SPP Deficit definition

SPP Deficit means the product of (i) the percentage determined by dividing (a) the amount, if any, by which Dealer’s total current outstanding indebtedness to CDF under the AWF as of the date of the Inventory Report (as defined below) exceeds the Inventory Value (as defined below) as determined by, and as of the date of, the Inventory Report, by (b) Dealer’s total current outstanding indebtedness to CDF under the AWF as of the date of the Inventory Report, multiplied by (ii) the from time to time outstanding indebtedness of Dealer to CDF under the AWF. Such SPP Deficit, if any, will remain in effect for purposes of this Agreement until the preparation and delivery by Dealer to CDF of a new Inventory Report. Dealer will forward to CDF by the tenth (10th) day of every month an Inventory Report dated as of the last day of the prior month which specifies the total aggregate wholesale invoice price, as calculated by Dealer’s accounting system using average cost method, of all of Dealer’s inventory that is unsold and in Dealer’s possession and control as of the date of the Inventory Report.
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SPP Deficit means the amount, if any, by which Dealer's total current outstanding indebtedness to DFS under the Floorplan Facility as of the date of the Inventory Report (as defined below) exceeds the Inventory Value (as defined below) as determined by, and as of the date of, the Inventory Report. Such SPP Deficit, if any, will remain in effect for purposes of this Agreement until the preparation and delivery by Dealer to DFS of a new Inventory Report, subject to revision after any review by DFS.
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SPP Deficit means the amount, if any, by which Dealer's total current outstanding indebtedness to DFS under the SPP Program as of the date of the Inventory Report (as defined below) exceeds the SPP Inventory Value (as defined below) as determined by, and as of the date of, the Inventory Report. Dealer's "SPP Surplus" shall mean the amount, if any, by which the SPP Inventory Value, as determined by, and as of the date of, the Inventory Report, exceeds Dealer's total current outstanding indebtedness to DFS under the SPP Program as of the date of the Inventory Report. Such SPP Deficit or SPP Surplus, as applicable, will remain in effect for purposes of this Agreement until the preparation and delivery by Dealer to DFS of a new Inventory Report.
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Examples of SPP Deficit in a sentence

  • Such SPP Deficit, if any, will remain in effect for purposes of this Agreement until the preparation and delivery by Dealer to CDF of a new Inventory Report.

  • Furthermore, as an amendment to the AWF, in the event Dealer’s SPP Deficit exceeds at any time (a) Eighty-Five Percent (85%) of the net amount of eligible Accounts, minus (b) Dealer’s outstanding loans under Dealer’s Accounts Receivable Facility, minus (c) Five Million Dollars ($5,000,000), Dealer will immediately pay to CDF, as a reduction of Dealer’s total current outstanding indebtedness to CDF under the AWF, such excess.

  • On receipt of each Schedule, DFS will credit Dealer with such amount as DFS may deem advisable up to the remainder of eighty-five percent (85%) of the net amount of eligible Accounts listed in such Schedule (as determined pursuant to Section 3.3 hereof), but in no event to exceed the amount, if any, requested by Dealer, minus the amount of Dealer's SPP Deficit (as defined below) under Dealer's Agreement for Wholesale Financing (the 'AWF') with DFS as in effect from time to time (the 'Available Credit').

  • On receipt of each Schedule, CDF will credit Dealer with such amount, up to the remainder of (a) Eighty-Five Percent (85%) of the net amount of eligible Accounts listed in such Schedule, minus (b) the amount of Dealer’s SPP Deficit (as defined below) under Dealer’s Agreement for Wholesale Financing (the ‘AWF’) with CDF, as in effect from time to time, minus (c) Five Million Dollars ($5,000,000) ((a) minus the sum of (b) and (c) is referred to herein as the ‘Available Credit’).

  • Furthermore, as an amendment to the IFA, in the event Dealer’s SPP Deficit exceeds at any time (a) eighty-five percent (85%) of the net amount of eligible Accounts, plus eighty-five percent (85%) of the net amount of eligible Cisco VIP Rebate Accounts listed in such Schedule, minus (b) Dealer’s outstanding loans under Dealer’s Accounts Receivable Facility, Dealer will immediately pay to CDF, as a reduction of Dealer’s total current outstanding indebtedness to CDF under the lFA, such excess.

  • Dealer's 'SPP Deficit' shall mean the amount, if any, by which Dealer's total current outstanding indebtedness to CDF under the AWF as of the date of the Inventory Report (as defined below) exceeds the Inventory Value (as defined below) as determined by, and as of the date of, the Inventory Report.

  • Furthermore, as an amendment to the AWF, in the event Dealer’s SPP Deficit exceeds at any time (a) seventy percent (70%) of the net amount of eligible Accounts, minus (b) Dealer’s outstanding loans under Dealer’s Accounts Receivable Facility, Dealer will immediately pay to CDF, as a reduction of Dealer’s total current outstanding indebtedness to CDF under the AWF, such excess.

  • Furthermore, as an amendment to the AWF, in the event Dealer’s SPP Deficit exceeds at any time (a) Eighty-Five Percent (85%) of the net amount of eligible Accounts, minus (b) Dealer’s outstanding loans under Dealer’s Accounts Receivable Facility, minus (c) Three Million Fifteen Thousand Dollars ($3,015,000), Dealer will immediately pay to CDF, as a reduction of Dealer’s total current outstanding indebtedness to CDF under the AWF, such excess.

  • Furthermore, as an amendment to the IFA, in the event Dealer’s SPP Deficit exceeds at any time (a) eighty percent (80%) of the net amount of eligible Accounts minus (b) Dealer’s outstanding loans under Dealers Accounts Receivable Facility, and minus (c) the Reserve Amount, Dealer will immediately pay to CDF, as a reduction of Dealer’s total current outstanding indebtedness to CDF under the IFA, such excess.

  • Dealer’s ‘SPP Deficit’ shall mean the amount, if any, by which Dealer’s total current outstanding indebtedness to CDF under the IFA as of the date of the Inventory Report (as defined below) exceeds the Inventory Value (as defined below) as determined by, and as of the date of, the Inventory Report, Such SPP Deficit, if any, will remain in effect for purposes of this Agreement until the preparation and delivery by Dealer to CDF of a new Inventory Report.