Automobile Inventory definition
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.
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 “Items” shall mean all cash payments, checks, drafts, or similar items of payment upon and/or proceeds of the Receivables and/or Automobile Inventory.
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 “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.
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 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.
Buyer will purchase the Acquired Automobile Inventory in consideration for sixty-three percent (63%) of the book value of the Acquired Automobile Inventory as of the Effective Time as set forth at SCHEDULE 1.1(j) with such book value for each automobile included in the Acquired Automobile Inventory as set forth at SCHEDULE 1.1(j) (the "Automobile Inventory Price").