Vehicle Reserve definition
Vehicle Reserve means a reserve established by the Administrative Agent in an amount up to the amount of non-ordinary course (as determined in good faith by the Borrower) dispositions without replacements or pledges of vehicles used to deliver inventory to cover fleet rental costs during a period of liquidation, as such amount may be adjusted from time to time by the Administrative Agent in its Reasonable Credit Judgment upon at least five (5) Business Days’ notice to the Borrower.
Vehicle Reserve means, as of any date of calculation, an amount equal to (a) the Gross Contract Payments then owing under all Vehicle Contracts acquired and originated by the Borrower during the twelve (12) calendar months immediately preceding the date of calculation, multiplied by (b) the Vehicle Reserve Percentage for such period.
Examples of Vehicle Reserve in a sentence
If the Seller sells their vehicle outside of the CPA platform during the Auction Period, the Seller will be responsible for the CPA service fee which will be based on the lesser of the sales price or the Vehicle Reserve Price.