Floorplan Loans. Borrower may prepay the principal of any Floorplan Loan at any time in whole or in part, without premium or penalty.
Floorplan Loans. CPC will send to Reseller a Monthly Billing Statement describing all interest accrued on the Aggregate Floorplan Loans and the Interim Floorplan Loans. Subject to the terms of Sections 4.3 and 4.5 and elsewhere in this Agreement, interest on the Floorplan Loans payable to Lenders, other than CPC shall be distributed by Administrative Agents monthly in arrears (with the right of set off in favor of Administrative Agents and CPC as set forth in Section 4.5) beginning on the second Business Day of the first month after the Effective Date and continuing on the second Business Day of each month thereafter, and on the Termination Date.
Floorplan Loans. (a) Subject to the terms and conditions of this Agreement, and during the term of this Agreement, each Floorplan Lender agrees (severally, not jointly or jointly and severally) to make revolving floorplan loans (“Floorplan Loans”) to Borrower in an amount at any one time outstanding not to exceed the lesser of:
Floorplan Loans. 7 2.2.1 U.S. Floorplan Loans. ........................................................................................................ 7 2.3 Borrowing Procedures and Settlements ............................................................................. 9 2.4 Payments; Reductions of Commitments; Prepayments ................................................... 22 2.5 Promise to Pay; Promissory Notes ................................................................................... 32 2.6 Interest Rates and Letter of Credit Fee: Rates, Payments, and Calculations ................... 32 2.7 Crediting Payments .......................................................................................................... 34 2.8
Floorplan Loans. Each Floorplan Lender severally agrees to make loans (each such loan, a “Floorplan Loan”) to Borrower, from time to time on any Business Day during the Floorplan Availability Period, in an aggregate outstanding amount not to exceed at any time such Lender’s Floorplan Commitment, provided that, after giving effect to any Floorplan Borrowing: (i) the Total Floorplan Outstandings shall not exceed Floorplan Availability; and (ii) the sum of (x) aggregate Outstanding Amount of the Floorplan Loans of any Floorplan Lender plus (y) such Lender’s Floorplan Percentage Share, multiplied by the Outstanding Amount of all Swing Line Loans and Floorplan L/C Obligations shall not exceed such Lender’s Floorplan Commitment. Within the limits of each Floorplan Lender’s Floorplan Commitment, and subject to the other terms and conditions hereof, Borrower may borrow under this Section 2.01, prepay under Section 2.05, and reborrow under this Section 2.01. Floorplan Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein.
Floorplan Loans. (a) Subject to the terms and conditions of this Agreement, and during the term of this Agreement, each Floorplan Lender agrees (severally, not jointly or jointly and severally) to make revolving floorplan loans (“Floorplan Loans”) to Borrower in an amount at any one time outstanding not to exceed the lesser of: (i) such Lender’s Floorplan Commitment, or (ii) such Lender’s Pro Rata Share of an amount equal to the lesser of: (A) the amount equal to (1) the Maximum Floorplan Amount less (2) the principal amount of Floorplan Swing Loans outstanding at such time, and (B) the amount equal to (1) the Floorplan Borrowing Base as of such date (based upon the most recent Floorplan Borrowing Base Certificate delivered by Borrower to Agent) less (2) the principal amount of Floorplan Swing Loans outstanding at such time. (b) Amounts borrowed pursuant to this Section 2.2 may be repaid and, subject to the terms and conditions of this Agreement, reborrowed at any time during the term of this Agreement. The outstanding principal amount of the Floorplan Loans, together with interest accrued and unpaid thereon, shall constitute Obligations and shall be due and payable on the Maturity Date or, if earlier, on the date on which they are declared due and payable pursuant to the terms of this Agreement. (c) Anything to the contrary in this Section 2.2 notwithstanding, Agent shall have the right (but not the obligation), in the exercise of its Permitted Discretion, to establish and increase or decrease Inventory Reserves, Bank Product Reserves, Cash Settlement Reserves, and
Floorplan Loans. At such time (if any) as DLL has elected to provide Floorplan Loans pursuant to Section 2.4 of this Agreement, a floorplan line of credit consisting of loans made to Borrower against Floorplanned Inventory (“Floorplan Loans”) of Borrower in an aggregate principal amount not to exceed as of any date such amount as may be agreed in writing by DLL in its sole and absolute discretion (“Maximum Floorplan Amount”) less the aggregate amount of any open approvals given by DLL to any Vendor of Floorplanned Inventory that are outstanding as of such date. No individual Floorplan Loan shall exceed one hundred percent (100%) of the Vendor’s invoice price for the applicable Floorplanned Inventory financed through such Floorplan Loan.
Floorplan Loans a floorplan line of credit consisting of loans against --------------- Borrower's Floorplanned Inventory ("Floorplan Loans") in an aggregate principal amount not to exceed at any time Twenty Million Dollars ($20,000,000) less the amount of any outstanding approvals given by FINOVA to any manufacturer of Floorplanned Inventory. No individual Floorplan Loan shall exceed 100% of the manufacturer's invoice price for Eligible Inventory ("Floorplan Loans Borrowing Base"). In no event may the sum of the Revolving Loans and Floorplan Loans exceed the Total Facility. CONDITIONS PRECEDENT (SECTION 4): The obligation of FINOVA to make the initial advance hereunder is subject to the fulfillment, to the satisfaction of FINOVA and its counsel, of the following conditions, in addition to the conditions set forth in Sections 2.1 and 2.2 above:
Floorplan Loans
