Inventory Floorplan Loan Limit Sample Clauses

Inventory Floorplan Loan Limit. 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"). DFS may, however, at any time and without notice to Borrower, elect not to finance under a Floorplan Inventory Loan any Inventory sold by particular Vendors who are in default of their obligations to DFS. DFS may at any time suspend or terminate the relationship or approval of any Vendor. DFS will use reasonable efforts to attempt to give Borrower prior notice of such suspension or termination. In the event that DFS suspends or terminates the relationship or approval of any Vendor or, through no fault of Borrower, any Vendor suspends or terminates the relationship or approval of DFS to provide manufacturer subsidized financing, and such suspension or termination by either DFS or any Vendor would have the effect of reducing the advance rate or requiring Borrower to pay interest sooner on any Collateral under any Floorplan Inventory Loan(s), then Borrower may inquire whether any other financing source may finance the affected Inventory at a higher advance rate or longer manufacturer subsidized period, and DFS may in its discretion (but shall not be required to) allow Borrower to finance such Inventory with such other financing source without Borrower paying DFS any penalty or early termination fee provided that Borrower has exhausted reasonable efforts to re-establish the previously suspended or terminated relationship between DFS and such Vendor.
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Inventory Floorplan Loan Limit. 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"). DFS may, however, at any time and without notice to Borrower, elect not to finance any Inventory sold by particular vendors who are in default of their obligations to DFS. DFS may at any time suspend or terminate the relationship or approval of any vendor. DFS will use reasonable efforts to attempt to give Borrower prior notice of such suspension or termination.
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Inventory Floorplan Loan Limit. Clause (ii) of Section 2.2.1. of the Original Loan Agreement is deleted and replaced with the following:
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Inventory Floorplan Loan Limit. 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) Seventy-Five Million Dollars ($75,000,000.00) less (ii) outstanding Revolving Credit Loans ("INVENTORY FLOORPLAN LOAN LIMIT"). DFS may, however, at any time and without notice to Borrower, elect not to finance any Inventory sold by particular vendors who are in default of their obligations to DFS. DFS may at any time suspend or terminate the relationship or approval of any vendor. DFS will use reasonable efforts to attempt to give Borrower prior notice of such suspension or termination.
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Related to Inventory Floorplan Loan Limit

  • FUNDING AVAILABILITY This Contract is contingent upon the continued availability of funding. If funds become unavailable through the lack of appropriations, legislative or executive budget cuts, amendment of the Appropriations Act, state agency consolidation, or any other disruptions of current appropriations, DFPS will reduce or terminate this Contract.

  • Eligible Inventory For purposes of this Agreement, Eligible Inventory shall exclude any Inventory to which any of the exclusionary criteria set forth below applies. The Administrative Agent shall have the right to establish, modify or eliminate Reserves against Eligible Inventory from time to time in its reasonable credit judgment. In addition, the Administrative Agent reserves the right, at any time and from time to time after the Original Closing Date, to adjust any of the criteria set forth below, to establish new criteria and to adjust the applicable advance rate with respect to Eligible Inventory, in its reasonable credit judgment, subject to the approval of the Supermajority Lenders in the case of adjustments, new criteria, changes in the applicable advance rate or the elimination of Reserves which have the effect of making more credit available. Eligible Inventory shall not include any Inventory of Borrower or any Borrowing Base Guarantor that: (i) the Collateral Agent, on behalf of Secured Parties, does not have a first priority and exclusive perfected Lien on such Inventory; (ii) is not located on premises in United States or Canada; (iii) (A) is located on premises leased by Borrower or a Borrowing Base Guarantor, unless (x) at such location the aggregate value of Inventory exceeds $250,000, and (y) either (1) a reasonably satisfactory Landlord Lien Waiver and Access Agreement has been delivered to the Collateral Agent, or (2) Reserves reasonably satisfactory to the Administrative Agent have been established with respect thereto or (B) is stored with a bailee or warehouseman where the aggregate value of Inventory exceeds $250,000 unless either (x) a reasonably satisfactory, acknowledged bailee waiver letter has been received by the Collateral Agent or (y) Reserves reasonably satisfactory to the Administrative Agent have been established with respect thereto, or (C) is located at an owned location subject to a mortgage in favor of a lender other than the Collateral Agent where the aggregate value of Inventory exceeds $250,000 unless either (x) a reasonably satisfactory mortgagee waiver has been delivered to the Collateral Agent or (y) Reserves reasonably satisfactory to the Administrative Agent have been established with respect thereto; (iv) is placed on consignment (other than Eligible Consigned Inventory); (v) is covered by a negotiable document of title, unless such document has been delivered to the Collateral Agent with all necessary endorsements, free and clear of all Liens except those in favor of the Collateral Agent and the Lenders and landlords, carriers, bailees and warehousemen if clause (iii) above has been complied with; (vi) is to be returned to suppliers; (vii) is obsolete, unsalable, shopworn, seconds, damaged or unfit for sale; (viii) is slow moving (in excess of 1-year supply); (ix) consists of display items, samples or packing or shipping materials, manufacturing supplies or replacement parts (it being understood that Eligible Inventory shall not exclude work-in-process Inventory if it is not excluded in accordance with other criteria set forth herein, unless otherwise determined by the Administrative Agent in its reasonable credit judgment); (x) is not of a type held for sale in the ordinary course of Borrower’s or any Borrowing Base Guarantor’s, as applicable, business; (xi) breaches any of the representations or warranties pertaining to Inventory set forth in the Loan Documents; (xii) consists of Hazardous Material or goods that can be transported or sold only with licenses that are not readily available; (xiii) is not covered by casualty insurance maintained as required by Section 5.04; (xiv) consists of custom made Inventory which is not saleable to any other customer or in ordinary course; (xv) is in transit; or (xvi) is subject to any licensing arrangement the effect of which would be to limit the ability of Collateral Agent, or any Person selling the Inventory on behalf of Collateral Agent, to sell such Inventory in enforcement of the Collateral Agent’s Liens, without further consent or payment to the licensor or other.

  • Borrowing Base Agent shall have received evidence from Borrowers that the aggregate amount of Eligible Receivables and Eligible Inventory is sufficient in value and amount to support Advances in the amount requested by Borrowers on the Closing Date;

  • Line of Credit Amount (a) During the availability period described below, the Bank will provide a line of credit to the Borrower. The amount of the line of credit (the “Facility No. 1 Commitment”) is Five Million and 00/100 Dollars ($5,000,000.00). (b) This is a revolving line of credit. During the availability period, the Borrower may repay principal amounts and reborrow them. (c) The Borrower agrees not to permit the principal balance outstanding to exceed the Facility No. 1

  • Maximum Credit Patheon's liability for Active Materials calculated in accordance with this Section 2.2 for any Product in a Year will not exceed, in the aggregate, the Maximum Credit Value set forth in Schedule D to a Product Agreement.