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
Ex- cept as otherwise provided in para- graph (d)(4)(iii) of this section, for peri- ods of continuous availability of one or more but less than 30 days, the value of the availability of the employer-pro- vided automobile is the Daily Lease Value.
The Daily Lease Value is cal- culated by multiplying the applicable Annual Lease Value by a fraction, the numerator of which is four times the number of days of availability and the denominator of which is 365.(iii) Election to treat all periods as peri- ods of at least 30 days.
Under the special valuation rule of this paragraph (d), if an employer provides an employee with an automobile that is available to the employee for an en- tire calendar year, the value of the benefit provided in the Annual Lease Value (determined under paragraph (d)(2) of this section) of that auto- mobile.
The Annual Lease Value, if it is applied, must be applied with respect to the entire 12-month period.
Ab- sent any statutory exclusion relating to the employer-provided automobile (see, for example, section 132(a)(3) and§ 1.132–5T(b)), the amount of the Annual Lease Value (or a pro-rated Annual Lease Value or the Daily Lease Value, as applicable) is included in the gross income of the employee.(ii) Definition of automobile.
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 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 originators, 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 related 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.]
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, 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, 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 and/or the Subsidiary Partnerships (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 and/or the Subsidiary Partnerships (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.