Common Contracts
1 similar Operating Agreement contracts
qualified motor vehicle operating agreementOperating Agreement • May 5th, 2020
(A)The term “qualified motor vehicle operating agreement” means any agreement with respect to a motor vehicle (including a trailer) which meets the requirements of subparagraphs (B), (C), and (D) of this paragraph. (B)An agreement meets the requirements of this subparagraph if under such agreement the sum of— (i)the amount the lessor is personally liable to repay, and (ii)the net fair market value of the lessor’s interest in any property pledged as security for property subject to the agreement, (C)An agreement meets the requirements of this subparagraph if such agreement contains a separate written statement separately signed by the lessee— (i)under which the lessee certifies, under penalty of perjury, that it intends that more than 50 percent of the use of the property subject to such agreement is to be in a trade or business of the lessee, and (ii)which clearly and legibly states that the lessee has been advised that it will not be treated as the owner of the property subject to the
