Lease Value definition
Lease Value means, for any Lease that is not a Defaulted Receivable on any day (including the Cut-off Date), the sum of (i) the future Scheduled Payments on such Lease discounted monthly at the applicable Implicit Rate of Return, plus (ii) any past due Scheduled Payments on such Lease reflected on the Servicer’s records, plus (iii) the present value of the Book Residual Value (or in the case of a TRAC Lease, Guaranteed Payment), discounted monthly at the applicable Implicit Rate of Return. Defaulted Receivables that are Leases shall be deemed to have a Lease Value equal to the outstanding Lease Value at the time it became a Defaulted Receivable less the amount written-off as uncollectible in accordance with the Credit and Collection Policy.
Lease Value is defined in the Indenture.
Lease Value means, for any Lease that is not a Defaulted Receivable on any day (including the Cut-off Date), the sum of (i) the future Scheduled Payments on such Lease (which, in the case of Split-Payment Stream Receivables, includes only the base rent component) discounted monthly at the applicable Implicit Rate of Return, plus (ii) any past due Scheduled Payments on such Lease (which, in the case of Split-Payment Stream Receivables, includes only the base rent component) reflected on the Servicer’s records, plus (iii) the present value of the Book Residual Value (or in the case of a TRAC Lease, Guaranteed Payment), discounted monthly at the applicable Implicit Rate of Return. Defaulted Receivables that are Leases shall be deemed to have a Lease Value equal to the outstanding Lease Value at the time it became a Defaulted Receivable less the amount written-off as uncollectible in accordance with the Credit and Collection Policy.
Examples of Lease Value in a sentence
In connection therewith, the Issuer shall institute procedures to permit it to confirm the Loan Value or Lease Value, as applicable, in respect of any Receivable and, if applicable, its related Equipment; provided that no one other than the Servicer or any Sub-Servicer or Person to whom the Servicer has delegated duties in accordance with the terms of this Agreement, subject to any other arrangements made by the Issuer or its designee, will contact an Obligor unless a Servicer Default has occurred.
The Borrower will maintain at all times a ratio of (i) the sum of (a) the aggregate unpaid principal amount of all outstanding Funded Debt, PLUS (b) Capitalized Operating Lease Value, to (ii) the sum of (a) the items listed in clause (i) above PLUS (b) Consolidated Adjusted Net Worth, of not more than .70 to 1.
As of any date of determination, an amount equal to the sum of the then Aggregate Net Book Value and the then Aggregate Finance Lease Value.
As of any date of determination the excess (if any) of (i) the Aggregate Note Principal Balance, over (ii) an amount equal to the sum of (1) the product of (i) Default Level Advance Rate and (ii) the sum of (A) the then Aggregate Net Book Value and (B) the then Aggregate Finance Lease Value, plus (2) 100% of all cash and Eligible Investments then on deposit in the Restricted Cash Account.
If such Finance Lease contains an option for the related Lessee to purchase the Containers subject to such Finance Lease, the exercise price of such option is for an amount that is equal to or greater than the Finance Lease Value of such Lease.
More Definitions of Lease Value
Lease Value means, for any Lease that is not a Defaulted Receivable on any day (including the Cut-off Date), the sum of (i) the future Scheduled Payments on such Lease discounted monthly at the applicable Implicit Rate of Return, plus (ii) any past due Scheduled Payments on such Lease reflected on the Servicer’s records, plus (iii) the present value of the Guaranteed Payment, discounted monthly at the applicable Implicit Rate of Return. Defaulted Receivables that are Leases shall be deemed to have a Lease Value equal to the outstanding Lease Value at the time it became a Defaulted Receivable less the amount written-off as uncollectible in accordance with the Credit and Collection Policy.
Lease Value means, for any Lease that is not a Defaulted Receivable on any day (including the Cut-off Date), the sum of (i) the future Scheduled Payments on such lease (which, in the case of Split-Payment Stream Receivables, includes only the base rent component) discounted monthly at the individual rate of return of such Lease as determined by the applicable Seller, plus (ii) any past due Scheduled Payments on such lease (which, in the case of Split-Payment Stream Receivables, include only the base rent component) reflected on the Servicer’s records, plus (iii) the present value of the Book Residual Value, discounted monthly at the implicit rate of return of the individual related Lease, as determined by the applicable Seller. Defaulted Receivables that are Leases shall be deemed to have a Lease Value equal to the outstanding Lease Value at the time it became a Defaulted Receivable less the amount written-off as uncollectible in accordance with the Credit and Collection Policy.
Lease Value means, for any Lease that is not a Defaulted Receivable on any day (including the Cut-off Date), the sum of (i) the future Scheduled Payments discounted monthly at the individual rate of return of such Lease as determined by the applicable Seller, plus (ii) any past due Scheduled Payments reflected on the Servicer’s records, plus (iii) the present value of the Book Residual Value, discounted monthly at the implicit rate of return of the individual related Lease, as determined by the applicable Seller. Defaulted Receivables that are Leases shall be deemed to have a Lease Value equal to the outstanding Lease Value at the time it became a Defaulted Receivable less the amount written off as uncollectible in accordance with the Credit and Collection Policy.]
Lease Value means, for any Lease that is not a Defaulted Receivable on any day (including the Cut-off Date), the sum of (i) the future Scheduled Payments discounted monthly at the individual rate of return of such Lease as determined by the applicable Original Seller, plus (ii) any past due Scheduled Payments reflected on the Servicer’s records, plus (iii) the present value of the Book Residual Value, discounted monthly at the implicit rate of return of the individual related Lease, as determined by the applicable Original Seller [or, in the case of the Original SUBI Seller, the Titling Trust]. Defaulted Receivables that are Leases shall be deemed to have a Lease Value equal to the outstanding Lease Value at the time it became a Defaulted Receivable less the amount written-off as uncollectible in accordance with the Credit and Collection Policy.]
Lease Value means, for any Lease that is not a Defaulted Receivable on any day (including the Cut-off Date), the sum of (i) the future Scheduled Payments discounted monthly at the individual rate of return of such Lease as determined by the applicable Seller, plus (ii) any past due Scheduled Payments reflected on the Servicer’s records, plus (iii) the present value of the Book Residual Value, discounted monthly at the implicit rate of return of the individual related Lease, as determined by the applicable Seller [or, in the case of the SUBI Seller, the Titling Trust]. Defaulted Receivables that are Leases shall be deemed to have a Lease Value equal to the outstanding Lease Value at the time it became a Defaulted Receivable less the amount written-off as uncollectible in accordance with the Credit and Collection Policy.]
Lease Value means, as of any date, the sum of (i) 75% of Unencumbered Lease Value; (ii) the excess, if any, of (A) 75% of Encumbered Lease Value over (B) the amount of all Indebtedness in respect of Properties for which the corresponding Eligible Lease was included in the calculation of Encumbered Lease Value; and (iii) 50% of Residual Proceeds. Solely for purposes of calculating Lease Value, not more than 15% of Lease Value may consist of the sum of (x) amounts calculated pursuant to clause (ii) above; (y) the sum of (1) Encumbered Lease Value attributable to Projects that are not 100% owned by the Consolidated Businesses (but only to the extent that the value of such Project is included in clause (ii) above) and (2) Unencumbered Lease Value attributable to Projects that are not 100% owned by the Consolidated Businesses (but only to the extent that the value of such Project is included in clause (i) above) and (z) the amount derived under clause (iii) above. Solely for purposes of calculating Lease Value, not more than 10% of Lease Value may consist of Lease Value attributable to Eligible Leases other than Triple Net Leases.
Lease Value means, for any Lease that is not a Liquidated Receivable or a Defaulted Receivable on any day (including the Cut-off Date), the sum of (i) the future Scheduled Payments discounted monthly at the individual rate of return of such Lease as determined by the applicable Seller, plus (ii) the portion of any past due payments allocable to principal, plus (iii) the present value of the Book Residual Value, discounted monthly at the implicit rate of return of the individual Lease, as determined by the applicable Seller. Liquidated Receivables that are Leases shall be deemed to have a Lease Value of zero and Defaulted Receivables that are Leases shall be deemed to have a Lease Value equal to the outstanding Lease Value at the time it became a Defaulted Receivable less the amount written-off as uncollectible in accordance with the Credit and Collection Policy.]