Vehicle Value definition
Examples of Vehicle Value in a sentence
Servicer shall promptly notify Element of the Current Vehicle Value, the Current NBV, the balance of approved Covered Expenses and Net Shortfall or Net Windfall and the amount of any available Security Deposit Accrual relating to the Defaulted Vehicle.
If an Independent Contractor satisfies its payment obligations under its Transaction, but returns the Vehicle(s) in a condition that violates the terms of such Transaction, then Servicer shall apply all or a part of the Security Deposit Accrual to the cost of repairs and maintenance necessary to re-lease or sell the Vehicle(s) at such Vehicle(s)’ Current Vehicle Value, and return the remaining balance of Security Deposit Accrual, if any, to the Independent Contractor.
Employee understands that the Option Payment, Vacation Payment, Severance Payment, Benefits Payment, and Vehicle Value are subject to all applicable statutory payroll withholdings and deductions.
Defendant will agree to pay applicable Sales Tax and Regulatory Fees on total loss vehicles at the time of loss based on the Adjusted Vehicle Value of the vehicle on owner-retained total loss vehicles.
If a Vehicle becomes a Casualty, then the Lessee that is leasing such Vehicle will (i) promptly notify the Lessor thereof and (ii) promptly, but in no event more than fifteen (15) days after such Vehicle becomes a Casualty, pay to the Lessor the Net Book Value of each such Vehicle that is a Repurchase Vehicle or the Non- Repurchase Vehicle Value of each such Vehicle that is a Non-Repurchase Vehicle.
If an Independent Contractor satisfies its payment obligations under its Transaction, but returns the Vehicle(s) in a condition that violates the terms of such Transaction, then Servicer shall apply all or a part of the Security Deposit Accrual to the cost of repairs and maintenance necessary to re-lease or sell the Vehicle(s) at such Vehicle(s)’ Current Vehicle Value (as defined herein), and return the remaining balance of Security Deposit Accrual, if any, to the Independent Contractor.
If the Lessee is unable to arrange for a sale of a Non-Repurchase Vehicle for an amount in excess of the Non-Repurchase Vehicle Value thereof prior to the end of the twenty-four month period referred to in the proviso clause contained in Section 3.2 hereof, or such longer period as may be approved by the Rating Agencies, then the Lessee shall cease attempting to arrange for such sale and shall arrange for the sale of such Vehicle at auction with commercially reasonable efforts to maximize the sale price.
If the Lessee is unable to arrange for a sale of a Group IV Non-Repurchase Vehicle for an amount in excess of the Non-Repurchase Vehicle Value thereof prior to the end of the applicable Non-Repurchase Maximum Term, then the Lessee shall cease attempting to arrange for such sale and shall arrange for the sale of such Group IV Vehicle at auction with commercially reasonable efforts to maximize the Annex A 3 sale price.
If the Lessee is unable to arrange for a sale of a Group III Non-Repurchase Vehicle for an amount in excess of the Non-Repurchase Vehicle Value thereof prior to the end of the applicable Non-Repurchase Maximum Term, then the Lessee shall cease attempting to arrange for such sale and shall arrange for the sale of such Group III Vehicle at auction with commercially reasonable efforts to maximize the sale price.
Schedule 3.1 shall set forth each New Vehicle's model, invoice cost, odometer reading and all other information necessary to calculate the New Vehicle Value with respect to such New Vehicle.