Examples of Used Inventory in a sentence
For example, a dealer could apply for a $300,000 floor plan line of credit to support New Inventory and a $200,000 floor plan line of credit to support Used Inventory.
Subject to the terms of this Agreement, DFS agrees, for so long as no Default exists, to provide to Borrower working capital financing (each advance being a "Revolving Credit Loan") on Eligible Used Inventory and Eligible Parts in the maximum aggregate unpaid principal amount at any time not to exceed the lesser of (i) the Borrowing Base and (ii) Five Million Five Hundred Thousand Dollars ($5,500,000)) ("Total Revolving Credit Limit").
Borrower agrees, that until all Advances have been paid in full or this Loan Agreement has been terminated pursuant to Section 3, to pay the actual cost, subject to a mutually agreeable cap, for an annual evaluation of the Eligible Inventory and Eligible New and Used Inventory (collectively referred to as "Inventory" for purposes of this Section).
Borrower agrees to provide to DFS by the fifteenth (15th) day of each month, or more frequently if requested by DFS, in each case as of the last day of the immediately prior month, each of the following: (a) Borrowing Base Certificate; (b) listing of each unit of New Inventory and Used Inventory, together with the date of purchase and Cost thereof; (c) listing of all Parts; and (d) aging of all accounts receivable (the "Monthly Reports").
Any downward variance amount of more than three percent (3%) (with such percentage to be rounded to the nearest tenth of one percent) (a "Material Variance") shall be applied to the total collateral value for all types of Collateral shown by the current Borrowing Base Certificate and all Borrowing Base Certificiates submitted prior to the time when a new variance is calculated at the next inspection of Eligible New Inventory and Eligible Used Inventory (a "Variance Adjustment").