Availability Fee. For each calendar quarter beginning with the fourth quarter of 2020 (i.e., October through December, 2020), if the average outstanding floorplan balance for such quarter is less than 50% of the average Monthly Floorplan Allowance for such quarter, Dealership will pay an “Availability Fee” equal to [***] times the difference between the average outstanding floorplan balance and the average Monthly Floorplan Allowance for such quarter. The Availability Fee will be calculated by the Ally Parties promptly after the end of each quarter and will be due and payable no later than the end of the month immediately following the end of such quarter.
Appears in 1 contract
Sources: Inventory Financing and Security Agreement (Vroom, Inc.)
Availability Fee. For each calendar quarter beginning with the fourth quarter of 2020 2021 (i.e., October through December, 20202021), if the average outstanding floorplan balance for such quarter is less than 50% [***] of the average Monthly Floorplan Allowance Credit Line amount for such quarter, Dealership will pay an “"Availability Fee” " equal to [***] basis points times the difference between the average outstanding floorplan balance for such quarter and the average Monthly Floorplan Allowance Credit Line amount. The Availability Fee for such quarterpartial quarters will be pro-rated. The Availability Fee will be calculated by the Ally Parties and provided to Dealership promptly after the end of each quarter and will be due and payable no later than the end of the month immediately following the end of such quarter.
Appears in 1 contract
Sources: Inventory Financing and Security Agreement (Shift Technologies, Inc.)
Availability Fee. For each calendar quarter beginning with the fourth quarter of 2020 2022 (i.e., October through December, 2020), if the average outstanding floorplan balance for such quarter is less than 50% of the average Monthly Floorplan Allowance for such quarter, Dealership will pay an “Availability Fee” equal to [***]basis points ([***] basis points annualized) times the difference between the average outstanding floorplan balance and the average Monthly Floorplan Allowance for such quarter. The Availability Fee will be calculated by the Ally Parties Parties
Exhibit 10.1 promptly after the end of each quarter and will be due and payable no later than the end of the month immediately following the end of such quarter.
Appears in 1 contract
Sources: Inventory Financing and Security Agreement (Vroom, Inc.)