Avis 2009 Annual Report Download - page 198

Enhanced Vehicle Percentage and (b) the Series 2009-3 Moody’s Highest Enhanced Vehicle Percentage.
“ Series 2009-3 Moody’s Intermediate Enhancement Rate ” means, as of any date of determination, 56.5%.
“ Series 2009-3 Moody’s Lowest Enhanced Vehicle Percentage ” means, as of any date of determination, a fraction, expressed as a
percentage, (a) the numerator of which is the sum, without duplication, of (1) the aggregate Net Book Value of all Program Vehicles leased
under the AESOP I Operating Lease that are manufactured by Eligible Program Manufacturers having long-
term senior unsecured debt ratings of
“Baa2” or higher from Moody’s as of such date, (2) so long as any Eligible Non-Program Manufacturer has a long-term senior unsecured debt
rating of “Baa2” or higher from Moody’s and no Manufacturer Event of Default has occurred and is continuing with respect to such Eligible
Non
-Program Manufacturer, the aggregate Net Book Value of all Non-Program Vehicles leased under the AESOP I Operating Lease
manufactured by each such Eligible Non-Program Manufacturer that are subject to a Manufacturer Program and remain eligible for repurchase
thereunder as of such date and (3) the lesser of (A) the sum of (x) if as of such date any Eligible Program Manufacturer has a long-term senior
unsecured debt rating of “Baa3” from Moody’s, the aggregate Net Book Value of all Program Vehicles leased under the AESOP I Operating
Lease manufactured by each such Eligible Program Manufacturer as of such date and (y) if as of such date any Eligible Non-Program
Manufacturer has a long-term senior unsecured debt rating of “Baa3” from Moody’s and no Manufacturer Event of Default has occurred and is
continuing with respect to such Eligible Non-Program Manufacturer, the aggregate Net Book Value of all Non-Program Vehicles leased under
the AESOP I Operating Lease manufactured by each such Eligible Non-Program Manufacturer that are subject to a Manufacturer Program and
remain eligible for repurchase thereunder as of such date and (B) 10% of the aggregate Net Book Value of all Vehicles leased under the AESOP
I Operating Lease as of such date and (b) the denominator of which is the aggregate Net Book Value of all Vehicles leased under the AESOP I
Operating Lease as of such date.
“ Series 2009-3 Moody’s Lowest Enhancement Rate ” means, as of any date of determination, 25.0%.
“ Series 2009-3 Moody’s Required Enhancement Percentage ” means, as of any date of determination, the greater of (a) 50.0% and
(b) the sum of (i) the product of (A) the Series 2009-3 Moody’s Lowest Enhancement Rate and (B) the Series 2009-3 Moody’
s Lowest Enhanced
Vehicle Percentage as of such date, (ii) the product of (A) the Series 2009-3 Moody’s Intermediate Enhancement Rate as of such date and
(B) the Series 2009-3 Moody’s Intermediate Enhanced Vehicle Percentage as of such date, and (iii) the product of (A) the Series 2009-3
Moody’s Highest Enhancement Rate as of such date and (B) the Series 2009-3 Moody’s Highest Enhanced Vehicle Percentage as of such date.
“ Series 2009-3 Note ” means any one of the Series 2009-3 Variable Funding Rental Car Asset Backed Notes, executed by ABRCF
authenticated and delivered by or on behalf of the Trustee, substantially in the form of Exhibit A .
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