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

• The Gap amount must be used to fund benefits in excess of the minimum benefits.

• The amount of IPTR previously used to fund benefits in excess of the minimum benefits (this is the Gap amount of approximately $44.5 million) is subject to a distribution.

• Considering the differential amount carried forward from FY 2014-15 and the Carrying Cost on cumulative difference, the Revenue Gap amount to Rs.160.32 Cr. and requested to allow the Carrying Cost amounting to Rs.11.43 crore for FY 2014-15 and Rs.12.37 Cr. for FY 2015-16 on the carried forward differential amount.

• If a GapCover claim has been made and has been paid by Medibank on the basis of it being a valid GapCover claim (having been made in accordance with these Terms and Conditions), and it is later ascertained that the Known Gap amount charged to the Member has exceeded $500, the amount of the excess may be recovered or set off by Medibank from the Provider and held in trust by Medibank for refunding to its Member.

• The difference between Medicare Payments for Medicaid Services determined in paragraph (4) and the Medicaid payments in paragraph (5) will be the Upper Payment Limit Gap amount for State owned and operated hospitals, Non state government owned or operated hospitals’, and Privately owned and operated hospitals’.

More Definitions of GAP Amount

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

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

GAP Amount means the difference between the primary carrier's physical damage insurance payments for a Constructive Total Loss or, if uninsured, the collateral's Actual Cash Value and the Unpaid Net Balance of the Installment Sales Contract as of the Date of Loss. lf you are entitled to collect amounts from others, including but not limited to, primary and other insurance, or salvage sale including tax and license, 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 or due to prior salvaged title not disclosed on the retail installment contract. Amount waived shall not exceed $20,000 in total.

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 amount specified in the