Common use of Eligible Used Floor Plan Loans, Specified New Floor Plan Loans and Reflooring Loans Clause in Contracts

Eligible Used Floor Plan Loans, Specified New Floor Plan Loans and Reflooring Loans. With respect to each Floor Plan Loan that finances a Borrower’s purchase of an Eligible Used Floor Plan Unit or Eligible Used Vehicle (each such Loan, an “Eligible Used Floor Plan Loan”), each Floor Plan Loan that finances a Specified New Floor Plan Unit (each such Loan, a “Specified New Floor Plan Loan”) and each Reflooring Loan, the Company shall give written or telephonic notice to the Administrative Agent (which notice shall be irrevocable once given and, if given by telephone, shall be promptly confirmed in writing as provided below) by no later than 5:00 p.m. on the Business Day prior to the date that any Eligible Used Floor Plan Loan or Reflooring Loan is to be made (or 5:00 p.m. on the date that is two (2) Business Days prior to the date that any Specified New Floor Plan Loan is to be made) to any Borrower. Each notice (such notice, a “Floor Plan Borrowing Notice”) shall specify the date of the Loan requested (which must be a Business Day), the Borrower to which the proceeds of such Floor Plan Loan should be made available, and the amount of such Floor Plan Loan, and shall be accompanied by the Company’s inventory worksheet and a copy of the title of each Eligible Floor Plan Vehicle or Unit to be financed by such Floor Plan Loan. Upon satisfaction of the relevant conditions precedent, the Administrative Agent will make available to the relevant Borrower, the proceeds of each Eligible Used Floor Plan Loan, Specified New Floor Plan Loan or Reflooring Loan, as the case may be, by wire transfer or ACH deposit to such Borrower’s operating account as set forth on Schedule 5.21 (or such other location as the Company and the Administrative Agent may mutually agree), in immediately available funds upon receipt by the Administrative Agent from each Floor Plan Lender of its Applicable Percentage of such Floor Plan Loan.