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.

  • Subject to the terms of this Agreement, DFS may provide to Borrower floorplan financing for the acquisition of Inventory from vendors approved by DFS in DFS' reasonable credit judgment (each advance being a "Floorplan Inventory Loan"), up to an aggregate unpaid principal amount at any time not to exceed Forty Seven Million Dollars ($47,000,000) (collectively, the "Floorplan Inventory Loan Facility").

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

  • 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.

  • Subject to the terms of this Agreement, DFS may provide Loans to Borrower for Floorplan Inventory and financing approvals for Floorplan Inventory in transit from the seller thereof (each advance being a "Floorplan Inventory Loan") up to an aggregate unpaid principal amount at any time not to exceed (i) Forty Million Dollars ($40,000,000.00) less (ii) outstanding Revolving Credit Loans ("Inventory Floorplan Loan Limit").

  • A request for a Floorplan Inventory Loan shall be made or shall be deemed to be made, as provided in Section 5.1 hereof.

  • Subject to the terms of this Agreement, DFS may provide Loans to Borrower for Floorplan Inventory and financing approvals for Floorplan Inventory in transit from the Vendors (each advance being a "Floorplan Inventory Loan") up to an aggregate unpaid principal amount at any time not to exceed the difference between (i) the Total Credit Limit less (ii) outstanding Revolving Credit Loans ("Floorplan Inventory Loan Limit").

  • The aggregate of such remittances shall be treated as a Revolving Credit Loan (unless directed by the Administrative Agent that a portion of such Swingline Loan was to be treated as a Floorplan Inventory Loan) and the aggregate Revolving Credit Loan increased accordingly (or the Floorplan Inventory Loan increased accordingly, as the case may be).

  • 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.

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:

  • Eligible Inventory means, with respect to any Borrower, all Trailers (less than ten years old), Aircraft and Aircraft engines complying with Stage III noise reduction requirements, Railcars (less than twenty-five years old), marine containers (less than ten years old), and, if approved by the Requisite Lenders, other related Equipment, in each case that (a) is owned of record by such Borrower or a Marine Subsidiary of such Borrower (or jointly by such Borrower and one or more of the other Borrowers) or, subject to the approval of Agent, any Owner Trustee of which such Borrower is the sole beneficiary or owner (or is the beneficiary or owner jointly with one or more of the other Borrowers), as applicable, (b) is subject to a Lease acceptable to Agent in its sole discretion (as reviewed in full in connection with each requested borrowing hereunder), which Lease shall, at a minimum, (A) be non-cancelable, (B) be with a lessee of acceptable credit quality as determined by Agent, and (C) be of a firm term in excess of one (1) year, except that cargo-containers and Trailers may be on Utilization Leases; (c) has a value and marketability reasonably satisfactory to the Agent; and (d) is free and clear of all Liens, except (i) any interest of a lessee thereof pursuant to a Lease entered into with such Borrower or a Marine Subsidiary of such Borrower or such Borrower’s or such Marine Subsidiary’s predecessor in interest or such Owner Trustee or nominee entity, as lessor, or (ii) as otherwise permitted by Section 6.1, provided that any Liens of the type permitted under clause (ii) encumbering any item of Equipment shall not secure obligations in amounts which materially impair the equity value in such item of Equipment. Requisite Lenders in their sole discretion, on a case by case basis, may approve other items or types of Equipment for credit under "Eligible Inventory" from time to time. Equipment which is Eligible Inventory will cease to be Eligible Inventory at any time it no longer continues to meet all of the above requirements.

  • 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 loan, debt obligation, debt security or participation therein acquired by the Borrower.

  • 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 Agent maintained at the office of the Agent at 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 designated as the “Tower Letter of Credit Account” that shall be used solely for the purposes set forth herein.

  • Borrowing Base Assets means any Loan Party’s Inventory and Receivables and other assets directly related thereto, including documents, instruments, general intangibles, deposit accounts and the proceeds of all of the same.

  • 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 specified in Section 6.02(b).

  • Letter of Credit Accommodations means the letters of credit, merchandise purchase or other guaranties which are from time to time either (a) issued or opened by Lender for the account of Borrower or any Obligor or (b) with respect to which Lender has agreed to indemnify the issuer or guaranteed to the issuer the performance by Borrower of its obligations to such issuer.

  • Canadian Swingline Loan means any Loan made by the Canadian Swingline Lender pursuant to Section 2.12.

  • Letter of Credit Liabilities means, for any Lender and at any time, such Lender’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.

  • Revolving Loan Limit means, at any time, the lesser of (a) the Revolving Loan Commitment and (b) the Borrowing Base.