Measurement Month Average means, with respect to any Measurement Month, the percentage equivalent of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds of all Non-Program Vehicles sold at Auction or otherwise during such Measurement Month and the denominator of which is the aggregate Net Book Value of such Non-Program Vehicles on the dates of their respective sales.
Measurement Month Average means the lesser of:
Measurement Month Average means, with respect to Group III Vehicles and for any Measurement Month, the percentage equivalent of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds of all Non-Program Vehicles that are Group III Vehicles sold at Auction or otherwise during such Measurement Month and the two Measurement Months preceding such Measurement Month and the denominator of which is the aggregate Net Book Value of such Non-Program Vehicles that are Group III Vehicles on the dates of their respective sales, provided that any Program Vehicle that is a Group III Vehicle and is redesignated as a Non-Program Vehicle solely because a Manufacturer Event of Default due to an Event of Bankruptcy has occurred with respect to the Manufacturer thereof, shall be deemed to be a Program Vehicle for a period of 90 days following the occurrence of such Manufacturer Event of Default for purposes of this definition and each instance in which this definition is used in this Supplement and as a result shall not be included in the determination of Measurement Month Average during such period.
Examples of Measurement Month Average in a sentence
In addition, the Series 2001-2 Supplement may be amended or modified from time to time, without the consent of any Noteholder but with the consent of the Issuer, Budget and the Trustee and written confirmation of the then current ratings on the Series 2001-2 Notes from the Rating Agencies to amend the following definitions: "Measurement Month," "Measurement Month Average" and "Market Value Adjustment Percentage" and to make changes related to such amendments.
In addition, this Supplement may be amended or modified from time to time, without the consent of any Noteholder but with the consent of the Rating Agencies, RCFC, DTAG and the Trustee to amend the following definitions: "Maximum Manufacturer Percentage", "Measurement Month", "Measurement Month Average" and "Market Value Adjustment Percentage" and to make changes related to such amendments.
In addition, this Supplement may be amended or modified from time to time, without the consent of any Noteholder but with the consent of RCFC, DTAG and the Trustee and written confirmation of the then current ratings on the Series 1998-1 Notes from the Rating Agencies to amend the following definitions: "Maximum Manufacturer Percentage", "Measurement Month", "Measurement Month Average" and "Market Value Adjustment Percentage" and to make changes related to such amendments.
In addition, this Supplement may be amended or modified from time to time, without the consent of any Noteholder but with the consent of RCFC, DTAG and the Trustee and written confirmation of the then current ratings on the Series 1999-1 Notes from the Rating Agencies to amend the following definitions: "Maximum Manufacturer Percentage", "Measurement Month", "Measurement Month Average" and "Market Value Adjustment Percentage" and to make changes related to such amendments.
In addition, this Supplement may be amended or modified from time to time, without the consent of any Group II Noteholder but with the consent of RCFC, DTAG and the Trustee and written confirmation of the then current ratings on the Series 1998-1 Notes from the Rating Agencies to amend the following definitions: "Maximum Manufacturer Percentage", "Measurement Month", "Measurement Month Average" and "Market Value Adjustment Percentage" and to make changes related to such amendments.
More Definitions of Measurement Month Average
Measurement Month Average means, in the case of Group V Type II Repurchase Vehicles, with respect to any Measurement Month, the percentage equivalent of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds in respect of all Group V Type II Repurchase Vehicles sold (whether at auction, in connection with Repurchase Programs, or otherwise) during such Measurement Month and the denominator of which is the aggregate Net Book Value of such Vehicles on the dates of their respective sales.
Measurement Month Average means, with respect to any Measurement Month, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds and Termination Payments paid or payable in respect of all Series 2004-1 Non-Program Vehicles (including, for the avoidance of doubt, any Series 2004-1 Non-Program Vehicle that was a Series 2004-1 Program Vehicle but was redesignated as a Series 2004-1 Non-Program Vehicle as a result of a Manufacturer Event of Default, commencing in the calendar month in which such redesignation occurs, but only for so long as such Series 2004-1 Non-Program Vehicle is designated as a Series 2004-1 Non-Program Vehicle, and excluding Series 2004-1 Ineligible Program Vehicles) (excluding salvage sales) that are sold at auction or otherwise during such Measurement Month and the two Measurement Months preceding such Measurement Month, and the denominator of which is the aggregate Net Book Value of all such Series 2004-1 Non-Program Vehicles (including, for the avoidance of doubt, any Series 2004-1 Non-Program Vehicle that was a Series 2004-1 Program Vehicle but was redesignated as a Series 2004-1 Non-Program Vehicle as a result of a Manufacturer Event of Default, commencing in the calendar month in which such redesignation occurs, but only for so long as such Series 2004-1 Non-Program Vehicle is designated as a Series 2004-1 Non-Program Vehicle, and excluding Series 2004-1 Ineligible Program Vehicles) (excluding salvage sales) that are sold at auction or otherwise during such Measurement Month and the two Measurement Months preceding such Measurement Month, measured as of the dates of their respective sales and (b) 100%; provided, that for purposes of determining the Net Book Value of any Series 2004-1 Program Vehicle that was redesignated as a Series 20054-1 Non-Program Vehicle as a result of a Manufacturer Event of Default, notwithstanding the definition of Net Book Value set forth in the Base Indenture, Net Book Value shall be determined, for purposes of calculating the Measurement Month Average, by applying the Depreciation Schedule (and applicable Depreciation Charges) established for such Series 2004-1 Non-Program Vehicle when such Series 2004-1 Non-Program Vehicle was redesignated in accordance with the provisions of the applicable Lease.
Measurement Month Average means, with respect to any Measurement Month, the lesser of (a) the percentage equivalent of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds paid or payable in respect of all Zipcar Fleet Vehicles (other than (x) any Non-Program Vehicles that are returned to a Manufacturer pursuant to a Manufacturer Program in accordance with Section 2.5(b) of the ZVF Lease and (y) any other Zipcar Fleet Vehicle which is returned to a Manufacturer in accordance with a Manufacturer Program) that are sold to third parties, at auction or otherwise (excluding salvage sales), during such Measurement Month and the two Measurement Months preceding such Measurement Month (or, with respect to any Measurement Month that is comprised of or includes January, February or March of any calendar year, such Measurement Month and the five Measurement Months preceding such Measurement Month) and the denominator of which is the aggregate Zipcar Fleet Vehicle Net Book Values of such Zipcar Fleet Vehicles on the dates of their respective sales and (b) 100%.
Measurement Month Average means, with respect to Group V Vehicles and for any Measurement Month, the percentage equivalent of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds of all Non-Program Vehicles (other than any Excluded Non-Program Vehicles) sold at Auction or otherwise during such Measurement Month and the two Measurement Months preceding such Measurement Month and the denominator of which is the aggregate Net Book Value of such Non-Program Vehicles (other than any Excluded Non-Program Vehicles) on the dates of their respective sales; provided, that any Program Vehicle that is a Group V Vehicle and is redesignated as a Non-Program Vehicle solely because a Manufacturer Event of Default due to an Event of Bankruptcy has occurred with respect to the Manufacturer thereof, shall be deemed to be a Program Vehicle for a period of 90 days following the occurrence of such Manufacturer Event of Default for purposes of this definition and each instance in which this definition is used in this Supplement and as a result shall not be included in the determination of Measurement Month Average during such period.
Measurement Month Average means, with respect to Group VIII Vehicles and for any Measurement Month, the percentage equivalent of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds of all Non-Program Vehicles (other than Excluded Non-Program Vehicles and Excluded Redesignated Vehicles) sold at auction or otherwise during such Measurement Month and the two Measurement Months preceding such Measurement Month and the denominator of which is the aggregate Net Book Value of such Non-Program Vehicles (other than Excluded Non-Program Vehicles and Excluded Redesignated Vehicles) on the dates of their respective sales, provided that the Measurement Month Average for each of the first two Measurement Months immediately following the Series 2011-1 Closing Date shall be deemed to be 100%.
Measurement Month Average means, with respect to Group II Vehicles and for any Measurement Month, the percentage equivalent of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds of all Non-Program Vehicles (other than any Excluded Non-Program Vehicles) sold at Auction or otherwise during such Measurement Month and the two Measurement Months preceding such Measurement Month and the denominator of which is the aggregate Net Book Value of such Non-Program Vehicles (other than any Excluded Non-Program Vehicles) on the dates of their respective sales; provided that any Program Vehicle that is a Group II Vehicle and is redesignated as a Non-Program Vehicle solely because a Manufacturer Event of Default due to an Event of Bankruptcy has occurred with respect to the Manufacturer thereof, shall be deemed to be a Program Vehicle for a period of 90 days following the occurrence of such Manufacturer Event of Default for purposes of this definition and each instance in which this definition is used in this Supplement and as a result shall not be included in the determination of Measurement Month Average during such period.
Measurement Month Average means, with respect to any Measurement Month, the percentage equivalent of a fraction, the numerator of which is the aggregate amount of Disposition Proceeds and Termination Payments of all Non- Repurchase Vehicles sold at auction or otherwise during such Measurement Month and the denominator of which is the aggregate Net Book Value of such Vehicles on the dates of their respective sales.