Common use of Payment of Purchase Price by Lessor Clause in Contracts

Payment of Purchase Price by Lessor. Upon receipt of the Manufacturer’s invoice and certificate of origin in respect of any new Vehicle, or such other customary documentation in respect of any used Vehicle, the Lessor or its agent shall pay or cause to be paid to the auction, the dealer or the related Manufacturer, as applicable, the costs and expenses incurred in connection with the acquisition of such Vehicle under the applicable Vehicle Disposition Program (in the case of a Program Vehicle) or otherwise (in the case of a Non-Program Vehicle) as established by the invoice of the auction, the dealer or the Manufacturer, as the case may be (the “Initial Acquisition Cost”), for such Vehicle and the applicable Lessee shall pay all applicable costs and expenses of freight, packing, handling, storage, shipment and delivery of such Vehicle to the extent that the same have not been included within the Initial Acquisition Cost; provided that solely in the case of any Refinanced Vehicle and any Eligible Receivable, the Lessor shall pay to the Master Collateral Agent (x) the aggregate Net Book Value as of the Vehicle Lease Commencement Date of the Refinanced Vehicles, and (y) the face amount of the Eligible Receivables being refinanced on the Vehicle Lease Commencement Date.

Payment of Purchase Price by Lessor. Upon receipt of the Manufacturer’s invoice and certificate of origin in respect of any new Vehicle, or such other customary documentation in respect of any used Vehicle, the Lessor or its agent shall pay or cause to be paid to the auction, the dealer or the related Manufacturer, as applicable, the costs and expenses incurred in connection with the acquisition of such Vehicle under the applicable Eligible Vehicle Disposition Program (in the case of a Program Vehicle) or otherwise (in the case of a Non-Program Vehicle) as established by the invoice of the auction, the dealer or the Manufacturer, as the case may be (the “Initial Acquisition Cost”), for such Vehicle and the applicable Lessee shall pay all applicable costs and expenses of freight, packing, handling, storage, shipment and delivery of such Vehicle to the extent that the same have not been included within the Initial Acquisition Cost; provided provided, that solely in the case of any Acquired Vehicles refinanced pursuant to Section 2.3 of the Master Collateral Agency Agreement and/or any Refinanced Vehicle and Vehicles and/or any Eligible ReceivableReceivables, the Lessor shall pay to the Master Collateral Agent (x) the aggregate Net Book Value as of the Vehicle Lease Commencement Date of the such Acquired Vehicles or Refinanced Vehicles, and as the case may be on the Vehicle Lease Commencement Date and/or (y) the face amount of the Eligible Receivables being refinanced on the Vehicle Lease Commencement Dateeffective date of such refinancing.

Payment of Purchase Price by Lessor. Upon receipt of the Manufacturer’s 's invoice and certificate of origin in respect of any new Vehicle, or such other customary documentation in respect of any used Vehicle, the Lessor or its agent shall pay or cause to be paid to the auction, the dealer or the related Manufacturer, as applicable, the costs and expenses incurred in connection with the acquisition of such Vehicle under the applicable Vehicle Disposition Program (in the case of a Program Vehicle) or otherwise (in the case of a Non-Program Vehicle) as established by the invoice of the auction, the dealer or the Manufacturer, as the case may be (the “"Initial Acquisition Cost”"), for such Vehicle and the applicable Lessee shall pay all applicable costs and expenses of freight, packing, handling, storage, shipment and delivery of such Vehicle to the extent that the same have not been included within the Initial Acquisition Cost; provided that solely in the case of any Vehicle in the Existing Fleet, any other Refinanced Vehicle Vehicle, and any Eligible Receivable, the Lessor shall pay to the Master Collateral Agent (x) the aggregate Net Book Value as of the Vehicle Lease Commencement Date of the Existing Fleet Vehicles, and/or the Refinanced Vehicles, as applicable, and (y) the face amount of the Eligible Receivables being refinanced on the Vehicle Lease Commencement Date.

Payment of Purchase Price by Lessor. Upon receipt of the Manufacturer’s 's invoice and certificate of origin in respect of any new Vehicle, or such other customary documentation in respect of any used Vehicle, the Lessor or its agent shall pay or cause to be paid to the auction, the dealer or the related Manufacturer, as applicable, the costs and expenses incurred in connection with the acquisition of such Vehicle under the applicable Vehicle Disposition Program (in the case of a Program Vehicle) or otherwise (in the case of a Non-Program Vehicle) as established by the invoice of the auction, the dealer or the Manufacturer, as the case may be (the “"Initial Acquisition Cost”"), for such Vehicle and the applicable Lessee shall pay all applicable costs and expenses of freight, packing, handling, storage, shipment and delivery of such Vehicle to the extent that the same have not been included within the Initial Acquisition Cost; provided that solely in the case of any Refinanced Vehicle and any Eligible Receivable, the Lessor shall pay to the Master Collateral Agent (x) the aggregate Net Book Value as of the Vehicle Lease Commencement Date of the Refinanced Vehicles, and (y) the face amount of the Eligible Receivables being refinanced on the Vehicle Lease Commencement Date.

Payment of Purchase Price by Lessor. Upon receipt of the Manufacturer’s invoice and certificate of origin in respect of any new Vehicle, or such other customary documentation in respect of any used Vehicle, the Lessor or its agent shall pay or cause to be paid to the auction, the dealer or the related Manufacturer, as applicable, the costs and expenses incurred in connection with the acquisition of such Vehicle under the applicable Eligible Vehicle Disposition Program (in the case of a Program Vehicle) or otherwise (in the case of a Non-Program Vehicle) as established by the invoice of the auction, the dealer or the Manufacturer, as the case may be (the “Initial Acquisition Cost”), for such Vehicle and the applicable Lessee shall pay all applicable costs and expenses of freight, packing, handling, storage, shipment and delivery of such Vehicle to the extent that the same have not been included within the Initial Acquisition Cost; provided provided, that solely (i) in the case of any Refinanced Vehicle and Vehicles and/or any Eligible ReceivableReceivables, the Lessor shall pay to the Master Collateral Agent (x) the aggregate Net Book Value as of the Vehicle Lease Commencement Date of the such Refinanced Vehicles, and as the case may be on the Vehicle Lease Commencement Date and/or (y) the face amount of the Eligible Receivables being refinanced on the Vehicle Lease Commencement Dateeffective date of such refinancing and (ii) in the case of any Acquired Vehicles refinanced or otherwise redesignated pursuant to Section 2.3 of the Master Collateral Agency Agreement, the Lessor and the Master Servicer shall comply with the applicable provisions of Section 2.3 with respect to such Acquired Vehicles.

Payment of Purchase Price by Lessor. Certain Additional Payments to the Servicer. (a) Upon receipt of the Manufacturer’s 's invoice and certificate of origin in respect of any new Vehicle, or such Vehicle other customary documentation in respect of any used than a Replacement Vehicle, the Lessor or its agent shall pay or cause to be paid to the auction, the dealer or the related Manufacturer in accordance with such Manufacturer's payment terms, as applicable, the costs and expenses incurred in connection with the acquisition Capitalized Cost of such Vehicle under the applicable Vehicle Disposition Manufacturer Program (in the case of a Program Vehicle) or otherwise (in the case of a Non-Program Vehicle) as established by the invoice of the auction, the dealer or the Manufacturer, as the case may be (the “Initial Acquisition Cost”), for such Vehicle and the applicable Lessee shall pay all applicable costs and expenses of freight, packing, handling, storage, shipment and delivery of such Vehicle to the extent that the same have not been included within the Initial Acquisition Capitalized Cost; provided, however, that to the extent a Qualified Intermediary purchases a Replacement Vehicle on behalf of the Lessee or the Lessor, such Qualified Intermediary shall pay the Capitalized Cost of such Replacement Vehicle with funds other than amounts on deposit in the Collection Account or any subaccount thereof; provided further, however, that solely in the case of any the Refinanced Vehicle and any Eligible ReceivableVehicles, the Lessor shall pay to the Master Collateral Agent (x) on the Lease Commencement Date, for allocation to National Fleet Funding Corporation as a Financing Source, an amount equal to the aggregate Net Book Value as of the Vehicle Lease Commencement Date of the Refinanced Vehicles, and (y) the face amount of the Eligible Receivables being refinanced on the Vehicle Lease Commencement Date.

Payment of Purchase Price by Lessor. Upon receipt of the Manufacturer’s invoice and certificate of origin in respect of any new Vehicle, or such other customary documentation in respect of any used Used Vehicle, the Lessor or its agent shall pay or cause to be paid to the auction, the dealer or the related Manufacturer, as applicable, the costs and expenses incurred in connection with the acquisition of such Vehicle under the applicable Vehicle Disposition Program (in the case of a Program Vehicle) or otherwise (in the case of a Non-Program Vehicle) as established by the invoice of the auction, the dealer or the Manufacturer, as the case may be (the “Initial Acquisition Cost”), for such Vehicle and the applicable Lessee shall pay all applicable costs and expenses of freight, packing, handling, storage, shipment and delivery of such Vehicle to the extent that the same have not been included within the Initial Acquisition Cost; provided provided, that solely in the case of any Acquired Vehicles refinanced pursuant to Section 2.3 of the Master Collateral Agency Agreement and/or any Refinanced Vehicle and any Eligible ReceivableVehicles, the Lessor shall pay to the Master Collateral Agent (x) the aggregate Net Book Value as of the Vehicle Lease Commencement Date of the such Acquired Vehicles or Refinanced Vehicles, and (y) as the face amount of the Eligible Receivables being refinanced case may be on the Vehicle Lease Commencement Date.

Payment of Purchase Price by Lessor. Upon receipt of the Manufacturer’s invoice and certificate of origin in respect of any new Vehicle, or such other customary documentation in respect of any used Vehicle, the Lessor or its agent shall pay or cause to be paid to the auction, the dealer or the related Manufacturer, as applicable, the costs and expenses incurred in connection with the acquisition of such Vehicle under the applicable Vehicle Disposition Program (in the case of a Program Vehicle) or otherwise (in the case of a Non-Program Vehicle) as established by the invoice of the auction, the dealer or the Manufacturer, as the case may be (the “Initial Acquisition Cost”), for such Vehicle and the applicable Lessee shall pay all applicable costs and expenses of freight, packing, handling, storage, shipment and delivery of such Vehicle to the extent that the same have not been included within the Initial Acquisition Cost; , provided that solely in the case of any Refinanced Vehicle Vehicle, and any Eligible Receivable, the Lessor shall pay to the Master Collateral Agent (x) the aggregate Net Book Value as of the Vehicle Lease Commencement Date of the Refinanced Vehicles, and (y) the face amount of the Eligible Receivables being refinanced on the Vehicle Lease Commencement Date.

Payment of Purchase Price by Lessor. Upon receipt of the Manufacturer’s invoice and certificate of origin in respect of any new Vehicle, or such other customary documentation in respect of any used Vehicle, the Lessor or its agent shall pay or cause to be paid to the auction, the dealer or the related Manufacturer, as applicable, the costs and expenses incurred in connection with the acquisition of such Vehicle under the applicable Eligible Vehicle Disposition Program (in the case of a Program Vehicle) or otherwise (in the case of a Non-Program Vehicle) as established by the invoice of the auction, the dealer or the Manufacturer, as the case may be (the “Initial Acquisition Cost”), for such Vehicle and the applicable Lessee shall pay all applicable costs and expenses of freight, packing, handling, storage, shipment and delivery of such Vehicle to the extent that the same have not been included within the Initial Acquisition Cost; provided provided, that solely (i) in the case of any Refinanced Vehicle and Vehicles and/or any Eligible ReceivableReceivables, the Lessor shall pay to the Master Collateral Agent (x) the aggregate Net Book Value as of the Vehicle Lease Commencement Date of the such Refinanced Vehicles, and Vehicles and/or (y) the face amount of the Eligible Receivables being refinanced on the Vehicle Lease Commencement Dateeffective date of such refinancing and (ii) in the case of any Acquired Vehicles refinanced or otherwise redesignated pursuant to Section 2.3 of the Master Collateral Agency Agreement, the Lessor and the Master Servicer shall comply with the applicable provisions of such Section 2.3 with respect to such Acquired Vehicles.

Payment of Purchase Price by Lessor. Upon receipt of the Manufacturer’s 's invoice and certificate of origin in respect of any new Vehicle, or such other customary documentation in respect of any used Vehicle, the Lessor or its agent shall pay or cause to be paid to the auction, the dealer or the related Manufacturer, as applicable, the costs and expenses incurred in connection with the acquisition of such Vehicle under the applicable Vehicle Disposition Program (in the case of a Program Vehicle) or otherwise (in the case of a Non-Program Vehicle) as established by the invoice of the auction, the dealer or the Manufacturer, as the case may be (the “"Initial Acquisition Cost”"), for such Vehicle and the applicable Lessee shall pay all applicable costs and expenses of freight, packing, handling, storage, shipment and delivery of such Vehicle to the extent that the same have not been included within the Initial Acquisition Cost; provided that solely in the case of any Refinanced Vehicle and any Eligible Receivablethe Existing Fleet of a Lessee, the Lessor shall pay to such party as is specified in the Master Collateral Agent (x) related Payoff Letter an amount equal to the aggregate Net Book Value as of the Vehicle Lease Commencement Funding Date with respect to the Existing Fleet of the Refinanced Vehicles, and (y) the face amount of the Eligible Receivables being refinanced on the Vehicle Lease Commencement Datesuch Lessee.