Conversion Vehicle Wholesale Financing Program a financing program provided by XxxXx or its Subsidiaries pursuant to which (i) XxxXx or its Subsidiaries provides wholesale financing to recreational truck and van conversion companies and manufacturers of specialized bodies and equipment on vehicles which are consignees of the Borrower (the “Converters”) to enable such Persons to hold on consignment from the Borrower or any of its Subsidiaries vehicles, chassis, other merchandise and inventory (the “Merchandise”) manufactured by the Borrower and its Subsidiaries for the sole purpose of storing, upfitting or adding to the Merchandise, which financings are secured by such Merchandise and repaid with the proceeds of the sale of such Merchandise by the Borrower, (ii) the Borrower is obligated to pay (on behalf of the Converters) to XxxXx or its Subsidiaries a portion of the first 90 days of interest accruing on such loans and (iii) the Borrower is obligated to purchase the Merchandise from the Converters upon completion of the conversion.
Conversion Vehicle Wholesale Financing Program. (i) a financing program provided by XxxXx or its Subsidiaries pursuant to which (a) XxxXx or its Subsidiaries provides wholesale financing to recreational truck and van conversion companies and manufacturers of specialized bodies and equipment on vehicles which are consignees of the Borrower (the “Converters”) to enable such Persons to hold on consignment from the Borrower or any of its Subsidiaries vehicles, chassis, other merchandise and inventory (the “Merchandise”) manufactured by the Borrower and its Subsidiaries for the sole purpose of storing, upfitting or adding to the Merchandise, which financings are secured by such Merchandise and repaid with the proceeds of the sale of such Merchandise by the Borrower, (b) the Borrower is obligated to pay (on behalf of the Converters) to XxxXx or its Subsidiaries a portion of the first 90 days of interest accruing on such loans and (c) the Borrower is obligated to purchase the Merchandise from the Converters upon completion of the conversion, (ii) any substantially similar program with GMAC or (iii) any similar program with another lender, which program has been approved in advance in writing by the Lender (in its sole discretion).
Conversion Vehicle Wholesale Financing Program means any program whereby a financing company (including Ally or any of its affiliates) provides Wholesale Financing to any Upfitter (i) for the sole purpose of financing the purchase by such Upfitter of vehicles from the Company or one of its Subsidiaries, (ii) pursuant to which such Upfitter stores, upfits and otherwise modifies such vehicles, (iii) that is secured by such vehicles, (iv) pursuant to which the Company or any of its Affiliates is obligated to repurchase such vehicles from such Upfitter, and (v) that is repaid with the proceeds of such sale.
More Definitions of Conversion Vehicle Wholesale Financing Program
Conversion Vehicle Wholesale Financing Program a financing program provided by XxxXx or its Subsidiaries pursuant to which (i) XxxXx or its Subsidiaries provides wholesale financing to recreational truck and van conversion companies and manufacturers of specialized bodies and equipment on vehicles which are consignees of the Company (the “Converters”) to enable such Persons to hold on consignment from the Company or any of its Subsidiaries vehicles, chassis, other merchandise and inventory (the “Merchandise”) manufactured by the Company and its Subsidiaries for the sole purpose of storing, upfitting or adding to the Merchandise, which financings are secured by such Merchandise and repaid with the proceeds of the sale of such Merchandise by the Company, (ii) the Company is obligated to pay (on behalf of the Converters) to XxxXx or its Subsidiaries a portion of the first 90 days of interest accruing on such loans and (iii) the Company is obligated to purchase the Merchandise from the Converters upon completion of the conversion.