EOT Amount definition

EOT Amount means any end of term payment or residual amounts with respect to a Transaction and shall consist of: (A) amounts required to be paid under the terms of the Transaction upon its expiration, and (B) amounts which may be paid under the terms of the Transaction upon its expiration.
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EOT Amount means any end of term payment or residual amounts with respect to a Transaction and shall consist of: (1) amounts required to be paid under the terms of the Transaction upon its expiration (balloon, adjustment or similar payments or amounts), and (2) amounts which may be paid under the terms of the Transaction upon its expiration (purchase option amounts or similar amounts) (in these instances, the end of term payment shall be deemed to be the amount required to be paid as if such purchase option was exercised); 8 (D) for the sake of clarity, Rewritten Transactions, Remarketed Transactions (as herein defined) and Vehicle Buyout Transactions that are financed through the Vehicle EOT Financing Program are Transactions under which Contract Payments are, or to be, made; and (E) for certain Transactions, Servicer will contract with two Independent Contractors to operate one Delivery Vehicle (“Team Lease Transactions”). Team Lease Transactions will have base Contract Payments that are the same as if the Delivery Vehicle were operated by an individual Independent Contractor. Nonetheless, Servicer will also ▇▇▇▇ and collect an additional charge, with respect to the second Independent Contractor (the “Second IC Charge”). The Second IC Charge will compensate Element for the additional mileage and depreciation associated with the second Independent Contractor’s use of the Delivery Vehicle. No Second IC Charge shall be imposed or collected at any time when a Delivery Vehicle subject to a Team Lease Transaction is only contracted to be operated by a single Independent Contractor. The Second IC Charge will be applied to the Team Lease Transaction to shorten its term. Despite the more rapid receipt of Contract Payments related to the Team Lease Transaction when Second IC Charges are being paid, Element will book such transaction as if it received a single set of Contract Payments (in order to allow for a contingency of contracting the Delivery Vehicle with a single Independent Contractor). Servicer will pay Element the single Contract Payments amounts and retain any excess (all or a portion of the Second IC Charge, the “Retained Team Lease Payments”). For Distribution Waterfall purposes, the Retained Team Lease Payments shall be included as an addition to the Net Windfall, or a reduction in the Net Shortfall, as the case may be. Servicer will service and manage Team Lease Transactions in accordance with the foregoing provisions. (iv)
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Examples of EOT Amount in a sentence

  • With respect to a Rewritten Transaction, Seller shall have no obligation to pay the EOT Amount to Purchaser on the EOT Payment Date of the original Transaction.

  • Servicer shall pay Purchaser any EOT Amount specified in a Transaction for a Delivery Vehicle on or before the EOT Payment Date with respect to a Delivery Vehicle that is not subject to a Vehicle Buyout Transaction or a Rewritten Transaction.

  • Servicer shall pay Purchaser any EOT Amount for a Delivery Vehicle with respect to which the Independent Contractor is paying the EOT Amount and acquiring the Delivery Vehicle (“Vehicle Buyout Transactions”) on or before the EOT Payment Date.

  • Servicer shall pay Element any EOT Amount specified in a Transaction or a Remarketed Transaction for any Vehicle (both Fleet and Delivery Vehicles) by the tenth (10th) day of the succeeding month following the contractual due date of such payment or amount (the “EOT Payment Date”).

  • Variable Contract Payments are comprised of both: (1) periodic lease or other contract payments, and (2) any EOT Amount; (B) all remaining Existing Transactions as well as all Future Transactions with respect to Delivery Vehicles (“Fixed Payment Transactions”) call for, or will call for, fixed lease or other contract payments (“Fixed Contract Payments,” and together with the Variable Contract Payments, collectively, “Contract Payments”).