Floor Plan Loans. (a) Subject to the terms and conditions of this Agreement and the other Credit Documents, each of the Floor Plan Lenders severally agrees to make revolving credit loans (the “Floor Plan Loans”) to the Floor Plan Borrowers as joint and several obligors from time to time on any Borrowing Date during the Availability Period for the Floor Plan Facility ; provided, however, that (i) with regard to each Floor Plan Lender, the Floor Plan Loan Exposure of such Floor Plan Lender shall not at any time exceed the amount of such Floor Plan Lender’s Floor Plan Loan Commitment, (ii) the Total Floor Plan Loan Outstandings shall not at any time exceed the Floor Plan Line of Credit Dollar Cap, (iii) the aggregate outstanding principal amount of advances of proceeds of the Floor Plan Loans (including M&T Advances) used to finance (A) Used Floor Plan Units shall not exceed Ninety Million Dollars ($90,000,000.00), and (B) Permitted Company Vehicles shall not exceed One Million Dollars ($1,000,000.00); (iv) each Floor Plan Loan (including M&T Advances) shall be advanced against an individual Floor Plan Vehicle or Unit, subject, in each case, to the applicable Floor Plan Loan Advance Limit applicable to such Floor Plan Vehicle or Unit; (v) the aggregate principal amount of each advance of proceeds of the Floor Plan Loans (including M&T Advances) requested in each Loan Request shall not exceed the sum of the Floor Plan Loan Advance Limit amounts for each Floor Plan Vehicle or Unit to be financed on such Loan Request, and (vi) the Total Floor Plan Loan Outstandings shall not, at any time, exceed any of the limitations set forth in the Certificate of Designations. The Administrative Agent may at any time in its sole and absolute discretion establish limits on the aggregate outstanding amount of any Floor Plan Loans available to be used by the Floor Plan Borrowers to finance purchases of Eligible New Floor Plan Units from a particular Manufacturer, supplier or dealer. The Floor Plan Borrowers shall not request any advances of proceeds of the Floor Plan Loans which would cause the aggregate unpaid principal balances of the Floor Plan Loans (including M&T Advances) to exceed the above-stated limitations. In the event that the aggregate unpaid principal balances of the Floor Plan Loans (including M&T Advances) exceed the above-stated limitations in any respect, the Floor Plan Borrowers shall immediately make such payments to the Administrative Agent as will be sufficient to reduce the aggregate unpaid principal balances of the Floor Plan Loans to an aggregate amount which will not be in excess of such limitations. Subject to the application and satisfaction of the terms and conditions of this Agreement and of the other Credit Documents, during the Availability Period in respect of the Floor Plan Facility, the Floor Plan Borrowers may borrow, prepay, and reborrow the Floor Plan Loans in whole or in part.
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Samples: Credit Agreement (Lazydays Holdings, Inc.), Credit Agreement (Lazydays Holdings, Inc.)
Floor Plan Loans. (a) Subject to the terms and conditions of this Agreement and the other Credit Documents, each of the Floor Plan Lenders severally agrees to make revolving credit loans (the “Floor Plan Loans”) Loans in Dollars to the Floor Plan Borrowers as joint and several obligors from time to time on any Borrowing Date during the Availability Period for the Floor Plan Facility ; provided, however, that (i) with regard to each Floor Plan Lender, the Floor Plan Loan Exposure of such Floor Plan Lender shall not at any time exceed the amount of such Floor Plan Lender’s Floor Plan Loan Commitment, (ii) the Total Floor Plan Loan Outstandings shall not at any time exceed the Floor Plan Line of Credit Dollar Cap, (iii) the aggregate outstanding principal amount of advances of proceeds of the Floor Plan Loans (including M&T Advances) used to finance (A) Used Floor Plan Units shall not exceed Ninety Million Dollars ($90,000,000.00), and (B) Permitted Company Vehicles shall not exceed One Million Dollars ($1,000,000.00); (iv) each Floor Plan Loan (including M&T Advances) shall be advanced against an individual Floor Plan Vehicle or Unit, subject, in each case, to the applicable Floor Plan Loan Advance Limit applicable to such Floor Plan Vehicle or Unit; (v) the aggregate principal amount of each advance of proceeds of the Floor Plan Loans (including M&T Advances) requested in each Loan Request shall not exceed the sum of the Floor Plan Loan Advance Limit amounts for each Floor Plan Vehicle or Unit to be financed on such Loan Request, and (vi) the Total Floor Plan Loan Outstandings shall not, at any time, exceed any of the limitations set forth in the Certificate of Designations. The Administrative Agent may at any time in its sole and absolute discretion establish limits on the aggregate outstanding amount of any Floor Plan Loans available to be used by the Floor Plan Borrowers to finance purchases of Eligible New Floor Plan Units from a particular Manufacturer, supplier or dealer. The Floor Plan Borrowers shall not request any advances of proceeds of the Floor Plan Loans which would cause the aggregate unpaid principal balances of the Floor Plan Loans (including M&T Advances) to exceed the above-stated limitations. In the event that the aggregate unpaid principal balances of the Floor Plan Loans (including M&T Advances) exceed the above-stated limitations in any respect, the Floor Plan Borrowers shall immediately make such payments to the Administrative Agent as will be sufficient to reduce the aggregate unpaid principal balances of the Floor Plan Loans to an aggregate amount which will not be in excess of such limitations. Subject to the application and satisfaction of the terms and conditions of this Agreement and of the other Credit Documents, during the Availability Period in respect of the Floor Plan Facility, the Floor Plan Borrowers may borrow, prepay, and reborrow the Floor Plan Loans in whole or in part.
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Samples: Credit Agreement (Lazydays Holdings, Inc.), Credit Agreement (Lazydays Holdings, Inc.)
Floor Plan Loans. (a) Subject to the terms and conditions of this Agreement and the other Credit Documents, each of the Floor Plan Lenders severally agrees to make revolving credit loans (the “Floor Plan Loans”) to the Floor Plan Borrowers as joint and several obligors from time to time on any Borrowing Date during the Availability Commitment Period for until the Floor Plan Facility Line of Credit Termination Date; provided, however, that (i) with regard to each Floor Plan Lender, the Floor Plan Loan Exposure of such Floor Plan Lender shall not at any time exceed the amount of such Floor Plan Lender’s Floor Plan Loan Commitment, (ii) the Total Floor Plan Loan Outstandings shall not at any time exceed the Floor Plan Line of Credit Dollar Cap, (iii) the aggregate outstanding principal amount of advances of proceeds of the Floor Plan Loans (including M&T Advances) used to finance (A) Used Floor Plan Units shall not exceed Ninety Forty-Five Million Dollars ($90,000,000.0045,000,000.00), (B) Eligible Rental Floor Plan Units shall not exceed Four Million Five Hundred Thousand Dollars ($4,500,000.00), and (BC) Permitted Company Vehicles shall not exceed One Million Dollars ($1,000,000.00); (iv) each Floor Plan Loan (including M&T Advances) shall be advanced against an individual Floor Plan Vehicle or Unit, subject, in each case, to the applicable Floor Plan Loan Advance Limit applicable to such Floor Plan Vehicle or Unit; (v) the aggregate principal amount of each advance of proceeds of the Floor Plan Loans (including M&T Advances) requested in each Loan Request shall not exceed the sum of the Floor Plan Loan Advance Limit amounts for each Floor Plan Vehicle or Unit to be financed on such Loan Request, and (vi) the Total Floor Plan Loan Outstandings shall not, at any time, exceed any of the limitations set forth in the Certificate of Designations. The Administrative Agent may at any time in its sole and absolute discretion establish limits on the aggregate outstanding amount of any Floor Plan Loans available to be used by the Floor Plan Borrowers to finance purchases of Eligible New Floor Plan Units from a particular Manufacturer, supplier or dealer. The Floor Plan Borrowers shall not request any advances of proceeds of the Floor Plan Loans which would cause the aggregate unpaid principal balances of the Floor Plan Loans (including M&T Advances) to exceed the above-stated limitations. In the event that the aggregate unpaid principal balances of the Floor Plan Loans (including M&T Advances) exceed the above-stated limitations in any respect, the Floor Plan Borrowers shall immediately make such payments to the Administrative Agent as will be sufficient to reduce the aggregate unpaid principal balances of the Floor Plan Loans to an aggregate amount which will not be in excess of such limitations. Subject to the application and satisfaction of the terms and conditions of this Agreement and of the other Credit Documents, during the Availability Period in respect of the Floor Plan Facility, the Floor Plan Borrowers may borrow, prepay, and reborrow the Floor Plan Loans in whole or in partpart until the Floor Plan Line of Credit Termination Date.
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Floor Plan Loans. (a) Subject to the terms and conditions of this Agreement and the other Credit Documentsset forth herein, each of the Floor Plan Lenders Lender severally agrees to make revolving credit loans (the each such loan, a “Floor Plan LoansLoan”) to the Floor Plan Borrowers as joint and several obligors Borrowers, jointly or severally, from time to time time, on any Borrowing Date Business Day during the Availability Period for the Floor Plan Facility Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s Floor Plan Commitment, for the purpose of enabling such Borrowers and the other Loan Parties to purchase Inventory consisting of New Vehicles (including Fleet Vehicles), Used Vehicles, Loaner Vehicles and Demonstrator Vehicles; providedprovided that, however, that (i) with regard after giving effect to each Floor Plan Lender, the Floor Plan Loan Exposure of such Floor Plan Lender shall not at any time exceed the amount of such Floor Plan Lender’s Floor Plan Loan Commitment, Borrowing: (iia) the Total Floor Plan Loan Outstandings shall not at any time exceed the Aggregate Floor Plan Line of Credit Dollar Cap, Commitments; (iiib) the aggregate outstanding principal amount of advances of proceeds Outstanding Amount of the Floor Plan Loans (including M&T Advances) used to finance (A) Used Floor Plan Units of any Lender, plus such Lender’s Pro Rata Share of the Outstanding Amount of all Swing Line Loans, shall not exceed Ninety Million Dollars such Lender’s Floor Plan Commitment; ($90,000,000.00)c) the Total Floor Plan Outstandings for New Vehicles, Used Vehicles, Loaner Vehicles and Demonstrator Vehicles will not exceed the sublimits with respect to each Loan Party and Vehicle type set forth in the Vehicle Allocation Schedule unless otherwise approved by the Administrative Agent in its sole discretion; and (Bd) Permitted Company the Total Floor Plan Outstandings for Fleet Vehicles shall will not exceed One Million Dollars ($1,000,000.00); (iv) each such sublimits and aggregate amount as are determined from time to time by the Administrative Agent in its sole discretion. Each Floor Plan Loan (including M&T Advances) Borrowing shall be advanced against an individual consist entirely of Base Rate Loans or Eurodollar Loans, as such Borrowers may request. Proceeds of Floor Plan Vehicle Loans shall only be used to pay the purchase price of Vehicles, including the refinancing of Swing Line Loans, other Floor Plan Loans or Unit, subjectIndebtedness existing as of the Closing Date, in each case, utilized for such purpose. Within the limits of each Lender’s Floor Plan Commitment and the Aggregate Floor Plan Commitments, and subject to the applicable Floor Plan Loan Advance Limit applicable to other terms and conditions hereof, such Floor Plan Vehicle or Unit; (v) the aggregate principal amount of each advance of proceeds of the Borrowers may borrow, repay and reborrow Floor Plan Loans on a revolving basis. Notwithstanding anything herein to the contrary, (including M&T Advancesa) requested in each Loan Request shall not exceed the sum no borrowing of the Floor Plan Loan Advance Limit amounts for each Floor Plan Vehicle Loans or Unit Swing Line Loans may be made under or with respect to be financed on such Loan Requestthe sublimits with respect to LMP Greeneville BBCBCG, and (vi) the Total Floor Plan Loan Outstandings shall not, at any time, exceed any of the limitations LLC set forth in the Certificate Vehicle Allocation Schedule, or to finance or otherwise with respect to any vehicles of Designations. The Administrative Agent may at any time LMP Greeneville BBCBCG, LLC or the dealership being acquired in its sole the Xxxxxxx Dealership Acquisition, unless and absolute discretion establish limits on until the aggregate outstanding amount Xxxxxxx Dealership Acquisition and the Xxxxxxx Real Property Acquisition have been consummated (or are being consummated substantially simultaneously with such borrowing); (b) no borrowing of any Floor Plan Loans available or Swing Line Loans may be made under or with respect to be used by the Floor Plan Borrowers sublimits with respect to LMP Beckley HOB, LLC set forth in the Vehicle Allocation Schedule, or to finance purchases or otherwise with respect to any vehicles of Eligible New Floor Plan Units from a particular ManufacturerLMP Beckley HOB, supplier LLC or dealer. The Floor Plan Borrowers shall not request any advances the dealership being acquired in the Beckley Hyundai Acquisition, unless and until the Beckley Hyundai Acquisition has been consummated (or are being consummated substantially simultaneously with such borrowing); and (c) no borrowing of proceeds of the Floor Plan Loans which would cause the aggregate unpaid principal balances of the Floor Plan or Swing Line Loans (including M&T Advances) to exceed the above-stated limitations. In the event that the aggregate unpaid principal balances of the Floor Plan Loans (including M&T Advances) exceed the above-stated limitations in any respect, the Floor Plan Borrowers shall immediately make such payments may be made under or with respect to the Administrative Agent as will be sufficient sublimits with respect to reduce LMP Xxxxxxx XX, LLC set forth in the aggregate unpaid principal balances Vehicle Allocation Schedule, or to finance or otherwise with respect to any vehicles of LMP Xxxxxxx XX, LLC or the Floor Plan Loans to an aggregate amount which will not be dealership being acquired in excess of the Beckley Subaru Acquisition, unless and until the Beckley Subaru Acquisition has been consummated (or are being consummated substantially simultaneously with such limitations. Subject to the application and satisfaction of the terms and conditions of this Agreement and of the other Credit Documents, during the Availability Period in respect of the Floor Plan Facility, the Floor Plan Borrowers may borrow, prepay, and reborrow the Floor Plan Loans in whole or in partborrowing).
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Floor Plan Loans. (a) Subject to the terms and conditions of this Agreement and the other Credit Documents, each of the Floor Plan Lenders severally agrees to make revolving credit loans (the “Floor Plan Loans”) Loans in Dollars to the Floor Plan Borrowers as joint and several obligors from time to time on any Borrowing Date during the Availability Period for the Floor Plan Facility ; provided, however, that (i) with regard to each Floor Plan Lender, the Floor Plan Loan Exposure of such Floor Plan Lender shall not at any time exceed the amount of such Floor Plan Lender’s Floor Plan Loan Commitment, (ii) the Total Floor Plan Loan Outstandings shall not at any time exceed the Floor Plan Line of Credit Dollar Cap, (iii) the aggregate outstanding principal amount of advances of proceeds of the Floor Plan Loans (including M&T Advances) used to finance (A) Used Floor Plan Units shall not exceed Ninety Million Dollars ($90,000,000.00), and (B) Permitted Company Vehicles shall not exceed One Million Dollars ($1,000,000.00); (iv) each Floor Plan Loan (including M&T Advances) shall be advanced against an individual Floor Plan Vehicle or Unit, subject, in each case, to the applicable Floor Plan Loan Advance Limit applicable to such Floor Plan Vehicle or Unit; (v) the aggregate principal amount of each advance of proceeds of the Floor Plan Loans (including M&T Advances) requested in each Loan Request shall not exceed the sum of the Floor Plan Loan Advance Limit amounts for each Floor Plan Vehicle or Unit to be financed on such Loan Request, and (vi) the Total Floor Plan Loan Outstandings shall not, at any time, exceed any of the limitations set forth in the Certificate of Designations. The Administrative Agent may at any time in its sole and absolute discretion establish limits on the aggregate outstanding amount of any Floor Plan Loans available to be used by the Floor Plan Borrowers to finance purchases of Eligible New Floor Plan Units from a particular Manufacturer, supplier or dealer. The Floor Plan Borrowers shall not request any advances of proceeds of the Floor Plan Loans which would cause the aggregate unpaid principal balances of the Floor Plan Loans (including M&T Advances) to exceed the above-stated limitations. In the event that the aggregate unpaid principal balances of the Floor Plan Loans (including M&T Advances) exceed the above-stated limitations in any respect, the Floor Plan Borrowers shall immediately make such payments to the Administrative Agent as will be sufficient to reduce the aggregate unpaid principal balances of the Floor Plan Loans to an aggregate amount which will not be in excess of such limitations. Subject to the application and satisfaction of the terms and conditions of this Agreement and of the other Credit Documents, during the Availability Period in respect of the Floor Plan Facility, the Floor Plan Borrowers may borrow, prepay, and reborrow the Floor Plan Loans in whole or in part.. LEGAL02/44139400v8
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