New Vehicles Sample Clauses
The "New Vehicles" clause defines the standards and requirements for vehicles that are considered new under the agreement. Typically, this clause specifies that only vehicles that have not been previously sold, registered, or used are eligible, and may outline conditions such as model year, mileage limits, or delivery requirements. Its core function is to ensure that all parties have a clear understanding of what qualifies as a new vehicle, thereby preventing disputes over the status and condition of vehicles being sold or delivered.
New Vehicles. At least [ ]% of the aggregate principal balance of the Receivables is secured by Financed Vehicles which were new at the date of origination.
New Vehicles. Newly purchased pursuit vehicles for uniformed patrol shall be police package equipped by the manufacturer as provided by current state contract specifications for pursuit vehicles.
New Vehicles. Each Vehicle related to a Unit included in the Transaction SUBI Portfolio was a new Vehicle at the inception of the related Lease.
New Vehicles. Buyer shall purchase from Seller and Seller shall sell to Buyer Seller’s new, unregistered and unused 2021 and subsequent model year Manufacturer vehicles in Seller’s inventory in the ordinary course of business and identified by Seller on the Closing Date (excluding rental vehicles, company-owned vehicles, conversion vans, vehicles for commercial and/or municipal use or sale, or similar-type vehicles) (collectively, “New Vehicles”). The New Vehicle purchase price will be an amount equal to the actual net cost to Seller of each New Vehicle, as reflected on Manufacturer’s original invoice without interest or finance cost; plus Seller’s direct out-of-pocket cost of dealer-installed optional parts and accessories theretofore installed upon New Vehicles (excluding labor, rust-proofing, undercoating, nitrogen, scotch guarding, and non-Manufacturer alarm systems, theft protection devices and GPS devices); less the cost of any accessories, equipment or parts missing from any New Vehicle; less all applicable dealer hold-backs, incentives (in any form, including wholesale programs), assistance in any form, and rebates (including all floor plan credits, advertising consideration or other inventory-based rebates or incentives paid or payable to Seller); less “prep” expenses for New Vehicles which have not yet been prepared for sale; and less the cost to repair any damage and any related diminution in value. The purchase price of New Vehicles with more than 500 miles but less than 4,000 miles will be reduced by $0.30 per mile. New Vehicles with 4,000 or more miles will be valued as a Used Vehicle (defined below); provided that Buyer shall purchase up to eight (8) untitled demonstrator vehicles selected by Buyer with more than 4,000 miles but less than 6,500 miles and in demonstrator use for one (1) year or less at the price determined for New Vehicles including the mileage deduction. If Buyer and Seller cannot agree on the cost of repairs or the corresponding price reduction for such repairs, then such New Vehicle will be retained by Seller. Notwithstanding any provision herein to the contrary, (i) New Vehicles reported to the Manufacturer as sold (or “retail delivered”) or damaged and/or repaired such that Buyer would be required under applicable law or commercially reasonable standards and practices to disclose the repairs to a customer will be Used Vehicles; and (ii) “dealer traded” New Vehicles will be valued as if such New Vehicle had been invoiced to Seller by M...
New Vehicles. Time starts on the AGREEMENT purchase date, and mileage starts at zero (0) miles. The expiration date is determined by adding the months of the term as shown on the DECLARATION PAGE to the AGREEMENT purchase date, and the expiration mileage is the mileage of the term as shown on the DECLARATION PAGE.
New Vehicles. When the District acquires new vehicles, factory training on those vehicles will be provided for the garage employees when the manufacturer or dealer provides it.
New Vehicles. At the Closing, the Buyer shall purchase all of the Seller's untitled new motor vehicles (meaning (i) current model year vehicles as of the Closing Date and (ii) if the Closing occurs on or before January 31, 1999, 1999 model year vehicles but excluding from clauses (i) and (ii) conversion vans or similar-type vehicles that have been in inventory longer than 180 days, rental cars and company vehicles) in the Seller's stock and unsold by the Seller as of the Closing Date and which are listed on Schedule 3.1 hereto, which schedule the Seller shall deliver to the Buyer not more than three (3) days prior to the Closing (the "NEW VEHICLES"). The purchase price to be paid by the Buyer for each New Vehicle shall be the price at which the New Vehicle was invoiced to the Seller by the Manufacturer, as adjusted pursuant to this Article III (the sum of all such amounts to be paid for New Vehicles as determined by this Article III is herein referred to as the "NEW VEHICLE PURCHASE PRICE"); provided, however, the purchase price of any pre-reported sold vehicles for which the sale cannot be reversed shall be as mutually agreed by the Buyer and the Seller. In the event the Buyer and the Seller cannot agree upon a price with respect to any such pre- reported sold vehicle, the Buyer shall not be obligated to purchase, and the Seller shall not be obligated to sell, such vehicle. Schedule 3.1 shall set forth the model, invoice cost, and all other information necessary to calculate the New Vehicle Purchase Price with respect to each New Vehicle listed in such Schedule 3.
1. At the Closing, the Seller shall assign to the Buyer, without any additional consideration therefor, by appropriate documents reasonably satisfactory to the Buyer, all unfilled retail orders and deposits made thereon. Any profits or proceeds derived from such unfilled retail orders shall belong to the Buyer.
New Vehicles. The 1997 and later years new and warrantable Ford vehicle inventory and up to five (5) Ford demonstrator vehicles shall be valued at a price equal to the sum of Corporation's original factory invoice cost plus the cost of dealer installed items and less any rebates, holdbacks (including supplemental holdback or year end carryover allowances), incentive payments (including incentives and advertising allowances) paid or payable to Corporation prior to the Closing by the manufacturer for any reason except interest credit support with respect to these vehicles or pre-delivery inspection credits received if the work is not performed as of Closing. For the purpose of the foregoing provisions, the cost of dealer installed items shall be equal to the Corporation's actual cost of the installed item plus labor charges for installation computed at the charge customarily placed on Corporation's vehicle inventory records.
(A) It is further agreed that in the event any vehicle referred to in this paragraph shall have been damaged prior to the Closing, Corporation shall have repaired such vehicle to the satisfaction of Buyer, or in the event any such vehicle has not been repaired, Corporation and Buyer shall agree on the cost to recover such repairs, which cost shall be deducted from the value referred to herein. In the event Corporation and Buyer cannot agree on the cost of repairs, Buyer shall have no obligation to include in the valuation any such vehicle or vehicles and Shareholder shall be provided title to such specific vehicles. Further, Buyer may include in the valuation in connection with the determination of the purchase price, 1996 new Ford and any warrantable demonstrator Ford vehicles (in excess of five (5) vehicles) at such actual cash price for each vehicle as shall be determined by good faith negotiations between Buyer and Corporation. In the event of a failure of the parties to agree on such vehicle values, Buyer may elect not to include in the valuation such specific vehicles, in which case Shareholder shall be provided title to such specific vehicles. Any new vehicle with over 200 miles on the odometer shall be considered a demonstrator vehicle. The new and demonstrator automobiles to be valued pursuant to this paragraph shall be listed in SCHEDULE "2"-NEW AND DEMONSTRATOR INVENTORY to be prepared by Corporation and Buyer prior to the Closing and initialed by them at the Closing. Said Exhibit shall show the value of each vehicle computed as set forth a...
New Vehicles. The purchase price for each New Vehicle shall be an amount equal to the aggregate sum of (i) the Manufacturer’s invoice cost to the Seller, including Manufacturer charges for freight and handling, PLUS (ii) the wholesale cost (without internal markup) to the Seller of all “add-on” parts or accessory items (installed consistent with the Seller’s past practices, but specifically excluding reconditioning charges and soft adds such as etch, leather treatment, undercoatings, paint sealants, etc.), MINUS (iii) dealer holdback, floorplan assistance, advertising or marketing allowance and any dealer cash/rebates or carryover allowances, and any other dealer factory incentives with respect to such vehicles and for which the Seller has previously been paid, MINUS (iv) a credit in favor of the Purchaser equal to the value of any Manufacturer installed accessories removed or missing from a vehicle, valued at cost reflected on such vehicle’s invoice, MINUS (v) the amount of any PDI payment received from the Manufacturer but for which no PDI activity has been performed on such vehicle (such formula being hereinafter referred to as the “Triple Net Formula”). Any dealer-traded vehicle that constitutes a New Vehicle shall be valued in accordance with the Triple Net Formula. The value of each New Vehicle shall not include any cleaning or reconditioning charges or any Seller-imposed surcharge or “pack” (whether or not such amounts have been or were to be taken into income by the Seller); PLUS
New Vehicles. At the Closing, the Buyer shall purchase all of the Sellers' untitled new 1999 and 1998 motor vehicles in the Sellers' inventories as of the Closing Date and which are listed on Schedule 3.1 hereto, which the Sellers' Agent shall deliver to the Buyer not more than three (3) days prior to the Closing (all such vehicles are collectively referred to hereinafter as the "NEW VEHICLES"). The purchase price to be paid by the Buyer for each New Vehicle shall be the price at which the New Vehicle was invoiced to the respective Seller by the applicable Manufacturer, as adjusted pursuant to this Article III (the sum of all such amounts to be paid for New Vehicles as determined by this Article III is herein referred to as the "NEW VEHICLE PURCHASE 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 Purchase Price with respect to such New Vehicle. At the Closing, the Sellers shall assign to the Buyer, without any additional consideration therefor, by appropriate documents reasonably satisfactory to the Buyer, all unfilled retail orders and deposits made thereon. Any proceeds or profits derived from retail orders filled by the Buyer after the Closing shall belong to the Buyer.