Inventory Facility definition

Inventory Facility means the Third Amended and Restated Loan and Security Agreement, dated as of August 10, 2009, by and among DTAG, DTSFC, DTCS, Santander Consumer USA, Inc. and Manheim Automotive Financial Services, Inc, as amended, restated, supplemented or otherwise modified from time to time.

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Inventory Facility means any Floor Plan Facility or any other agreement, including pursuant to a commercial paper program, pursuant to which the Company or any Restricted Subsidiary incurs Debt, the net proceeds of which are used to purchase, finance or refinance vehicles and/or vehicle parts, supplies or other inventory to be sold or otherwise used in the ordinary course of business of the Company and its Restricted Subsidiaries.

Inventory Facility means any Floor Plan Facility or any other agreement (including pursuant to a commercial paper program) pursuant to which the Company or any Restricted Subsidiary incurs Indebtedness, the net proceeds of which are used to purchase, finance or refinance vehicles and/or vehicle parts and supplies to be sold in the ordinary course of business of the Company and its Restricted Subsidiaries and which may not be secured except by a Lien that does not extend to or cover any property other than the property of the dealership(s) which use the proceeds of the Inventory Facility or other dealerships who have incurred Indebtedness from the same lender.

Examples of Inventory Facility in a sentence

• Lessor of the (i) remaining balance of the Inventory Facility Limit and (ii) line 4.

• Originator shall not create or suffer to exist any mortgage, pledge, security interest, encumbrance, lien, charge or other similar arrangement on any of its inventory, except as contemplated in an Inventory Facility Intercreditor Agreement.

• All amounts outstanding under the Inventory Facility shall constitute Obligations and shall be secured by the Collateral.

• Additional Borrower shall be a co-obligor/co-borrower with the Borrowers with respect to Loan Agreement, Notes and other Loan Documents, and shall be jointly and severally liable with the Borrowers for repayment of the Inventory Facility and the Obligations thereunder.

• Notwithstanding anything in the Purchase Agreement regarding Product acceptance to the contrary (the parties agree that this Section 6 shall supersede Product acceptance language in the Purchase Agreement with respect to Products in the Consignment Inventory), Facility shall be deemed to have accepted Products when they are taken from the Consignment Inventory, opened, inspected and used with a patient/client (“Accepted”).

More Definitions of Inventory Facility

Inventory Facility means a physical location, separate and apart from the physical location of the sales agency, where consumer commodities are stored and subject to inventory accounting, and which thereafter are distributed to the physical location of the sales agency.

Inventory Facility means the Fourth Amended and Restated Loan and Security Agreement, dated as of October 28, 2011, by and among DTAG, DTSFC, DTCS, DTOC, ▇▇▇▇▇ Fargo Bank, N.A., Santander Consumer USA, Inc. and Manheim Automotive Financial Services, Inc. and the other Persons from time to time party thereto as “Lenders” and ▇▇▇▇▇ Fargo Bank, N.A., as agent for the “Lenders” thereunder, as further amended, restated, supplemented or otherwise modified from time to time.

Inventory Facility means (i) each “Floorplan Facility” as defined in the Credit Agreement (in effect on the Issue Date), and (ii) any other agreement, including pursuant to a commercial paper program, pursuant to which the Company or any Restricted Subsidiary incurs Indebtedness, the net proceeds of which are used to purchase, finance or refinance vehicles and/or vehicle parts (including, without limitation, automobiles, motorcycles, watercraft and other similar vehicles as well as the parts related thereto) and supplies, each as may be amended, substituted, refinanced or replaced from time to time with another Inventory Facility.

Inventory Facility means any Floor Plan Facility or any other agreement, including pursuant to a commercial paper program, pursuant to which the Company or any Restricted Subsidiary incurs Indebtedness, the net proceeds of which are used to purchase, finance or refinance vehicles and/or vehicle parts and supplies.

Inventory Facility means that certain senior secured credit facility in an aggregate amount of up to $150,000,000 made in favor of Anixter and its affiliates, by ▇▇▇▇▇ Fargo, as the administrative agent, the lenders from time to time party thereto and ▇.▇. ▇▇▇▇▇▇ Securities LLC and ▇▇▇▇▇ Fargo, as joint lead arrangers, made pursuant to the Inventory Facility Credit Agreement.

Inventory Facility means the Fourth Amended and Restated Loan and Security Agreement, dated as of October 28, 2011, by and among DTAG, DTSFC, DTCS, DriveTime Ohio Company, LLC, an Arizona limited liability company, ▇▇▇▇▇ Fargo Bank, N.A., a national banking association, as the lead lender and as the agent for the lenders, SCUSA and Manheim Automotive Financial Services, Inc, as amended, restated, supplemented or otherwise modified from time to time.

Inventory Facility means advances available to Client pursuant to this Rider.