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Common use of Minimum Depreciation Rate Clause in Contracts

Minimum Depreciation Rate. The Servicer agrees that the Depreciation Schedules with respect to Non-Program Vehicles leased under this Lease shall be established such that the weighted average Depreciation Charges accruing with respect to the Non-Program Vehicles during each Related Month shall be at least equal to the lesser of (a) 1.25% and (b) such lower percentage in respect of which the Rating Agency Confirmation and Consent Condition shall have been satisfied.

Appears in 3 contracts

Samples: Master Motor Vehicle Lease and Servicing Agreement (Anc Rental Corp), Master Motor Vehicle Lease and Servicing Agreement (Anc Rental Corp), Master Motor Vehicle Lease and Servicing Agreement (Anc Rental Corp)

Minimum Depreciation Rate. The Servicer agrees that the Depreciation Schedules with respect to Non-Program Vehicles leased under this Lease shall be established such that the weighted average Depreciation Charges accruing with respect to the Non-Program Vehicles during each Related Month shall be at least equal to the lesser of (a) 1.25% and (b) such lower percentage in respect of which the Rating Agency Confirmation and Consent Condition with respect to each Series of Group I Notes shall have been satisfied.

Appears in 3 contracts

Samples: Master Motor Vehicle Lease and Servicing Agreement (Vanguard Car Rental Group Inc.), Master Motor Vehicle Lease and Servicing Agreement (Vanguard Car Rental Group Inc.), Master Motor Vehicle Lease and Servicing Agreement (Autonation Inc /Fl)

Minimum Depreciation Rate. The Servicer Lessor agrees that the Depreciation Schedules with respect to Non-Program Vehicles leased under this Lease Agreement shall be established such that (i) the weighted average Depreciation Charges accruing with respect to each Non-Program Vehicle during each Related Month shall be at least equal to 1.25%, and (ii) the weighted average of the Depreciation Charges accruing with respect to all Non-Program Vehicles during each Related Month shall be at least equal to the lesser of (a) 1.251.50% and (b) such lower percentage in respect of which the Rating Agency Confirmation and Consent Condition with respect to each Series of Notes Outstanding shall have been satisfied.

Appears in 2 contracts

Samples: Master Motor Vehicle Operating Lease and Servicing Agreement (Hertz Global Holdings Inc), Master Motor Vehicle Operating Lease and Servicing Agreement (Hertz Global Holdings Inc)

Minimum Depreciation Rate. The Servicer Lessor agrees that the Depreciation Schedules with respect to Non-Program Vehicles leased under this Lease Agreement shall be established such that the weighted average Depreciation Charges accruing with respect to the each Non-Program Vehicles Vehicle during each Related Month shall be based on a percentage at least equal to the lesser of (a) 1.251.67% and (b) or such lower percentage in respect of which the Rating Agency Confirmation and Consent Condition with respect to each Series of Notes Outstanding shall have been satisfied.

Appears in 1 contract

Samples: Master Motor Vehicle Operating Lease and Servicing Agreement (Zipcar Inc)