Common use of Service Loaners Clause in Contracts

Service Loaners. NewCo shall accept from Contributor and Contributor shall contribute to NewCo Contributor’s vehicles utilized in the ordinary course of business by Contributor as a daily rental, loaner vehicle, or the like whether they are owned by Contributor or whether Contributor lease or rent them through a loaner or rental car program (e.g., TRAC) or service such as Rent-A-Car System or Dealer Daily Rental regardless of the name or type of the rental or service loaner vehicle program or service (“Loaner Vehicles”). On the Closing Date, NewCo will assume Contributor’s ordinary course of business obligations pursuant to Manufacturer programs for all Loaner Vehicles in inventory and in compliance with such programs. If the foregoing obligations cannot be assumed or any Loaner Vehicle is not in a Manufacturer program, then the NewCo shall accept such Loaner Vehicles from Contributor for values equal to their depreciated net book value (if titled to the Contributor), the Manufacturer program payoff if it cannot be assumed, or as valued as a Used Car if the other valuations do not apply.

Service Loaners. NewCo NewCos shall accept from their corresponding Contributor and Contributor Contributors shall contribute to NewCo Contributor’s their corresponding NewCos Contributors’ vehicles utilized in the ordinary course of business by Contributor Contributors as a daily rental, loaner vehicle, or the like whether they are owned by Contributor Contributors or whether Contributor Contributors lease or rent them through a loaner or rental car program (e.g., TRAC) or service such as Ford Rent-A-Car System or Dealer Daily Rental regardless of the name or type of the rental or service loaner vehicle program or service (“Loaner Vehicles”). On the Closing Date, NewCo NewCos will assume Contributor’s Contributors’ ordinary course of business obligations pursuant to Manufacturer programs for all Loaner Vehicles in inventory and in compliance with such programs. If the foregoing obligations cannot be assumed or any Loaner Vehicle is not in a Manufacturer program, then the NewCo NewCos shall accept such Loaner Vehicles from Contributor their corresponding Contributors for values equal to their depreciated net book value (if titled to the Contributor), the Manufacturer program payoff if it cannot be assumed, or as valued as a Used Car if the other valuations do not apply.

Service Loaners. NewCo NewCos shall accept from their corresponding Contributor and Contributor Contributors shall contribute to NewCo Contributor’s their corresponding NewCos Contributors’ vehicles utilized in the ordinary course of business by Contributor Contributors as a daily rental, loaner vehicle, or the like whether they are owned by Contributor Contributors or whether Contributor Contributors lease or rent them through a loaner or rental car program (e.g., TRAC) or service such as a Rent-A-Car System or Dealer Daily Rental regardless of the name or type of the rental or service loaner vehicle program or service (“Loaner Vehicles”). On the Closing Date, NewCo NewCos will assume Contributor’s Contributors’ ordinary course of business obligations pursuant to Manufacturer programs for all Loaner Vehicles in inventory and in compliance with such programs. If the foregoing obligations cannot be assumed or any Loaner Vehicle is not in a Manufacturer program, then the NewCo NewCos shall accept such Loaner Vehicles from Contributor their corresponding Contributors for values equal to their depreciated net book value (if titled to the Contributor), the Manufacturer program payoff if it cannot be assumed, or as valued as a Used Car if the other valuations do not apply.