Vehicle Equity definition

Vehicle Equity means, as of any date of determination, (a) the sum of: (i) amounts (excluding commissions included in clause (a)(iv) of the definition of Eligible Receivables) which are owed to the Dealerships by financial institutions or finance companies which are not Affiliates of any Loan Party for the purchase by such institutions of retail installment contracts and leases arising from the sale or lease of New Vehicles, Used Vehicles and Program Vehicles (contracts in transit) and in which Agent has a perfected first priority security interest, (ii) amounts which are owed to the Dealerships by retail customers for the purchase or lease of New Vehicles, Used Vehicles and Program Vehicles, which have not remained unpaid for more than 30 days and which consist of interim financing provided by a Dealership prior to the customer’s obtaining permanent financing, and in which Agent has a perfected first priority security interest, (iii) cash on deposit in deposit accounts of Borrower and its Subsidiaries in which Agent has a perfected first priority security interest, provided, however, that cash included in the Borrowing Base shall not at any time exceed $10,000,000.00, (iv) the net book value of the New Vehicles of the Dealerships in which Agent has a perfected security interest, and (v) the net book value of the Program Vehicles and Used Vehicles of the Dealerships in which Agent has a perfected security interest and which have not been owned or held for sale or lease by any Dealership for more than 100 days; minus (b) the sum of (i) the aggregate outstanding principal balance of the Floor Plan Financing owed to all Floor Plan Lenders which is secured by such New Vehicles, Program Vehicles and/or Used Vehicles, and (ii) the principal amount of any other indebtedness or obligation to any Person (other than the Obligations) which is secured by the New Vehicles, Program Vehicles and/or Used Vehicles, including but not limited to amounts owing to holders of any lien or security interest in a Used Vehicle at the time it is traded in, sold to, or otherwise acquired by any Dealership.
Sample 1
Vehicle Equity means, as of any applicable date of determination the "first in, first out" book value of new vehicle inventory, including Demonstrators (but specifically excluding any vehicle used in the computation of Used Vehicle Equity, if applicable), adjusted as follows:
Sample 1
Vehicle Equity means, as of any date of determination, (a) the sum of: (i) amounts which are owed to the Dealerships by financial institutions or finance companies which are not Affiliates of any Loan Party for the purchase by such institutions of retail installment contracts and leases arising from the sale or lease of New Vehicles, Used Vehicles and Program Vehicles (contracts in transit), (ii) amounts which are owed to the Dealerships by retail customers for the purchase or lease of New Vehicles, Used Vehicles and Program Vehicles, which consist of interim financing provided by a Dealership prior to the customer’s obtaining permanent financing, (iii) cash on deposit in deposit accounts of Borrower and its Subsidiaries, (iv) the net book value of the New Vehicles of the Dealerships, and (v) the net book value of the Program Vehicles and Used Vehicles of the Dealerships; minus (b) the sum of (i) the aggregate outstanding principal balance of the Floor Plan Financing owed to all Floor Plan Lenders, (ii) the outstanding principal balance of the Loans, and (iii) the principal amount of any other indebtedness or obligation to any Person (other than the Obligations) which is secured by the New Vehicles, Program Vehicles and/or Used Vehicles, including but not limited to amounts owing to holders of any lien or security interest in a Used Vehicle at the time it is traded in, sold to, or otherwise acquired by any Dealership.
Sample 1

Examples of Vehicle Equity in a sentence

  • James and his wife, who live solely on their Social Security income, fell on difficult times financially and entered into a “Motor Vehicle Equity Line of Credit Agreement” with Allied Title Lending to assist with their struggles.

  • This study tested pressure regulator performance of regulators from existing center pivot nozzle packages.

  • Virginia State Corporation Commission Bureau of Financial Institutions, Consumer Affairs and Information: Know the Facts About Motor Vehicle Equity Lines of Credit, available at http://www.scc.virginia.gov/division/banking/cons.htm (accessed May 27, 2007) (printout on file with the Center for Responsible Lending) (emphasis in original).Title lenders in Kansas similarly characterize their loans as open-end credit to avoid state usury limits.16 b.

  • Motor Vehicle Equity Line of Credit Agreement – Version VA1003 (received Feb.8, 2005, on file with the Center for Responsible Lending and Consumer Federation of America).

  • As at 30 June 2015, the Vehicle Equity Trust Scheme had distributed 217,570,000 share options, representing 98.58% of the total trust scheme.Chapter V Significant Events2.

  • As at 30 June 2013, the CIMC Vehicle Equity Trust Scheme had distributed 214,860,000 share options, representing 97.35% of the total trust scheme.

  • Implementation of equity trust scheme of CIMC Vehicle: An equity trust scheme of CIMC Vehicle was considered and approved at the general meeting of the Company on 17 October 2007 for implementation (the “CIMC Vehicle Equity Trust Scheme”).

  • If, taking into account your Loan, your Vehicle and its expected depreciation, we do not expect you to experience a Shortfall, we will not offer Vehicle Equity Insurance to you.Shortfall paysComprehensive insurer paysCover the difference between your vehicle value and the loan balance at the time of the incident.

  • OMB No. 1910–5115; (2) Information Collection Request Title: Contractor Legal Management Requirements; (3) Type of Review: Extension; (4) Purpose: The information collection to be extended has been and will be used to form the basis for DOE actions on requests from the contractors for reimbursement of litigation and other legal expenses.

  • Motor Vehicle Equity Line of Credit Agreement – Version VA1003 (received Feb.


More Definitions of Vehicle Equity

Vehicle Equity means, as of any date of determination, (a) the sum of: (i) amounts which are owed to the Dealerships by financial institutions or finance companies which are not Affiliates of any Loan Party for the purchase by such institutions of retail installment contracts and leases arising from the sale or lease of New Vehicles, Used Vehicles and Program Vehicles (contracts in transit) and in which Agent has a perfected first priority security interest, (ii) amounts which are owed to the Dealerships by retail customers for the purchase or lease of New Vehicles, Used Vehicles and Program Vehicles, which consist of interim financing provided by a Dealership prior to the customer’s obtaining permanent financing, and in which Agent has a perfected first priority security interest, (iii) cash on deposit in deposit accounts of Borrower and its Subsidiaries in which Agent has a perfected first priority security interest, (iv) the net book value of the New Vehicles of the Dealerships in which Agent has a perfected security interest, and (v) the net book value of the Program Vehicles and Used Vehicles of the Dealerships in which Agent has a perfected security interest; minus (b) the sum of (i) the aggregate outstanding principal balance of the Floor Plan Financing owed to all Floor Plan Lenders, (ii) the outstanding principal balance of the Loans and LC Outstandings, and (iii) the principal amount of any other indebtedness or obligation to any Person (other than the Obligations) which is secured by the New Vehicles, Program Vehicles and/or Used Vehicles, including but not limited to amounts owing to holders of any lien or security interest in a Used Vehicle at the time it is traded in, sold to, or otherwise acquired by any Dealership.
Sample 1
Vehicle Equity. With respect to the Loan Parties, an amount equal to (a) cash deposited in an account with the Agent as of the date of determination (plus, in the Agent's discretion, the cash deposited in a non-Agent bank account on such date), plus (b) Contracts in Transit from the sale of Vehicles by a Loan Party, plus (c) the value, equal to the lower of cost using the specific identification method or Reserve Adjusted Value, of Vehicles in which the Lenders have a perfected first-priority security interest (excluding Vehicles owned by Lithia Financial Corporation) less an amount equal to the Floor Plan Financings.
Sample 1

Related to Vehicle Equity

  • Negative equity means any outstanding debt transferred from a previous vehicle.

  • Special Purpose Receivables Subsidiary means a direct or indirect Subsidiary of the Borrower established in connection with a Permitted Receivables Financing for the acquisition of Receivables Assets or interests therein, and which is organized in a manner intended to reduce the likelihood that it would be substantively consolidated with the Borrower or any of the Subsidiaries (other than Special Purpose Receivables Subsidiaries) in the event the Borrower or any such Subsidiary becomes subject to a proceeding under the U.S. Bankruptcy Code (or other insolvency law).

  • Investment Vehicles means any investment company or pooled investment fund, including, but not limited to, mutual fund families, exchange-traded funds, fund of funds and hedge funds, in which a Defendant has or may have a direct or indirect interest, or as to which its affiliates may act as an investment advisor, but of which a Defendant or its respective affiliates is not a majority owner or does not hold a majority beneficial interest.

  • Receivables Net Investment means the aggregate cash amount paid by the lenders or purchasers under any Permitted Receivables Financing in connection with their purchase of, or the making of loans secured by, Receivables Assets or interests therein, as the same may be reduced from time to time by collections with respect to such Receivables Assets or otherwise in accordance with the terms of the Permitted Receivables Documents (but excluding any such collections used to make payments of items included in clause (c) of the definition of Interest Expense); provided, however, that if all or any part of such Receivables Net Investment shall have been reduced by application of any distribution and thereafter such distribution is rescinded or must otherwise be returned for any reason, such Receivables Net Investment shall be increased by the amount of such distribution, all as though such distribution had not been made.

  • Investment Vehicle means a corporation, partnership, limited partnership, limited liability company, association, or other entity, either domestic or foreign, managed by an external manager in which a board is the majority investor and that is organized in order to invest with, or retain the investment management services of, other external managers.

  • Special Purpose Investment Personnel means each SEI Access Person who, in connection with his or her regular functions (including, where appropriate, attendance at Board meetings and other meetings at which the official business of a Trust or any Fund thereof is discussed or carried on), obtains contemporaneous information regarding the purchase or sale of a Security by a Fund. Special Purpose Investment Personnel shall occupy this status only with respect to those Securities as to which he or she obtains such contemporaneous information.

  • Special Purpose Vehicle means a trust, partnership or other special purpose Person established by the Company and/or any of its Restricted Subsidiaries to implement a Qualified Receivables Transaction.

  • Fleet Vehicle means one of a large group of New Vehicles sold to a Person (e.g., a rental car agency) which purchases in excess of ten (10) Vehicles per purchase contract for commercial use.

  • Follow-On Investment means an additional investment in the same issuer, including, but not limited to, through the exercise of warrants, conversion privileges or other rights to purchase securities of the issuer.

  • Available Equity Amount means a cumulative amount equal to (without duplication):

  • Special purpose equipment means equipment which is used only for research, medical, scientific, or other technical activities. Examples of special purpose equipment include microscopes, x-ray machines, surgical instruments, and spectrometers.

  • Special Purpose Securitization Subsidiary means (i) a direct or indirect Subsidiary of the Borrower established in connection with a Permitted Securitization Financing for the acquisition of Securitization Assets or interests therein, and which is organized in a manner (as determined by the Borrower in good faith) intended to reduce the likelihood that it would be substantively consolidated with Holdings (prior to a Qualified IPO), the Borrower or any of the Subsidiaries (other than Special Purpose Securitization Subsidiaries) in the event Holdings (prior to a Qualified IPO), the Borrower or any such Subsidiary becomes subject to a proceeding under the U.S. Bankruptcy Code (or other insolvency law) and (ii) any subsidiary of a Special Purpose Securitization Subsidiary.

  • Book Equity means the aggregate of the amounts paid-up or credited as paid-up on the Charter Guarantor's issued share capital and the amount of the consolidated capital and revenue reserves of the Group (including any share premium account, capital redemption reserve fund and any credit balance on the consolidated profit and loss account of the Group) all as shown by the latest audited consolidated balance sheet and profit and loss account of the Group delivered under this Deed but after:

  • SPE Equity Owner is not applicable. Borrower will not be required to maintain an SPE Equity Owner in its organizational structure during the term of the Loan and all references to SPE Equity Owner in this Loan Agreement and in the Note will be of no force or effect.

  • Portfolio Investment means any Investment held by the Borrower and its Subsidiaries in their asset portfolio.

  • Special Purpose Subsidiary means any (a) not-for-profit Subsidiary, (b) captive insurance company or (c) Receivables Subsidiary and any other Subsidiary formed for a specific bona fide purpose not including substantive business operations and that does not own any material assets, in each case, that has been designated as a “Special Purpose Subsidiary” by the Borrower.

  • Portfolio Assets means the portion of the net assets of the Fund managed by the Sub-Adviser pursuant to the following investment strategy as agreed to by the Adviser and the Sub-Adviser in a separately negotiated investment mandate: Emerging Markets (each a “Strategy”).

  • Vehicle type means a category of motor vehicles which do not differ in such essential respects as:

  • Qualified equity investment means any equity investment in, or long-term debt security issued by, a qualified community development entity that:

  • Portfolio Company means the issuer or obligor under any Portfolio Investment held by any Obligor.