Inventory Advance definition

Inventory Advance shall have the meaning assigned to it in Section 2.1(f)(i).

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Inventory Advance. As defined in Section 2.1(b).

Inventory Advance is defined in Section 2.1(b).

Examples of Inventory Advance in a sentence

If at any time the outstanding principal amount of Advances exceeds, or if at any time any Lender notifies the Borrowers that the aggregate outstanding principal amount of Advances exceeds the Inventory Advance Value, the Borrowers shall cure same in accordance with Section 4.2(b)(ii) hereof.
In further clarification of the foregoing, upon the expiration of the Additional Availability Period, the Inventory Advance Rate will be 25%.
The Borrowers shall furnish to the Lenders such reports in such forms that the Lenders determine are necessary to track and monitor Eligible Vehicles, Inventory, Motor Vehicles (to the extent included in the calculation of Eligible Vehicle Advance Value) and the Inventory Advance Value.
It shall be a condition precedent to the making of an Advance on a Funding Date that the Borrowers shall have delivered, contemporaneously with furnishing the Notice of Borrowing, to each Lender an Inventory Advance Value Certificate together with sufficient information to enable each Lender to independently calculate the Inventory Advance Value.
All actions taken in connection with such Inventory Advance shall be reasonably satisfactory to the Administrative Agent and its counsel.

More Definitions of Inventory Advance

Inventory Advance. As defined in Section 2.1 (b).

Inventory Advance means amounts advanced by Factor to or for the benefit of the Client under this Agreement or otherwise against Eligible Inventory pursuant to Section 3.2 hereof.

Inventory Advance or “Inventory Advances” means an advance (or advances) under the Inventory Sublimit.

Inventory Advance means an advance of the Loan based on Eligible Inventory.

Inventory Advance means, as the context may require, any one or more of the following: Steamboat Inventory Advance, Canyons Inventory Advance, *Sugarbush Inventory Advance, *Sugarloaf Inventory Advance, the Jordan Bowl Inventory Advance, the Attitash Inventory Advance, the Killington Inventory Advance and/or the Mt. Snow Inventory Advance. Inventory Advance Date -- as defined in Section 6A of this Agreement.

Inventory Advance with respect to any Monthly Allocation Date, means an Advance by the Servicer of amounts it expects to recover as Liquidation Proceeds with respect to 1998-C Leased Vehicles that are held in inventory during the related Collection Period pending liquidation.

Inventory Advance. Rate shall mean twenty-five percent (25%); provided, however, that the Inventory Advance Rate will be increased after LaSalle's receipt of Borrower's December 31, 1999 audited fiscal year-end financial statement to the lesser of (i) forty percent (40%) or (ii) eighty-five percent (85%) of the net liquidation value of Eligible Inventory as determined by the Appraisal, but such increase will occur only if no Default or Event of Default then exists and Borrower is then in full compliance with all covenants in this Agreement. LaSalle may require that a new appraisal be performed, at Borrower's expense, by an appraiser acceptable to LaSalle before the Inventory Advance Rate is increased.