Floor Plan Borrowers Sample Clauses
The 'Floor Plan Borrowers' clause defines the parties who are authorized to borrow funds under a floor plan financing arrangement, typically used in industries such as automotive or equipment dealerships. This clause specifies which entities or individuals are recognized as borrowers and may outline their responsibilities, such as maintaining inventory records or adhering to specific reporting requirements. Its core function is to clearly identify the borrowers involved, ensuring that both the lender and the borrowers understand their roles and obligations, thereby reducing the risk of confusion or unauthorized borrowing.
Floor Plan Borrowers. Each Floor Plan Borrower shall be jointly and severally liable as a primary obligor, and not merely as surety, for any and all Floor Plan Loans and Obligations under and in connection with the Floor Plan Facility and now or hereafter owed to the Administrative Agent, M&T Advance Lender, in its capacity as a lender of the M&T Advances, and the Floor Plan Lenders, in each case, whether voluntary or involuntary and however arising, whether direct or acquired by any Floor Plan Lender by assignment or succession, whether due or not due, absolute or contingent, liquidated or unliquidated, determined or undetermined.