Inventory Advances. As set forth more fully in the 1998-C SUBI Servicing Supplement, the Servicer is authorized to make an Inventory Advance if it expects to recover the full amount thereof in connection with the liquidation of the related 1998-C Leased Vehicles. The 1998-C Securitization Trustee shall not accept monies from the Servicer that the Servicer has identified or designated as Inventory Advances in the related Statement to Certificateholders unless it shall also have received the written representation of the Servicer that the Servicer expects to recover the full amount thereof in connection with the liquidation of the related 1998-C Leased Vehicles based on its estimation of expected Liquidation Proceeds. In estimating the expected Liquidation Proceeds, the Servicer shall take into account (a) the specific 1998-C Leased Vehicles that are to be the subject of such Inventory Advance and (b) its own recent actual experience with the liquidation of vehicles of comparable makes and models, in each case on a basis consistent with the review and estimates the Servicer prepares in establishing and revising its own servicing guidelines.
Inventory Advances. (i) Subject to and upon the terms and conditions of this Agreement, at any time from the date hereof through the Revolving Maturity Date, Bank agrees to make advances to Borrowers based on Eligible Inventory (the “Inventory Advances”) in an aggregate amount not to exceed the Inventory Sublimit. Each Inventory Advance shall not exceed the lesser of (a) one hundred percent (100%) of the net orderly liquidation value (determined in accordance with GAAP) of the Eligible Inventory or (b) fifty percent (50%) of the Eligible Inventory based on the cost of finished goods on hand (determined in accordance with GAAP).
Inventory Advances. Except as set forth in Section 2.3(b), the Inventory Advances shall bear interest, on the outstanding Daily Balance thereof, at a rate equal to one and one half of one percent (1.50%) above the Prime Rate.
Inventory Advances. Summit may, in its sole discretion and without any duty to do so, elect from time to time to make advances based upon Acceptable Inventory. Advances based upon Acceptable Inventory shall be made only in accordance with the below formula, which formula may be changed or modified at any time in the sole discretion of Summit without the consent or approval of Client: Advances based upon Acceptable Inventory may be made upon request of Client so long as the aggregate amount of all advances based upon Acceptable Inventory outstanding and unpaid does not exceed the lesser of (a) Fifty Percent (50%) of the lower of book value, as determined in accordance with generally accepted accounting principles, of the Acceptable Inventory, (b) Four Hundred Fifty Thousand Dollars ($450,000), (c) Fifty Percent (50%) of Client’s outstanding Acceptable Accounts, and (d) together with the aggregate amount of all other outstanding Advances, the Maximum Credit Line. Summit may decline to make advances based upon Acceptable Inventory for any reason or for no reason, without notice, regardless of any course of conduct or past advances based upon Acceptable Inventory by Summit.
Inventory Advances. Notwithstanding anything to the contrary in the Loan Documents, no Inventory Advances shall be made on the Loan if, after making the requested Inventory Advance, the total, aggregate principal amount of all Inventory Advances will exceed the lowest of: (i) the total cost of Eligible Inventory (as determined by Lender in its sole discretion) multiplied by the Inventory Advance Rate; (ii) one hundred percent (100%) of the amount of outstanding Account Advances; (iii) One Million Dollars ($1,000,000); and (iv) together with the aggregate amount of all outstanding Account Advances, the Maximum Loan Amount."
Inventory Advances. (a) In Factor’s sole discretion, subject to the terms and conditions of this Agreement, Factor may from time to time advance to Client up to the least of (i) $1,500,000, (ii) [***] of total availability from Accounts, (iii) [***] of the cost of Eligible Inventory, or (iv) [***] of the appraised net orderly liquidation value of Eligible Inventory (adjusted seasonally as necessary, based on appraisal results), less the face amount of all Letters of Credit issued or guarantied by Factor for or on behalf of Client and such reserves as Factor shall establish from time to time in its sole discretion. Borrowed amounts that are repaid may be reborrowed upon the terms and conditions of this Agreement. In no event shall the total of the outstanding Inventory Advances exceed $1,500,000 and Client shall immediately pay to Factor any and all amounts necessary to reduce the aggregate outstanding Inventory Advances below such limit. All Eligible Inventory shall be located at Client’s warehouse or in-transit on the water (availability from in-transit Inventory shall be capped at [***] and subject to documentation acceptable to Factor as necessary to support Factor’s perfected security interest in such Inventory).
Inventory Advances. If requested by Seller, in accordance with the terms of this Agreement, FGI may in its sole and absolute discretion advance to Seller against Eligible Inventory, submitted to FGI on an Inventory Borrowing Base Certificate, sums not to exceed 75% of the net orderly liquidation value (as determined by an independent appraisal satisfactory to FGI in form and substance) of up to 30% of the Eligible Inventory outstanding at the time any such advance is made. Notwithstanding the foregoing, the outstanding advances against Eligible Inventory may not at any time exceed the Inventory Sublimit. Any resulting overadvance shall be immediately repaid to FGI. The Inventory Borrowing Base Certificate shall be in the form attached hereto as Schedule 3(e) or in such other form as required by FGI, and shall be signed by a duly authorized representative of Seller. At the time the Inventory Borrowing Base Certificate is presented, Seller shall also deliver to FGI its inventory report. Any advance made pursuant to this subsection shall be payable on demand and shall bear interest at the Applicable Interest Rate from the date such advance is made until the date such advance is paid in full.
Inventory Advances. In no event shall the aggregate Advances with ------------------ respect to Inventory of Borrowers outstanding at any time pursuant to Section 2.1(a)(ii), Section 2.1(b)(ii),
Inventory Advances. Notwithstanding anything to the contrary in the Loan Documents, no Inventory Advances shall be made if, after making the requested Inventory Advance, the total principal amount of all Inventory Advances outstanding will exceed:
Inventory Advances. (a) Steamboat Inventory Advances. Each of the Steamboat Inventory Advance Lenders agrees, pursuant to the terms of this Agreement and subject to the satisfaction of the conditions precedent in Section 6A of this Agreement, to make its Pro Rata Share of the single advance to be made in respect of the Steamboat Project (such advance being referred to herein as the "Steamboat Inventory Advance") to GSRP, provided that
