Inventory not Available for Floorplan Loans and Interim Floorplan Loans Sample Clauses

Inventory not Available for Floorplan Loans and Interim Floorplan Loans. Only Approved Vendors will be eligible to receive proceeds of Aggregate Floorplan Loans and Interim Floorplan Loans for Floorplanned Inventory. Administrative Agents or Required Lenders may, at any time and with reasonable notice to Reseller, elect not to finance any inventory sold by particular Approved Vendors, including any Approved Vendors who are in default of their obligations to CPC or with respect to which CPC or Administrative Agents deem themselves reasonably insecure. Except with respect to Approvals issued by CPC on or before the effective date of the termination of the Aggregate Floorplan Loan Facility, Lenders shall not be obligated to fund any Floorplan Loan Advances after such date.
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Inventory not Available for Floorplan Loans and Interim Floorplan Loans. Only Vendors approved by Administrative Agent will be eligible to receive proceeds of Aggregate Floorplan Loan Facility and the Interim Floorplan Loan Facility. Administrative Agent or the Required Lenders may, at any time and without notice to Borrower, elect not to finance any Inventory sold by particular Vendors, including any Vendors who are in default of their obligations to CDF, or with respect to which CDF or Administrative Agent deems itself insecure, or any Inventory or Proceeds thereof in which another Person has a Security Interest. Except with respect to Approvals issued by Administrative Agent on or before the Floorplan Loan Maturity Date or before termination as set forth in Section 3.2.7 which such Approvals may be funded in Administrative Agent’s sole discretion and, in such case, each Lender shall be obligated to fund its pro rata share of any Advance with respect to such Approvals, Lenders shall not be obligated to fund any Floorplan Loan Advances after the Floorplan Loan Maturity Date or after the Aggregate Floorplan Loan Facility has been terminated.
Sample 1
Inventory not Available for Floorplan Loans and Interim Floorplan Loans. Only Vendors approved by Administrative Agent will be eligible to receive proceeds of Aggregate Floorplan Loan Facility and the Interim Floorplan Loan Facility. Administrative Agent or the Required Lenders may, at any time and without notice to Borrower, elect not to finance any Inventory sold by particular Vendors, including any Vendors who are in default of their obligations to GECDF, or with respect to which GECDF or Administrative Agent deems itself insecure, or any Inventory or Proceeds thereof in which another Person has a Security Interest. Without limiting the generality of the foregoing, any items produced by IBM and Hewlett-Packard, will not be available for financing under the Aggregate Floorplan Loan Facility or the Interim Floorplan Loan Facility without the prior written approval of the Administrative Agent. Except with respect to Approvals issued by Administrative Agent on or before the Floorplan Loan Maturity Date or before termination as set forth in Section 3.2.7 which such Approvals may be funded in Administrative Agent's sole discretion and, in such case, each Lender shall be obligated to fund its pro rata share of any Advance with respect to such Approvals, Lenders shall not be obligated to fund any Floorplan Loan Advances after the Floorplan Loan Maturity Date or after the Aggregate Floorplan Loan Facility has been terminated.
Sample 1
Inventory not Available for Floorplan Loans and Interim Floorplan Loans. Only Vendors approved by Administrative Agent will be eligible to receive proceeds of Aggregate Floorplan Loan Facility and the Interim Floorplan Loan Facility. Administrative Agent or the Required Lenders may, at any time and without notice to Borrower, elect not to finance any inventory sold by particular Vendors, including any Vendors who are in default of their obligations to DFS, or with respect to which DFS or Administrative Agent deems itself insecure. Without limiting the generality of the foregoing, any items produced by IBM, Hewlett-Packard, and Lexmark will not be available for financing under the Aggregate Floorplan Loan Facility or the Interim Floorplan Loan Facility without the prior written approval of the Administrative Agent. Except with respect to Approvals issued by Administrative Agent on or before the Floorplan Loan Maturity Date or before termination as set forth in Section 3.3.7, Lenders shall not be obligated to fund any Floorplan Loan Advances after the Floorplan Loan Maturity Date or after the Aggregate Floorplan Loan Facility has been terminated.
Sample 1

Related to Inventory not Available for Floorplan Loans and Interim Floorplan Loans

  • Equipment Advances Except as set forth in Section 2.3(b), the Equipment Advances shall bear interest, on the outstanding Daily Balance thereof, at a rate equal to one and one half percent (1 .50%) above the Prime Rate.

  • Certificates for Reimbursement; Repayment of Outstanding Loans; Borrowing of New Loans A certificate of a Lender or the Issuing Lender setting forth the amount or amounts necessary to compensate such Lender or the Issuing Lender or its holding company, as the case may be, as specified in Sections 5.8.1 [Increased Costs Generally] or 5.8.2 [Capital Requirements] and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Lender, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.

  • Revolver Advances (a) Subject to the terms and conditions of this Agreement, and during the term of this Agreement, each Lender with a Revolver Commitment agrees (severally, not jointly or jointly and severally) to make revolving loans (“Advances”) to Borrower in an amount at any one time outstanding not to exceed the lesser of:

  • Amount of Revolving Advances Subject to the terms and conditions set forth in this Agreement including Section 2.1(b), each Lender, severally and not jointly, will make Revolving Advances to Borrowers in aggregate amounts outstanding at any time equal to such Lender’s Commitment Percentage of the lesser of (x) the Maximum Revolving Advance Amount less the aggregate Maximum Undrawn Amount of all outstanding Letters of Credit or (y) an amount equal to the sum of:

  • Prepayments of Revolving Credit Advances The Borrower ---------------------------------------- may, upon notice at least two Business Days' prior to the date of such prepayment, in the case of Eurodollar Rate Advances, and not later than 12:00 noon (New York City time) on the date of such prepayment, in the case of Base Rate Advances, to the Agent stating the proposed date and aggregate principal amount of the prepayment, and if such notice is given the Borrower shall, prepay the outstanding principal amount of the Revolving Credit Advances comprising part of the same Revolving Credit Borrowing in whole or ratably in part, together with accrued interest to the date of such prepayment on the principal amount prepaid; provided, however, that (x) each partial prepayment shall be in -------- ------- an aggregate principal amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof and (y) in the event of any such prepayment of a Eurodollar Rate Advance, the Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 8.04(c).

  • Borrowing Mechanics for Revolving Loans (i) Except pursuant to Section 2.4(d), Revolving Loans that are Base Rate Loans shall be made in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount, Revolving Loans that are Eurodollar Rate Loans shall be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount.

  • LOANS, ADVANCES, INVESTMENTS Make any loans or advances to or investments in any person or entity, except any of the foregoing existing as of, and disclosed to Bank prior to, the date hereof.

  • Revolving Loan Account The Agent will establish and maintain a loan account on its books (the "Revolving Loan Account") to which the Agent will (a) DEBIT (i) the principal amount of each advance under the Revolving Loan made by the Lenders hereunder as of the date made, (ii) the amount of any interest accrued on the Revolving Loan as and when due, and (iii) any other amounts due and payable by the Borrower to the Agent and/or the Lenders from time to time under the provisions of this Agreement in connection with the Revolving Loan, including, without limitation, Enforcement Costs, Fees, late charges, and service, collection and audit fees, as and when due and payable, and (b) CREDIT all payments made by the Borrower to the Agent on account of the Revolving Loan as of the date made including, without limitation, funds credited to the Revolving Loan Account from the Collateral Account. The Agent may debit the Revolving Loan Account for the amount of any Item of Payment which is returned to the Agent unpaid. All credit entries to the Revolving Loan Account are conditional and shall be readjusted as of the date made if final and indefeasible payment is not received by the Agent in cash or solvent credits. The Borrower hereby promises to pay to the order of the Agent for the ratable benefit of the Lenders, on the Revolving Credit Termination Date, an amount equal to the excess, if any, of all debit entries over all credit entries recorded in the Revolving Loan Account under the provisions of this Agreement. Any and all periodic or other statements or reconciliations, and the information contained in those statements or reconciliations, of the Revolving Loan Account shall be presumed conclusively to be correct, and shall constitute an account stated between the Agent, the Lenders and the Borrower unless the Agent receives specific written objection thereto from the Borrower and/or any Lender within thirty (30) Business Days after such statement or reconciliation shall have been sent by the Agent. Any and all periodic or other statements or reconciliations, and the information contained in those statements or reconciliations, of the Revolving Loan Account shall be final, binding and conclusive upon the Borrower in all respects, absent manifest error, unless the Agent receives specific written objection thereto from the Borrower within thirty (30) Business Days after such statement or reconciliation shall have been sent by the Agent.

  • Mandatory Repayments of Revolving Credit Loans If at any time the sum of the outstanding principal amount of the Revolving Credit Loans plus the Maximum Drawing Amount and all Unpaid Reimbursement Obligations plus the outstanding amount of Swing Line Loans exceeds the lesser of (i) the Total Commitment at such time, and (ii) the Borrowing Base at such time, then, in any case, the Borrower shall immediately pay the amount of such excess to the Administrative Agent for the respective accounts of the Lenders for application: first, to any Unpaid Reimbursement Obligations; second, to the Swing Line Loans; third, to the Revolving Credit Loans; and fourth, to provide to the Administrative Agent Cash Collateral for Reimbursement Obligations as contemplated by §4.2. Each payment of any Unpaid Reimbursement Obligations or prepayment of Revolving Credit Loans shall be allocated among the applicable Lenders, in proportion, as nearly as practicable, to each Reimbursement Obligation or (as the case may be) the respective unpaid principal amount of each applicable Lender’s Revolving Credit Loan, with adjustments to the extent practicable to equalize any prior payments or repayments not exactly in proportion.

  • Term Loan Advances Subject to Section 2.5(b), the principal amount outstanding under each Term Loan Advance shall accrue interest at a floating per annum rate equal to two and three quarters of one percent (2.75%) above the Prime Rate, which interest shall be payable monthly in accordance with Section 2.5(d) below.

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