Non-Program Vehicle Measurement Month Average definition

Non-Program Vehicle 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 amounts of Disposition Proceeds paid or payable in respect of all Non-Program Vehicles 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 and the denominator of which is the aggregate Net Book Values of such Non-Program Vehicles on the dates of their respective sales and (b) 100%.
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Non-Program Vehicle 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 amounts of Disposition Proceeds paid or payable in respect of all Non-Program Vehicles (other than any Non-Program Vehicles that are returned to a Manufacturer pursuant to a Manufacturer Program in accordance with Section 2.5(b) of the HVF Lease) 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 and the denominator of which is the aggregate Net Book Values of such Non-Program Vehicles on the dates of their respective sales and (b) 100%.
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Non-Program Vehicle Measurement Month Average means, as of any date of determination, (a) if no Series 2010-2 Measurement Month has occurred during the period from the Series 2010-2 Closing Date through such date, the average of the Series 2009-1 Non-Program Vehicle Measurement Month Percentages with respect to the three Measurement Months immediately preceding such date, (b) if one, but not more than one, Series 2010-2 Measurement Month has occurred during the period from the Series 2010-2 Closing Date through such date, the average of the Series 2010-2 Non-Program Vehicle Measurement Month Percentage with respect to such Series 2010-Measurement Month and the Series 2009-1 Non-Program Vehicle Measurement Month Percentages with respect to the two Measurement Months immediately preceding such date, (c) if two, but not more than two, Series 2010-2 Measurement Months have occurred during the period from the Series 2010-2 Closing Date through such date, the average of the Series 2010-2 Non-Program Vehicle Measurement Month Percentages with respect to such two Series 2010-2 Measurement Months and the Series 2009-1 Non-Program Vehicle Measurement Month Percentage with respect to the Measurement Month immediately preceding such date and (d) if three or more Series 2010-2 Measurement Months have occurred during the period from the Series 2010-2 Closing Date through such date, the average of the Series 2010-2 Non-Program Vehicle Measurement Month Percentages with respect to the three Series 2010-Measurement Months immediately preceding such date.
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More Definitions of Non-Program Vehicle Measurement Month Average

Non-Program Vehicle 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 Older Series 1999-1 Non-Program Vehicles leased under the Operating Leases (excluding salvage sales) that are sold at auction or otherwise during such Measurement Month and the denominator of which is the aggregate Net Book Values of such Vehicles on the dates of their respective sales and (b) 100%; provided, however, that, until the completion of the initial three Measurement Months, the Older Series 1999-1 Non-Program Vehicle Measurement Month Average will be deemed to be 100%.
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Non-Program Vehicle Measurement Month Average means, with respect to any Measurement Month, the Series 2013-A Non-Program Vehicle Disposition Proceeds Percentage Average.
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Related to Non-Program Vehicle Measurement Month Average

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