Monthly Base Rent and any Supplemental Rent then due and payable with respect to such Vehicle through such Payment Date. The Administrator shall request the Trustee to cause its Lien to be removed from the Certificate of Title for such Vehicle, concurrently with or promptly after the Vehicle Purchase Price for such Vehicle (and any such unpaid Monthly Base Rent and Supplemental Rent) is deposited in the Collection Account. (b) Each Lessee shall have the option on the Vehicle Finance Lease Expiration Date (excluding the date set forth in subclause (iv) of the definition of such term) to purchase any Vehicle leased by it hereunder for an amount equal to the Termination Value of such Vehicle on such date. Each Lessee shall pay such Termination Value plus all accrued and unpaid Monthly Base Rent and any Supplemental Rent with respect to such Vehicle to the Lessor on or before the Payment Date occurring on or immediately following the applicable Vehicle Finance Lease Expiration Date. (c) The parties hereto agree and acknowledge that, although the provisions of Section 2.5(a) and (b) nominally describe a Lessee’s options with respect to each Vehicle leased by it hereunder as options to purchase, such Lessee owns each such Vehicle, subject to the security interests of the Lessor, the Lender and the Trustee in such Vehicle, and such options are options to extinguish the security interests of the Lessor, the Lender and the Trustee in such Vehicle.

Lessee's Rights to Purchase Vehicles. (a) Each Lessee shall will have the option, exercisable with respect to any Acquired Vehicle leased by it hereunder during the Vehicle Term with respect to such Acquired Vehicle, to purchase any Vehicle such Acquired Vehicles leased by such Lessee hereunder under this Lease at the greater of (i) the Termination Value or (ii) the Market Value of such Vehicle, in each case, as of the Payment Date with respect to the Related Month in which such Lessee elects to purchase such Vehicle (the greater of such amounts being referred to as the “Vehicle Purchase Price”), in which event such the Lessee will pay the Vehicle Purchase Price to the Lessor Master Collateral Agent on or before such the Payment Date and next succeeding such purchase by the Lessee will pay on or before such Payment Date plus all accrued and unpaid Monthly Base Rent, Monthly Variable Rent and any Supplemental Rent then other unpaid charges, payments and amounts due and payable on such Payment Date with respect to such Vehicle through the date of such purchase. In addition, each Lessee will have the option, exercisable with respect to any Manufacturer Receivable related to an Acquired Vehicle which was leased by such Lessee under this Lease, to purchase such Manufacturer Receivable for a price equal to the amount due from the Manufacturer under such Manufacturer Receivable, in which event the Lessee will pay such amount to the Master Collateral Agent on or before the Payment DateDate next succeeding such purchase by the Lessee. The Administrator Upon receipt of such funds by the Master Collateral Agent, the Lessor, at the request of the Lessee, shall request cause title to any such Vehicle or Manufacturer Receivable, as applicable, to be transferred to the Trustee Lessee, the lien of the Master Collateral Agent in such Vehicle or Manufacturer Receivable, as applicable, will automatically be released and, with respect to a purchase of a Vehicle, the Servicer thereof shall cause the Master Collateral Agent to cause the notation of its Lien lien to be removed from the Certificate certificate of Title title for such Vehicle, concurrently with or promptly after the Vehicle Purchase Price for such Vehicle (and any such unpaid Monthly Base Rent, unpaid Monthly Variable Rent and Supplemental Rentother unpaid charges, payments and amounts) is deposited in paid by the Collection Account. (b) Each Lessee shall have the option on the Vehicle Finance Lease Expiration Date (excluding the date set forth in subclause (iv) of the definition of such term) to purchase any Vehicle leased by it hereunder for an amount equal to the Termination Value of such Vehicle on such date. Each Lessee shall pay such Termination Value plus all accrued and unpaid Monthly Base Rent and any Supplemental Rent with respect to such Vehicle to Master Collateral Agent or the Lessor on or before the Payment Date occurring on or immediately following the applicable Vehicle Finance Lease Expiration DateTrustee. (c) The parties hereto agree and acknowledge that, although the provisions of Section 2.5(a) and (b) nominally describe a Lessee’s options with respect to each Vehicle leased by it hereunder as options to purchase, such Lessee owns each such Vehicle, subject to the security interests of the Lessor, the Lender and the Trustee in such Vehicle, and such options are options to extinguish the security interests of the Lessor, the Lender and the Trustee in such Vehicle.

Lessee's Rights to Purchase Vehicles. (a) Each Lessee shall will have the option, exercisable with respect to any Synthetic Lease Vehicle leased by it during the Vehicle Term with respect to such Synthetic Lease Vehicle, to purchase any Synthetic Lease Vehicle leased by such Lessee hereunder under this Lease at the greater of (i) the Termination Value or (ii) the Market Value of such Vehicle, in each case, as of the Payment Date with respect to the Related Month in which such Lessee elects to purchase such Vehicle (the greater of such amounts being referred to as the “Vehicle Purchase Price”), in which event such Lessee will pay the Vehicle Purchase Price to the Lessor Master Collateral Agent on or before such the Payment Date and next succeeding such purchase by such Lessee will pay on or before such Payment Date plus all accrued and unpaid Monthly Base Rent and Monthly Variable Rent and any Supplemental Rent then other charges, payments and amounts due and payable hereunder on such Payment Date with respect to such Vehicle through the date of such purchase. In addition, each Lessee will have the option, exercisable with respect to any Manufacturer Receivable related to a Synthetic Lease Vehicle which was leased by such Lessee under this Lease, to purchase such Manufacturer Receivable for a price equal to the amount due from the Manufacturer under such Manufacturer Receivable, in which event the Lessee will pay such amount to the Master Collateral Agent on or before the Payment DateDate next succeeding such purchase by the Lessee. The Administrator Upon receipt of such funds by the Master Collateral Agent, the Lessor, at the request of the Lessee, shall request cause title to any such Vehicle or Manufacturer Receivable, as applicable, to be transferred to the Trustee Lessee, the lien of the Master Collateral Agent in such Vehicle or Manufacturer Receivable, as applicable, will automatically be released and, with respect to a purchase of a Vehicle, the Servicer thereof shall cause the Master Collateral Agent to cause the notation of its Lien lien to be removed from the Certificate certificate of Title title for such Vehicle, concurrently with or promptly after the Vehicle Purchase Price for such Vehicle (and any such unpaid Monthly Base Rent, unpaid Monthly Variable Rent and Supplemental Rentany other unpaid charges, payments and amounts) is deposited in are paid by such Lessee to the Collection AccountMaster Collateral Agent. (b) Each Lessee shall have the option on the Vehicle Finance Lease Expiration Date (excluding the date set forth in subclause (iv) of the definition of unless such termLessee has purchased such Vehicle pursuant to Section 6(a)) to purchase any Synthetic Lease Vehicle leased by it hereunder under this Lease for an amount equal to the Termination Value of such Vehicle on such date. Each Such Lessee shall pay such Termination Value plus all accrued and unpaid Monthly Base Rent, unpaid Monthly Variable Rent and any Supplemental Rent other unpaid charges, payments and amounts with respect to such Vehicle to the Lessor Master Collateral Agent on or before the Payment Date occurring on or immediately following the applicable Vehicle Finance Lease Expiration Date. (c) The parties hereto agree and acknowledge that, although the provisions of Section 2.5(a) and (b) nominally describe a Lessee’s options with respect to each Vehicle leased by it hereunder as options to purchase, such Lessee owns each such Vehicle, subject to the security interests of the Lessor, the Lender and the Trustee in such Vehicle, and such options are options to extinguish the security interests of the Lessor, the Lender and the Trustee in such Vehicle.

Lessee's Rights to Purchase Vehicles. (a) Each The Lessee shall have the option, exercisable with respect to any Vehicle during the Vehicle Term with respect to such Vehicle, to purchase any Vehicle leased by such Lessee hereunder at the greater of (i) the Termination Value or (ii) the Market Value of such Vehicle, in each case, as of the Payment Date with respect to the Related Month in which such Lessee elects to purchase such Vehicle (the greater of such amounts being referred to as the “"Vehicle Purchase Pur- chase Price”"), in which event such the Lessee will pay the Vehicle Purchase Price to the Lessor on or before such the Payment Date with respect to the Related Month in which the Lessee elects to purchase such Vehicle and such the Lessee will pay on or before such Payment Date all accrued and unpaid Monthly Base Rent and any Supplemental Rent then due and payable with respect to such Vehicle through such Payment Date. The Administrator shall request the Trustee to cause its Lien to be removed from the Certificate of Title for such Vehicle, concurrently with or promptly after the Vehicle Purchase Price for such Vehicle (and any such unpaid Monthly Base Rent and Supplemental Rent) is deposited in the Collection Account. (b) Each The Lessee shall have the option on the Vehicle Finance Lease Expiration Date (excluding the date set forth in subclause (iv) of the definition of such term) to purchase any Vehicle leased by it hereunder for an amount equal to the Termination Value of such Vehicle on such date. Each The Lessee shall pay such Termination Value plus all accrued and unpaid Monthly Base Rent and any Supplemental Rent with respect to such Vehicle to the Lessor on or before the Payment Date occurring on or immediately following the applicable Vehicle Finance Lease Expiration Date. (c) The parties hereto agree and acknowledge that, although the provisions of Section 2.5(a) and (b) nominally describe a the Lessee’s 's options with respect to each Vehicle leased by it hereunder as options to purchase, such the Lessee owns each such Vehicle, subject to the security interests of the Lessor, the Lender and the Trustee in such Vehicle, and such options are options to extinguish the security interests of the Lessor, the Lender and the Trustee in such Vehicle.

Lessee's Rights to Purchase Vehicles. (a) Each The Lessee shall have the option, exercisable with respect to any Vehicle during the Vehicle Term with respect to such Vehicle, to purchase any Vehicle leased by such Lessee hereunder at the greater of (i) the Termination Value or (ii) the Market Value of such Vehicle, in each case, as of the Payment Date with respect to the Related Month in which such Lessee elects to purchase such Vehicle (the greater of such amounts being referred to as the “"Vehicle Purchase Price”"), in which event such the Lessee will pay the Vehicle Purchase Price to the Lessor on or before such the Payment Date with respect to the Related Month in which the Lessee elects to purchase such Vehicle and such the Lessee will pay on or before such Payment Date all accrued and unpaid Monthly Base Rent and any Supplemental Rent then due and payable with respect to such Vehicle through such Payment Date. The Administrator shall request the Trustee to cause its Lien to be removed from the Certificate of Title for such Vehicle, concurrently with or promptly after the Vehicle Purchase Price for such Vehicle (and any such unpaid Monthly Base Rent and Supplemental Rent) is deposited in the Collection Account. (b) Each The Lessee shall have the option on the Vehicle Finance Lease Expiration Date (excluding the date set forth in subclause (iv) of the definition of such term) to purchase any Vehicle leased by it hereunder for an amount equal to the Termination Value of such Vehicle on such date. Each The Lessee shall pay such Termination Value plus all accrued and unpaid Monthly Base Rent and any Supplemental Rent with respect to such Vehicle to the Lessor on or before the Payment Date occurring on or immediately following the applicable Vehicle Finance Lease Expiration Date. (c) The parties hereto agree and acknowledge that, although the provisions of Section 2.5(a) and (b) nominally describe a the Lessee’s 's options with respect to each Vehicle leased by it hereunder as options to purchase, such the Lessee owns each such Vehicle, subject to the security interests of the Lessor, the Lender and the Trustee in such Vehicle, and such options are options to extinguish the security interests of the Lessor, the Lender and the Trustee in such Vehicle.

Lessee's Rights to Purchase Vehicles. (a) Each Lessee shall will have the option, exercisable with respect to any Acquired Vehicle leased by it hereunder during the Vehicle Term with respect to such Acquired Vehicle, to purchase any Vehicle such Acquired Vehicles leased by such Lessee hereunder under this Operating Lease at the greater of (i) the Termination Value or (ii) the Market Value of such Vehicle, in each case, as of the Payment Date with respect to the Related Month in which such Lessee elects to purchase such Vehicle (the greater of such amounts being referred to as the “Vehicle Purchase Price”), in which event such the Lessee will pay the Vehicle Purchase Price to the Lessor on or before such Payment Date and such Lessee will pay on or before such Payment Date Price, plus all accrued and unpaid Monthly Base Rent, Monthly Variable Rent and any Supplemental Rent then other unpaid charges, payments and amounts due and payable with respect to such Vehicle through the date of such purchase, to the Master Collateral Agent or deposit such Vehicle Purchase Price directly into the Group I Collection Account on or before the Payment DateDate next succeeding such purchase by the Lessee. The Administrator In addition, each Lessee will have the option, exercisable with respect to any Manufacturer Receivable related to an Acquired Vehicle which was leased by such Lessee under this Operating Lease, to purchase such Manufacturer Receivable for a price equal to the amount due from the Manufacturer under such Manufacturer Receivable, in which event the Lessee will pay such amount to the Master Collateral Agent or deposit such amount into the Group I Collection Account on or before the Payment Date next succeeding such purchase by the Lessee. Upon receipt of such funds by the Master Collateral Agent or the deposit of such funds in the Group I Collection Account, as the case may be, the Lessor, at the request of such Lessee, shall request cause title to any such Vehicle or Manufacturer Receivable, as applicable, to be transferred to such Lessee, the Trustee lien of the Master Collateral Agent in such Vehicle or Manufacturer Receivable, as applicable, will automatically be released and, with respect to a purchase of a Vehicle, the Servicer (or the Sub-Servicer thereof) shall cause the Master Collateral Agent to cause the notation of its Lien lien to be removed from the Certificate of Title for such Vehicle, concurrently with or promptly after the Vehicle Purchase Price for such Vehicle (and any such unpaid Monthly Base Rent, unpaid Monthly Variable Rent and Supplemental Rentother unpaid charges, payments and amounts) is deposited in paid by the Collection Account. (b) Each Lessee shall have the option on the Vehicle Finance Lease Expiration Date (excluding the date set forth in subclause (iv) of the definition of such term) to purchase any Vehicle leased by it hereunder for an amount equal to the Termination Value of such Vehicle on such date. Each Lessee shall pay such Termination Value plus all accrued and unpaid Monthly Base Rent and any Supplemental Rent with respect to such Vehicle to Master Collateral Agent or the Lessor on or before the Payment Date occurring on or immediately following the applicable Vehicle Finance Lease Expiration DateTrustee, as applicable. (c) The parties hereto agree and acknowledge that, although the provisions of Section 2.5(a) and (b) nominally describe a Lessee’s options with respect to each Vehicle leased by it hereunder as options to purchase, such Lessee owns each such Vehicle, subject to the security interests of the Lessor, the Lender and the Trustee in such Vehicle, and such options are options to extinguish the security interests of the Lessor, the Lender and the Trustee in such Vehicle.