Common use of Definition of the Clause in Contracts

Definition of the. “GAP AMOUNT” AND THE “ACTUAL CASH VALUE”: The “GAP Amount” is the lesser of: (i) $25,000, or (ii) except as otherwise excluded by this Agreement (“see Non-GAP Amounts for Which You Remain Liable”), the amount by which the sum that otherwise would be due under your Lease as of the date of the total loss exceeds the “Actual Cash Value” of the Vehicle as of the date of total Loss. The “Actual Cash Value” as of the date of the loss is equal to the greater of: (I) the sum of the loss proceeds payable under the automobile insurance policy required by your Lease and the amount of your deductible under that policy greater than $500; or (ii) the Suggested Retail value of the Vehicle at the time of its theft or loss as listed in a then-current edition of the ▇▇▇▇▇▇ Blue Book Auto Market Report Official Guide for used cars, Western Edition. In the event that the automobile insurance policy required by your Lease is not in effect as of the date of the total loss, the Actual Cash Value shall be equal to the Suggested Retail value of the Vehicle at the time of its theft or loss as listed in a then-current edition of the ▇▇▇▇▇▇ Blue Book Auto Market Report Official Guide for used cars, Western Edition.

Definition of the. “GAP AMOUNT” AND THE “ACTUAL CASH VALUE”: The “GAP Amount” is the lesser of: (i) $25,000, or (ii) except as otherwise excluded by this Agreement (“see Non-GAP Amounts for Which You Remain Liable”), the amount by which the sum that otherwise would be due under your Lease Contract as of the date of the total loss exceeds the “Actual Cash Value” of the Vehicle as of the date of total Loss. The “Actual Cash Value” as of the date of the loss is equal to the greater of: (Ii) the sum of the loss proceeds payable under the automobile insurance policy required by your Lease Contract and the amount of your deductible under that policy greater than $500; or (ii) the Suggested Retail value of the Vehicle at the time of its theft or loss as listed in a then-current edition of the ▇▇▇▇▇▇ Blue Book Auto Market Report Official Guide for used cars, Western Edition. In the event that the automobile insurance policy required by your Lease Contract is not in effect as of the date of the total loss, the Actual Cash Value shall be equal to the Suggested Retail value of the Vehicle at the time of its theft or loss as listed in a then-current edition of the ▇▇▇▇▇▇ Blue Book Auto Market Report Official Guide for used cars, Western Edition.