Common use of Advance Floorplan Accommodation Clause in Contracts

Advance Floorplan Accommodation. (a) The Ally Parties will allow Dealership to obtain Inventory Financing on Vehicles for which Dealership does not then hold a lien-free title, provided that: (i) Dealership owns the Vehicle and it is not in process of being sold, (ii) the Vehicle is subject to a lien noted on the certificate of title by the financial institution that provided retail credit accommodations for the prior owner, and no other lien is noted on the title or otherwise exists (to the knowledge of Dealership), (iii) Dealership remits payment to that lienholder to discharge the retail lien before or upon requesting a floorplan advance for such Vehicle from the Ally Parties, (iv) the floorplan proceeds are remitted directly to Dealership, and (v) the Vehicle’s title is lien-free within [***] calendar days of the original floorplan advance date, whether such advance was made under the Participated IFSA or this Agreement (collectively, “Advance Floorplan Accommodation”). (b) Dealership must immediately repay any outstanding advance under the Advance Floorplan Accommodation for any Vehicle if the title for such Vehicle is not lien-free within [***] calendar days of the original floorplan advance date, whether such advance was made under the Participated IFSA or this Agreement. (c) Dealership’s outstanding floorplan advances under the Advance Floorplan Accommodation must be limited to a maximum of 10% of the Credit Line. (d) Advance Floorplan Accommodation is provided by the Ally Parties in their sole discretion. The Ally Parties may modify the terms, conditions, provisions, documentation, and administration of the Advance Floorplan Accommodation in their sole discretion. The Ally Parties reserve the right to rescind the Advance Floorplan Accommodation for any reason or no reason.

Advance Floorplan Accommodation. (a) The Ally Parties will allow Dealership to obtain Inventory Financing on Vehicles for which Dealership does not then hold a lien-free title, provided that: (i) Dealership owns the Vehicle and it is not in process of being sold, (ii) the Vehicle is subject to a lien noted on the certificate of title by the financial institution that provided retail credit accommodations for the prior owner, and no other lien is noted on the title or otherwise exists (to the knowledge of Dealership), (iii) Dealership remits payment to that lienholder to discharge the retail lien before or upon requesting a floorplan advance for such Vehicle from the Ally Parties, (iv) the floorplan proceeds are remitted directly to Dealership, and (v) the Vehicle’s 's title is lien-free within [***] 30 calendar days of the original floorplan advance date, whether such advance was made under the Participated IFSA or this Agreement date (collectively, “"Advance Floorplan Accommodation”"). (b) Dealership must immediately repay pay off any outstanding advance under the Advance Floorplan Accommodation for any Vehicle if the title for such Vehicle is not lien-free within [***] 30 calendar days of the original floorplan advance date, whether such advance was made under the Participated IFSA or this Agreement. (c) Dealership’s outstanding floorplan advances under the Advance Floorplan Accommodation Accommodations must be limited to a maximum of 10[***]% of the Vehicles with an outstanding balance under the Credit Line, and Dealership must maintain clear title (no known liens other than the liens of the Ally Parties) on a minimum of [***]% of the Vehicles with an outstanding balance under the Credit Line; provided, however, that Dealership shall have three (3) business days after receipt of written notice from the Ally Parties in which to cure any failure to comply with this Subsection IIIA8(c) before such failure constitutes a Default under this Agreement. (d) Advance Floorplan Accommodation is provided by the Ally Parties in their sole discretion, and is subject to Dealership's compliance with the terms of this program. The Ally Parties may modify the terms, conditions, provisions, documentation, and administration of the Advance Floorplan Accommodation in their sole discretion. Dealership's compliance with the program will be validated during floorplan audits. The Ally Parties reserve the right to rescind the Advance Floorplan Accommodation based on evidence of Dealership's non-compliance, or for any reason or no reason.

Advance Floorplan Accommodation. (a) The Ally Parties will allow Dealership to obtain Inventory Financing on Vehicles for which Dealership does not then hold a lien-free title, provided that: (i) Dealership owns the Vehicle and it is not in process of being sold, (ii) the Vehicle is subject to a lien noted on the certificate of title by the financial institution that provided retail credit accommodations for the prior owner, and no other lien is noted on the title or otherwise exists (to the knowledge of Dealership), (iii) Dealership remits payment to that lienholder to discharge the retail lien before or upon requesting a floorplan advance for such Vehicle from the Ally Parties, (iv) the floorplan proceeds are remitted directly to Dealership, and (v) the Vehicle’s title is lien-free within [***] calendar days of the original floorplan advance date, whether such advance was made under the Participated IFSA or this Agreement date (collectively, “Advance Floorplan Accommodation”). (b) Dealership must immediately repay any outstanding advance under the Advance Floorplan Accommodation for any Vehicle if the title for such Vehicle is not lien-free within [***] calendar days of the original floorplan advance date, whether such advance was made under the Participated IFSA or this Agreement. (c) Dealership’s outstanding floorplan advances under the Advance Floorplan Accommodation must be limited to a maximum of 10% of the Credit Line. (d) Advance Floorplan Accommodation is provided by the Ally Parties in their sole discretion. The Ally Parties may modify the terms, conditions, provisions, documentation, and administration of the Advance Floorplan Accommodation in their sole discretion. The Ally Parties reserve the right to rescind the Advance Floorplan Accommodation for any reason or no reason.

Advance Floorplan Accommodation. (a) The Ally Parties will allow Dealership to obtain Inventory Financing on Vehicles for which Dealership does not then hold a lien-free title, provided that: (ia) Dealership owns the Vehicle and it is not in process of being sold, (iib) the Vehicle is subject to a lien noted on the certificate of title by the financial institution that provided retail credit accommodations for the prior owner, and no other lien is noted on the title or otherwise exists (to the knowledge of Dealership), (iiic) Dealership remits payment to that lienholder to discharge the retail lien upon or before or upon requesting a floorplan advance for such the Vehicle from the Ally Parties, (ivd) the floorplan proceeds are remitted directly to Dealership, and (ve) the Vehicle’s title is lien-free within [***] calendar days of the original floorplan advance date, whether such advance was made and (f) the aggregate amount advanced and outstanding under this provision from time to time shall not exceed 12.5% of the Participated IFSA or this Agreement then-applicable Monthly Floorplan Allowance (collectively, the “Advance Floorplan Accommodation”). (b) Dealership must immediately repay any outstanding advance under the Advance Floorplan Accommodation for any Vehicle if the title for such Vehicle is not lien-free within [***] calendar days of the original floorplan advance date, whether such advance was made under the Participated IFSA or this Agreement. (c) Dealership’s outstanding floorplan advances under the Advance Floorplan Accommodation must be limited to a maximum of 10% of the Credit Line. (d) . Advance Floorplan Accommodation is provided by the Ally Parties in their sole discretion. The , and is subject to Dealership’s compliance with the terms of this program; provided, that the Ally Parties may modify the terms, conditions, provisions, documentation, and administration shall provide five (5) business days’ notice of the their election to rescind such Advance Floorplan Accommodation in their sole discretionAccommodation. Dealership’s compliance is validated at the time of floorplan audits. The Ally Parties reserve the right to rescind the Advance Floorplan Accommodation for any reason or no reasonpromptly based on evidence of Dealership’s non-compliance.