Vehicle Loss. Where a vehicle is damaged, and in the opinion of the insurer is not considered economical to repair, then the Lessee or its insurer will be responsible for the payment of the termination value for that vehicle. The termination value for the vehicle will be calculated by State Fleet and is based on the debt principal outstanding on the vehicle at that time.
Appears in 4 contracts
Samples: State Fleet General Agreement, Fleet General Agreement, State Fleet General Agreement
