Common use of Optional Termination Clause in Contracts

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 2024-B Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 2024-B Exchange Note Collection Account an amount equal to the 2024-B Exchange Note Purchase Price. The 2024-B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 2024-B Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 2024-B Exchange Note and the 2024-B Leases and 2024-B Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20242016-B Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20242016-B Exchange Note Collection Account an amount equal to the 20242016-B Exchange Note Purchase Price. The 20242016-B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20242016-B Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20242016-B Exchange Note and the 20242016-B Leases and 20242016-B Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20242020-B Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20242020-B Exchange Note Collection Account an amount equal to the 20242020-B Exchange Note Purchase Price. The 20242020-B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20242020-B Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20242020-B Exchange Note and the 20242020-B Leases and 20242020-B Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20242019-B A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20242019-B A Exchange Note Collection Account an amount equal to the 20242019-B A Exchange Note Purchase Price. The 20242019-B A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20242019-B A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20242019-B A Exchange Note and the 20242019-B A Leases and 20242019-B A Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20242018-B A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20242018-B A Exchange Note Collection Account an amount equal to the 20242018-B A Exchange Note Purchase Price. The 20242018-B A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20242018-B A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20242018-B A Exchange Note and the 20242018-B A Leases and 20242018-B A Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20242021-B A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20242021-B A Exchange Note Collection Account an amount equal to the 20242021-B A Exchange Note Purchase Price. The 20242021-B A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20242021-B A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20242021-B A Exchange Note and the 20242021-B A Leases and 20242021-B A Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20242020-B A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20242020-B A Exchange Note Collection Account an amount equal to the 20242020-B A Exchange Note Purchase Price. The 20242020-B A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20242020-B A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20242020-B A Exchange Note and the 20242020-B A Leases and 20242020-B A Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 2024-B A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 2024-B A Exchange Note Collection Account an amount equal to the 2024-B A Exchange Note Purchase Price. The 2024-B A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 2024-B A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 2024-B A Exchange Note and the 2024-B A Leases and 2024-B A Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20242023-B A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20242023-B A Exchange Note Collection Account an amount equal to the 20242023-B A Exchange Note Purchase Price. The 20242023-B A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20242023-B A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20242023-B A Exchange Note and the 20242023-B A Leases and 20242023-B A Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20242016-B A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20242016-B A Exchange Note Collection Account an amount equal to the 20242016-B A Exchange Note Purchase Price. The 20242016-B A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20242016-B A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20242016-B A Exchange Note and the 20242016-B A Leases and 20242016-B A Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 510% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20242012-B A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20242012-B A Exchange Note Collection Account an amount equal to the 20242012-B A Exchange Note Purchase Price. The 20242012-B A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20242012-B A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20242012-B A Exchange Note and the 20242012-B A Leases and 20242012-B A Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20242019-B Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20242019-B Exchange Note Collection Account an amount equal to the 20242019-B Exchange Note Purchase Price. The 20242019-B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20242019-B Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20242019-B Exchange Note and the 20242019-B Leases and 20242019-B Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20242017-B A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20242017-B A Exchange Note Collection Account an amount equal to the 20242017-B A Exchange Note Purchase Price. The 20242017-B A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20242017-B A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20242017-B A Exchange Note and the 20242017-B A Leases and 20242017-B A Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20242021-B Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20242021-B Exchange Note Collection Account an amount equal to the 20242021-B Exchange Note Purchase Price. The 20242021-B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20242021-B Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20242021-B Exchange Note and the 20242021-B Leases and 20242021-B Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20242018-B Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20242018-B Exchange Note Collection Account an amount equal to the 20242018-B Exchange Note Purchase Price. The 20242018-B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20242018-B Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20242018-B Exchange Note and the 20242018-B Leases and 20242018-B Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 510% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20242014-B A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20242014-B A Exchange Note Collection Account an amount equal to the 20242014-B A Exchange Note Purchase Price. The 20242014-B A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20242014-B A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20242014-B A Exchange Note Note, and the 20242014-B A Leases and 20242014-B A Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 5% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20242015-B Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20242015-B Exchange Note Collection Account an amount equal to the 20242015-B Exchange Note Purchase Price. The 20242015-B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20242015-B Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20242015-B Exchange Note Note, and the 20242015-B Leases and 20242015-B Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 510% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20242013-B A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20242013-B A Exchange Note Collection Account an amount equal to the 20242013-B A Exchange Note Purchase Price. The 20242013-B A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20242013-B A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20242013-B A Exchange Note Note, and the 20242013-B A Leases and 20242013-B A Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 510% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20242013-B Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20242013-B Exchange Note Collection Account an amount equal to the 20242013-B Exchange Note Purchase Price. The 20242013-B ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20242013-B Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20242013-B Exchange Note Note, and the 20242013-B Leases and 20242013-B Vehicles shall be reallocated to the Revolving Facility Pool.

Optional Termination. (a) On any Payment Date on which the Outstanding Amount is equal to or less than 510% of the Initial Note Balance, after giving effect to all principal payments on such Payment Date, the Servicer will have the option to purchase the 20242015-B A Exchange Note in whole but not in part. To exercise such option, the Servicer will (i) notify the Borrower, the Collateral Agent, the Administrative Agent and the Indenture Trustee of such election not fewer than ten and not more than 30 days prior to the related Payment Date and (ii) deposit in the 20242015-B A Exchange Note Collection Account an amount equal to the 20242015-B A Exchange Note Purchase Price. The 20242015-B A ABS Notes shall be redeemed in accordance with Section 10.01 of the Indenture. (b) Upon purchase of the 20242015-B A Exchange Note by the Servicer pursuant to this Section and upon redemption of the Notes and the payment of all Issuer Obligations in full, pursuant to Section 4.06 of the Basic Collateral Agency Agreement, the Borrower shall cancel the 20242015-B A Exchange Note Note, and the 20242015-B A Leases and 20242015-B A Vehicles shall be reallocated to the Revolving Facility Pool.