Dealer Financing Program definition
Dealer Financing Program means (x) that certain financing program pursuant to which (i) distributors of Grove Investors and its Restricted Subsidiaries can obtain up to 366-day inventory financing for the purchase of the Grove Investors' Subsidiaries' products, (ii) units financed will generate secured notes receivable, accounts receivable, chattel paper, instruments or other intangibles (collectively, "Receivables"), which Grove Investors or its Restricted Subsidiaries may sell, from time to time, to financial institutions at 100% of face value and (iii) Grove Investors or its Restricted Subsidiaries will insure (with a nationally recognized insurance company with at least $100.0 million in assets) at least 85% of the payment obligations relating to such Receivables and (y) factoring or discounting arrangements as in effect on the date of this Indenture or entered into in the ordinary course of business consistent with past practice.
Dealer Financing Program means (x) that certain financing program pursuant to which (i) distributors of Holdings and its Restricted Subsidiaries can obtain up to 366-day inventory financing for the purchase of Holdings' Subsidiaries' products, (ii) units financed will generate secured notes receivable, accounts receivable, chattel paper, instruments or other intangibles (collectively, "Receivables"), which Holdings or its Restricted Subsidiaries may sell, from time to time, to financial institutions at 100% of face value and (iii) Holdings or its Restricted Subsidiaries shall insure (with a nationally recognized insurance company with at least $100.0 million in assets) at least 85% of the payment obligations relating to such Receivables and (3) factoring or discounting arrangements as in effect on the date hereof or entered into in the ordinary course of business consistent with past practice.
Dealer Financing Program means (x) that certain financing program pursuant to which (i) distributors of the Company and its Restricted Subsidiaries can obtain up to 366-day inventory financing for the purchase of the Company's products, (ii) units financed will generate secured notes receivable, accounts receivable, chattel paper, instruments or other intangibles (collectively, "Receivables"), which the Company may sell, from time to time, to financial institutions at 100% of face value and (iii) the Company shall insure (with a nationally recognized insurance company with at least $100.0 million in assets) at least 85% of the payment obligations relating to such Receivables and (y) factoring or discounting arrangements as in effect on the date of the Indenture or entered into in the ordinary course of business consistent with past practice.