New Vehicles Demonstrators and Used Vehicles Sample Clauses

The 'NEW VEHICLES; DEMONSTRATORS AND USED VEHICLES' clause defines the categories of vehicles covered under the agreement, distinguishing between brand new vehicles, demonstrator models, and used vehicles. It typically outlines the specific terms, conditions, and warranties that apply to each type, such as mileage limits for demonstrators or condition requirements for used vehicles. This clause ensures that both parties are clear about the status and expectations for the vehicle being sold or leased, reducing misunderstandings and disputes regarding vehicle condition and applicable warranties.
New Vehicles Demonstrators and Used Vehicles. 3.1 At the Closing, the Buyer shall purchase all of the Sellers' untitled new 1998 motor vehicles, and up to five (5) 1997 new Chevrolet motor vehicles, in the Sellers' inventories as of the Closing Date and which are listed on Schedule 3.1 hereto, which the Sellers' Agent shall deliver to the Buyer not later than three (3) days prior to the Closing (all such vehicles are collectively referred to hereinafter as the "New Vehicles"). The purchase price to be paid by Buyer for each New Vehicle shall be the price at which the New Vehicle was invoiced to the respective Seller by the applicable Manufacturer, as adjusted pursuant to this Article III (the sum of all such amounts to be paid for New Vehicles as determined by this Article III is herein referred to as the "New Vehicle Purchase Price"). Schedule 3.1 shall set forth each New Vehicle's model, invoice cost, odometer reading and all other information necessary to calculate the New Vehicle Purchase Price with respect to such New Vehicle. At the Closing, the Sellers shall assign to the Buyer, without any additional consideration therefor, by appropriate documents reasonably satisfactory to the Buyer, all unfilled retail orders and deposits made thereon. 3.2 At the Closing, the Buyer shall purchase all of the Sellers' untitled new 1998 motor vehicles in Sellers' inventories as of the Closing Date which are used in the ordinary course of business for the purpose of demonstration and which are listed on Schedule 3.2 hereto, which the Sellers' Agent shall deliver to the Buyer not later than three (3) days prior to the Closing (all such vehicles are collectively referred to herein as the "Demonstrators"). For purposes of this Agreement, any motor vehicle with more than 9,000 miles on its odometer shall be deemed to be "used" rather than a "Demonstrator". The purchase price to be paid by the Buyer for each Demonstrator shall be the price at which the Demonstrator was invoiced to the respective Seller by the applicable Manufacturer, as adjusted pursuant to this Article III and as reduced as follows: if such Demonstrator's odometer reflects total mileage of more than six thousand (6,000) miles but less than nine thousand (9,000) miles, an amount equal to ten cents ($.10) multiplied by the total mileage on such odometer (the sum of all such amounts to be paid for Demonstrators hereunder is herein referred to as the "Demonstrator Purchase Price"). Schedule 3.2 shall set forth each Demonstrator's model, invoice cost, o...
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New Vehicles Demonstrators and Used Vehicles 
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