Common use of Lessor's Right to Cause Vehicles to be Sold Clause in Contracts

Lessor's Right to Cause Vehicles to be Sold. Notwithstanding anything to the contrary contained in the Lease, the Lessor shall have the right, at any time after the date thirty (30) days prior to the expiration of the Maximum Term for any Program Vehicle leased under this Annex A, to require that the Lessee in respect of such Program Vehicle deliver such Program Vehicle to the Manufacturer for repurchase or, as applicable, to the designated auction site, or exercise commercially reasonable efforts to arrange for the sale of such Program Vehicle to a third party for a price greater than the Net Book Value thereof, in which event the Lessee shall, prior to the expiration of such Maximum Term, deliver such Vehicle to its Manufacturer or the designated auction site or arrange for the sale of such Program Vehicle to a third party for a price greater than the Net Book Value (or purchase the Program Vehicle itself from the Lessor for the Vehicle Purchase Price). If a sale of the Program Vehicle is arranged by a Lessee prior to the expiration of such Maximum Term, then such Lessee shall deliver the Program Vehicle to the purchaser thereof, the Lien of the Master Collateral Agent on the Certificate of Title of such Program Vehicle shall be released, and such Lessee shall cause to be delivered to the Lessor the funds paid for such Program Vehicle by the purchaser. If a Lessee is unable to arrange for a sale of the Program Vehicle prior to the expiration of such Maximum Term, then such Lessee shall cease attempting to arrange for such a sale and shall return such Program Vehicle to the applicable Manufacturer or tender such Program Vehicle in accordance with applicable Auction Procedures or purchase such Vehicle as herein provided. In no event may any Program Vehicle be sold pursuant to this paragraph 8 (other than pursuant to a Vehicle Disposition Program) unless the funds to be paid to the Lessor arising out of such sale exceed the Net Book Value of such Vehicle less reasonably predictable Excess Mileage charges, Excess Damage Charges and other similar charges imposed by the Manufacturer.

Lessor's Right to Cause Vehicles to be Sold. Notwithstanding anything to the contrary contained in the this Operating Lease, the Lessor shall have the right, at any time after the date thirty (30) days prior to the expiration of the Maximum Term for any Program Vehicle leased under this Annex AOperating Lease, to require that the Lessee in respect of such Program Vehicle deliver such Program Vehicle to the Manufacturer for repurchase or, as applicable, to the designated auction site, or exercise commercially reasonable efforts to arrange for the sale of such Program Vehicle to a third party for a price greater that is no less than the Net Book Value thereof, in which event the Lessee shall, prior to the expiration of such Maximum Term, deliver such Vehicle to its Manufacturer or the designated auction site or arrange for the sale of such Program Vehicle to a third party for a price greater that is no less than the Net Book Value (or purchase the Program Vehicle itself from the Lessor for the Vehicle Purchase Price). If a sale of the Program Vehicle is arranged by a Lessee prior to the expiration of such Maximum Term, then such Lessee shall deliver the Program Vehicle to the purchaser thereof, the Lien of the Master Collateral Agent on the Certificate of Title of such Program Vehicle shall be releasedreleased thereby, and such Lessee shall cause to be delivered to the Lessor the funds paid for such Program Vehicle by the purchaser. If a Lessee is unable to arrange for a sale of the Program Vehicle prior to the expiration of such Maximum Term, then such Lessee shall cease attempting to arrange for such a sale and shall return such Program Vehicle to the applicable Manufacturer or tender such Program Vehicle in accordance with applicable Auction Procedures or purchase such Vehicle as herein provided. In no event may any Program Vehicle be sold pursuant to this paragraph 8 (other than pursuant to a Vehicle Disposition Program) unless the funds to be paid to the Lessor arising out of such sale exceed the Net Book Value of such Vehicle less reasonably predictable estimated Excess Mileage chargesCharges, Excess Damage Charges and other similar charges imposed by the Manufacturer.

Lessor's Right to Cause Vehicles to be Sold. Notwithstanding anything to the contrary contained in this Operating Lease (subject to the Servicer's (and the applicable Sub-Servicer's) right to redesignate Program Vehicles as Non-Program Vehicles under Section 14 of the Base Lease), the Lessor shall have the right, at any time after the date thirty fourteen (3014) days prior to the expiration of the Maximum Term Repurchase Period for any Program Vehicle leased under this Annex AOperating Lease, to require that the Lessee in respect of such Program Vehicle thereof deliver such Program Vehicle to the Manufacturer for repurchase or, as applicable, to the designated auction sitefor sale, or exercise commercially reasonable efforts to arrange for the sale of such Program Vehicle to a third party for a price greater than the Net Book Value thereof, in which event the such Lessee shall, prior to the expiration of such Maximum TermRepurchase Period, deliver such Vehicle to its Manufacturer or the designated auction site or arrange for the sale of such Program Vehicle to a third party for a price greater than the Net Book Value (or purchase the Program Vehicle itself from the Lessor for the Vehicle Purchase Price). If a sale of the such Program Vehicle to a third party is arranged by a such Lessee prior to the expiration of such Maximum TermRepurchase Period, then such the Lessee shall deliver the such Program Vehicle to the purchaser thereof, the Lien of the Master Collateral Agent on in such Program Vehicle will automatically be released upon the receipt of the purchase price by the Lessor or the Trustee and the Servicer (or the Sub-Servicer thereof) shall cause the Master Collateral Agent to cause the notation of its lien to be removed from the Certificate of Title of for such Program Vehicle shall be releasedVehicle, and such Lessee shall cause to be delivered to the Lessor the funds paid for such Program Vehicle by the purchaser. If a the Lessor shall have directed such Lessee, and such Lessee is unable shall be unable, to arrange for a sale of the such Program Vehicle at such a price prior to the expiration of such Maximum Termits Repurchase Period, then such Lessee shall shall, if a Manufacturer Event of Default has not occurred with respect to the applicable Manufacturer, cease attempting to arrange for such a sale and shall return such Program Vehicle to the applicable Manufacturer or tender such Program Vehicle in accordance with applicable Auction Procedures or purchase such Vehicle as herein provided. In no event may any Program Vehicle be sold pursuant to this paragraph 8 (other than pursuant to a Vehicle Disposition Program) unless the funds to be paid to the Lessor arising out of such sale exceed the Net Book Value of such Vehicle less reasonably predictable Excess Mileage charges, Excess Damage Charges and other similar charges imposed by the Manufacturer.such

Lessor's Right to Cause Vehicles to be Sold. Notwithstanding anything to the contrary contained in this Lease (subject to the applicable Servicer's right to redesignate Program Vehicles as Non-Program Vehicles under Section 14 of the Base Lease), the Lessor shall have the right, at any time after the date thirty fourteen (3014) days prior to the expiration of the Maximum Term Repurchase Period for any Program Vehicle leased under this Annex AOperating Lease, to require that the Lessee in respect of such Program Vehicle thereof deliver such Program Vehicle to the Manufacturer for repurchase or, as applicable, to the designated auction sitefor sale, or exercise commercially reasonable efforts to arrange for the sale of such Program Vehicle to a third party for a price greater than the Net Book Value thereof, in which event the Lessee shall, prior to the expiration of such Maximum TermRepurchase Period, deliver such Vehicle to its Manufacturer or the designated auction site or arrange for the sale of such Program Vehicle to a third party for a price greater than the Net Book Value (or purchase the Program Vehicle itself from the Lessor for the Vehicle Purchase Price). If a sale of the Program Vehicle is arranged by a the Lessee prior to the expiration of such Maximum TermRepurchase Period, then such the Lessee shall deliver the Program Vehicle to the purchaser thereof, the Lien of the Master Collateral Agent on the Certificate of Title of such Program Vehicle shall be released, and such the Lessee shall cause to be delivered to the Lessor the funds paid for such Program Vehicle by the purchaser. If a the Lessee is unable to arrange for a sale of the Program Vehicle prior to the expiration of such Maximum TermRepurchase Period, then such the Lessee shall cease attempting to arrange for such a sale and shall return such Program Vehicle to the applicable Manufacturer or tender such Program Vehicle in accordance with applicable Auction Procedures for auction or purchase such Vehicle as herein provided. In no event may any Program Vehicle be sold pursuant to this paragraph Section 8 (other than pursuant to a Vehicle Disposition Manufacturer Program) unless the funds to be paid to the Lessor arising out of such sale exceed complies with Section 12.2 of the Net Book Value of such Vehicle less reasonably predictable Excess Mileage charges, Excess Damage Charges and other similar charges imposed by the ManufacturerBase Lease.

Lessor's Right to Cause Vehicles to be Sold. Notwithstanding anything to the contrary contained in the LeaseAgreement, the Lessor shall have the right, at any time after the date thirty (30) days prior to the expiration of the Maximum Term for any Program Vehicle leased under this Annex A, to require that the Lessee in respect of such Program Vehicle deliver such Program Vehicle to the Manufacturer for repurchase or, as applicable, to the designated auction site, or exercise commercially reasonable efforts to arrange for the sale of such Program Vehicle to a third party for a price greater than the Net Book Value thereof, in which event the Lessee shall, prior to the expiration of such Maximum Term, deliver such Vehicle to its Manufacturer or the designated auction site or arrange for the sale of such Program Vehicle to a third party for a price greater than the Net Book Value (or purchase the Program Vehicle itself from the Lessor for the Vehicle Purchase Price). If a sale of the Program Vehicle is arranged by a Lessee prior to the expiration of such Maximum Term, then such Lessee shall deliver the Program Vehicle to the purchaser thereof, the Lien of the Master Collateral Agent on the Certificate of Title of such Program Vehicle shall be released, and such Lessee shall cause to be delivered to the Lessor the funds paid for such Program Vehicle by the purchaser. If a Lessee is unable to arrange for a sale of the Program Vehicle prior to the expiration of such Maximum Term, then such Lessee shall cease attempting to arrange for such a sale and shall return such Program Vehicle to the applicable Manufacturer or tender such Program Vehicle in accordance with applicable Auction Procedures or purchase such Vehicle as herein provided. In no event may any Program Vehicle be sold pursuant to this paragraph 8 (other than pursuant to a Vehicle Disposition Program) unless the funds to be paid to the Lessor arising out of such sale exceed the Net Book Value of such Vehicle less reasonably predictable Excess Mileage charges, Excess Damage Charges and other similar charges imposed by the Manufacturer.

Lessor's Right to Cause Vehicles to be Sold. Notwithstanding anything to the contrary contained in the Leaseherein, the Lessor shall have the right, at any time after prior to the date thirty (30) days prior to the expiration of the Maximum Term for any Program Vehicle leased under this Annex AVehicle, to require that the Lessee in respect of leasing such Program Vehicle deliver such Program Vehicle to from the Manufacturer for repurchase or, as applicable, to the designated auction site, or Lessor hereunder exercise commercially reasonable efforts to arrange for the sale of such Program Vehicle to a third party for a price greater than the Net Book Value thereof, in which event the such Lessee shall, until not later than the date thirty (30) days prior to the expiration of such Maximum Term, deliver such Vehicle exercise commercially reasonable efforts to its Manufacturer or the designated auction site or arrange for the sale of such Program Vehicle to a third party for a price greater than the Net Book Value (or purchase the Program Vehicle itself from the Lessor for the Vehicle Purchase Price). If a sale of the Program Vehicle is arranged by a the Lessee prior to such date thirty (30) days prior to the expiration of such Maximum Term, then such the Lessee shall deliver the Program Vehicle vehicle to the purchaser thereof, the Lien of the Master Collateral Agent Trustee on the Certificate of Title of such Program Vehicle shall be released, and such the Lessee shall cause to be delivered to the Lessor the funds paid for such Program Vehicle by the purchaser. If a the Lessee is unable to arrange for a sale of the Program Vehicle prior to such date thirty (30) days prior to the expiration of such Maximum Term, then such the Lessee shall cease attempting to arrange for such a sale and shall return such Program Vehicle vehicle to the applicable Manufacturer or tender such Program Vehicle in accordance with applicable Auction Procedures or purchase such Vehicle as herein provided. In no event may any Program Vehicle be sold pursuant to this paragraph 8 (other than pursuant to a Vehicle Disposition Program) Section 2.6 unless the funds to be paid to the Lessor arising out of such sale exceed the Net Book Value of such Vehicle less reasonably predictable Excess Mileage charges, Excess Damage Charges and other similar charges imposed by the ManufacturerVehicle.

Lessor's Right to Cause Vehicles to be Sold. Notwithstanding anything to the contrary contained in the LeaseAgreement, the Lessor shall have the right, at any time after the date thirty fourteen (3014) days prior to the expiration of the Maximum Term Repurchase Period for any Program Vehicle leased under this Annex A, to require that the Lessee in respect of such Program Vehicle deliver such Program Vehicle to the Manufacturer for repurchase or, as applicable, to the designated auction siteAuction for sale, or exercise commercially reasonable efforts to arrange for the sale of such Program Vehicle to a third party for a price greater than the Net Book Value thereof, in which event the Lessee shall, prior to the expiration of such Maximum TermRepurchase Period, deliver such Vehicle to its Manufacturer or the designated auction site Auction or arrange for the sale of such Program Vehicle to a third party for a price greater than the Net Book Value (or purchase the Program Vehicle itself from the Lessor for the Vehicle Purchase Price). If a sale of the Program Vehicle is arranged by a the Lessee prior to the expiration of such Maximum TermRepurchase Period, then such the Lessee shall deliver the Program Vehicle to the purchaser thereof, the Lien of the Master Collateral Agent on the Certificate of Title of such Program Vehicle shall be released, and such the Lessee shall cause to be delivered to the Lessor the funds paid for such Program Vehicle by the purchaser. If a the Lessee is unable to arrange for a sale of the Program Vehicle prior to the expiration of such Maximum TermRepurchase Period, then such the Lessee shall cease attempting to arrange for such a sale and shall return such Program Vehicle to the applicable Manufacturer or tender such Program Vehicle in accordance with applicable for Auction Procedures or purchase such Vehicle as herein provided. In no event may any Program Vehicle be sold pursuant to this paragraph Paragraph 8 (other than pursuant to a Vehicle Disposition Manufacturer Program) unless the funds to be paid to the Lessor arising out of such sale (including any amounts paid by the Manufacturer as an incentive for selling such Program Vehicle outside of the related Manufacturer Program) exceed the Net Book Value of such Vehicle less reasonably predictable Excess Mileage chargesCharges, Excess Damage Charges, Missing Equipment Charges and other similar charges imposed by the Manufacturer.

Lessor's Right to Cause Vehicles to be Sold. Notwithstanding anything to the contrary contained in the LeaseAgreement, the Lessor shall have the right, at any time after the date thirty (30) days prior to the expiration of the Maximum Term for any Program Vehicle leased under this Annex A, to require that the Lessee in respect of such Program Vehicle deliver such Program Vehicle to the Manufacturer for repurchase or, as applicable, to the designated auction siteAuction for sale, or exercise commercially reasonable efforts to arrange for the sale of such Program Vehicle to a third party for a price greater than the Net Book Value thereof, in which event the Lessee shall, prior to the expiration of such Maximum Term, deliver such Vehicle to its Manufacturer or the designated auction site Auction or arrange for the sale of such Program Vehicle to a third party for a price greater than the Net Book Value (or purchase the Program Vehicle itself from the Lessor for the Vehicle Purchase Price). If a sale of the Program Vehicle is arranged by a the Lessee prior to the expiration of such Maximum Term, then such the Lessee shall deliver the Program Vehicle to the purchaser thereof, the Lien of the Master Collateral Agent on the Certificate of Title of such Program Vehicle shall be released, and such the Lessee shall cause to be delivered to the Lessor the funds paid for such Program Vehicle by the purchaser. If a the Lessee is unable to arrange for a sale of the Program Vehicle prior to the expiration of such Maximum Term, then such the Lessee shall cease attempting to arrange for such a sale and shall return such Program Vehicle to the applicable Manufacturer or tender such Program Vehicle in accordance with applicable for Auction Procedures or purchase such Vehicle as herein provided. In no event may any Program Vehicle be sold pursuant to this paragraph 8 (other than pursuant to a Vehicle Disposition Program) unless the funds to be paid to the Lessor arising out of such sale exceed the Net Book Value of such Vehicle less reasonably predictable Excess Mileage charges, Excess Damage Charges and other similar charges imposed by the Manufacturer.