Payment Terms for Floorplan Inventory Sample Clauses

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Payment Terms for Floorplan Inventory. The following is added at the end of subsection (c) of Section 2.2.2 of the Original Loan Agreement: "provided, however, that payment for the Collateralized SAU, the Unpaid Matured Inventory and the Unpaid Curtailments will be due and payable by Borrower in full in cash on or before April 30, 2003 unless CDF and Borrower have agreed otherwise in writing prior thereto, and after the Modification Date, CDF will bill Borrower by the twentieth (20th) d▇▇ ▇f each calendar month the principal amount of matured inventory and principal curtailments, and Borrower will remit payment for such matured inventory principal and principal curtailments by the fifth (5th) day of the following calendar month".
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Payment Terms for Floorplan Inventory. Borrower will immediately pay DFS the principal indebtedness owed DFS on each item of Floorplan Inventory financed by DFS on the earliest occurrence of any of the following events: (a) when such Floorplan Inventory is lost, stolen or damaged to the extent that such loss, theft or damage is not adequately insured under an insurance policy which names DFS as loss payee; or (b) when such Floorplan Inventory is sold, transferred to a third party (including a Subsidiary which is not a Borrower hereunder), otherwise disposed of; or (c) at the end of the term for which DFS provides financing for such Floorplan Inventory. If Borrower from time to time is required to make immediate payment to DFS of any past due obligation discovered during any Floorplan Inventory review, or at any other time, Borrower agrees that acceptance of such payment by DFS shall not be construed to have waived or amended the terms of its financing program. Any third party discount, rebate, bonus or credit granted to Borrower for any Floorplan Inventory will not reduce the debt Borrower owes DFS until DFS has received payment therefor in cash. Borrower will: (1) pay DFS even if any Floorplan Inventory is defective or fails to conform to any warranties extended by any third party; (2) not assert against DFS any claim or defense Borrower has against any third party; and (3) indemnify and hold DFS harmless against all claims and defenses asserted by any buyer or renter of the Floorplan Inventory relating to the condition of, or any representations regarding, any of the Floorplan Inventory.
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Related to Payment Terms for Floorplan Inventory

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