GAP Amount definition

GAP Amount means the difference between the amount to be paid by the lessee under the consumer lease in the event of total loss or destruction of the leased vehicle prior to expiration of the lease term by theft, physical damage, or other occurrence spec- ified in the lease, and the actual cash value or portion thereof received by the lessor from insurance proceeds or from any other person on account of the total loss or destruction of the motor vehi- cle. The term does not include any deductible amount under any applicable insurance policy maintained by the lessee, any past− due payments owed by the lessee at the time of receipt by the lessor of the actual cash value or portion thereof from insurance proceeds or from any other person, or any other amount due under the lease resulting from default by the lessee.

GAP Amount means the amount of the outstanding Principal Balance of a Receivable which Seller determines is required to be cancelled pursuant to HNB GAP (as described in the related contract or other documents), if the Obligor on such Receivable has purchased HNB GAP.

GAP Amount means the difference between the primary carrier’s physical damage insurance payment for a theft or total loss or, if uninsured, the collateral’s Actual Cash Value and the unpaid net balance of the installment sales contract/loan. If you are entitled to collect the same from others, including but not limited to, primary and other insurance, or salvage sale, that portion of the payment will not be covered in the GAP settlement. GAP does not cover deductions made by the primary insurance carrier for prior damage that has already been paid to you or due to prior salvaged title. Amount waived shall not exceed $50,000 in total.

Examples of GAP Amount in a sentence

• If the Vehicle is not available for inspection or appraisal, the GAP Amount will not be Waived except when the Constructive Total Loss is due to unrecovered theft and a police report has been filed.

• On the day on which the Seller determines that all or some portion of the Principal Balance of a Receivable is required to be cancelled pursuant to HNB GAP in effect for such Receivable, the Seller shall remit to Servicer an amount equal to the GAP Amount to be applied to such Receivable and the Servicer shall hold such amount in accordance with Section 4.03, and shall remit such amount to Purchaser on such Remittance Date, or as otherwise required by Section 4.03.

• Notwithstanding any other provision of this Agreement, if Seller determines that all or some portion of the Principal Balance of a Receivable is required to be cancelled pursuant to HNB GAP in effect for such Receivable, Seller shall so notify Servicer, and Servicer shall take the appropriate steps to reduce the Principal Balance of such Receivable by the GAP Amount, and such reduction shall not be a violation of any other provision of this Agreement.

• If your claim is accepted We will pay the GAP Amount direct to the Financier whose receipt will discharge Us entirely from any further obligation under this Insurance Policy.

• On payment of Reduced Death Sum Assured, policy shall not terminate and Reduced GAP Amount shall be payable as and when due.

More Definitions of GAP Amount

GAP Amount shall have the meaning set forth in Section 13.1(a)(xv) hereof.

GAP Amount has the meaning set forth in Section 6.5(k)(ii).

GAP Amount means the difference between the Primary Insurance carrier's physical damage insurance payment for an Unrecovered Theft, Total Loss or Constructive Total Loss or, if uninsured, the Eligible Collateral's Actual Cash Value, and the Unpaid Net Balance of the Installment Loan. For purposes of this GAP waiver, if a Primary Insurance carrier denies coverage due to an excluded driver clause, then the GAP amount will be determined by subtracting the Actual Cash Value of the Eligible Collateral from the Unpaid Net Balance. If the Actual Cash Value of the Eligible Collateral on the Date of Loss is greater than or equal to the Unpaid Net Balance, no waiver of the GAP Amount will be provided under this GAP Waiver Addendum. If you are entitled to collect a portion of the GAP Amount from others, including but not limited to, primary and other insurance, or salvage sale, that payment received from others will not be covered in the GAP Amount settlement. The GAP Amount does not cover deductions made by the Primary Insurance carrier for towing, storage, or prior damage that has already been paid to you. The maximum GAP Amount waived shall not exceed $50,000.00.

GAP Amount means the difference between the Primary Insurance carrier’s physical damage insurance payment for a Loss or Unrecovered Theft or, if uninsured, the Vehicle’s Actual Cash Value, and the Unpaid Net Balance of the installment loan. If you are entitled to collect the same from others, including, but not limited to, primary and other insurance, or salvage sale, that portion of the payment will not be included in the GAP settlement.

GAP Amount means the amount, if any, by which $2 million exceeds the sum of (i) the gross proceeds received by the Company in respect of Series B Preferred Stock upon closing under the Purchase Agreement, less $2 million, and (ii) the gross proceeds received by the Company from third parties in respect of the Secondary Placement (described as the Private Placement in Section 6.1 of the Purchase Agreement) or any other private placement of capital stock of the Company that occurs prior to the Trigger Date. For clarity, if the Gap Amount is a negative number, it shall be zero.

GAP Amount means the difference between the primary carrier’s physical damage insurance payments, including any tax and fee refunds applied, for a Constructive Total Loss or, if uninsured, the collateral’s Actual Cash Value and the Unpaid Net Balance of the installment sales contract/loan as of the Date of Loss. If you are entitled to collect the same from others, including but not limited to, primary and other insurance, or salvage sale, that portion of the payment will not be covered in the GAP settlement. GAP does not cover deductions made by the primary insurance carrier for prior damage that has already been paid to you or due to prior salvaged title. Amount waived shall not exceed $50,000 in total.

GAP Amount means the amount obtained by subtracting the Primary Insurance Settlement or, if uninsured, the Covered Collateral’s Actual Cash Value, from the Unpaid Net Balance of the installment sales contract/loan. The GAP Amount waived shall not exceed $50,000 in total.