Examples of Financed Inventory in a sentence
All perfected purchase money security interests granted by the Dealer to the Supplier in the Financed Inventory will have priority over any security interest that ATB now or hereafter has in the Financed Inventory.
Subject to Section 8, the Supplier will be entitled, in priority to any security interest of ATB, to all proceeds and accounts of the Dealer arising out of the sale or lease by the Dealer of the Financed Inventory and against which the Supplier has a perfected purchase money security interest.
The Supplier will not be entitled to claim any funds that ATB has paid out, or set aside to pay out, prior to receipt of such notice; and with respect to the proceeds of sale or lease of each item of Financed Inventory, the priority of the Supplier will not extend to any amount in excess of the amount actually owed to the Supplier under the purchase money security interest secured against that item of Financed Inventory.
Upon agreeing to finance an item of Financed Inventory, CPC will send Reseller Agent a TS, identifying such Financed Inventory and if not otherwise provided herein, the interest rate applicable to such Financed Inventory.
With respect to Financed Inventory, Resellers will immediately pay CPC the principal Indebtedness on the earliest occurrence of any of the following events: (a) on the Payment Due Date, and (b) immediately when the Inventory is lost, stolen or damaged (collectively, the “Loss Date”).