Contracts in Transit definition

Contracts in Transit means any right of any Obligor in (i) contracts in transit relating to any Inventory that is a Vehicle or Unit (including any Vehicle or Unit that has been sold, leased or otherwise disposed of by such Obligor), (ii) any written or oral agreement of any finance company or other Person to provide financing for, or to pay all or any portion of the purchase price of any such Vehicle or Unit Inventory (including any Vehicle or Unit Inventory that has been sold, leased or otherwise disposed of by such Obligor) or (iii) any amount to be received under such contracts or agreements.
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Contracts in Transit means very short term receivables, these are receivables from the finance companies that contracted the sale of inventories; however, cash has not yet been received. (This definition is only referenced in the definitions section as part of the definition of other terms and is not referenced in the text of the Agreement.)
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Contracts in Transit means all amounts due to a Borrower from any financial institution on retail finance contracts from vehicle sales, including amounts receivable from wholesale sales (excluding financial institutions or finance companies which are Affiliates of a Borrower). (61) (59) “Contract Period” means the period selected by the applicable Borrower in accordance with Section 3.1(1) commencing on the Drawdown Date, Rollover Date or Conversion Date, as applicable, and expiring on a Business Day, subject to the terms of Section 3.2(3) with respect to XXXXX Loans. (62) (60) “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have corresponding meanings. (63) (61) “Conversion” means the conversion of an outstanding Borrowing, or a portion of an outstanding Borrowing, into an alternative type of Borrowing under Section 3.4.
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Examples of Contracts in Transit in a sentence

  • Borrowers' records with respect to Accounts (other than Contracts in Transit) shall be kept or shall be accumulated by Borrowers on a centralized basis at the Company's headquarters.

  • Remarks:• Contracts in Transit represent the amount due from finance institutions on customer finance contracts.• Finance contracts should be reviewed daily to determine that remittances are received promptly.

  • Each Borrower's records with respect to Accounts (other than Contracts in Transit) shall be kept or shall be accumulated by the Borrowers on a centralized basis at the Company’s headquarters.

  • But not because somebody uses a swearword or calls somebody a traitor.I don’t think this is just the Com- pliance Unit making work for themselves.

  • Contracts in Transit: Contracts in transit represent customer finance contracts evidencing loan agreements or lease agreements between Sonic, as creditor, and the customer, as borrower, to acquire or lease a vehicle whereby a third-party finance source has given Sonic initial, non-binding approval to assume Sonic's position as creditor.

  • In addition, in the analysis, the impact of an adverse change in one key assumption is calculated independent of any impact on other assumptions.

  • If a unit comes into stock outside of that policy, wholesale immediately and adjustthe Actual Cash Value (ACV) of the car deal that took it in trade.• Use sweep accounts to move excess cash from your checking accounts into investment accounts and include the payroll account to earn on that account’s “float.”• Issue a daily report of all Contracts in Transit and Ve- hicle Receivables to the sales department.

  • King Coal Chevrolet Co. - Basis of Accounting – The Companies prepare its financial statements in accordance with accounting principles generally accepted in the United States of America.- Cash and Cash Equivalents – Cash and cash equivalents consist of cash on hand and cash on deposit with financial institutions.- Contracts in Transit – Contracts in transit represent amounts due for customer contracts sold to financial institutions.

  • The Collateral Agent will not conduct any routine confirmation or inspection of Contracts in Transit.

  • This is in line with most major infrastructure consents in my experience.


More Definitions of Contracts in Transit

Contracts in Transit means all amounts due to a Borrower from any financial institution on retail finance contracts from vehicle sales, including amounts receivable from wholesale sales (excluding financial institutions or finance companies which are Affiliates of a Borrower). (50) “Contract Period” means the thirty (30) days with respect to CDOR Loans and with respect to Letters of Credit, the period selected by the applicable Borrower in accordance with
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Contracts in Transit means, collectively, with respect to each Debtor, all agreements, including all Accounts and Chattel Paper, of third parties to pay the purchase price of vehicles sold to customers, which agreements are not yet funded.
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Contracts in Transit means all amounts due to a Borrower from any financial institution on retail finance contracts from vehicle sales, including amounts receivable from wholesale sales (excluding financial institutions or finance companies which are Affiliates of a Borrower). (59) (50) “Contract Period” means the thirty (30) days with respect to CDOR Loans and with respect to Letters of Credit, the period selected by the applicable Borrower in accordance with Section 3.1(1) commencing on the Drawdown Date, Rollover Date or Conversion Date, as applicable, and expiring on a Business Day, subject to the terms of Section 3.33.2(3) with respect to XXXXX Loans. (60) (51) “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have corresponding meanings. (61) (52) “Conversion” means the conversion of an outstanding Borrowing, or a portion of an outstanding Borrowing, into an alternative type of Borrowing under Section 3.4. (62) (53) “Conversion Date” means the Business Day that the Borrowers elects as the date on which a Conversion is to occur. (63) “XXXXX” means the Canadian Overnight Repo Rate Average administered and published by the Bank of Canada (or any successor administrator). (64) “XXXXX Interest Date” means with respect to a XXXXX Loan, the last day of the Contract Period of that XXXXX Loan; provided that whenever a XXXXX Interest Date would otherwise occur on a day other than a Business Day, it shall be extended to the next succeeding Business Day. (65) “XXXXX Loans” means Term XXXXX Loans and Daily Compounded XXXXX Loans. (66) (54) “Credit Facilities” means Revolving Facility, the Wholesale Flooring Facility, the Used Vehicle Flooring Facility, Wholesale Leasing Facility and Daily Rental Facility, and “Credit Facility” means any one of them. (67) (55) “Credit Facilities Hedge” means a Hedge Contract, which may be entered into between the Borrowers (or any of them) and any of the Lenders, provided to fix such Borrowers’ interest rate risk under the Credit Facilities (or any of them), in an aggregate notional amount not to exceed the principal amount of such Credit Facilities. (68) (56) “Credit Facility Limits” means the Revolving Limit, the Wholesale Flooring Facility Limit, the Used Vehicle Flooring Facility Limit, the Wholesale Leasing Limit and the Daily Rental Limit, and...
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Related to Contracts in Transit

  • Customer Contracts has the meaning set forth in Section 2.1(b)(ii)(A).

  • Assumed Contracts has the meaning set forth in Section 2.1(d).

  • Assigned Contracts has the meaning set forth in Section 2.01(c).

  • Supply Contracts means contracts having as their object the purchase, lease, rental or hire-purchase, with or without an option to buy, of products. A supply contract may include, as an incidental matter, siting and installation operations;

  • CFD Contract or "CFD" shall mean a contract which is a contract for difference by reference to fluctuations in the price of the relevant security or index;

  • Service Contracts means contracts or agreements, such as maintenance, supply, service or utility contracts.

  • New Contracts means binding new agreements or amendments to existing agreements with customers.

  • Transferred Contracts has the meaning ascribed to it in Section 2.1(c).

  • public works contract means any agreement between any individual, firm or corporation and the State or any political subdivision of the State other than a municipality for construction, rehabilitation, conversion, extension, demolition or repair of a public building, highway or other changes or improvements in real property, or which is financed in whole or in part by the State, including, but not limited to, matching expenditures, grants, loans, insurance or guarantees.

  • Assigned Contract has the meaning set forth in Section 1.5(a).