Inventory Advances. As set forth more fully in the 1998-C SUBI Servicing Supplement, the Servicer is authorized to make an Inventory Advance if it expects to recover the full amount thereof in connection with the liquidation of the related 1998-C Leased Vehicles. The 1998-C Securitization Trustee shall not accept monies from the Servicer that the Servicer has identified or designated as Inventory Advances in the related Statement to Certificateholders unless it shall also have received the written representation of the Servicer that the Servicer expects to recover the full amount thereof in connection with the liquidation of the related 1998-C Leased Vehicles based on its estimation of expected Liquidation Proceeds. In estimating the expected Liquidation Proceeds, the Servicer shall take into account (a) the specific 1998-C Leased Vehicles that are to be the subject of such Inventory Advance and (b) its own recent actual experience with the liquidation of vehicles of comparable makes and models, in each case on a basis consistent with the review and estimates the Servicer prepares in establishing and revising its own servicing guidelines.
Inventory Advances. (i) Subject to and upon the terms and conditions of this Agreement, at any time from the date hereof through the Revolving Maturity Date, Bank agrees to make advances to Borrowers based on Eligible Inventory (the “Inventory Advances”) in an aggregate amount not to exceed the Inventory Sublimit. Each Inventory Advance shall not exceed the lesser of (a) one hundred percent (100%) of the net orderly liquidation value (determined in accordance with GAAP) of the Eligible Inventory or (b) fifty percent (50%) of the Eligible Inventory based on the cost of finished goods on hand (determined in accordance with GAAP).
Inventory Advances. Except as set forth in Section 2.3(b), the Inventory Advances shall bear interest, on the outstanding Daily Balance thereof, at a rate equal to one and one half of one percent (1.50%) above the Prime Rate.
Inventory Advances. Summit may, in its sole discretion and without any duty to do so, elect from time to time to make advances based upon Acceptable Inventory. Advances based upon Acceptable Inventory shall be made only in accordance with the below formula, which formula may be changed or modified at any time in the sole discretion of Summit without the consent or approval of Client: Advances based upon Acceptable Inventory may be made upon request of Client so long as the aggregate amount of all advances based upon Acceptable Inventory outstanding and unpaid does not exceed the lesser of (a) Fifty Percent (50%) of the lower of book value, as determined in accordance with generally accepted accounting principles, of the Acceptable Inventory, (b) Four Hundred Fifty Thousand Dollars ($450,000), (c) Fifty Percent (50%) of Client’s outstanding Acceptable Accounts, and (d) together with the aggregate amount of all other outstanding Advances, the Maximum Credit Line. Summit may decline to make advances based upon Acceptable Inventory for any reason or for no reason, without notice, regardless of any course of conduct or past advances based upon Acceptable Inventory by Summit.
Inventory Advances. Notwithstanding anything to the contrary in the Loan Documents, no Inventory Advances shall be made on the Loan if, after making the requested Inventory Advance, the total, aggregate principal amount of all Inventory Advances will exceed the lowest of: (i) the total cost of Eligible Inventory (as determined by Lender in its sole discretion) multiplied by the Inventory Advance Rate; (ii) one hundred percent (100%) of the amount of outstanding Account Advances; (iii) One Million Dollars ($1,000,000); and (iv) together with the aggregate amount of all outstanding Account Advances, the Maximum Loan Amount."
Inventory Advances. For each advance of the Inventory Loan, Borrower shall deliver to Lender a Request for Inventory Loan Advance and Certification in the form attached hereto as Exhibit F at least five (5) Business Days prior to the date of such Advance. Lender's obligation to make the second Advance of the Inventory Loan shall be subject to and conditioned upon the terms and conditions set forth in the following subparagraphs: (i) Lender shall have received any endorsements to the Title Policy which Lender deems necessary or appropriate in order to account for the making of the second Advance, (ii) Lender shall have received and approved a current unsold inventory report of the nature described in clause 6.1(d)(i)(c) and (iii) Lender shall have received evidence satisfactory to it that the Required Guarantor has made the interest only payment due on June 1, 1999 under the Redeemable Senior Notes within any applicable grace periods.
Inventory Advances. Subject to and upon the terms and conditions of this Agreement, each Bank agrees to make Inventory Advances to Borrower in an aggregate amount not to exceed such Bank's Percentage Share of the lesser of (i) the Committed Line minus the outstanding Receivables Advances minus the face amount of all outstanding Letters of Credit (including drawn but unreimbursed Letters of Credit) and minus the outstanding amount of the
Inventory Advances. Section 2.6(b) of the Loan Agreement is hereby deleted and replaced with the following:
Inventory Advances. Notwithstanding anything to the contrary in the Loan Documents, no Inventory Advances shall be made on the Loan if, after making the requested Inventory Advance, the total, aggregate principal amount: of all Inventory Advances will exceed the lowest of: (i) its value determined on the basis of the lower of cost or market, calculated on a first-in, first out basis and after factoring in all rebates, discounts and other incentives or rewards associated with the purchase of Eligible Inventory (as determined by Lender in its sole discretion) multiplied by the Inventory Advance Rate; (ii) three hundred percent (300%) of the amount of outstanding Account Advances; and (iii) together, with the aggregate amount of all outstanding Account Advances, Two Million Four Hundred Thousand 00/100 Dollars ($2,400,000).
Inventory Advances. Notwithstanding anything to the contrary in the Loan Documents, no Inventory Advances shall be made if, after making the requested Inventory Advance, the total principal amount of all Inventory Advances outstanding will exceed:
