Contracts in Transit definition

Contracts in Transit means any right of any Obligor in (i) contracts in transit relating to any Inventory that is a Vehicle or Unit (including any Vehicle or Unit that has been sold, leased or otherwise disposed of by such Obligor), (ii) any written or oral agreement of any finance company or other Person to provide financing for, or to pay all or any portion of the purchase price of any such Vehicle or Unit Inventory (including any Vehicle or Unit Inventory that has been sold, leased or otherwise disposed of by such Obligor) or (iii) any amount to be received under such contracts or agreements.
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Contracts in Transit means very short term receivables, these are receivables from the finance companies that contracted the sale of inventories; however, cash has not yet been received. (This definition is only referenced in the definitions section as part of the definition of other terms and is not referenced in the text of the Agreement.)
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Contracts in Transit means all amounts due to a Borrower from any financial institution on retail finance contracts from vehicle sales, including amounts receivable from wholesale sales (excluding financial institutions or finance companies which are Affiliates of a Borrower).
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Examples of Contracts in Transit in a sentence

  • Borrowers' records with respect to Accounts (other than Contracts in Transit) shall be kept or shall be accumulated by Borrowers on a centralized basis at the Company's headquarters.

  • Each Borrower’s records with respect to Accounts (other than Contracts in Transit) shall be kept or shall be accumulated by the Borrowers on a centralized basis at the Company’s headquarters.

  • Each Borrower's records with respect to Accounts (other than Contracts in Transit) shall be kept or shall be accumulated by the Borrowers on a centralized basis at the Company’s headquarters.

  • Contracts in Transit Contracts in transit are proceeds due on settlements of sales contracts that have been transferred to a financing institution.

  • Borrowers’ records with respect to Accounts (other than Contracts in Transit) shall be kept or shall be accumulated by Borrowers on a centralized basis at the Company’s headquarters.


More Definitions of Contracts in Transit

Contracts in Transit means, collectively, with respect to each Debtor, all agreements, including all Accounts and Chattel Paper, of third parties to pay the purchase price of vehicles sold to customers, which agreements are not yet funded.
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Contracts in Transit means all amounts due to a Borrower from any financial institution on retail finance contracts from vehicle sales, including amounts receivable from wholesale sales (excluding financial institutions or finance companies which are Affiliates of a Borrower). (50) “Contract Period” means the thirty (30) days with respect to CDOR Loans and with respect to Letters of Credit, the period selected by the applicable Borrower in accordance with
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Contracts in Transit means all amounts due to a Borrower from any financial institution on retail finance contracts from vehicle sales, including amounts receivable from wholesale sales (excluding financial institutions or finance companies which are Affiliates of a Borrower). (61) (59) “Contract Period” means the period selected by the applicable Borrower in accordance with Section 3.1(1) commencing on the Drawdown Date, Rollover Date or Conversion Date, as applicable, and expiring on a Business Day, subject to the terms of Section 3.2(3) with respect to ▇▇▇▇▇ Loans. (62) (60) “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have corresponding meanings. (63) (61) “Conversion” means the conversion of an outstanding Borrowing, or a portion of an outstanding Borrowing, into an alternative type of Borrowing under Section 3.4.
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