Amortization of Leases Sample Clauses

Amortization of Leases. The Lease included in such Unit was written on a constant yield basis and provides for substantially equal monthly payments, such that, at the end of the lease term, the capitalized cost has been amortized to an amount equal to the Stated Residual Value of the related Vehicle. Lease (i) Review the Lease and confirm the product of the number of payments and the base monthly payment, together with any first and last payments, if applicable, is equal to the total of base monthly payments. (ii) Review the Lease and confirm the adjusted capitalized cost minus the Stated Residual Value is equal to the depreciation and any amortized amounts. (iii) Review the Lease and confirm that the depreciation and any amortized amounts equals the total of base monthly payments. (iv) If steps (i) through (iii) are confirmed, this will be a Test Pass.