Notional Lease Rate Cap

Notional Lease Rate Cap. Means, with respect to each New Fixed Rate Lease, as of the last day of the Monthly Period immediately preceding the first Calculation Period during which such New Fixed Rate Lease is to be included in the calculation of the Notional Principal Amount, a lease rate cap having a notional amount on the first day of such Calculation Period equal to the Lease Balance of such New Fixed Rate Lease as of the last day of such Monthly Period, plus, in the case of a... Closed-End Lease, the Stated Residual Value of the related Leased Vehicle and on the first day of each Calculation Period thereafter at least equal to the scheduled Lease Balance of such New Fixed Rate Lease as of the last day of the Monthly Period immediately preceding such first day of such Calculation Period, plus, in the case of a Closed-End Lease, the Stated Residual Value of the related Leased Vehicle and an effective strike rate based on the eurodollar rate set forth therein in effect on the dates set forth therein at the most equal to the fixed rate of interest on such New Fixed Rate Lease minus 0.65% per annum. View More