Common use of Special Requirement for Payments on Floorplan Loans and Interim Floorplan Loans Clause in Contracts

Special Requirement for Payments on Floorplan Loans and Interim Floorplan Loans. Borrower will immediately pay Administrative Agent the principal indebtedness owed the Administrative Agent and the Lenders on each item of Collateral financed by the Lenders and Administrative Agent (as shown on the Transaction Statement identifying such Collateral) under the Floorplan Loan Facility or the Interim Floorplan Loan Facility on the earliest occurrence of any of the following events: (a) when such Collateral is (i) lost, (ii) stolen, or (iii) damaged and no longer merchantable; (b) in strict accordance with any curtailment schedule for such Collateral (as shown on the Transaction Statement identifying such Collateral); (c) for Collateral financed under Scheduled Payment Program (“SPP”) terms (as shown on the Transaction Statement identifying such Collateral), in strict accordance with the installment payment schedule; and (d) when otherwise required under the terms of any financing program agreed to in writing by the Borrower and Administrative Agent. Any third party discount, rebate, subsidy, bonus or credit granted to Borrower for any Collateral will not reduce the Loan Obligations until Administrative Agent has received payment as provided in this Agreement. The Floorplan Shortfall, if any, will remain in effect, until the next determination of the Floorplan Shortfall by Administrative Agent. The Administrative Agent may determine the Floorplan Shortfall as often as it chooses in its sole discretion. Borrower shall pay all amounts owing to Administrative Agent and the Lenders under the Floorplan Loan Facility and the Interim Floorplan Loan Facility as set forth herein and in the Transaction Statement.

Special Requirement for Payments on Floorplan Loans and Interim Floorplan Loans. Borrower will immediately pay Administrative Agent the principal indebtedness Indebtedness owed the Administrative Agent and the Lenders on each item of Collateral financed by the Lenders and Administrative Agent (as shown on the Statement of Transaction Statement identifying such Collateral) under the Floorplan Loan Facility or the Interim Floorplan Loan Facility on the earliest occurrence of any of the following events: (ai) when such Collateral is (i) lost, stolen or damaged; (ii) stolenfor Collateral financed under Pay-As-Sold ("PAS") terms (as shown on the Statement of Transaction identifying such Collateral), when such Collateral is sold, transferred, rented, leased, otherwise disposed of or matured; (iii) damaged and no longer merchantable; (b) in strict accordance with any curtailment schedule for such Collateral (as shown on the Statement of Transaction Statement identifying such Collateral); (civ) for Collateral financed under Scheduled Payment Program (“"SPP”") terms (as shown on the Statement of Transaction Statement identifying such Collateral), in strict accordance with the installment payment schedule; and (dv) when otherwise required under the terms of any financing program agreed to in writing by the Borrower and Administrative Agent. Any third party discount, rebate, subsidy, bonus or credit granted to Borrower for any Collateral will not reduce the Loan Obligations until Administrative Agent has received payment as provided in this Agreement. The Floorplan Shortfall, if any, will remain in effect, until the next determination of the Floorplan Shortfall by Administrative Agent. The Administrative Agent may determine the Floorplan Shortfall as often as it chooses in its sole discretion. Borrower shall pay all amounts owing to Administrative Agent and the Lenders under the Floorplan Loan Facility and the Interim Floorplan Loan Facility as set forth herein and in the Transaction Statementapplicable Statement of Transaction.

Special Requirement for Payments on Floorplan Loans and Interim Floorplan Loans. Borrower will immediately pay Administrative Agent the principal indebtedness owed the Administrative Agent and the Lenders on each item of Collateral financed by the Lenders and Administrative Agent (as shown on the Statement of Transaction Statement identifying such Collateral) under the Floorplan Loan Facility or the Interim Floorplan Loan Facility on the earliest occurrence of any of the following events: (a) when such Collateral is (i) lost, (ii) stolen, stolen or (iii) damaged and no longer merchantabledamaged; (b) for Collateral financed under Pay-As-Sold ("PAS") terms (as shown on the Statement of Transaction identifying such Collateral), when such Collateral is sold, transferred, rented, leased, otherwise disposed of or matured; (c) in strict accordance with any curtailment schedule for such Collateral (as shown on the Statement of Transaction Statement identifying such Collateral); (cd) for Collateral financed under Scheduled Payment Program (“"SPP”") terms (as shown on the Statement of Transaction Statement identifying such Collateral), in strict accordance with the installment payment schedule; and (de) when otherwise required under the terms of any financing program agreed to in writing by the Borrower and Administrative Agent. Any third party discount, rebate, subsidy, bonus or credit granted to Borrower for any Collateral will not reduce the Loan Obligations until Administrative Agent has received payment as provided in this Agreement. The Floorplan Shortfall, if any, will remain in effect, until the next determination of the Floorplan Shortfall by Administrative Agent. The Administrative Agent may determine the Floorplan Shortfall as often as it chooses in its sole discretion. Borrower shall promises to pay all amounts owing to Administrative Agent and the Lenders under the Floorplan Loan Facility and the Interim Floorplan Loan Facility as set forth herein and in the Transaction StatementStatement of Transaction.

Special Requirement for Payments on Floorplan Loans and Interim Floorplan Loans. Borrower will immediately pay Administrative Agent the principal indebtedness owed the Administrative Agent and the Lenders on each item of Collateral financed by the Lenders and Administrative Agent (as shown on the Statement of Transaction Statement identifying such Collateral) under the Floorplan Loan Facility or the Interim Floorplan Loan Facility on the earliest occurrence of any of the following events: (a) when such Collateral is (i) lost, (ii) stolen, stolen or (iii) damaged and no longer merchantabledamaged; (b) for Collateral financed under Pay-As-Sold ("PAS") terms (as shown on the Statement of Transaction identifying such Collateral), when such Collateral is sold, transferred, rented, leased, otherwise disposed of or matured; (c) in strict accordance with any curtailment schedule for such Collateral (as shown on the Statement of Transaction Statement identifying such Collateral); (cd) for Collateral financed under Scheduled Payment Program (“"SPP”") terms (as shown on the Statement of Transaction Statement identifying such Collateral), in strict accordance with the installment payment schedule; and (de) when otherwise required under the terms of any financing program agreed to in writing by the Borrower and Administrative Agent. Any third party discount, rebate, subsidy, bonus or credit granted to Borrower for any Collateral will not reduce the Loan Obligations until Administrative Agent has received payment as provided in this Agreement. The Floorplan Shortfall, if any, will remain in effect, until the next determination of the Floorplan Shortfall by Administrative Agent. The Administrative Agent may determine the Floorplan Shortfall as often as it chooses in its sole discretion. Borrower shall promises to pay all amounts owing to Administrative Agent and the Lenders under the Floorplan Loan Facility and the Interim Floorplan Loan Facility as set forth herein and in the Transaction Statement.Statement of Transaction