Common use of Vehicle Term Clause in Contracts

Vehicle Term. (a) The "Vehicle Operating Lease Commencement Date" (x) for each Initial Leased Vehicle shall mean the Initial Closing Date and (y) for each other Vehicle shall mean the day as referenced in the Vehicle Acquisition Schedule with respect to such Vehicle but in no event shall such date be a date later than the date that funds are expended or allocated by the Lessor to acquire such Vehicle. The "Vehicle Term" with respect to each Vehicle shall extend from the Vehicle Operating Lease Commencement Date through the earliest of (i) the Turnback Date for such Vehicle, (ii) if such Vehicle is sold to a third party (other than through an auction conducted by or through or arranged by the Manufacturer pursuant to its Manufacturer Program), the date on which such funds in respect of such sale are deposited in the Collection Account (by such third party or by the applicable Lessee or the Guarantor on behalf of such third party) and such funds equal or exceed the Termination Value of such Vehicle, (iii) if such Vehicle becomes a Standard Casualty or an Ineligible Vehicle, the date funds in the amount of the Termination Value thereof are deposited in the Collection Account by the applicable Lessee, (iv) the date that the Vehicle is purchased by the applicable Lessee pursuant to Section 2.5 hereof and the Vehicle Purchase Price with respect to such purchase (and any unpaid Monthly Base Rent and Supplemental Rent with respect to such Vehicle) is deposited in the Collection Account by such Lessee and (v) the date that is the last Business Day of the month that is 18 months after the month in which the Vehicle Operating Lease Commencement Date occurs with respect to such Vehicle (the earliest of such five dates being referred to as the "Vehicle Operating Lease Expiration Date").

Vehicle Term. (a) The "Vehicle Operating Lease Commencement Date" (x) for each Initial Leased Vehicle shall mean the Initial Closing Date and (y) for each other Vehicle shall mean the day as referenced in the Vehicle Acquisition Schedule with respect to such Vehicle but in no event shall such date be a date later than the date that funds are expended or allocated by the Lessor to acquire such Vehicle. The "Vehicle Term" with respect to each Vehicle shall extend from the Vehicle Operating Lease Commencement Date through the earliest of (i) if such Vehicle is a Program Vehicle or a Non-Program Vehicle returned to a Manufacturer under a Manufacturer Program in accordance with Section 2.6(b), the Turnback Date for such Vehicle, (ii) if such Vehicle is sold to a third party (other than through an auction conducted by or through or arranged by the Manufacturer pursuant to its Manufacturer Program), the date on which such funds in respect of such sale are deposited in the Collection Account (by such third party or by the applicable Lessee or the Guarantor on behalf of such third party) and such funds equal or exceed the Termination Value of such Vehicle, (iii) if such Vehicle becomes a Standard Casualty or an Ineligible Vehicle, the date funds in the amount of the Termination Value thereof are deposited in the Collection Account by the applicable Lessee, (iv) the date that the such Vehicle is purchased by the applicable Lessee pursuant to Section 2.5 hereof and the Vehicle Purchase Price with respect to such purchase (and any unpaid Monthly Base Rent and Supplemental Rent with respect to such Vehicle) is deposited in the Collection Account by such Lessee and (v) the date that is the last Business Day of the month that is 18 months after the month in which the Vehicle Operating Lease Commencement Date occurs with respect to such Vehicle (the earliest of such five dates being referred to as the "Vehicle Operating Lease Expiration Date").