Common use of Silo Subsidiaries Clause in Contracts

Silo Subsidiaries. Permit any Subsidiary to become a Silo Subsidiary unless (i) any Silo Lender providing Permitted Silo Indebtedness to such Subsidiary has delivered to the Administrative Agent a Silo Intercreditor Agreement (or if applicable, a revised exhibit to the applicable Silo Lender Intercreditor Agreement for such Silo Lender), (ii) such Subsidiary shall not be designated a New Vehicle Floorplan Borrower or entitled to the proceeds of any New Vehicle Floorplan Loans, (iii) no Silo Lender may finance Used Vehicles at the applicable dealership and (iv) prior to the time of designation of such Subsidiary as a Silo Subsidiary, all outstanding New Vehicle Floorplan Loans with respect to such Subsidiary shall have been repaid.

Silo Subsidiaries. Permit any Subsidiary to become a Silo Subsidiary unless (i) any Silo Lender providing Permitted Silo Indebtedness to such Subsidiary has delivered to the Administrative Agent a Silo Lender Intercreditor Agreement (or if applicable, a revised exhibit to the applicable Silo Lender Intercreditor Agreement for such Silo Lender), (ii) such Subsidiary shall not be designated a New Vehicle Floorplan Borrower or entitled to the proceeds of any New Vehicle Floorplan Loans, (iii) no Silo Lender may finance Used Vehicles at the applicable dealership and (iv) prior to the time of designation of such Subsidiary as a Silo Subsidiary, all outstanding New Vehicle Floorplan Loans with respect to such Subsidiary shall have been repaid.

Silo Subsidiaries. Permit any Subsidiary to become a Silo Subsidiary unless (i) any Silo Lender providing Permitted Silo Indebtedness to such Subsidiary has delivered to the Administrative Agent a Silo joinder agreement to the Master Intercreditor Agreement (or if applicable, a revised exhibit to the applicable Silo Lender Master Intercreditor Agreement for such Silo Lender), (ii) such Subsidiary shall not be designated as a New Vehicle Floorplan Borrower or entitled to the proceeds of any New Vehicle Floorplan Loans, (iiiii) no Silo Lender may finance New Vehicle Inventory or Used Vehicles at the applicable dealership Vehicle Inventory of such Subsidiary shall be financed by any Loans, and (iviii) prior to the time of designation of such Subsidiary as a Silo Subsidiary, all outstanding New Vehicle Floorplan Loans with respect to such Subsidiary shall have been repaid.