Inventory Advances. As set forth more fully in the 1998-B 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-B Leased Vehicles. The 1998-A 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-B 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-B 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).
(ii) Interest shall accrue from the date of each Inventory Advance at the rate specified in Section 2.3, and shall be payable monthly on the first day of each month so long as any Inventory Advances are outstanding. Amounts borrowed pursuant to this Section 2.1(b) may be repaid and reborrowed at any time prior to the Revolving Maturity Date, at which time all Inventory Advances under this Section 2.1(b) shall be immediately due and payable.
(iii) When a Borrower desires to obtain an Inventory Advance, Parent shall notify Bank (which notice shall be irrevocable) by electronic mail or facsimile transmission to be received no later than 3:00 p.m. Pacific time three (3) Business Days before the day on which the Inventory Advance is to be made. Such notice shall be substantially in the form of Exhibit B. The notice shall be signed by a Responsible Officer or its designee and include a copy of the invoice and proof of payment of such invoice for any Equipment to be financed.
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. During the Inventory Advance Period, 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) Forty Percent (40%) of the lower of book value or other value, as determined by Summit, of the Acceptable Inventory, (b) Two Hundred Thousand Dollars ($200,000), (c) Fifty Percent (50%) of the aggregate amount of outstanding Accounts on which an Advance has been made, 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. Not less than five (5) Business Days prior to the date of any Loan to be secured in whole or in part by the pledge of Eligible Inventory, the Borrower shall have:
(a) delivered to the Agent a list of all Intervals which are to be subject to such requested Loan, together with such additional information as the Agent may require a certificate executed by Borrower certifying as to the retail sales price of each Interval;
(b) delivered to the Agent (or, if the Agent shall so instruct, a designee appointed by the Agent in writing), if any, (i) the original or certified copies of any deed or beneficial interest certificate, or other documents evidencing conveyance of the Interval in question to the Borrower, (ii) a copy of any title policy received by the Borrower in connection with its acquisition of the Interval in question, and (iii) original or true copies of any purchase contract (including addenda) or other agreements entered into by the Borrower with any person with respect to the sale by the Borrower or any purchaser of the Interval in question;
(c) delivered to the Agent a duly executed Inventory Mortgage or Inventory Mortgages granting to the Agent a first mortgage lien on the Intervals;
(d) a UCC financing statements covering the Intervals, filed with the Secretary of State of Texas; and
(e) delivered to the Agent, with respect to each Interval constituting a part of the Eligible Inventory, a commitment for a mortgagee's title insurance policy showing that the Inventory Mortgage in respect of such Interval insuring in favor of the Agent the first priority Lien of such Inventory Mortgage in the amount of the Loan to be made in respect of such Interval, with a satisfactory title insurance policy to be issued within a reasonable time following the requested Loan. The Inventory Mortgages to the Agent shall each have been duly recorded in the applicable land records which are described in SCHEDULE 11A.7 hereof. The mortgagee's title insurance policies shall be in form and substance satisfactory to the Agent and shall be issued by a title insurance company satisfactory to the Agent, and name the Agent as the insured party therein. The funding of the Loan, delivery of the Inventory Collateral and issuance of the title insurance policy, and recording of the mortgages or any releases may, in the Agent's discretion, be effected by way of an escrow arrangement with a title insurance company or other fiduciary, the form and substance of which shall be satisfactor...
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) Two Million Dollars ($2,000,000); and (iv) together with the aggregate amount of all outstanding Account Advances, the Maximum Loan Amount." · In consideration of Lender's agreement to increase the dollar sublimit on Inventory Advances, Borrower agrees to pay to the Lender a modification fee of Five Thousand Dollars ($5,000) (the "Modification Fee") on the date hereof. The Modification Fee shall include the legal fees of Lender's in-house counsel to prepare this Amendment.
Inventory Advances. In no event shall the aggregate Advances outstanding at any time with respect to (x) Inventory of Borrower consisting of Retail Inventory exceed $6,000,000 and (y) Inventory of Borrower consisting of raw materials, finished goods located at the Real Property or Greige Goods exceed $20,000,000.
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. (a) Steamboat Inventory Advances. Each of the Steamboat Inventory Advance Lenders agrees, pursuant to the terms of this Agreement and subject to the satisfaction of the conditions precedent in Section 6A of this Agreement, to make its Pro Rata Share of the single advance to be made in respect of the Steamboat Project (such advance being referred to herein as the "Steamboat Inventory Advance") to GSRP, provided that
(i) the Steamboat Inventory Advance shall be used for the sole purpose of repaying in full all of the Steamboat Construction Project Advances and Steamboat Interest Advances then outstanding;
(ii) no Default or Event of Default shall then exist which has not been waived by the Steamboat Inventory Required Lenders;
(iii) on the date of the making of the Steamboat Inventory Advance (and after giving effect thereto) the aggregate original principal amount of all Advances hereunder shall not exceed $200,000,000, provided that in making such calculation there shall be no duplication in respect of any Construction Project Advances which shall have been refinanced by an Inventory Advance;
(iv) on the date of the making of the Steamboat Inventory Advance (and after giving effect thereto) the aggregate outstanding principal amount of all Inventory Advances shall not exceed the remainder of $145,000,000 minus the aggregate outstanding principal amount of all Construction Project Advances and Interest Advances that shall not have been refinanced by an Inventory Advance; and
(v) the Inventory Advance Date for the Steamboat Inventory Advance shall have fallen within the Steamboat Commitment Period. For the benefit of the Steamboat Construction Project Advance Lenders, GSRP agrees that, with respect to the Steamboat Project, it shall satisfy the conditions precedent in Section 6A and refinance the Steamboat Construction Project Advances and Steamboat Interest Advances with the Steamboat Inventory Advance as soon as possible after it shall have satisfied the condition set forth in Section 6.4(b) hereof and shall cause in any case the Inventory Advance Date for the Steamboat Inventory Advance to fall within the Steamboat Commitment Period.
