First: Definitions

No: 498600000099

Date(g): 1/1/2020 | Date(h): 6/5/1441

Status: In-Force

Translated Document

The following terms and phrases, wherever mentioned in these regulations, shall have the meanings indicated next to each of them, unless the context requires otherwise:

No.	Term	Definition
1	Lessor	A joint-stock company licensed to practice financial leasing, including commercial banks.
2	Lessee	The person who owns the benefit of the leased asset under the contract.
3	Advance Lease Payment	The payment made by the lessee at the beginning of the contract to the lessor to enable them to use the leased asset. This payment is divided and amortized equally over all lease payments throughout the contract period.
4	Number of Last Due Payment	The number of payments due from the lessee from the start of the financing period up to the date of the incident, according to the payment schedule attached to the contract.
5	Financing Period	The number of agreed-upon lease payments.
6	Total Loss	The total loss or damage to the vehicle, where repairing the vehicle is either technically unfeasible or economically costly, according to the standards approved by the relevant authority in assessing vehicle damage.
7	Settlement in the Event of Total Loss	A calculation process through which the remaining debt amount is determined from the date of the total loss of the leased asset (interruption of benefit).
8	Unconsumed Amount of the Advance Lease Payment	The amount owed to the lessee from the advance lease payment.
9	Remaining Principal Amount	The remaining principal amount as of the date of the incident, according to the repayment schedule in the financing contract.
10	Incident	An event that caused damage or accidental loss to the leased vehicle.
11	Insurance Compensation	The compensation amount paid by the contracted insurance company.
12	Net Settlement Amount	The net credit or debit amount after the settlement in the event of a total loss.

Soft Launch