Monthly Variable Rent has the meaning specified in Section 4.5 of the Series 2010-3 Lease.
Monthly Variable Rent with respect to each Due Date and each Acquired Vehicle leased under the Lease on any day during the Related Month, shall equal the sum, without double counting, of (a) the product of (i) an amount equal to the Net Book Value of such Acquired Vehicle on the first day contained within both the Related Month and the Vehicle Term with respect to such Vehicle multiplied by the VFR for the Interest Period ending on the next succeeding Payment Date and (ii) the quotient obtained by dividing (A) the number of days contained within both the Related Month and the Vehicle Term with respect to such Acquired Vehicle by (B) the total number of days in the Related Month plus (b) the product of (i) an amount equal to all Carrying Charges for the Related Month, and (ii) the quotient obtained by dividing the Net Book Value of such Acquired Vehicle as of the first day of the Related Month by the Net Book Value of all Vehicles leased under the Lease as of the first day of the Related Month.
Examples of Monthly Variable Rent in a sentence
On each Payment Date, after giving full credit for all prepayments on account thereof pursuant to Section 4.10, the Lessee shall pay to the Lessor the Monthly Variable Rent for such Payment Date for each ZVF Vehicle that was leased by the Lessee under this Agreement on any day during the Related Month.
If the Lessee pays less than the entire amount of Rent (or any other amounts) due on any Payment Date, after giving full credit for all prepayments made with respect to such Payment Date pursuant to Section 4.11, then the payment received from the Lessee in respect of such Payment Date shall be first applied to the Monthly Variable Rent due on such Payment Date.
If any payment of Rent (or any other payments hereunder) falls due on a day which is not a Business Day, then such due date shall be extended to the next following Business Day and Monthly Variable Rent shall accrue through such Business Day.
In the event the Lessee exercises its option to purchase any ZVF Vehicle, the Lessee shall pay the Vehicle Purchase Price of such ZVF Vehicle to the Lessor on or before the Payment Date with respect to the Related Month in which the Lessee elects to purchase such ZVF Vehicle, and the Lessee will pay on or before such Payment Date all accrued and unpaid Monthly Base Rent and any Monthly Variable Rent due and payable with respect to such ZVF Vehicle through such Payment Date.
Monthly Base Rent and Monthly Variable Rent will continue to accrue with respect to such ZVF Vehicle through such Payment Date.
More Definitions of Monthly Variable Rent
Monthly Variable Rent for each Payment Date and each Lease Vehicle (w) leased hereunder as of the last day of the Related Month with respect to such Payment Date, (x) the Disposition Date in respect of which occurred during such Related Month, (y) that became a Reallocated Vehicle during such Related Month or (z) that was purchased by the applicable Lessee during such Related Month, in each case shall equal the sum of:
Monthly Variable Rent has the meaning specified in Clause 4.5 of the Master Lease.
Monthly Variable Rent has the meaning specified in Section 4.2 of the HVF Lease.
Monthly Variable Rent with respect to each Payment Date and each Group IV Acquired Vehicle leased under the Operating Lease on any day during the Related Month, shall equal the product of (a) an amount equal to the sum, without double counting, of (i) the interest accruing on all Group IV Notes during the applicable interest period relating to such Payment Date PLUS (ii) all Group IV Carrying Charges for the Related Month, and (b) the quotient obtained by dividing the Group IV Net Book Value as of the last day of the Related Month (or, if earlier, the Disposition Date) of such Group IV Acquired Vehicle by the Group IV Net Book Value as of the last day of the Related Month (or, if earlier, the Disposition Date) of all Group IV Vehicles leased under the Group IV Lease on any day during the Related Month; PROVIDED, HOWEVER, that if an Event of Bankruptcy with respect to any Group IV Lessee or the Guarantor has occurred during or prior to the Related Month, Monthly Variable Rent, with respect to each Payment Date and each Group IV Acquired Vehicle leased under the Operating Lease on any day during the Related Month, shall equal the sum of (I) the product of (a) the aggregate amount of interest accruing during the applicable interest period relating to such Payment Date with respect to all Group IV Notes that is allocated to the Group IV Acquired Vehicles (as specified in the Monthly Noteholder's Statement with respect to each Series of Group IV Notes delivered with respect to the related Determination Date and the Supplementary Noteholder's Statement with respect to each Series of Group IV Notes, if any, delivered with respect to the related Payment Date) and (b) the quotient obtained by dividing the Group IV Net Book Value as of the last day of the Related Month (or, if earlier, the Disposition Date) of such Group IV Acquired Vehicle by the Group IV Net Book Value as of the last day of the Related Month (or, if earlier, the Disposition Date) of all Group IV Acquired Vehicles leased under the Operating Lease on any day during the Related Month, PLUS (II) the product of (a) the sum of all Group IV Carrying Charges for the Related Month and (b) the quotient obtained by dividing the Group IV Net Book Value as of the last day of the Related Month (or, if earlier, the Disposition Date) of such Group IV Acquired Vehicle by the Group IV Net Book Value as of the last day of the Related Month (or, if earlier, the Disposition Date) of all Group IV Vehicles leased under the Group IV Lease on ...
Monthly Variable Rent has the meaning specified, with respect to each Group II Lease, in such Group II Lease.
Monthly Variable Rent has the meaning specified in Section 9 of each Annex to the Leases.
Monthly Variable Rent with respect to each Due Date and each Vehicle subject to this Agreement shall equal the sum of (a) an amount equal to the Net Book Value of such Vehicle, with respect to each Repurchase Vehicle, or the Non-Repurchase Vehicle Value of such Vehicle, with respect to each Non-Repurchase Vehicle, during the Related Month multiplied by the VFR for a one year interest period, multiplied by a fraction, the numerator of which shall be 30 and the denominator of which shall be 360 and (b) the product of (i) an amount equal to (x) all Carrying Charges for the Related Month less (y) any accrued earnings on Permitted Investments in the Series 1996-1 Collection Account which are accrued through the last Business Day of the Related Month and maturing by the next Distribution Date and (ii) a fraction, the numerator of which is the Net Book Value of such Vehicle, with respect to each Repurchase Vehicle, or the Non-Repurchase Vehicle Value of such Vehicle, with respect to each Non-Repurchase Vehicle, and the denominator of which is the sum of the Net Book Values and Non-Repurchase Vehicle Values of all Vehicles. In the event the Vehicle Lease Commencement Date occurs with respect to such Vehicle on a day other than the last day of a Related Month, the Monthly Variable Rent for such Vehicle shall be equal to the product of (a) the Monthly Variable Rent otherwise payable with respect to such Vehicle, multiplied by (b) a fraction the numerator of which is 12 and the denominator of which is 360, multiplied by (c) the number of days in such Related Month from, after and including such Vehicle Lease Commencement Date through and including the last day of such Related Month. In the event the Vehicle Lease Expiration Date occurs with respect to such Vehicle on a day other than the last day of the Related Month, the Monthly Variable Rent for such Vehicle shall be equal to the product of (a) the Monthly Variable Rent otherwise payable with respect to such Vehicle for the Related Month, multiplied by (b) a fraction the numerator of which is 12 and the denominator of which is 360, multiplied by (c) the number of days in such Related Month from, after and including the first day of such Related Month through and including the Vehicle Lease Expiration Date.