Damage Deduction definition
Examples of Damage Deduction in a sentence
If the Damage Deduction exceeds the amount of the security deposit, Conservancy will invoice Applicant who shall pay the balance due within 15 days of the due date shown on the invoice.
No item of Rolling Stock shall be considered to be Qualified Rolling Stock if the Damage Deduction for any such item of Rolling Stock exceeds $5,000 for a tractor or $1,500 for a trailer.
With respect to any Owner who has elected the Damage Deduction option pursuant to Section 4.2 of this Agreement, subsequent to the expiration of the 60 day Period, (i) Swift Leasing may not make any further adjustments as to items of Rolling Stock which have been inspected prior to the expiration of such 60 day Period, and (ii) Swift Leasing may not take any Damage Deduction on items of Rolling Stock not inspected by the end of such 60 day Period.
The Purchase Price to be paid to each Owner by Swift Leasing for each Purchase of Rolling Stock shall be reduced by the (i) Depreciation Deduction (calculated in accordance with Section 4.1 below) and (ii) either the Damage Deduction (calculated in accordance with Section 4.2 below) or the Fixed Deduction (calculated in accordance with Section 4.3 below).
Swift Leasing shall be obligated to accept delivery for Rolling Stock which is purchased or leased (but not prior to the Closing Date), subject to Swift Leasing's 2 and an Owner's agreement as to the amount of the Depreciation Deduction, the Damage Deduction and/or the Fixed Deduction.
In the event of a Lease, Swift Leasing shall determine the credit, if any, due to Owner and provide Owner of an accounting of such credit, together with the amount of the Damage Deduction utilized for repairs or otherwise taken as a deduction, with such accounting to be given to the Owner within ten business days after Swift Leasing has completed its final inspection, repairs or estimate of repairs with respect to such Owner's Fleet.
In the event that the final determination of the Damage Deduction in accordance with this Section 4.1.3 is confirmed to or received by the parties less than ten (10) Business Days prior to the Outside Date, the Outside Date shall be postponed to the date that is ten (10) Business Days after such date of confirmation or receipt.
The Lease Payment shall be reduced based upon adjustments to the Gross Rolling Stock Value for the (i) Depreciation Deduction and (ii) either the Damage Deduction or the Fixed Deduction.
The Purchaser shall make such election by notice in writing given to the Vendors within thirty (30) days following the final determination of the Damage Deduction with respect to all Loss Notices in accordance with Section 4.1.3, failing which it shall be deemed to have terminated this Agreement pursuant to Section 9.1.2.
To illustrate the application of Section 4.2.1, if Owner's Fleet consists of 230 tractors and only 215 of such tractors qualify as Qualified Rolling Stock, the Maximum Damage Deduction for these 215 tractors may not exceed (but might be less than) $537,500, in the aggregate.