FAIR MARKET VALUE LEASE definition
FAIR MARKET VALUE LEASE means any Contract in the form of a lease that contains a purchase option based on either (a) a stated non de minimis percentage of the original cost of the related Equipment or (b) the fair market value of the related Equipment at the expiration, or earlier termination, of the Contract. A Fair Market Value Lease is identified as "FMV" on the Contract Schedule.
FAIR MARKET VALUE LEASE. A non-cancelable, triple net, hell or high water direct finance or operating lease with an End of Term Fair Market Value purchase option at the end of the base term.
FAIR MARKET VALUE LEASE means a retail lease of a new or used medium or heavy duty truck, truck chassis, bus or trailer, originated by Navistar Financial or one or more of its Affiliates, pursuant to which the lessee ordinarily has the option to purchase the leased vehicle for fair market value upon termination of the lease.