Notice of Types of Floor Plan Loans and Interest Periods. (a) On or before 10:00 A.M. HOUSTON, TEXAS TIME, three (3) Business Days prior to each Floor Plan Adjustment Date, the Company shall provide written (including via fax) Request for Borrowing to the Floor Plan Agent designating the Type of Floor Plan Loans which will be outstanding commencing on the Floor Plan Adjustment Date immediately following such notice until the next succeeding Floor Plan Adjustment Date. If, for any reason, the Company does not deliver the Request for Borrowing as herein provided, including, without limitation providing for three (3) Business Days' notice, the Company shall be deemed to have delivered the Request for Borrowing and requested that on the Floor Plan Adjustment Date all Floor Plan Loans be Comerica Prime Rate Borrowings. (b) On or before 11:00 A.M. HOUSTON, TEXAS TIME on each Floor Plan Adjustment Date, the Floor Plan Agent shall provide written (including via fax) notice to the Agent of the amount of (i) Floor Plan Loans outstanding, plus (ii) Swing Line Loans (plus Swing Line Overdraft Loans, if any) outstanding in excess of the Swing Line Minimum Amount (if any), plus (iii) the amount of Floor Plan Loans being requested pursuant to any Request for Borrowing of Floor Plan Loans, as of 10:00 A.M., HOUSTON, TEXAS TIME on such date. Upon receipt of such notice, the Agent shall provide written (including via fax) notice to the Banks advising them (A) that the amount of Floor Plan Loans required pursuant to (i), (ii) and (iii) above is greater than the amount required as of the immediately preceding Floor Plan Adjustment Date and, with respect to each Bank, the amount of additional Floor Plan Loans to be advanced by such Bank, (B) that the amount of Floor Plan Loans has decreased since the immediately preceding Floor Plan Adjustment Date and, with respect to each Bank, the amount of such repayment to be made to such Bank, or (C) that the Floor Plan Loans outstanding as of such date are not greater than the amount as on the immediately preceding Floor Plan Adjustment Date. Such notice shall also advise the Banks of the Type of Floor Plan Loans the Floor Plan Borrowers have selected for the period of time from the next Floor Plan Adjustment to the next succeeding Floor Plan Adjustment Date. (c) On each Floor Plan Adjustment Date (i) if Swing Line Loans (plus Swing Line Overdraft Loans, if any) outstanding are greater than the Swing Line Minimum Amount, the Swing Line Overdraft Loans shall be repaid and the Swing Line Loans shall be reduced to the Swing Line Minimum Amount with proceeds advanced by the Banks pursuant to notices from the Floor Plan Agent given to the Agent as provided in Section 2.2(e) hereof; in such event the Agent shall remit the proceeds of such Floor Plan Loans to the Floor Plan Agent for application to the Swing Line Loans (and to the Swing Line Overdraft Loans, if any) outstanding in excess of the Swing Line Minimum Amount, or (ii) if Swing Line Loans are less than the Swing Line Minimum Amount, the Swing Line Bank shall make a Swing Line Loan to the Floor Plan Borrowers in an amount required to cause the total amount of Swing Line Loans outstanding to equal the Swing Line Minimum Amount; in such event the Floor Plan Agent shall remit the proceeds of such Swing Line Loan to the Agent, and the Agent shall remit such proceeds to the Banks.
Appears in 1 contract
Samples: Revolving Credit Agreement (Group 1 Automotive Inc)
Notice of Types of Floor Plan Loans and Interest Periods. (a) On or before 10:00 A.M. HOUSTON, TEXAS TIME, three (3) Business Days prior to each Floor Plan Adjustment Date, the Company shall provide written (including via fax) Request for Borrowing to the Floor Plan Agent designating the Type of Floor Plan Loans which will be outstanding commencing on the Floor Plan Adjustment Date immediately following such notice until the next succeeding Floor Plan Adjustment Date. If, for any reason, the Company does not deliver the Request for Borrowing as herein provided, including, without limitation providing for three (3) Business Days' notice, the Company shall be deemed to have delivered the Request for Borrowing and requested that on the Floor Plan Adjustment Date all Floor Plan Loans be Comerica Prime Rate Borrowings.
(b) On or before 11:00 A.M. HOUSTON, TEXAS TIME on each Floor Plan Adjustment Date, the Floor Plan Agent shall provide written (including via fax) notice to the Agent of the amount of (i) Floor Plan Loans outstanding, plus (ii) Swing Line Loans (plus Swing Line Overdraft Loans, if any) outstanding in excess of the Swing Line Minimum Amount (if any), plus (iii) the amount of Floor Plan Loans being requested pursuant to any Request for Borrowing of Floor Plan Loans, as of 10:00 A.M., HOUSTON, TEXAS TIME on such date. Upon receipt of such notice, the Agent shall provide prompt written (including via fax) notice to the Banks Lenders advising them (A) that the amount of Floor Plan Loans required pursuant to (i), (ii) and (iii) above is greater than the amount required as of the immediately preceding Floor Plan Adjustment Date and, with respect to each BankLender, the amount of additional Floor Plan Loans to be advanced by such BankLender, (B) that the amount of Floor Plan Loans required pursuant to (i), (ii) and (iii) above, has decreased since the immediately preceding Floor Plan Adjustment Date and, with respect to each BankLender, the amount of such repayment to be made to such BankLender, or (C) that the Floor Plan Loans outstanding as of such date are not greater than there is no change in the amount as on the immediately preceding Floor Plan Adjustment Date. Such notice shall also advise the Banks of the Type of Floor Plan Loans the Floor Plan Borrowers have selected for the period of time from the next Floor Plan Adjustment to the next succeeding Floor Plan Adjustment Date.
(c) On each Floor Plan Adjustment Date (i) if Swing Line Loans (plus Swing Line Overdraft Loans, if any) outstanding are greater than the Swing Line Minimum Amount, the Swing Line Overdraft Loans shall be repaid and the Swing Line Loans shall be reduced to the Swing Line Minimum Amount with proceeds advanced by the Banks pursuant to notices from the Floor Plan Agent given to the Agent as provided in Section 2.2(e) hereof; in such event the Agent shall remit the proceeds of such Floor Plan Loans to the Floor Plan Agent for application to the Swing Line Loans (and to the Swing Line Overdraft Loans, if any) outstanding in excess of the Swing Line Minimum Amount, or (ii) if Swing Line Loans are less than the Swing Line Minimum Amount, the Swing Line Bank shall make a Swing Line Loan to the Floor Plan Borrowers in an amount required to cause the total amount of Swing Line Loans outstanding to equal the Swing Line Minimum Amount; in such event the Floor Plan Agent shall remit the proceeds of such Swing Line Loan to the Agent, and the Agent shall remit such proceeds to the Banks.Floor
Appears in 1 contract
Samples: Revolving Credit Agreement (Group 1 Automotive Inc)
Notice of Types of Floor Plan Loans and Interest Periods. (a) On or before 10:00 A.M. HOUSTONa.m. Houston, TEXAS TIMETexas time, three (3) Business Days prior to the last Business Day of each Floor Plan Adjustment Datecalendar month, the Company shall provide a written (including via faxfacsimile) Request for Borrowing to the Floor Plan Agent designating the Type of Floor Plan Loans which will be outstanding commencing on the Floor Plan Adjustment Date immediately following such notice until the next succeeding Floor Plan Adjustment Date. If, for any reason, the Company does not deliver the Request for Borrowing as herein provided, including, without limitation limitation, providing for three (3) Business Days' ’ notice, the Company shall be deemed to have delivered the Request for Borrowing and requested that on the such Floor Plan Adjustment Date all Floor Plan Loans be Comerica Prime Rate Borrowingsa Eurodollar Borrowing having an Interest Period of one month’s duration.
(b) On or before 11:00 A.M. HOUSTONa.m. Houston, TEXAS TIME Texas time on each Floor Plan Adjustment Date, the Floor Plan Agent shall provide written (including via faxfacsimile) notice to the Agent of the amount of (i) Floor Plan Loans outstanding, plus (ii) Swing Line Loans (plus Swing Line Overdraft Loans, if any) outstanding in excess of the Swing Line Minimum Amount (if any)Amount, plus (iii) the amount of Floor Plan Loans being requested pursuant to any Request for Borrowing of Floor Plan Loans, as of 10:00 A.M.a.m., HOUSTONHouston, TEXAS TIME Texas time on such date. Upon receipt of such notice, the Agent shall provide prompt written (including via fax) notice to the Banks Floor Plan Lenders advising them (A) that the amount of Floor Plan Loans required pursuant to (i), (ii) and (iii) above is greater than the amount required as of the immediately preceding Floor Plan Adjustment Date and, with respect to each BankFloor Plan Lender, the amount of additional Floor Plan Loans to be advanced by such BankFloor Plan Lender, (B) that the amount of Floor Plan Loans required pursuant to (i), (ii) and (iii) above, has decreased since the immediately preceding Floor Plan Adjustment Date and, with respect to each BankFloor Plan Lender, the amount of such repayment to be made to such BankFloor Plan Lender, or (C) that there is no change in the amount of Floor Plan Loans outstanding as of such date are not greater than the amount as on required pursuant to (i), (ii) and (iii) above since the immediately preceding Floor Plan Adjustment Date. Such notice shall also advise the Banks Floor Plan Lenders of the Type of Floor Plan Loans the Floor Plan Borrowers have selected selected, subject to Section 5.15(b), for the period of time from the next Floor Plan Adjustment Date to the next succeeding Floor Plan Adjustment Date.
(c) Each Floor Plan Lender shall, upon request from the Agent, from time to time as herein provided, advance the amount required in connection with each such Floor Plan Loan Borrowing by paying to the Agent in U.S. Dollars and in immediately available funds on the same day as the proposed date for Borrowings (that is not a Floor Plan Adjustment Date) pursuant to a Request for Borrowing that has been delivered to the Floor Plan Lenders or on each Floor Plan Adjustment Date, as applicable not later than 1:00 p.m., Houston, Texas time, and, subject to satisfaction of the conditions set forth in Article VIII, and the terms, provisions and conditions set forth in Section 2.3 and Section 4.3, the Agent shall promptly and in any event on the same day, credit the amounts so received to the account of the Floor Plan Agent, or, if a Floor Plan Loan Borrowing shall not occur on such date because any condition precedent herein specified shall not have been met, return the amounts so received to the respective Floor Plan Lenders. Upon receipt of such funds the Floor Plan Agent shall promptly and in any event on the same day, credit the amount so received to the account of the applicable Borrower.
(d) On each Floor Plan Adjustment Date if (i) if Swing Line Loans (plus Swing Line Overdraft Loans, if any) outstanding are greater than the Swing Line Minimum Amount, the Swing Line Overdraft Loans shall be repaid and the Swing Line Loans shall be reduced to the Swing Line Minimum Amount with proceeds advanced by the Banks Floor Plan Lenders pursuant to notices from the Floor Plan Agent given to the Agent as provided in Section 2.2(e2.4(b) hereof; in such event and the Agent shall remit the proceeds of such Floor Plan Loans to the Floor Plan Agent for application to the Swing Line Loans (and to the Swing Line Overdraft Loans, if any) outstanding in excess of the Swing Line Minimum Amount, or (ii) if Swing Line Loans are less than the Swing Line Minimum Amount, the Swing Line Bank shall make a Swing Line Loan to the Floor Plan Borrowers in an amount required to cause the total amount of Swing Line Loans outstanding to equal the Swing Line Minimum Amount; in such event Amount and the Floor Plan Agent shall remit the proceeds of such Swing Line Loan to the Agent, and the Agent shall remit such proceeds to the BanksFloor Plan Borrowers.
Appears in 1 contract
Samples: Revolving Credit Agreement (Group 1 Automotive Inc)
Notice of Types of Floor Plan Loans and Interest Periods. (a) On or before 10:00 A.M. HOUSTON, TEXAS TIME, three (3) Business Days prior to each Floor Plan Adjustment Date, the Company shall provide written (including via fax) Request for Borrowing to the Floor Plan Agent designating the Type of Floor Plan Loans which will be outstanding commencing on the Floor Plan Adjustment Date immediately following such notice until the next succeeding Floor Plan Adjustment Date. If, for any reason, the Company does not deliver the Request for Borrowing as herein provided, including, without limitation providing for three (3) Business Days' notice, the Company shall be deemed to have delivered the Request for Borrowing and requested that on the Floor Plan Adjustment Date all Floor Plan Loans be Comerica Prime Rate Borrowings.
(b) On or before 11:00 A.M. HOUSTON, TEXAS TIME on each Floor Plan Adjustment Date, the Floor Plan Agent shall provide written (including via fax) notice to the Agent of the amount of (i) Floor Plan Loans outstanding, plus (ii) Swing Line Loans (plus Swing Line Overdraft Loans, if any) outstanding in excess of the Swing Line Minimum Amount (if any), plus (iii) the amount of Floor Plan Loans being requested pursuant to any Request for Borrowing of Floor Plan Loans, as of 10:00 A.M., HOUSTON, TEXAS TIME on such date. Upon receipt of such notice, the Agent shall provide prompt written (including via fax) notice to the Banks advising them (A) that the amount of Floor Plan Loans required pursuant to (i), (ii) and (iii) above is greater than the amount required as of the immediately preceding Floor Plan Adjustment Date and, with respect to each Bank, the amount of additional Floor Plan Loans to be advanced by such Bank, (B) that the amount of Floor Plan Loans required pursuant to (i), (ii) and (iii) above, has decreased since the immediately preceding Floor Plan Adjustment Date and, with respect to each Bank, the amount of such repayment to be made to such Bank, or (C) that there is no change in the amount of Floor Plan Loans outstanding as of such date are not greater than the amount as on required pursuant to (i), (ii) and (iii) above since the immediately preceding Floor Plan Adjustment Date. Such notice shall also advise the Banks of the Type of Floor Plan Loans the Floor Plan Borrowers have selected for the period of time from the next Floor Plan Adjustment Date to the next succeeding Floor Plan Adjustment Date.
(c) On each Floor Plan Adjustment Date (i) if Swing Line Loans (plus Swing Line Overdraft Loans, if any) outstanding are greater than the Swing Line Minimum Amount, the Swing Line Overdraft Loans shall be repaid and the Swing Line Loans shall be reduced to the Swing Line Minimum Amount with proceeds advanced by the Banks pursuant to notices from the Floor Plan Agent given to the Agent as provided in Section 2.2(e) hereof; in such event the Agent shall remit the proceeds of such Floor Plan Loans to the Floor Plan Agent for application to the Swing Line Loans (and to the Swing Line Overdraft Loans, if any) outstanding in excess of the Swing Line Minimum Amount, or (ii) if Swing Line Loans are less than the Swing Line Minimum Amount, the THIRD AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT Swing Line Bank shall make a Swing Line Loan to the Floor Plan Borrowers in an amount required to cause the total amount of Swing Line Loans outstanding to equal the Swing Line Minimum Amount; in such event the Floor Plan Agent shall remit the proceeds of such Swing Line Loan to the Agent, and the Agent shall promptly remit such proceeds to the Banks.
Appears in 1 contract
Samples: Revolving Credit Agreement (Group 1 Automotive Inc)
Notice of Types of Floor Plan Loans and Interest Periods. (a) On or before 10:00 A.M. HOUSTONa.m. Houston, TEXAS TIMETexas time, three (3) Business Days prior to the last Business Day of each Floor Plan Adjustment Datecalendar month, the Company shall provide a written (including via faxfacsimile) Request for Borrowing to the Floor Plan Agent designating the Type of Floor Plan Loans which will be outstanding commencing on the Floor Plan Adjustment Date immediately following such notice until the next succeeding Floor Plan Adjustment Date. If, for any reason, the Company does not deliver the Request for Borrowing as herein provided, including, without limitation providing for three (3) Business Days' ’ notice, the Company shall be deemed to have delivered the Request for Borrowing and requested that on the such Floor Plan Adjustment Date all Floor Plan Loans be Comerica Prime Rate Eurodollar Borrowings.
(b) On or before 11:00 A.M. HOUSTONa.m. Houston, TEXAS TIME Texas time on each Floor Plan Adjustment Date, the Floor Plan Agent shall provide written (including via faxfacsimile) notice to the Agent of the amount of (i) Floor Plan Loans outstanding, plus (ii) Swing Line Loans (plus Swing Line Overdraft Loans, if any) outstanding in excess of the Swing Line Minimum Amount (if any)Amount, plus (iii) the amount of Floor Plan Loans being requested pursuant to any Request for Borrowing of Floor Plan Loans, as of 10:00 A.M.a.m., HOUSTONHouston, TEXAS TIME Texas time on such date. Upon receipt of such notice, the Agent shall provide prompt written (including via fax) notice to the Banks Floor Plan Lenders advising them (A) that the amount of Floor Plan Loans required pursuant to (i), (ii) and (iii) above is greater than the amount required as of the immediately preceding Floor Plan Adjustment Date and, with respect to each BankFloor Plan Lender, the amount of additional Floor Plan Loans to be advanced by such BankFloor Plan Lender, (B) that the amount of Floor Plan Loans required pursuant to (i), (ii) and (iii) above, has decreased since the immediately preceding Floor Plan Adjustment Date and, with respect to each BankFloor Plan Lender, the amount of such repayment to be made to such BankFloor Plan Lender, or (C) that there is no change in the amount of Floor Plan Loans outstanding as of such date are not greater than the amount as on required pursuant to (i), (ii) and (iii) above since the immediately preceding Floor Plan Adjustment Date. Such notice shall also advise the Banks Floor Plan Lenders of the Type of Floor Plan Loans the Floor Plan Borrowers have selected selected, subject to Section 5.15(b), for the period of time from the next Floor Plan Adjustment Date to the next succeeding Floor Plan Adjustment Date.
(c) Each Floor Plan Lender shall, upon request from the Agent, from time to time as herein provided, advance the amount required in connection with each such Floor Plan Loan Borrowing by paying to the Agent in U.S. Dollars and in immediately available funds on the same day as the proposed date for Borrowings (that is not a Floor Plan Adjustment Date) pursuant to a Request for Borrowing that has been delivered to the Floor Plan Lenders or on each Floor Plan Adjustment Date, as applicable not later than 1:00 p.m., Houston, Texas time, and, subject to satisfaction of the conditions set forth in Article VIII, and the terms, provisions and conditions set forth in Section 2.3 and Section 4.3, the Agent shall promptly and in any event on the same day, credit the amounts so received to the account of the Floor Plan Agent, or, if a Floor Plan Loan Borrowing shall not occur on such date because any condition precedent herein specified shall not have been met, return the amounts so received to the respective Floor Plan Lenders. Upon receipt of such funds the Floor Plan Agent shall promptly and in any event on the same day, credit the amount so received to the account of the applicable Borrower.
(d) On each Floor Plan Adjustment Date if (i) if Swing Line Loans (plus Swing Line Overdraft Loans, if any) outstanding are greater than the Swing Line Minimum Amount, the Swing Line Overdraft Loans shall be repaid and the Swing Line Loans shall be reduced to the Swing Line Minimum Amount with proceeds advanced by the Banks Floor Plan Lenders pursuant to notices from the Floor Plan Agent given to the Agent as provided in Section 2.2(e2.4(b) hereof; in such event and the Agent shall remit the proceeds of such Floor Plan Loans to the Floor Plan Agent for application to the Swing Line Loans (and to the Swing Line Overdraft Loans, if any) outstanding in excess of the Swing Line Minimum Amount, or (ii) if Swing Line Loans are less than the Swing Line Minimum Amount, the Swing Line Bank shall make a Swing Line Loan to the Floor Plan Borrowers in an amount required to cause the total amount of Swing Line Loans outstanding to equal the Swing Line Minimum Amount; in such event Amount and the Floor Plan Agent shall remit the proceeds of such Swing Line Loan to the Agent, and the Agent shall remit such proceeds to the BanksFloor Plan Borrowers.
Appears in 1 contract
Samples: Revolving Credit Agreement (Group 1 Automotive Inc)
Notice of Types of Floor Plan Loans and Interest Periods. (a) On or before 10:00 A.M. HOUSTONa.m. Houston, TEXAS TIMETexas time, three (3) two Business Days prior to before each Floor Plan Adjustment Date, the Company shall provide a written (including via faxfacsimile or email) Request for Borrowing to the Floor Plan Agent designating the amount (the “Floor Plan Tranche Amount”) and Type of Floor Plan Loans which will be outstanding commencing on the Floor Plan Adjustment Date immediately following such notice until the next succeeding Floor Plan Adjustment Date. If, for any reason, the Company does not deliver the Request for Borrowing as herein provided, including, without limitation providing for three (3) Business Days' notice, the Company shall be deemed to have delivered the Request for Borrowing and requested that on the such Floor Plan Adjustment Date the Floor Plan Tranche Amount be equal to the Floor Plan Tranche Amount as of the immediately preceding Floor Plan Adjustment Date and that all Floor Plan Loans be Comerica Prime Rate Borrowingsa Eurodollar Borrowing having an Interest Period of seven days’ duration.
(b) On Upon receipt of such notice from the Company, the Agent shall provide prompt written (including via facsimile) notice to the Floor Plan Lenders advising them (i) that the amount of the Floor Plan Tranche Amount is greater than the amount of the Floor Plan Tranche Amount as of the immediately preceding Floor Plan Adjustment Date and, with respect to each Floor Plan Lender, the amount of additional Floor Plan Loans to be advanced by such Floor Plan Lender, (ii) that the amount of the Floor Plan Tranche Amount is less than the amount of the Floor Plan Tranche Amount as of the immediately preceding Floor Plan Adjustment Date and, with respect to each Floor Plan Lender, the amount of such repayment to be made to such Floor Plan Lender, or before 11:00 A.M. HOUSTON, TEXAS TIME on each (iii) that there is no change in the amount of the Floor Plan Tranche Amount since the immediately preceding Floor Plan Adjustment Date. Such notice shall also advise the Floor Plan Lenders of the Type of Floor Plan Loans the Floor Plan Borrowers have selected, subject to Section 5.15(b), for the period of time from the next Floor Plan Adjustment Date to the next succeeding Floor Plan Adjustment Date. On any Floor Plan Adjustment Date by request of the Agent, the Floor Plan Agent shall provide written (including via faxfacsimile or email) notice to the Agent of the amount of (iA) Floor Plan Loans outstanding, plus (iiB) Swing Line Loans (plus Swing Line Overdraft Loans, if any) outstanding in excess of the Swing Line Minimum Amount outstanding, (if any), plus (iiiC) the amount of Floor Plan Loans being requested pursuant to any Request for Borrowing of Floor Plan Loans, as of 10:00 A.M.a.m., HOUSTONHouston, TEXAS TIME Texas time on such datedate and (D) the Offset Amount, if any.
(c) Each Floor Plan Lender shall, upon request from the Agent, from time to time as herein provided, advance the amount required in connection with each such Floor Plan Loan Borrowing by paying to the Agent in U.S. Dollars and in immediately available funds on the same day as the proposed date for Borrowings (that is not a Floor Plan Adjustment Date) pursuant to a Request for Borrowing that has been delivered to the Floor Plan Lenders or on each Floor Plan Adjustment Date, as applicable not later than 1:00 p.m., Houston, Texas time, and, subject to satisfaction of the conditions set forth in Article VIII, and the terms, provisions and conditions set forth in Section 2.3 and Section 4.3, the Agent shall promptly and in any event on the same day, credit the amounts so received to the account of the Floor Plan Agent, or, if a Floor Plan Loan Borrowing shall not occur on such date because any condition precedent herein specified shall not have been met, return the amounts so received to the respective Floor Plan Lenders. Upon receipt of such notice, the Agent shall provide written (including via fax) notice to the Banks advising them (A) that the amount of Floor Plan Loans required pursuant to (i), (ii) and (iii) above is greater than the amount required as of the immediately preceding Floor Plan Adjustment Date and, with respect to each Bank, the amount of additional Floor Plan Loans to be advanced by such Bank, (B) that the amount of Floor Plan Loans has decreased since the immediately preceding Floor Plan Adjustment Date and, with respect to each Bank, the amount of such repayment to be made to such Bank, or (C) that the Floor Plan Loans outstanding as of such date are not greater than the amount as on the immediately preceding Floor Plan Adjustment Date. Such notice shall also advise the Banks of the Type of Floor Plan Loans the Floor Plan Borrowers have selected for the period of time from the next Floor Plan Adjustment to the next succeeding Floor Plan Adjustment Date.
(c) On each Floor Plan Adjustment Date (i) if Swing Line Loans (plus Swing Line Overdraft Loans, if any) outstanding are greater than the Swing Line Minimum Amount, the Swing Line Overdraft Loans shall be repaid and the Swing Line Loans shall be reduced to the Swing Line Minimum Amount with proceeds advanced by the Banks pursuant to notices from the Floor Plan Agent given to the Agent as provided in Section 2.2(e) hereof; in such event the Agent shall remit the proceeds of such Floor Plan Loans to the Floor Plan Agent for application to the Swing Line Loans (and to the Swing Line Overdraft Loans, if any) outstanding in excess of the Swing Line Minimum Amount, or (ii) if Swing Line Loans are less than the Swing Line Minimum Amount, the Swing Line Bank shall make a Swing Line Loan to the Floor Plan Borrowers in an amount required to cause the total amount of Swing Line Loans outstanding to equal the Swing Line Minimum Amount; in such event funds the Floor Plan Agent shall remit promptly and in any event on the proceeds of such Swing Line Loan same day, credit the amount so received to the Agent, and account of the Agent shall remit such proceeds to the Banksapplicable Borrower.
Appears in 1 contract
Samples: Revolving Credit Agreement (Group 1 Automotive Inc)
Notice of Types of Floor Plan Loans and Interest Periods. (a) On or before 10:00 A.M. HOUSTONa.m. Houston, TEXAS TIMETexas time, three (3) Business Days prior to each Floor Plan Adjustment Date, the Company shall provide a written (including via faxfacsimile) Request for Borrowing to the Floor Plan Agent designating the Type of Floor Plan Loans which will be outstanding commencing on the Floor Plan Adjustment Date immediately following such notice until the next succeeding Floor Plan Adjustment Date. If, for any reason, the Company does not deliver the Request for Borrowing as herein provided, including, without limitation providing for three (3) Business Days' ’ notice, the Company shall be deemed to have delivered the Request for Borrowing and requested that on the such Floor Plan Adjustment Date all Floor Plan Loans be Comerica Prime Rate Eurodollar Borrowings.
(b) On or before 11:00 A.M. HOUSTONa.m. Houston, TEXAS TIME Texas time on each Floor Plan Adjustment Date, the Floor Plan Agent shall provide written (including via faxfacsimile) notice to the Agent of the amount of (i) Floor Plan Loans outstanding, plus (ii) Swing Line Loans (plus Swing Line Overdraft Loans, if any) outstanding in excess of the Swing Line Minimum Amount (if any)Amount, plus (iii) the amount of Floor Plan Loans being requested pursuant to any Request for Borrowing of Floor Plan Loans, as of 10:00 A.M.a.m., HOUSTONHouston, TEXAS TIME Texas time on such date. Upon receipt of such notice, the Agent shall provide prompt written (including via fax) notice to the Banks Floor Plan Lenders advising them (A) that the amount of Floor Plan Loans required pursuant to (i), (ii) and (iii) above is greater than the amount required as of the immediately preceding Floor Plan Adjustment Date and, with respect to each BankFloor Plan Lender, the amount of additional Floor Plan Loans to be advanced by such BankFloor Plan Lender, (B) that the amount of Floor Plan Loans required pursuant to (i), (ii) and (iii) above, has decreased since the immediately preceding Floor Plan Adjustment Date and, with respect to each BankFloor Plan Lender, the amount of such repayment to be made to such BankFloor Plan Lender, or (C) that there is no change in the amount of Floor Plan Loans outstanding as of such date are not greater than the amount as on required pursuant to (i), (ii) and (iii) above since the immediately preceding Floor Plan Adjustment Date. Such notice shall also advise the Banks Floor Plan Lenders of the Type of Floor Plan Loans the Floor Plan Borrowers have selected selected, subject to Section 5.15(b), for the period of time from the next Floor Plan Adjustment Date to the next succeeding Floor Plan Adjustment Date.
(c) Each Floor Plan Lender shall, upon request from the Agent, from time to time as herein provided, advance the amount required in connection with each such Floor Plan Loan Borrowing by paying to the Agent in U.S. Dollars and in immediately available funds on the same day as the proposed date for Borrowings (that is not a Floor Plan Adjustment Date) pursuant to a Request for Borrowing that has been delivered to the Floor Plan Lenders or on each Floor Plan Adjustment Date, as applicable not later than 1:00 p.m., Houston, Texas time, and, subject to satisfaction of the conditions set forth in ARTICLE VIII, and the terms, provisions and conditions set forth in Section 2.3 and Section 4.3, the Agent shall promptly and in any event on the same day, credit the amounts so received to the account of the Floor Plan Agent, or, if a Floor Plan Loan Borrowing shall not occur on such date because any condition precedent herein specified shall not have been met, return the amounts so received to the respective Floor Plan Lenders. Upon receipt of such funds the Floor Plan Agent shall promptly and in any event on the same day, credit the amount so received to the account of the applicable Borrower.
(d) On each Floor Plan Adjustment Date if (i) if Swing Line Loans (plus Swing Line Overdraft Loans, if any) outstanding are greater than the Swing Line Minimum Amount, the Swing Line Overdraft Loans shall be repaid and the Swing Line Loans shall be reduced to the Swing Line Minimum Amount with proceeds advanced by the Banks Floor Plan Lenders pursuant to notices from the Floor Plan Agent given to the Agent as provided in Section 2.2(e2.4(b) hereof; in such event and the Agent shall remit the proceeds of such Floor Plan Loans to the Floor Plan Agent for application to the Swing Line Loans (and to the Swing Line Overdraft Loans, if any) outstanding in excess of the Swing Line Minimum Amount, or (ii) if Swing Line Loans are less than the Swing Line Minimum Amount, the Swing Line Bank shall make a Swing Line Loan to the Floor Plan Borrowers in an amount required to cause the total amount of Swing Line Loans outstanding to equal the Swing Line Minimum Amount; in such event Amount and the Floor Plan Agent shall remit the proceeds of such Swing Line Loan to the Agent, and the Agent shall remit such proceeds to the BanksFloor Plan Borrowers.
Appears in 1 contract
Samples: Revolving Credit Agreement (Group 1 Automotive Inc)