Excess Wear and Tear definition

Excess Wear and Tear means, with respect to any Financed Vehicle securing a Final Payment Receivable, all amounts payable by the related Obligor relating to damages to such Financed Vehicle that are not the result of normal wear and tear, as more specifically described in the Contract related to such Final Payment Receivable, net of the amount, if any, payable to a third party collection agency as payment of its fees and expenses in connection with collecting such amounts from the related Obligor.
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Excess Wear and Tear means (i) use of any Property contrary to the limitations imposed by the Lease, or (ii) the failure to maintain, to repair, to restore, to rebuild or to replace any Property, and in the condition required under the Lease, or (iii) any reduction in Fair Market Sales Value of any Property attributable to any grant, release, dedication, transfer, annexation or amendment made by the Lessee without the written consent of the Lessor or as required by any Governmental Authority.
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Excess Wear and Tear. The depreciation beyond normal wear and tear, as outlined in Your Lease/Finance Agreement, of Covered Equipment, Parts and Surfaces listed under Coverage Provided and which Cost is charged by the Lessor/Lienholder at Lease/Finance Term Expiration Date upon return of the Covered Vehicle to the Lessor/Lienholder.
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Examples of Excess Wear and Tear in a sentence

  • THIS ADDENDUM MAY NOT WAIVE ALL ITEMS DECLARED AS EXCESS WEAR AND TEAR IN YOUR LEASE AGREEMENT.

  • WE WILL NOT PROVIDE ANY EXCESS WEAR AND TEAR COVERAGE IF YOU DO NOT TURN IN YOUR VEHICLE IN ACCORDANCE WITH THE TIME PERIOD FOR THE COVERAGE YOU SELECT.


More Definitions of Excess Wear and Tear

Excess Wear and Tear is defined as dents, dings, paint chips or scratches more than three inches in size, cracked or punctured bumpers, chipped or cracked windshields, interior holes, xxxxx, rips, tears or stains requiring heavy cleaning or replacement of fabric, interior damage such as gouged steering wheels or dashboards, missing equipment, and any interior or exterior damage attributable to collision, as well as mechanical repairs resulting from damage or negligence.
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Excess Wear and Tear means, for any Leased Vehicle, all damages to such Leased Vehicle that are not the result of normal wear and tear as more specifically described in the related Lease.
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Excess Wear and Tear. With respect to a Covered Lease, the billable excess wear and tear in accordance with the lease contract for such Covered Lease, whether or not billed or recovered. Extended Lease: A Potentially Covered Lease that satisfies the following criteria: (i) the Actual Maturity Date is no less than one Month and no greater than 24 Months following the Scheduled Maturity Date and (ii) the lease payment during such period remains the same as during the original lease period. Final Data Base: The electronic file provided to the Insurer by the Insured on January 17, 2001 entitled “GALUIN.zip”, composed of records for 207,147 leases. Gross Sales Price: With respect to a Returned Vehicle, a Purchase Option Vehicle or a Chase Financed Purchase Option Vehicle, “Gross Sales Price” means the purchase price for such vehicle. For purposes of calculating the Gross Sales Price, every Returned Vehicle, Purchase Option Vehicle and Chase Financed Purchase Option Vehicle shall be sold in a commercially reasonable manner appropriate for such form of sale. Initial Adjusted Capitalized Cost: With respect to a vehicle that is the subject of a Covered Lease, the gross capitalized cost of such vehicle less any capitalized cost reduction payments made by or on behalf of the lessee, as specified in the Insured’s LeMans system at the inception of the Covered Lease.
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Excess Wear and Tear. With respect to a Covered Lease, the billable excess wear and tear in accordance with the lease contract for such Covered Lease, whether or not billed or recovered. Extended Lease: A Potentially Covered Lease that satisfies the following criteria: (i) the Actual Maturity Date is no less than one Month and no greater than 24 Months following the Scheduled Maturity Date and (ii) the lease payment during such period remains the same as during the original lease period. Final Data Base: The electronic file provided to the Insurer by the Insured on January 17, 2001 entitled “GALUIN.zip”, composed of records for 207,147 leases. Gross Sales Price: With respect to a Returned Vehicle, a Purchase Option Vehicle or a Chase Financed Purchase Option Vehicle, “Gross Sales Price” means the purchase price for such vehicle. For purposes of calculating the Gross Sales Price, every Returned Vehicle, Purchase Option Vehicle and Chase Financed Purchase Option Vehicle shall be sold in a commercially reasonable manner appropriate for such form of sale.
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Related to Excess Wear and Tear

  • Wear and tear means damage or a reduction in value through age, ordinary use or lack of maintenance.

  • Normal wear and tear means deterioration that occurs without negligence, carelessness, accident, or abuse.

  • excess risks means, in relation to a Ship, the proportion of claims for general average, salvage and salvage charges not recoverable under the hull and machinery policies in respect of the Ship in consequence of its insured value being less than the value at which the Ship is assessed for the purpose of such claims;

  • Contract Item or “Contract Items” means the list of items identified in Section

  • Monthly Excess Interest As to any Distribution Date, the sum of (A) the Interest Remittance Amount remaining after the application of payments pursuant to clauses A. through F. of Section 4.02(b)(i) plus (B) the Principal Payment Amount remaining after the application of payments pursuant to clauses A. through E. of Section 4.02(b)(ii) or (iii).

  • Excess Loss The amount of any (i) Fraud Loss realized after the Fraud Loss Coverage Termination Date, (ii) Special Hazard Loss realized after the Special Hazard Coverage Termination Date or (iii) Bankruptcy Loss realized after the Bankruptcy Coverage Termination Date.

  • Normal Maximum Generation means the highest output level of a generating resource under normal operating conditions.

  • Excess emissions - means an emission rate that exceeds any applicable emission limitation or standard allowed by any rule in Sections .0500, .0900, .1200, or .1400 of Subchapter 02D; or by a permit condition; or that exceeds an emission limit established in a permit issued under 15A NCAC 02Q .0700. (Note: Definitions of excess emissions under 02D .1110 and 02D .1111 shall apply where defined by rule.)

  • Excess means an amount of money paid in a calendar year towards the cost of each hospital episode of care up to an annual maximum before fund benefits are payable.

  • Normal Minimum Generation means the lowest output level of a generating resource under normal operating conditions.

  • Electrical Losses means all applicable losses, including the following: (a) any transmission or transformation losses between the CAISO revenue meter(s) and the Delivery Point; and

  • Residual Metered Load means all load remaining in an electric distribution company’s fully metered franchise area(s) or service territory(ies) after all nodally priced load of entities serving load in such area(s) or territory(ies) has been carved out.

  • Excess Withdrawal is a withdrawal of Account Value that exceeds the Free Withdrawal Amount. This term may not apply to your Contract.

  • Wasteload allocation or "wasteload" or "WLA" means the portion of a receiving surface water's loading or assimilative capacity allocated to one of its existing or future point sources of pollution. WLAs are a type of water quality-based effluent limitation.

  • Maximum Generation Emergency Alert means an alert issued by the Office of the Interconnection to notify PJM Members, Transmission Owners, resource owners and operators, customers, and regulators that a Maximum Generation Emergency may be declared, for any Operating Day in either, as applicable, the Day-ahead Energy Market or the Real-time Energy Market, for all or any part of such Operating Day. Maximum Run Time:

  • Allocation Area means that part of a military base development area to which an allocation provision of a declaratory resolution adopted under section 16 of this chapter refers for purposes of distribution and allocation of property taxes.

  • CPI-W is defined as the Consumer Price Index for Urban Wage Earners and Clerical Workers (Area: Boston-Brockton-Nashua, MA-NH-ME-CT; Base Period: 1982-1984+100) as published by the United States Department of Labor, Bureau of Labor Statistics.

  • Operating Cost means the costs associated with operating a multifamily development once the project is placed in service.

  • Covered Losses means any and all losses, assessments, fines, penalties, administrative orders, obligations, judgments, amounts paid in settlement, costs, expenses, liabilities and damages (whether actual, consequential or punitive), including interest, penalties, reasonable court costs and attorney’s fees, disbursements and costs of investigations, deficiencies, levies, duties and imposts.

  • Excess Contributions means, with respect to any Plan Year, the excess of:

  • Excess Collections shall have the meaning specified in Section 2.8(a)(xv) of the Indenture.

  • Default Excess means, with respect to any Defaulting Lender, the excess, if any, of such Defaulting Lender’s Pro Rata Share of the aggregate outstanding principal amount of Loans of all Lenders (calculated as if all Defaulting Lenders (other than such Defaulting Lender) had funded all of their respective Defaulted Loans) over the aggregate outstanding principal amount of all Loans of such Defaulting Lender.

  • Excess Costs means the additional costs, if any, which shall be