Automobile Inventory definition

Automobile Inventory means all automobiles, light trucks and other vehicles owned by the Borrowers and either held by Borrowers as inventory or leased by the Borrowers under an RTO Transaction.
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Automobile Inventory means all automobiles, light trucks and other vehicles owned by the Borrowers.
Sample 1Sample 2
Automobile Inventory means Motor Vehicles, and all accessions, additions, attachments, improvements, substitutions and replacements thereto and therefor. Collateral means, with respect to any Debtor, all property and rights of such Debtor in which a security interest is granted hereunder.
Sample 1

Examples of Automobile Inventory in a sentence

  • Each Debtor shall immediately notify the Agent of the occurrence of any event causing any loss or depreciation in the value of its Automobile Inventory or other assets which could reasonably be expected to have a Material Adverse Effect, and such notice shall specify the amount of such loss or depreciation.

  • Each Debtor agrees, in case of Default, to assemble, at its expense, all its Automobile Inventory that is not then located at one of the inventory locations listed on the inventory detail report most recently delivered pursuant to Section 9.1.10 of the Credit Agreement and make it available to the Agent at one or more of such locations.

  • During the term of this Agreement and so long as any of the Indebtedness remains unpaid or any commitment to lend hereunder is in effect, Borrowers shall keep a set of all material records (including, without limitation, all files, books and records with respect to all Existing Receivables and Automobile Inventory) at a location with respect to which Lender shall have received a collateral access agreement in form and substance satisfactory to Lender.

  • The term “Items” shall mean all cash payments, checks, drafts, or similar items of payment upon and/or proceeds of the Receivables and/or Automobile Inventory.

  • Borrowers shall cause all payments of Receivables and other proceeds of the sale of Automobile Inventory and other Collateral to be deposited into a Collection Account.

  • The term “Lot Code” shall mean the identification codes applied to Borrowers’ Existing Receivables and Automobile Inventory pursuant to the software system used by Borrowers for the purpose of monitoring Existing Receivables and Automobile Inventory.

  • The term “Purchaser” shall mean any lessee of a vehicle who purchases the vehicle from a Borrower pursuant to the terms of an RTO Transaction and any other Person that purchases Automobile Inventory which is security for an RTO Loan from a Borrower.

  • The proceeds received by a Borrower from the sale of a motor vehicle to a Purchaser from the Automobile Inventory shall be applied as provided in the RTO Note.

  • During the term of this Agreement and so long as any of the Indebtedness remains unpaid or any commitment to lend hereunder is in effect, Borrowers shall keep a set of all material records (including, without limitation, all files, books and records with respect to all Receivables and Automobile Inventory) at a location with respect to which Administrative Agent shall have received a collateral access agreement in form and substance satisfactory to Administrative Agent.

  • The term “Auto Title” shall mean the certificate of title issued by the department of transportation or other corresponding instrumentality or agency of any state that relates to an automobile or other vehicle which is collateral for an Existing Receivable or constitutes Automobile Inventory, as applicable.


More Definitions of Automobile Inventory

Automobile Inventory means Motor Vehicles, and all accessions, additions, attachments, improvements, substitutions and replacements thereto and therefor.
Sample 1

Related to Automobile Inventory

  • Inventory is all “inventory” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily out of Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above.

  • Eligible Inventory means and include Inventory, excluding work in process, with respect to each Borrower, valued at the lower of cost or market value, determined on a first-in, first-out basis, which is not obsolete, slow moving or unmerchantable as determined by Agent in its Permitted Discretion and which Inventory, based on such considerations as Agent may from time to time deem appropriate in its Permitted Discretion including whether the Inventory is subject to a perfected, first priority security interest in favor of Agent and no other Lien (other than a Permitted Encumbrance). Notwithstanding anything herein to the contrary, no Inventory shall be Eligible Inventory to the extent such Inventory was acquired by a Borrower pursuant to an entity creation under Section 7.12 or a Permitted Acquisition, unless Agent has (i) completed field examinations with respect to such Inventory, the results of which are satisfactory in form and substance to Agent in its Permitted Discretion or (ii) waived such restriction in its Permitted Discretion. In addition, Inventory shall not be Eligible Inventory if it: (a) does not conform in all material respects to all standards imposed by any Governmental Body which has regulatory authority over such goods or the use or sale thereof; (b) is in transit (other than between one or more locations where Borrowers are permitted hereunder to maintain or store Inventory and such location is the subject of a Lien Waiver Agreement or a Processor’s Agreement, as applicable, unless such location is owned by Borrower); (c) is located outside the continental United States or at a location that is not otherwise in compliance with this Agreement; (d) constitutes Consigned Inventory (other than Consigned Inventory that is subject to a warehouseman’s waiver in form and substance satisfactory to Agent); (e) is the subject of an Intellectual Property Claim; (f) is subject to a License Agreement that limits, conditions or restricts the applicable Borrower’s or Agent’s right to sell or otherwise dispose of such Inventory, unless Agent is a party to a Licensor/Agent Agreement with the Licensor under such License Agreement (or Agent shall agree otherwise in its Permitted Discretion after establishing reserves against the Formula Amount with respect thereto as Agent shall deem appropriate in its Permitted Discretion); (g) at any time following seventy-five (75) days after the Closing Date (or such later date agreed to by Agent), is situated at a location not owned by a Borrower unless the owner or occupier of such location has executed in favor of Agent a Lien Waiver Agreement or a Processor’s Agreement, as applicable (or Agent shall have established reserves against the Formula Amount with respect thereto as Agent shall deem appropriate in its Permitted Discretion in an amount not to exceed the equivalent of three (3) months’ rental obligation with respect to such location); or (h) if the sale of such Inventory would result in the creation of a Receivable which, on the date of such sale, would fail to constitute an Eligible Receivable due to the operation of any of clauses (b), (c) or (e) – (p) of such definition.

  • Consigned Inventory means Inventory of any Borrower that is in the possession of another Person on a consignment, sale or return, or other basis that does not constitute a final sale and acceptance of such Inventory.

  • Product Inventory means all inventory of the Product owned by Seller or its Affiliates as of the Closing, including raw materials, work-in-process, bulk form drug and finished Product.

  • Excluded Inventory means any of the following inventory of goods, merchandise, or other inventory of Seller located at the Leased Premises: (a) all items in the Fresh Departments;

  • Transferred Inventory has the meaning set forth in Section 2.2(a)(iii).

  • Obsolete Inventory means items that have expired, are redundant or

  • Inventories means “Inventories” as defined in the Uniform System of Accounts, such as, but not limited to, provisions in storerooms, refrigerators, pantries and kitchens; beverages in wine cellars and bars; other merchandise intended for sale; fuel; mechanical supplies; stationery; and other expensed supplies and similar items.

  • Eligible Finished Goods Inventory means all Finished Goods Inventory that is Eligible Inventory.

  • School equipment means a durable school-owned machine, equipment, or tool used by a student as part of an activity, course, or program in a secondary school and includes a saw or 3D printer. “School equipment” includes a saw or 3D printer.

  • Excess Inventory means all Inventory and Special Inventory possessed or owned by Flextronics that is not required for consumption to satisfy the next [***] of demand for Products under the then-current purchase order(s) and forecast.

  • Qualified Inventory means all Raw Materials Inventory, Semi-Finished Goods and Scrap Inventory and Finished Goods Inventory held by a Credit Party in the normal course of business and owned solely by such Credit Party (per plant level records whereby manufactured items are valued at pre-determined costs and purchased items are valued at rolling average actual cost).

  • Farm equipment means equipment used directly for farming

  • Machinery and equipment shall have the meaning specified in Section 1.1(c).

  • Standard equipment means the basic configuration of a vehicle which is equipped with all the features that are required under the regulatory acts of the Contracting Party including all features that are fitted without giving rise to any further specifications on configuration or equipment level.

  • Rental Equipment means the equipment identified on the Service Agreement and Order Schedule or otherwise notified to you in writing that we will rent to you as part of our provision of the Services and which you will return to us after expiry or termination of the Agreement, subject to the provisions of this Agreement.

  • Inventory Appraisal means (a) on the Closing Date, the appraisal prepared by Great American Group dated June 2007 and (b) thereafter, the most recent inventory appraisal conducted by an independent appraisal firm pursuant to Section 9.2(b).

  • Farm machinery means all machines and tools that are used in the production, harvesting, and care of farm products, and includes trailers that are used to transport agricultural produce or agricultural production materials between a local place of storage or supply and the farm, agricultural tractors, threshing machinery, hay-baling machinery, corn shellers, hammermills, and machinery used in the production of horticultural, agricultural, and vegetable products.

  • Gross Book Value means, at any time, the book value of the assets of the REIT, as shown on its then most recent balance sheet, plus the amount of accumulated depreciation shown thereon.

  • Consumable means any component of a good that is used up recurrently and needs to be replaced for the good to function as intended;

  • Finished Goods means units of a manufactured product awaiting sale.

  • Transit means the passage of a third country national or a stateless person through the territory of the Requested State while travelling from the Requesting State to the country of destination;

  • Inventory Value has the meaning set forth in Section 2.1.

  • Capital Equipment means machinery and equipment purchased or leased, and used in this state by the purchaser or lessee primarily for manufacturing, fabricating, mining, or refining tangible personal property to be sold ultimately at retail if the machinery and equipment are essential to the integrated production process of manufacturing, fabricating, mining, or refining. Capital equipment also includes machinery and equipment used primarily to electronically transmit results retrieved by a customer of an online computerized data retrieval system.

  • In-Transit Inventory means Inventory of a Borrower which is in the possession of a common carrier and is in transit from a Foreign Vendor of a Borrower from a location outside of the continental United States to a location of a Borrower that is within the continental United States.

  • Mobile equipment means any of the following types of land vehicles, including any attached machinery or equipment: