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Simple English definitions for legal terms

floor-plan financing

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A quick definition of floor-plan financing:

Floor-plan financing is a type of loan that is given to a retailer or dealer, usually by a manufacturer, to help them buy merchandise. The loan is secured by the goods themselves and is paid off as the items are sold. It's like borrowing money to buy things to sell, and then paying back the loan as you make sales. This type of financing is often used by car dealerships and other retailers who need to stock up on inventory to sell to customers.

A more thorough explanation:

Definition: Floor-plan financing is a type of loan that is secured by merchandise and paid off as the goods are sold. This type of loan is usually given by a manufacturer to a retailer or other dealer, such as a car dealer.

Example: A car dealership needs to purchase a fleet of cars from a manufacturer. The manufacturer provides floor-plan financing to the dealership, which allows the dealership to borrow money to purchase the cars. As the dealership sells the cars, they pay back the loan to the manufacturer.

Explanation: The example illustrates how floor-plan financing works in the context of a car dealership. The loan is secured by the cars, which are the merchandise being sold. As the dealership sells the cars, they generate revenue to pay back the loan. This type of financing is beneficial for both the manufacturer and the dealer, as it allows the dealer to purchase inventory without tying up their own capital, and it provides the manufacturer with a reliable source of revenue.

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19:11
Nah, the fucked up thing about therapists is they try and make you think your parents are your enemy 99% of the time and really they should be telling you that your parents have almost no effect on the rest of your life. If they can get you to keep focusing on your parents they can keep making money.
19:12
Yeah, my life really does flow in about 5 years periods.
19:12
My crypto also flows in 5 day epochs too.
19:16
what do you do with your days as an unemployed crypto guy? do you play an instrument or something
19:47
please lawd
19:47
forgive me
19:47
its time to go back to tha old me
19:50
this is what i feel like when i get one single drill question right
19:50
when u get one wrong ;(
therapist slander detected
1a2b3c4d26z
20:37
Anyone got any polymarket locks
1a2b3c4d26z
20:37
Is anyone in here cool like fr cool
1a2b3c4d26z
20:37
Like watch college football cool
1a2b3c4d26z
20:37
Or like
1a2b3c4d26z
20:38
Frat
1a2b3c4d26z
20:39
Sorry guys I'm bored trying to get my Berkeley essay to 4 pages
20:40
no way they want four pages that’s crazy
20:41
bitches wanna be different sooo bad 😴
1a2b3c4d26z
20:42
Technically they want 3 to be completely fair to the powers that be, so I'm really trying to push out to 3
1a2b3c4d26z
20:42
But it's 1/2 inch margins
20:44
assuming it was 2 already, you’ve totally got 3 double spaced pages in you
20:45
should I watch the quirky umich dean videos? i feel like all of you have seen them except me but I can’t work up any enthusiasm for the idea
1a2b3c4d26z
20:54
I like Dean Z not sure why she gets slandered sometimes
1a2b3c4d26z
20:54
I would say yeah, they're helpful. But they can verge on unproductive and stress-inducing if you watch enough of them (especially the application read-through ones)
21:07
okay I’ll check them out
21:40
hey so where do i see my LSAC GPA bc i know they calculate it differently
21:40
sorry new to dis
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