Residual Value Losses definition
Residual Value Losses are determined as [***]; and “Residual Value Gains” are determined as the amount by which [***]. For purposes of calculating gains on early lease termination, [***] will be deducted from the gross sales proceeds. *** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request.
Residual Value Losses are determined as the amount by which gross sales proceeds (plus any purchase fees) upon the disposition of vehicles financed under the Financing Services provided by SCUSA are less than the estimated residual value (contract residual less Chrysler’s residual enhancement subvention, if any) or, where a customer or dealer purchases a vehicle for less than residual value, the net investment (payoff to include any and all amounts due to SCUSA excluding early termination purchase fees and early termination penalty fees) value of the leased vehicle at termination of the lease; and “Residual Value Gains” are determined as the amount by which such gross sales proceeds (plus any purchase fees) upon the disposition of such vehicle exceeds such estimated residual value or, where a customer or dealer purchases a vehicle for more than residual value, the net investment (payoff to include any and all amounts due to SCUSA excluding early termination purchase fees and early termination penalty fees) value. For purposes of calculating gains on early lease termination, the net investment (payoff to include any and all amounts due to SCUSA excluding early termination purchase fees and early termination penalty fees) value will be deducted from the gross sales proceeds.
Residual Value Losses are determined as the amount by which all gross proceeds received by SCUSA (including, but not limited to, any (i) purchase fees, (ii) cash payments on account of excess mileage or excess wear and tear caused by leaseholders to their leased vehicles in excess of the contractually permitted mileage or ordinary wear and tear and (iii) insurance proceeds as a result of any collision or other loss with respect to any leased vehicle) related to the disposition of vehicles financed under the Financing Services provided by SCUSA are less than the estimated residual value (contract residual less Chrysler’s residual enhancement subvention, if any); and “Residual Value Gains” are determined as the amount by which all gross proceeds received by SCUSA (including, but not limited to, any (i) purchase fees, (ii) cash payments on account of excess mileage or excess wear and tear caused by leaseholders to their leased vehicles in excess of the contractually permitted mileage or ordinary wear and tear and (iii) insurance proceeds as a result of any collision or other loss with respect to any leased vehicle) related to the disposition of vehicles financed under the Financing Services provided by SCUSA are greater than the estimated residual value (contract residual less Chrysler’s residual enhancement subvention, if any).
More Definitions of Residual Value Losses
Residual Value Losses apply to vehicles financed under the terms of this Agreement if, and only if, such lease (i) reaches maturity upon the end of the originally-contracted full term of the lease, or (ii) is terminated within 90 days of the originally-contracted full term of the lease. For qualifying vehicles, Residual Value Losses are determined as the amount by which (i) all gross proceeds received by SCUSA (including, but not limited to, any (a) purchase fees, (b) cash payments on account of excess mileage or excess wear and tear caused by leaseholders to their leased vehicles in excess of the contractually permitted mileage or ordinary wear and tear, and (c) insurance proceeds as a result of any collision or other loss with respect to any leased vehicle) related to the disposition of vehicles financed under the Financing Services provided by SCUSA are less than (ii) the contract residual value set forth in the vehicles’ leases (less FCA US’s residual enhancement subvention, if any).