VEHICLE CRITERIA. a. No vehicle that is to become a Leased Vehicle may be purchased by the Buyer if the vehicle is more than four model years old. No Contract may be acquired by the Buyer if the Contract is secured by a Leased Vehicle that, at the time of lease, was more than four model years old. b. The purchase price payable by the Buyer for each vehicle that is to become a Leased Vehicle (and thus to become subject to a Contract) shall never exceed that amount that a Dealer shall receive from bank draft upon the delivery of the Leased Vehicle. With respect to any Leased Vehicle (and the Contract related thereto) the Buyer may acquire from TAF-I, the Purchase Price for such Leased Vehicle payable by Buyer shall be an amount equal to the sum of (i) the value of Leased Vehicle on a "average wholesale" basis, as determined by reference to the "Texas Edition" of the "Official Used Car Market Guide" in effect as of the date of the Buyer's purchase plus (ii) 57.5% of the down payment received by TAF-I with respect to the Contract related to such Leased Vehicle. c. In addition, with respect to any Leased Vehicle (the "Subject Vehicle") and the Contract related thereto (the "Subject Contract") the Buyer may acquire from TAF-I, the Subject Contract may not be in default at the time of purchase by Buyer and may not be purchased if another Leased Vehicle and Contract within TAF-I's portfolio both satisfies the criteria specified within this Exhibit A and was entered into as of a date prior to the date of such Subject Contract.
Appears in 4 contracts
Samples: Indenture (Transition Auto Finance Ii Inc), Indenture (Transition Auto Finance Ii Inc), Master Contract Acquisition Agreement (Transition Auto Finance Ii Inc)
VEHICLE CRITERIA. a. No vehicle that is to become a Leased Vehicle may be purchased by the Buyer if the vehicle is more than four model years old. No Contract may be acquired by the Buyer if the Contract is secured by a Leased Vehicle that, at the time of lease, was more than four model years old.
b. The purchase price payable by the Buyer for each vehicle that is to become a Leased Vehicle (and thus to become subject to a Contract) shall never exceed that amount that a Dealer shall receive from bank draft upon the delivery of the Leased Vehicle. With respect to any Leased Vehicle (and the Contract related thereto) the Buyer may acquire from TAF-I, the Purchase Price for such Leased Vehicle payable by Buyer shall be an amount equal to the sum of (i) the value of Leased Vehicle on a "average wholesale" basis, as determined by reference to the "Texas Edition" of the "Official Used Car Market Guide" in effect as of the date of the Buyer's purchase plus (ii) 57.5% of the down payment received by TAF-I with respect to the Contract related to such Leased Vehicle.
c. In addition, with respect to any Leased Vehicle (the "Subject Vehicle") and the Contract related thereto (the "Subject Contract") the Buyer may acquire from TAF-I, the Subject Contract may not be in default at the time of purchase by Buyer and may not be purchased if another Leased Vehicle and Contract within TAF-I's portfolio both satisfies the criteria specified within this Exhibit A and was entered into as of a date prior to the date of such Subject Contract.
Appears in 1 contract
Samples: Master Purchasing Agreement (Transition Auto Finance Iii Inc)