Common use of Floorplan Loan Approvals Clause in Contracts

Floorplan Loan Approvals. Each Reseller and each Lender acknowledge and agree that: (i) CPC may issue Approvals on a date that is prior to the date of the funding of any Floorplan Loan Advance or Interim Floorplan Loan Advance that are based on such Approvals; (ii) other than for Approvals issued in contravention of Section 3.1.1 herein (which shall be null, void, and of no legal effect), once an Approval has been issued, then Administrative Agents may, and may require the Lenders, to fund the related Advance at any time, notwithstanding (A) any Default or Event of Default that may arise on or prior to the date of any such Advance, (B) whether the Loan Obligations have been accelerated, (C) whether the Facilities have been terminated, or (D) whether any such Advance shall occur after the effective date of termination of the Aggregate Floorplan Loan Facility for an Approval issued on or prior to such date; and (iii) each Lender shall be obligated to fund its Pro-Rata Share of any such Advance once an Approval has been issued for such Advance and after receipt of an invoice by CPC from the applicable Approved Vendor regardless of whether such Advance has been funded by CPC.

Floorplan Loan Approvals. Each Reseller Borrower and each Lender acknowledge acknowledges and agree agrees that: (i) CPC Administrative Agent may issue Approvals on a date that is prior to the date of the funding of any Floorplan Loan Advance or Interim Floorplan Loan Advance that are based on such Approvals; (ii) other than for Approvals issued in contravention of Section 3.1.1 herein (which shall be null, void, and of no legal effect), once an Approval has been issued, then Administrative Agents Agent may, and may require the Lenders, to fund the related Advance at any time, notwithstanding (A) any Default or Event of Default that may arise on or prior to the date of any such Advance, (B) whether the Loan Obligations have been accelerated, (C) whether the Facilities Commitments have been terminated, or (D) whether any such Advance shall occur after the effective date of termination of the Aggregate Floorplan Loan Facility Maturity Date for an Approval issued on or prior to such datethe Floorplan Loan Maturity Date; and (iii) each Lender shall be obligated to fund its Propro-Rata Share rata share of any such Advance once an Approval has been issued for such Advance and after receipt of an invoice by CPC from the applicable Approved Vendor regardless of whether such Advance has been funded by CPCAdministrative Agent. A request from a Vendor (with respect to a Borrower) to Administrative Agent to floorplan Inventory will be deemed to be a request from the Borrowers for a Floorplan Loan Advance or an Interim Floorplan Loan Advance, as the case may be.

Floorplan Loan Approvals. Each Reseller and each Lender acknowledge and agree that: (i) CPC may issue Approvals on a date that is prior to the date of the funding of any Floorplan Loan Advance or Interim Floorplan Loan Advance that are based on such Approvals; (ii) other than for Approvals issued in contravention of Section 3.1.1 herein (which shall be null, void, and of no legal effect), once an Approval has been issued, then Administrative Agents may, and may require the Lenders, to fund the related Advance at any time, notwithstanding (A) any Default or Event of Default that may arise on or prior to the date of any such Advance, (B) whether the Loan Obligations have been accelerated, (C) whether the Facilities have been terminated, or (D) whether any such Advance shall occur after the effective date of termination of the Aggregate Floorplan Loan Facility for an Approval issued on or prior to such date; and (iii) each Lender shall be obligated to fund its Pro-Rata Share of any such Advance once an Approval has been issued for such Advance and after receipt of an invoice by CPC from the applicable Approved Vendor regardless of whether such Advance has been funded by CPC. A request from an Approved Vendor (with respect to Reseller) to CPC to finance Floorplanned Inventory will be deemed to be a request from Reseller for a Floorplan Loan Advance or an Interim Floorplan Loan Advance, as the case may be.

Floorplan Loan Approvals. Each Reseller Borrower and each Lender acknowledge acknowledges and agree agrees that: (i) CPC Administrative Agent may issue Approvals on a date that is prior to the date of the funding of any Floorplan Loan Advance or Interim Floorplan Loan Advance that are based on such Approvals; (ii) other than for Approvals issued in contravention of Section 3.1.1 herein (which shall be null, void, and of no legal effect), once an Approval has been issued, then Administrative Agents Agent may, and may require the Lenders, to fund the related Advance at any time, notwithstanding (Aa) any Default or Event of Default that may arise on or prior to the date of any such Advance, (Bb) whether the Loan Obligations have been accelerated, (Cc) whether the Facilities have been terminated, or (Dd) whether any such Advance shall occur after the effective date of termination of the Aggregate Floorplan Loan Facility for an Approval issued on or prior to such date; and (iii) each Lender shall be obligated to fund its Propro-Rata Share rata share of any such Advance once an Approval has been issued for such Advance and after receipt of an invoice by CPC Administrative Agent from the applicable Approved Vendor regardless of whether such Advance has been funded by CPCAdministrative Agent. A request from a Vendor to Administrative Agent to Borrower's purchase of Inventory will be deemed to be a request from Borrower for a Floorplan Loan Advance or an Interim Floorplan Loan Advance, as the case may be.

Floorplan Loan Approvals. Each Reseller and each Lender acknowledge and agree that: (i) CPC may issue Approvals on a date that is prior to the date of the funding of any Floorplan Loan Advance or Interim Floorplan Loan Advance that are based on such Approvals; (ii) other than for Approvals issued in contravention of Section 3.1.1 herein (which shall be null, void, and of no legal effect), once an Approval has been issued, then Administrative Agents may, and subject to the provisions of Section 3.2.1, may require the Lenders, to fund the related Advance at any time, notwithstanding (A) any Default or Event of Default that may arise on or prior to the date of any such Advance, (B) whether the Loan Obligations have been accelerated, (C) whether the Facilities have been terminated, or (D) whether any such Advance shall occur after the effective date of termination of the Aggregate Floorplan Loan Facility for an Approval issued on or prior to such date; and (iii) each Lender shall be obligated to fund its Pro-Rata Share of any such Advance once an Approval has been issued for such Advance and after receipt of an invoice by CPC from the applicable Approved Vendor regardless of whether such Advance has been funded by CPC. A request from an Approved Vendor (with respect to Reseller) to CPC to finance Floorplanned Inventory will be deemed to be a request from Reseller for a Floorplan Loan Advance or an Interim Floorplan Loan Advance, as the case may be.

Floorplan Loan Approvals. Each Reseller Borrower and each Lender acknowledge acknowledges and agree agrees that: (i) CPC Administrative Agent may issue Approvals on a date that is prior to the date of the funding of any Floorplan Loan Advance or Interim Floorplan Loan Advance that are based on such Approvals; (ii) other than for Approvals issued in contravention of Section 3.1.1 herein (which shall be null, void, and of no legal effect), once an Approval has been issued, then Administrative Agents Agent may, and may require the Lenders, to fund the related Advance at any time, notwithstanding (A) any Default or Event of Default that may arise on or prior to the date of any such Advance, (B) whether the Loan Obligations have been accelerated, (C) whether the Facilities Commitments have been terminated, or (D) whether any such Advance shall occur after the effective date of termination of the Aggregate Floorplan Loan Facility Maturity Date for an Approval issued on or prior to such datethe Floorplan Loan Maturity Date; and (iii) each Lender shall be obligated to fund its Propro-Rata Share rata share of any such Advance once an Approval has been issued for such Advance and after receipt of an invoice by CPC from the applicable Approved Vendor regardless of whether such Advance has been funded by CPCAdministrative Agent. A request from a Vendor (with respect to a Borrower) to Administrative Agent to fund Floorplan Inventory will be deemed to be a request from the Borrowers for a Floorplan Loan Advance or an Interim Floorplan Loan Advance, as the case may be.