Returned Vehicle definition

Returned Vehicle means any Closed-End Vehicle related to a Closed-End Lease, with respect to which all Scheduled Payments due thereunder have been made, and which Closed-End Vehicle has been returned to the Closed-End Servicer on behalf of the Titling Trust. For the avoidance of doubt, no repossessed Closed-End Vehicle shall be considered a Returned Vehicle.
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Returned Vehicle. A vehicle that is returned to the Insured by the lessee pursuant to the lessee’s exercise of the return option under the lease contract. The Insured may subsequently sell such vehicle at an auction that has bidding or fixed priced sales, or may sell such vehicle to a purchaser other than the lessee, dealer, or employee of the Insured. The sale may take place at a physical location, via an Internet site and/or via phone, mail and/or fax. Sales Date: The date the Insured reports the sale of a vehicle that is the subject of a Covered Lease on the Insured’s LeMans system. Sales Expense Adjustment Amount: An amount equal to the greater of (i) zero or (ii) “A” minus “B” minus “C”, where “A” equals the sum of the Sales Expenses for all Returned Vehicles “B” equals the sum of all Disposition Fees for all Returned Vehicles, and “C” equals $330 multiplied by the total number of all Returned Vehicles. Sales Expenses: Auction and other third party expenses actually incurred by or on behalf of the Insured that are (i) directly related to the sale of a Returned Vehicle and (ii) either (A) reasonably classifiable as one of the following categories of expenses: reconditioning expenses, transportation expenses, auction expenses and appraisal fees or (B) expenses directly related to the sale of a Returned Vehicle via the Internet.
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Examples of Returned Vehicle in a sentence

  • Exhibit A Monthly Loss Account Number of Vehicles in each Status Type at month end Covered Losses from Effective Date to month end Aggregate Residual Value by Status Type and in total The above information will be summarized by Scheduled Maturity Dates falling within a calendar month and Status Type (i.e., Active, Not Covered, Returned Vehicle, Purchase Option Vehicle, Chase Financed Purchase Option Vehicle).

Related to Returned Vehicle

  • Leased Vehicle means a new or used Nissan or Infiniti automobile, sport utility vehicle, minivan or light-duty truck, together with all accessories, parts and additions constituting a part thereof, and all accessions thereto, leased to a Lessee pursuant to a Lease.

  • Motorized Vehicle means a passenger car, station wagon, van, jeep-type automobile, truck, ambulance or any type of motorized vehicle used by municipal, provincial or federal police forces.

  • Covered Vehicle means a private passenger vehicle (including mini-vans, pickup trucks and sport utility vehicles) which is registered or rented to You during Your Trip, which is rated ¾ ton in weight or less, not used for racing, dealer services, dealer loaners, taxi, limousine, shuttle, delivery, hauling, towing, road repair service, construction service, snow removal, or as a public livery vehicle, or any other commercial use.

  • Used vehicle means a Vehicle other than a New Vehicle.

  • Matured Vehicle as of any date means any Leased Vehicle the related Lease of which has reached its Maturity Date or has been terminated in connection with a Lessee Initiated Early Termination (and the Lessee is not in default under such Lease) or in connection with a Casualty Termination, which Leased Vehicle has been returned to the Servicer on behalf of the Titling Trust, if applicable.

  • Light vehicle means a motor vehicle commonly referred to as an automobile, van, sport utility

  • Hybrid vehicle (HV) means a vehicle equipped with a powertrain containing at least two different categories of propulsion energy converters and at least two different categories of propulsion energy storage systems.

  • the vehicle means the vehicle named in the licence.

  • Financed Vehicle means an automobile or light-duty truck van or minivan, together with all accessions thereto, securing an Obligor’s indebtedness under the respective Receivable.