Bank Automobile. Executive will have exclusive use of a Bank automobile and shall maintain appropriate records with respect to such use for tax purposes.
Bank Automobile. During the Term of this Agreement, Employee shall continue to have the use of his existing Bank automobile until Employee desires to replace such automobile. Employee shall be reimbursed for insurance, fuel and repairs related to the automobile until Employee desires to replace the automobile. At that time, Employee shall have the option to purchase his Bank automobile from the Bank for book value which shall reasonably approximate market value, and he will thereafter receive an automobile allowance comparable to that provided for comparable officers of Employer and the Bank.
Bank Automobile. During the term, the Bank shall provide Executive with the use of a Bank leased or owned automobile. The Bank shall pay for all operating expenses of any nature whatsoever with regard to the automobile. The Bank shall maintain such insurance on the automobile including, without limitation, liability for personal injury and property damage, as the Bank shall from time to time reasonably require to protect the Bank against any loss which may arise from Executive’s use of the automobile while working for the Bank. Executive shall keep a log detailing the personal and business use of the automobile and shall furnish to the Bank adequate records and other documentary evidence required by federal and state statutes and regulations issued by the appropriate taxing authorities for the substantiation of the business expenditures as deductible expenses of the Bank. Executive shall have included in his Form 1099 the value of his personal use of the automobile.
Bank Automobile. The Bank hereby sells to Rxxxxx the 1998 Suburban that the Bank currently furnishes for his use and will, promptly after the execution of this Agreement, transfer title to such vehicle to Rxxxxx free and clear of all liens or encumbrances (other than liens attributable to Rxxxxx). The parties agree that the value for vehicle is $2,500; such amount shall be deducted from the amount payable by the Bank and/or the Corporation to Rxxxxx under the terms of this Agreement. The parties agree that Bank and Corporation shall no longer be responsible for any charges relating to the Suburban, including insurance, maintenance and fuel, after July 15, 2002.
Bank Automobile. During the Employment Period, the Bank shall provide Mr. Blum for his use of an automobile of not more than thxxx (0) years old of a standard type manufactured by Buick, Cadillac, Lincoln Town Car or a similar class vehicle; the Bank shall also pay all reasonable costs of operating the vehicle and all maintenance and insurance costs thereof.
Bank Automobile. During the Term of this Agreement, Employee shall continue to have the use of the automobile provided to him by Mercantile Bank Texas, and the Employee shall be reimbursed for his expenses for insurance, fuel, and repairs relate to the automobile until Employee desires to replace such automobile. At that time, Employee shall have the option to purchase his Bank automobile from the Bank for an amount equal to the greater of (i) the book value of the automobile or (ii) the average of the retail and wholesale "Black Book" values.
