Guaranteed Depreciation Program means a guaranteed depreciation program pursuant to which a Manufacturer has agreed to (a) cause Vehicles manufactured by it or one of its Affiliates that are turned back during the specified Repurchase Period to be sold at Auction, (b) cause the proceeds of any such sale to be deposited in the applicable FleetCo Collection Account by such auction dealer promptly following such sale and (c) pay to the applicable FleetCo the excess, if any, of the guaranteed payment amount with respect to any such Vehicle calculated as of the Turnback Date in accordance with the provisions of such guaranteed depreciation program over the amount deposited in the applicable FleetCo Collection Account by an auction dealer pursuant to clause (b) above.
Guaranteed Depreciation Program means a guaranteed depreciation program pursuant to which a Manufacturer has agreed with any of the Lessee Grantors or Lessor Grantors to (a) cause Vehicles manufactured by it or one of its Affiliates that are turned back during the specified Repurchase Period to be sold at Auction by an auction dealer, (b) cause the proceeds of any such sale to be paid to any of the Lessee Grantors or Lessor Grantors, as applicable, by such auction dealer after such sale and (c) pay to any of the Lessee Grantors or Lessor Grantors, as applicable, the excess, if any, of the guaranteed payment amount with respect to any such Vehicle calculated as of the disposition date or turnback date thereof (as defined or otherwise specified in the Financing Documents of the related Financing Source) in accordance with the provisions of such guaranteed depreciation program over the amount paid to any such Lessee Grantor or Lessor Grantor, as applicable, by an auction dealer pursuant to clause (b) above.
Guaranteed Depreciation Program means a guaranteed depreciation program pursuant to which a Manufacturer has agreed with National or NFLP to (a) cause Vehicles manufactured by it or one of its Affiliates that are turned back during the specified Repurchase Period to be sold at Auction by an auction dealer, (b) cause the proceeds of any such sale to be paid to National or NFLP, (or NFLP's Qualified Intermediary) as applicable, by such auction dealer within seven days of such sale and (c) pay to National or NFLP, as applicable, the excess, if any, of the guaranteed payment amount with respect to any such Vehicle calculated as of the Disposition Date in accordance with the provisions of such guaranteed depreciation program over the amount paid to National or NFLP, as applicable, by an auction dealer pursuant to clause (b) above.
Examples of Guaranteed Depreciation Program in a sentence
Revenues related to new vehicle sales with a buy-back commitment, or through the Guaranteed Depreciation Program (“GDP”), under which the Group guarantees the residual value or otherwise assumes responsibility for the minimum resale value of the vehicle, are not recognized at the time of delivery but are accounted for similar to an operating lease and rental income is recognized over the contractual term of the lease on a straight line basis.
If the Lessee leases Program Vehicles subject to a Guaranteed Depreciation Program with DaimlerChrysler Motors Corporation or one of its affiliates (“Chrysler Vehicles”) under the Leases, the Lessee agrees that all such Chrysler Vehicles will be owned by HGI and leased under the HGI Lease or owned by HVF and leased under the HVF Lease.
The cash flows generated by the sale of vehicles under buy-back commitments and Guaranteed Depreciation Program (“GDP”) vehicles, net of the amounts included in Profit/(loss) for the year, are included under operating activities in a single line item which includes changes in working capital arising from these transactions.
If the Lessee leases Program Vehicles subject to a Guaranteed Depreciation Program with Old Chrysler or one of its affiliates (“Chrysler Vehicles”) under the Leases, the Lessee agrees that all such Chrysler Vehicles will be owned by HGI and leased under the HGI Lease, owned by HVF and leased under the HVF Lease or owned by HVF and leased under a Segregated Series Lease.
The Monthly Depreciation listed in the revised “2014 Chrysler Group LLC Guaranteed Depreciation Program Rules” will apply.
More Definitions of Guaranteed Depreciation Program
Guaranteed Depreciation Program means a guaranteed depreciation program pursuant to which a Manufacturer has agreed with AESOP Leasing, AESOP Leasing II, ARAC, BRAC or CCRG, as the case may be, to (a) cause Vehicles manufactured by it or one of its Affiliates that are turned back during the specified Repurchase Period to be sold by an auction dealer, (b) cause the proceeds of any such sale to be paid to AESOP Leasing, AESOP Leasing II, ARAC, BRAC or CCRG, as the case may be, by such auction dealer within seven days of such sale and (c) pay to AESOP Leasing, AESOP Leasing II, ARAC, BRAC or CCRG, as the case may be, the excess, if any, of the guaranteed payment amount with respect to any such Vehicle calculated as of the Turnback Date in accordance with the provisions of such guaranteed depreciation program over the amount paid to AESOP Leasing, AESOP Leasing II, ARAC, BRAC or CCRG, as the case may be, by an auction dealer pursuant to clause (b) above.
Guaranteed Depreciation Program has the meaning ascribed to such term in the ARG Indenture.
Guaranteed Depreciation Program means, with respect to the Series 1999-1 Notes, a guaranteed depreciation program pursuant to which a Manufacturer has agreed with the Lessor or any Lessee to (a) cause Vehicles manufactured by it or one of its Affiliates that are turned back during the specified Repurchase Period to be sold by an auction dealer, (b) cause the proceeds of any such sale to be paid to the Lessor or such Lessee by such auction dealer after such sale and (c) pay to the Lessor or such Lessee the excess, if any, of the guaranteed payment amount with respect to any such Vehicle calculated as of the Turnback Date in accordance with the provisions of such guaranteed depreciation program over the amount paid to the Lessor or such Lessee by an auction dealer pursuant to clause (b) above.
Guaranteed Depreciation Program means a guaranteed depreciation program pursuant to which a Manufacturer has agreed to (a) cause Vehicles manufactured by it or one of its Affiliates that are turned back during the specified Repurchase Period to be sold at Auction, (b) cause the proceeds of any such sale to be deposited in the applicable FleetCo Collection Account by such auction dealer promptly following such sale and (c) pay to the applicable FleetCo the excess, if any, of the guaranteed payment amount with respect to any such Vehicle calculated as of the Turnback Date in accordance with the provisions of such guaranteed depreciation program over the amount deposited in the applicable FleetCo Collection Account by an auction dealer pursuant to clause (b) above. “Hertz” means The Hertz Corporation, a Delaware corporation. “Hertz Group” means collectively, Hertz and each Affiliate. “Hertz Senior Credit Facility Default” means the occurrence of an event that (i) results in all amounts under each of Hertz’s Senior Credit Facilities becoming immediately due and payable and (ii) has not been waived by the lenders under each of Hertz’s Senior Credit Facilities. “HGH” means Hertz Global Holdings, Inc., and any successor in interest thereto. “Holdings” means Rental Car Intermediate Holdings, LLC, and any successor in interest thereto. “IFRS” means International Financial Reporting Standards. “Indebtedness” means, as applied to any Person, without duplication, (a) all indebtedness for borrowed money, (b) that portion of obligations with respect to any lease of any property (whether real, personal or mixed) that is properly classified as a liability on a balance sheet in conformity with GAAP, (c) notes payable and drafts accepted representing extensions of credit whether or not representing obligations for borrowed money, (d) any obligation owed for all or any part of the deferred purchase price for property or services, which purchase price is (i) due more than six months from the date of the incurrence of the obligation in respect thereof or (ii) evidenced by a note or similar written instrument, (e) all indebtedness in respect of any of the foregoing secured by any Security on any property or asset owned by that Person regardless of whether the indebtedness secured thereby shall have been assumed by that Person or is nonrecourse to the credit of that Person, and (f) all Contingent Obligations of such Person in respect of any of the foregoing. 47 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPAR...
Guaranteed Depreciation Program means, with respect to the Series 1997-1 Notes, a guaranteed depreciation program pursuant to which a Manufacturer has agreed with a Lessee or NFLP to (a) cause Vehicles manufactured by it or one of its Affiliates that are turned back during the specified Repurchase Period to be sold at Auction by an auction dealer, (b) cause the proceeds of any such sale to be paid to such Lessee or NFLP, as applicable, by such auction dealer within seven days of such sale and (c) pay to such Lessee or NFLP, as applicable, the excess, if any, of the guaranteed payment amount with respect to any such Vehicle calculated as of the Disposition Date in accordance with the provisions of such guaranteed depreciation program over the amount paid to such Lessee or NFLP, as applicable, by an auction dealer pursuant to clause (b) above.
Guaranteed Depreciation Program means a guaranteed depreciation program pursuant to which a Manufacturer has agreed with National or NFLP to (a) cause Vehicles manufactured by it or one of its Affiliates that are turned back during the specified Repurchase Period to be sold by an auction dealer, (b) cause the proceeds of any such sale to be paid to National or NFLP, as applicable, by such auction dealer within seven days of such sale and (c) pay to National or NFLP, as applicable, the excess, if any, of the guaranteed payment amount with respect to any such Vehicle calculated as of the Turnback Date in accordance with the provisions of such guaranteed depreciation program over the amount paid to National or NFLP, as applicable, by an auction dealer pursuant to clause (b) above.
Guaranteed Depreciation Program means a guaranteed depreciation program pursuant to which a Manufacturer has agreed with a Leasing Company or a Lessee to (a) cause Vehicles manufactured by it or one of its Affiliates that are turned back during a specified period to be sold by an auction dealer, (b) cause the proceeds of any such sale to be paid to such Leasing Company or Lessee by such auction dealer after such sale and (c) pay to such Leasing Company or such Lessee the excess, if any, of the guaranteed payment amount with respect to any such Vehicle calculated as of the date such vehicle was accepted by such Manufacturer in accordance with the provisions of such guaranteed depreciation program over the amount paid to such Leasing Company or such Lessee by an auction dealer pursuant to clause (b) above.