Depreciation Policy. The Borrower will not amend or modify the Depreciation Policy in effect on the Closing Date with respect to the Containers included in the Borrowing Base, except if any subsequent depreciation policy shall be in accordance with GAAP and be at least as conservative as the Depreciation Policy in effect on the Closing Date (e.g., use of such depreciation policy would result in (a) a higher annual amount of depreciation or (b) a lower estimated residual value) and is otherwise in accordance with GAAP.
Depreciation Policy. (a) The UK Administrative Borrower or US Administrative Borrower, as applicable, shall notify Agent in writing 15 Business Days before any UK Borrower or any US Borrower, as applicable, amends, supplements or replaces its Depreciation Policy.
Depreciation Policy. The depreciation method utilized in calculating the Net Book Value of such Engine as of such Transfer Date is the Depreciation Policy.
Depreciation Policy. The Issuer will not, without the prior written consent of the Requisite Global Majority in each instance, amend or modify the depreciation policy in effect on the Closing Date as outlined in clause (i) of the definition of the term “Depreciation Expense”.
Depreciation Policy. The depreciation policy set forth as Exhibit A hereto, as it may be amended from time to time in accordance with the Indenture and the Related Documents. If a type of Container is not included on Exhibit A on the Closing Date of the initial Series of Notes, such Container type and the corresponding depreciation life for such type of Containers may be added to such depreciation policy upon satisfaction of the Rating Agency Condition.
Depreciation Policy. The Borrower shall, in the event of any change to its depreciation policy in relation to any of its financial statements, notify the Lender of such change and procure that its auditors deliver to the Lender a description of any changes necessary for those financial statements to reflect the depreciation policy upon which the Original Financial Statements were prepared.
Depreciation Policy. Any items subject to the Capitalization Policy described above are subject to depreciation. The Controller will account for depreciation based on the school’s inventories. Depreciation associated with the fixed assets will be calculated based on its useful life and straight-line depreciation method. Depreciation is based on the month the item was actually purchased. For instance, if the school purchased a computer in July, it would be depreciated for a full fiscal year (12 months out of 12), and recorded as such. But if the school purchased the computer in April, then it would be depreciated for just one-fourth of the fiscal year (3 months out of 12) because it would only be in service for April, May and June. Any item that is damaged beyond use will be taken out of service and fully depreciated off the accounting records. Depreciation Policy Computers 3 years Servers 3 years Classroom Equipment / Furniture 5 years Office Equipment / Furniture 7 years Leasehold improvements Life of Lease or 15 years Musical Instruments 3 years Software 3 years
Depreciation Policy. Without the prior written consent of all of the Lenders, the Borrower shall not revise the Depreciation Policy in a manner inconsistent with the definition of “Depreciation Policy”.
Depreciation Policy. For purposes of the calculation of the Asset Base, the Issuer will not, without obtaining in each such instance the prior written consent of all of the Series 2012-1 Noteholders (other than any Defaulting Noteholders), (i) increase the assumed useful life of a Managed Container to in excess of the useful life for such type of Container set forth in Exhibit B to the Indenture on the date hereof, (ii) increase the residual value of a type of Managed Container to an amount in excess of the Residual Value for such type of Managed Container that is set forth on Exhibit B to the Indenture on the date hereof, or (iii) otherwise revise the Depreciation Policy with respect to the Managed Containers in such a way as to reduce the amount of Depreciation Expense that would be recorded in any year from that which would have been recorded pursuant to the Depreciation Policy. Any amendment, modification or waiver of this Section 402 shall require the prior written consent of all Series 2012-1 Noteholders (other than Defaulting Noteholders).
Depreciation Policy. The Borrower shall not make or agree to any change to its depreciation policy in relation to any of its financial statements.
