Base Residual Value means, for a Lease, the lower of (a) the Contract Residual Value of the Lease and (b)(i) the ALG Residual Value of the related Leased Vehicle or (ii) if the Servicer does not have an ALG Residual Value, the oldest ALG MTM Residual Value that the Servicer has for the related Leased Vehicle.
Base Residual Value means, with respect to a 201[__]-[__] Lease, the lowest of the (i) Residual Value, (ii) the ALG Residual Value and (iii) the ALG Current Residual Value.
Base Residual Value means, for each Closed-End Vehicle related to an Included Unit, the lowest of (a) the ALG Residual Value of the related Closed-End Vehicle at the time of origination of the lease and (b) the Contract Residual Value.
Examples of Base Residual Value in a sentence
The Securitization Value at any given time during the term of a Specified Lease represents the principal amount of Notes that can be amortized by the sum of the Monthly Payments due in respect of the Specified Lease over the remaining lease term, plus the Base Residual Value of the Specified Vehicle.
DEALER PAYMENT MSRP$Guide % Base Residual Value Adds (Wholesale) Air Cond.
The “Securitization Value” of each unit will be the sum of (i) the present values, calculated using a discount rate equal to the greater of the Securitization Rate and the Lease Rate, of (a) the aggregate scheduled monthly payments remaining on the lease and (b) the Base Residual Value of the related lease vehicle and (ii) any monthly payments due but not yet paid, minus any monthly payments made in advance of the lease’s next due date.
Base Residual ValueCompare the Base Residual Value stated in the Data File to the lesser of: (i) the ALG Residual (stated in the “ALG MLI” column in the Data File); (ii) the Contract Residual value stated in the Data File; or, (iii) the Updated ALG Residual Value (stated in the “ALG MTM” column in the Data File).
The assumption regarding the sale price of returned Specified Vehicles is consistent with the Sponsor’s belief that, as of the date of this offering memorandum, the Base Residual Value represents a reasonable estimate of the sale price of each Specified Vehicle.
More Definitions of Base Residual Value
Base Residual Value means, for each Vehicle related to an Included Unit, the lowest of (i) the MSRP ALG Residual of the related Vehicle, (ii) the Updated ALG Residual of the related Vehicle and (iii) the Stated Residual Value of the related Vehicle.
Base Residual Value means, with respect to any 2023-3 Lease Agreement, the least of (i) the Contract Residual Value, (ii) the residual value of the total manufacturer’s suggested retail price of the related 2023-3 Leased Vehicle (including all options authorized by the Servicer in connection with the origination of the related 2023-3 Lease Agreement, without making a distinction between value-adding options that add little or no value to the resale price of the related 2023-3 Leased Vehicle) on the related Maturity Date as determined in accordance with the then-current Automotive Lease Guide upon origination of the related 2023-3 Lease Agreement, (iii) the residual value of the total manufacturer’s suggested retail price of the related 2023-3 Leased Vehicle (including all options authorized by the Servicer in connection with the origination of the related 2023-3 Lease Agreement, without making a distinction between value-adding options that add little or no value to the resale price of the related 2023-3 Leased Vehicle) on the related Maturity Date calculated utilizing as a “mark-to-market” value a residual value estimate as determined in accordance with the May/June 2023 Automotive Lease Guide, (iv) the residual value of the Maximum Residualizable MSRP of the related 2023-3 Leased Vehicle on the related Maturity Date as determined in accordance with the then-current Automotive Lease Guide upon origination of the related 2023-3 Lease Agreement, and (v) the residual value of the Maximum Residualizable MSRP of the related 2023-3 Leased Vehicle on the related Maturity Date calculated utilizing as a “mark-to-market” value a residual value estimate as determined in accordance with the May/June 2023 Automotive Lease Guide.
Base Residual Value means, with respect to any Leased Vehicle, as of the Cutoff Date with respect to the related Lease Agreement or, if more recent, as of the most recent Determination Date on which the ALG Residual Value Percentage with respect to such Leased Vehicle was re-determined in accordance with the Basic Servicing Agreement or the related Servicing Supplement, as applicable, the lesser of (i) the Contract Residual Value and (ii) the product of the ALG Residual Value Percentage with respect to such Leased Vehicle as of such date and the Maximum Residualizable MSRP with respect to such Leased Vehicle. Notwithstanding the foregoing, if an Exchange Note Supplement specifies an alternative definition of “Base Residual Value,” that definition shall be used in determining the Base Residual Value for all Leased Vehicles allocated to the related Designated Pool for so long as such Leased Vehicles are allocated to such Designated Pool.
Base Residual Value means, with respect to any 2019-2 Lease Agreement, the least of (i) the Contract Residual Value, (ii) the residual value of the total manufacturer’s suggested retail price of the related 2019-2 Leased Vehicle (including all options authorized by the Servicer in connection with the origination of the related 2019-2 Lease Agreement, without making a A1-4 distinction between value-adding options that add little or no value to the resale price of the related 2019-2 Leased Vehicle) on the related Maturity Date as determined in accordance with the then-current Automotive Lease Guide upon origination of the related 2019-2 Lease Agreement, (iii) the residual value of the total manufacturer’s suggested retail price of the related 2019-2 Leased Vehicle (including all options authorized by the Servicer in connection with the origination of the related 2019-2 Lease Agreement, without making a distinction between value-adding options that add little or no value to the resale price of the related 2019-2 Leased Vehicle) on the related Maturity Date calculated utilizing as a “xxxx-to-market” value a residual value estimate as determined in accordance with the Automotive Lease Guide from no earlier than March 2019, (iv) the residual value of the Maximum Residualizable MSRP of the related 2019-2 Leased Vehicle on the related Maturity Date as determined in accordance with the then-current Automotive Lease Guide upon origination of the related 2019-2 Lease Agreement, and (v) the residual value of the Maximum Residualizable MSRP of the related 2019-2 Leased Vehicle on the related Maturity Date calculated utilizing as a “xxxx-to-market” value a residual value estimate as determined in accordance with the Automotive Lease Guide from no earlier than March 2019.
Base Residual Value means, with respect to any Leased Vehicle and the related Lease, the lesser of (i) the TFL Residual Value, and (ii) the Mark-to-Market MRM Residual Value.
Base Residual Value means with respect to any Lease Agreement, as of the Cutoff Date with respect to such Lease Agreement or, if more recent, as of the most recent Determination Date on which the ALG Residual Value Percentage with respect to such Lease Agreement was re-determined in accordance with the Basic Servicing Agreement or the related Servicing Supplement, as applicable, the lesser of (i) the Contract Residual Value and (ii) the product of the ALG Residual Value Percentage with respect to such Lease Agreement as of such date and the Maximum Residualizable MSRP with respect to such Lease Agreement. Notwithstanding the foregoing, if an Exchange Note Supplement specifies an alternative definition of “Base Residual Value,” that definition shall be used in determining the Base Residual Value for all Leased Vehicles allocated to the related Designated Pool for so long as such Leased Vehicles are allocated to such Designated Pool.
Base Residual Value means, for each Vehicle related to an Included Unit, the lowest of (a) the lower of the MSRP Residual Value and the MRM Residual Value of the related Vehicle at the time of origination of the lease, (b) the lower of the MSRP Residual Value and the MRM Residual Value of the related Vehicle on [ ] and (c) the Contract Residual Value.