Floorplan Inventory Loan definition

Floorplan Inventory Loan shall have the meaning set forth in Section 3.2.
Sample 1Sample 2Sample 3
Floorplan Inventory Loan shall have the meaning set forth in SECTION 3.2.
Sample 1

Examples of Floorplan Inventory Loan in a sentence

  • Borrower will pay DFS finance charges on the outstanding principal debt Borrower owes DFS for each item of Inventory financed by DFS under a Floorplan Inventory Loan at the rate(s) shown on the Statement of Transaction identifying such Inventory, unless Borrower objects thereto as provided in Section 3.2(a).

  • The Statement of Transaction may specify a "Minimum Prime", which shall mean a minimum rate per annum designated as a floor below which the Prime Rate shall be deemed not to fall for purposes of calculating Borrower's Floorplan Inventory Loan finance charges, notwithstanding that the "Prime Rate" as defined herein might otherwise be a lower rate per annum.

  • Administrative Agent shall then determine that all necessary and appropriate documentation is in place with the vendor of such Floorplan Inventory, and promptly after such determination arrange for funding of such Floorplan Inventory Loan.

  • If Borrower objects to a Statement of Transaction, Administrative Agent of the Required Lenders may either require immediate payment the Floorplan Inventory Loan represented by such Statement of Transaction to which Borrower has objected, or charge Borrower interest on such Floorplan Inventory Loan at the rates set forth below for, and as if such Floorplan Inventory Loan was, a Loan and Revolving Credit Loan.

  • For purposes of this Agreement, Borrower agrees that Administrative Agent may rely and act upon any request for a Floorplan Inventory Loan from any individual who Administrative Agent, absent gross negligence or willful misconduct, believes to be a representative of Borrower.

  • DFS may, however, at any time and without notice to Borrower, elect not to finance under a Floorplan Inventory Loan any Inventory sold by particular Vendors who are in default of their obligations to DFS.

  • Each Lender shall make immediately available to Administrative Agent by 3:00 p.m. (St. Louis time) on such date funds consisting solely of Dollars in the amount of its Pro-Rata Share of each such Loan (whether Revolving Credit Loan or Floorplan Inventory Loan), rounded to the nearest pxxxx, in accordance with such remittance instructions (absent manifest error) as may be given by Administrative Agent to Lenders from time to time.

  • A request for a Floorplan Inventory Loan received by Administrative Agent on a day that is not a Business Day or that is received by Administrative Agent after 11:00 a.m. (St. Louis time) on a Business Day shall be treated as having been received by Administrative Agent at 10:00 a.m.

  • Every request for a Floorplan Inventory Loan shall be irrevocable.

  • Borrower hereby requests that Administrative Agent make a Floorplan Inventory Loan of $______ to Borrower under the terms of the Loan Agreement on _______________.

Related to Floorplan Inventory Loan

  • Conduit Inventory Loan shall have the meaning assigned to such term in Section 14(d).

  • Aggregate Borrowing Base means the aggregate amount of the U.S. Borrowing Base and the Canadian Borrowing Base; provided that the maximum amount of the Canadian Borrowing Base which may be included in the Aggregate Borrowing Base is the Canadian Sublimit.

  • Inventory Advance Rate shall have the meaning set forth in Section 2.1(a)(y)(ii) hereof.

  • Domestic Borrowing Base means, at any time of calculation, an amount equal to:

  • Loan Pool means: (a) in the context of a Securitization, any pool or group of loans that are a part of such Securitization; (b) in the context of a Transfer, all loans which are sold, transferred or assigned to the same transferee; and (c) in the context of a Participation, all loans as to which participating interests are granted to the same participant.

  • 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.

  • Revolving Loan Availability means, at any time, the Revolving Loan Limit minus the Revolving Loan Outstandings.

  • Inventory Formula Amount means (i) the lesser of (x) 75% of the Value of Eligible Inventory and (y) 85% of the NOLV Percentage of the Value of Eligible Inventory plus (ii) the lesser of (x) the lesser of (1) 75% of the Value of Eligible In-Transit Inventory and (2) 85% of the NOLV Percentage of the Value of the Eligible In-Transit Inventory and (y) $10,000,000.

  • Loan Assets means, collectively and as applicable, the Initial Loan Assets, the Substitute Loan Assets and the Additional Loan Assets, as applicable.

  • Letters of Credit Outstanding means, at any time, the sum of, without duplication, (a) the aggregate Stated Amount of all outstanding Letters of Credit and (b) the aggregate principal amount of all Unpaid Drawings in respect of all Letters of Credit.

  • Canadian Borrowing Base means, at any time, an amount in Dollars equal to:

  • Revolving Advances means Advances made other than Letters of Credit.

  • Collateral Loan means a Senior Secured Loan, a Senior Secured Bond, a First Lien/Last Out Loan or a Second Lien Loan or a Participation Interest in any Senior Secured Loan, First Lien/Last Out Loan or Second Lien Loan that as of the date of acquisition by the Borrower meets each of the following criteria:

  • Revolving Line of Credit means the Commitments of the Lenders to make Revolving Loans pursuant to Section 3 of this Financing Agreement and assist the Companies in opening Letters of Credit, Bankers Acceptances, Steamship Guarantees and Airway Releases pursuant to Section 5 of this Financing Agreement, in an aggregate amount equal to $250,000,000.

  • Letter of Credit Account means the account established by the Borrower under the sole and exclusive control of the Administrative Agent maintained at the office of the Administrative Agent at 200 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 designated as the “Delphi Letter of Credit Account” that shall be used solely for the purposes set forth herein.

  • Borrowing Base Assets means a collective reference to all Borrowing Base Assets in existence at any given time.

  • Borrowing Base means, at any time of calculation, an amount equal to:

  • 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).

  • Credit Improved Obligation means any Collateral Debt Obligation which, in the Investment Manager’s judgment, has significantly improved in credit quality and in respect of which one of the following is satisfied:

  • Line of Credit mean the credit facility described in the Section titled "LINE OF CREDIT" below.

  • Line of Credit Note shall have the meaning given the term in Section 2.1.a.

  • Letter of Credit Collateral has the meaning provided in Section 6.4.

  • Letter of Credit Accommodations means, collectively, the letters of credit, merchandise purchase or other guaranties which are from time to time either (a) issued or opened by Agent or any Lender for the account of any Borrower or Obligor or (b) with respect to which Agent or Lenders have agreed to indemnify the issuer or guaranteed to the issuer the performance by any Borrower or Obligor of its obligations to such issuer; sometimes being referred to herein individually as "Letter of Credit Accommodation".

  • Canadian Swingline Loan means a Swingline Loan made to the Canadian Borrower.

  • Letter of Credit Liabilities means, for any Bank and at any time, such Bank's ratable participation in the sum of (x) the amounts then owing by the Borrower in respect of amounts drawn under Letters of Credit and (y) the aggregate amount then available for drawing under all Letters of Credit.

  • Overadvance Loan means a Base Rate Loan made when an Overadvance exists or is caused by the funding thereof.