Inventory Financing Sample Clauses
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Inventory Financing. Upon the written request of Borrower, Lender agrees to negotiate in good faith with Borrower and a third-party lender, which proposes to provide to Borrower inventory financing with respect to the Product (the "Financing Party"), to enter into an intercreditor agreement on terms reasonably satisfactory to Lender, providing that, effective upon the repayment of all of Borrower's obligations under the Loan Documents with respect to Pre-Approval Advances (i) each of Lender and the Financing Party will have a security interest in the First Year Sales Collateral, (ii) the Financing Party will serve as collateral agent for the First Year Sales Collateral for the benefit of Lender and the Financing Party, and (iii) the obligations of Borrower to the Financing Party shall be subordinate to the prior payment in full of all of Borrower's obligations under the Loan Documents with respect to First Year Sales Advances. ARTICLE IX
Inventory Financing. Section 13.1 of the Short Term Credit Agreement is further amended by adding subsections (m) and (n) as follows:
Inventory Financing. CDF will only be bound to finance Inventory with respect to which CDF has agreed to finance in the exercise of its sole discretion and then only if: (a) ACSI delivers to CDF an invoice, acceptable in form and content to CDF, relating to CDF’s agreement/approval within thirty (30) days after CDF issues its agreement/approval; (b) ACSI ships the Inventory to the respective Dealer not more than ten (10) days before or not more than three (3) days after the date of the invoice/EDI transmission relating to such Inventory; and (c) CDF has not revoked its agreement/acceptance before the shipment of the Inventory to Dealer (prior to funding an approval CDF shall have the right to cancel an approval upon oral or written notice to ACSI at any time prior to shipment). If ACSI fails to satisfy any of the foregoing conditions, CDF shall not be obligated to finance the Inventory, even though CDF may have previously agreed to finance such Inventory. Without limiting the generality of the foregoing, if CDF has not advanced funds with respect to any approval by the date such approval expires, or by such date as CDF and ACSI may have otherwise agreed to, then any invoice relating to such approval shall be deemed not received by CDF and CDF shall have no obligation to finance such invoice. With respect to invoices which satisfy the above conditions CDF shall pay ACSI the amount of the invoice, subject to the terms of the financing program then in effect between ACSI and CDF. CDF may deduct, setoff, withhold and or apply any sums or payments due from Vendor to CDF under this Agreement, any guaranty or due from Vendor to CDF under any other agreement, against any sums due from CDF to Vendor from any advance to be made by CDF against any invoice.
Inventory Financing. Section 2 Inventory Advances of the Addendum to Financing Agreement (Inventory Financing) is hereby amended and modified to provide that, in addition to any other limitations on advances based upon Acceptable Inventory, the dollar limit that outstanding advances based upon Acceptable Inventory cannot exceed shall equal the amount of advances based upon Acceptable Inventory that are outstanding as of the date of this Third Forbearance Agreement, and such dollar limit shall be reduced hereafter by eleven thousand five hundred dollars ($11,500) each week commencing on Monday, November 23, 2009, and on each Monday thereafter until February 15, 2010.