MMR Value definition
MMR Value means the average value (with seasonal adjustment) for a used vehicle in the most recent Manheim Market Report National Database, then decreased by the value of any standard options on the Used Vehicle that are not present. The parties will mutually agree no later than three (3) business days prior to Closing on the methodology for handling market condition, equipment, and vehicle history adjustments for Used Vehicles. The Purchaser shall purchase each Used Vehicle on the Used Vehicle Schedule for the transactional MMR Value at the Closing unless the Selling Entities shall have sold such Used Vehicle before Closing. The Purchaser will purchase all Used Vehicles that the Selling Entities acquire as trade-ins after the Used Vehicle Schedule is developed for the values calculated as provided above. The Selling Entities may sell any Used Vehicle on the Used Vehicle Schedule or acquired after such Used Vehicle Schedule was developed at such price and on such terms as the Selling Entities shall determine in their sole and absolute discretion at any time before Closing. The Seller Parties, on the one hand, and the Purchaser, on the other hand, shall each be responsible for fifty percent (50%) of all amounts payable to MMR for obtaining the transactional MMR Value. Each Demonstrator Vehicle will have a purchase price equal to the purchase price that would be assigned to such vehicle if it were a New Vehicle, less any credits specific to demonstrator vehicles, less $0.25 per mile in excess of 500 miles, reflected on such Demonstrator Vehicle’s odometer as of the Closing. The purchase price for Loaner Vehicles will be determined by the rules governing the Manufacturer program and State licensing requirements at each franchise location.
Examples of MMR Value in a sentence
Each Used Vehicle will have a purchase price in an amount per the following: Prior to the Closing Date, the Seller Parties will determine the transactional MMR Value (defined below) for every Used Vehicle in the Selling Entities’ inventory as of such date and will provide the Purchaser a list of Used Vehicles for which the transactional MMR Value (▇▇▇▇▇://▇▇▇▇▇▇▇.▇▇▇▇▇▇▇.▇▇▇/en/help/mmr.html) was determined (the “Used Vehicle Schedule”).