Fleet Utilisation definition
Fleet Utilisation means, at a given time, the total number of days during which vehicles have been on rent (each vehicle contributing separately to this total) as a percentage of the total number of days during which such vehicles were available for rental (excluding, for the avoidance of doubt, days when vehicles were not available for rental because of mechanical problems, maintenance or repairs) in the preceding 12 month period (each vehicle contributing separately to this total). Interest Expense means, in relation to any period, all interest (including the interest cost element of vehicle financing costs), commissions, periodic fees and other financing charges (excluding the Arrangement Fee) accrued by Hertz during that period.