Loaner Vehicles definition
Loaner Vehicles means each of the Selling Entities’ vehicles that are either untitled or registered in any Manufacturer loaner vehicle program (e.g., “TRAC”).
Loaner Vehicles has the meaning as set forth in the Section 1.4.5.
Loaner Vehicles means vehicles which have (i) not been titled, (ii) original unissued MSOs from the applicable Manufacturer, (iii) been reported in “loaner status” to the Manufacturer, (iv) an odometer reading of not more than five thousand (5,000) miles, and (v) have not sustained damage that would be required to be disclosed to a customer under applicable ___________ law. The purchase price to be paid by Buyer for each Loaner Vehicle shall be the payoff/purchase option amount for each vehicle under the Manufacturer’s program for Loaner Vehicles. If Seller does not participate in such a Manufacturer’s program, then all Loaner Vehicles shall be treated as Used Vehicles.
Examples of Loaner Vehicles in a sentence
In connection with the preparation of the Closing Date Balance Sheet, Seller and Buyer shall, without the assistance of an inventory specialist, jointly conduct a physical inventory of the New Vehicles, Used/Other Vehicles, Demonstrator Vehicles, the OEM Loaner Vehicles, Loaner Vehicles, and the Fixed Assets at each location where inventory is held by the Group Companies within 5 business days following the Closing Date to determine the quantity of such items.