1. Based on the covenants, assurances and representations of the Lessee recorded herein, the Lessor hereby grants on lease and Lessee hereby takes on lease the Vehicle, subject to the terms and conditions of this Agreement.

  1. The Lessee expressly understands and agrees that this Agreement is a lease only and all along the absolute and unencumbered ownership of the Vehicle for all intent and purposes, including for regulatory requirement under the MVA, shall remain with the Lessor. Nothing stated herein shall be construed to be a transfer to the Lessee of any ownership right, title or interest in the Vehicle, or even a right to the Lessee to demand such transfer. It is hereby clarified that during the Lease Term, the Lessee shall have the beneficial possession of the Vehicle as a Lessee pursuant to this Agreement.

  1. During the Lease Term, the Lessee shall hold the Vehicle as as a trustee of the Lessor and shall, at its expense, protect and defend the title of Lessor in the Vehicle against creditors of or any person(s) claiming through Lessee.