Terms of Inventory Advance Sample Clauses

Terms of Inventory Advance. Advances based upon Acceptable Inventory shall be subject to all fees, including the Collateral Management Fee / Inventory, commissions, charges, terms and conditions applicable to any other advance under the Financing Agreement, except that the "Daily Funds Rate" for purposes of determining charges for Advances based upon Acceptable Inventory shall mean the Prime Rate (as published in the Wall Street Journal) plus Three Percent (3.00%). The Daily Funds Charges shall be due and payable monthly, in arrears. (a) If at any time the aggregate outstanding amount of such advances exceeds the amount authorized by this Agreement, such excess shall be immediately due and payable in full; and (b) all such advances shall be immediately due and payable in full upon occurrence of an Event of Default which is not timely cured or upon occurrence of termination of the right of Client to submit accounts to Summit for financing. All amounts owing to Summit relating to advances based upon Acceptable Inventory may be deducted from advances based upon accounts, the Rebate, the Reserve, and any other amounts owing to Client by Summit.
Sample 1
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Terms of Inventory Advance of the Addendum is amended by replacing the phrase “Four Percent (4%)” with the phrase “Two and Five-Tenths Percent (2.5%)” and by replacing the phrase “One and Thirty-Five Hundredths Percent (1.35%)” with the phrase “One Percent (1%)”.
Sample 1
Terms of Inventory Advance. Advances based upon Acceptable Inventory shall be subject to the interest, Fees and Charges, and all terms and conditions applicable to an Advance under the Second Amended and Restated Financing Agreement, except that the “Daily Funds Rate” for purposes of calculating interest owing on outstanding advances based upon Acceptable Inventory shall mean the prime rate as announced in the Wall Street Journal plus Four Percent (4%) divided by 360, as may be adjusted from time to time as of the date of any change in the prime rate. In addition, Client shall pay an additional monthly administrative fee of One and Thirty-Five Hundredths Percent (1.35%) of the average monthly balance of outstanding advances based upon Acceptable Inventory for each calendar month, or portion thereof. All interest and administrative fees accrued on outstanding advances based upon Acceptable Inventory shall be due and payable monthly in arrears.
Sample 1
Terms of Inventory Advance. Advances based upon Acceptable Inventory shall be subject to the interest, Fees and Charges, and all terms and conditions applicable to an Advance under the Financing Agreement. In addition, Client shall pay a monthly collateral management fee equal to One and Nine-Tenths Percent (1.9%) of the average monthly balance of outstanding advances based upon Acceptable Inventory for each month, or portion thereof. All accrued interest and collateral management fees based upon Acceptable Inventory shall be due and payable monthly in arrears. Notwithstanding anything to the contrary herein or in the Financing Agreement, the amount of all outstanding advances based upon Acceptable Inventory, including all interest, collateral management fees, and other fees and charges thereon, shall be due and payable in full on the last day of the Inventory Advance Period. In the event Client fails to repay in full all outstanding advances based upon Acceptable Inventory, plus all interest, collateral management fees, and all other fees and charges thereon, on or before the last day of the Inventory Advance Period, such event shall constitute an Event of Default.
Sample 1
Terms of Inventory Advance. Advances based upon Acceptable Inventory shall be subject to the interest, Fees and Charges, and all terms and conditions applicable to an Advance under the Financing Agreement, including, without limitation, the Administrative Fee, except that the “Daily Funds Rate” for purposes of calculating interest owing on outstanding advances based upon Acceptable Inventory shall mean the prime rate as announced in the Wall Street Journal plus Two and Seventy-Five Hundredths Percent (2.75%) divided by 360, as may be adjusted from time to time as of the date of any change in the prime rate. All interest accrued on outstanding advances based upon Acceptable Inventory shall be due and payable monthly in arrears.
Sample 1

Related to Terms of Inventory Advance

  • Borrowing Base Report The Agent shall have received from the Borrower the initial Borrowing Base Report dated as of the Closing Date.

  • Sale of Inventory Purchaser shall purchase (or shall cause its Affiliates to purchase) the Inventory in separate transactions in accordance with the terms and conditions contained in the Supply Agreement. It is agreed and understood by and between the Parties that the Purchase Price does not include the Inventory.

  • Execution of Loan Documents; Borrowing Base Certificate The Borrowers hereby empower and authorize the Borrower Representative, on behalf of the Borrowers, to execute and deliver to the Administrative Agent and the Lenders the Loan Documents and all related agreements, certificates, documents, or instruments as shall be necessary or appropriate to effect the purposes of the Loan Documents, including, without limitation, the Borrowing Base Certificates and the Compliance Certificates. Each Borrower agrees that any action taken by the Borrower Representative or the Borrowers in accordance with the terms of this Agreement or the other Loan Documents, and the exercise by the Borrower Representative of its powers set forth therein or herein, together with such other powers that are reasonably incidental thereto, shall be binding upon all of the Borrowers.

  • Borrowing Base Reports Within thirty (30) days after the last day of each month, aged listings of accounts receivable and accounts payable (by invoice date) (the “Borrowing Base Reports”);

  • Borrowing Base Certificate The Administrative Agent shall have received a completed Borrowing Base Certificate duly executed by a financial officer of the Borrower, setting forth the calculation of the initial Borrowing Base as of the last day of the month preceding the date of the initial Advance under the Revolving Facility or the initial Letter of Credit.

  • Location of Inventory Except as set forth in Schedule 4.25, the Inventory of Borrowers and their Subsidiaries is not stored with a bailee, warehouseman, or similar party and is located only at, or in-transit between, the locations identified on Schedule 4.25 to this Agreement (as such Schedule may be updated pursuant to Section 5.14).

  • Returns of Inventory No Borrower shall return any Inventory to a supplier, vendor or other Person, whether for cash, credit or otherwise, unless (a) such return is in the Ordinary Course of Business; (b) no Default, Event of Default or Overadvance exists or would result therefrom; (c) Agent is promptly notified if the aggregate Value of all Inventory returned in any month exceeds $1,000,000; and (d) any payment received by a Borrower for a return is promptly remitted to Agent for application to the Obligations.

  • Waiver of Inventory, Accounting and Appraisal Requirement The Trustee shall be relieved of, and each Certificateholder hereby waives, any requirement of any jurisdiction in which the Trust, or any part thereof, may be located that the Trustee file any inventory, accounting or appraisal of the Trust with any court, agency or body at any time or in any manner whatsoever.

  • Location of Inventory and Equipment The Inventory and Equipment are not stored with a bailee, warehouseman, or similar party (without Foothill's prior written consent) and are located only at the locations identified on Schedule 6.12 or otherwise permitted by Section 6.12.

  • Content of Borrowing Requests Each telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: (i) whether such Borrowing is to be made under the Dollar Commitments or the Multicurrency Commitments; (ii) the aggregate amount and Currency of the requested Borrowing; (iii) the date of such Borrowing, which shall be a Business Day; (iv) in the case of a Syndicated Borrowing denominated in Dollars, whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing; (v) in the case of a Eurocurrency Borrowing, the Interest Period therefor, which shall be a period contemplated by the definition of the term “Interest Period” and permitted under Section 2.02(d); and (vi) the location and number of the Borrower’s account to which funds are to be disbursed.

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