Specified New Floor Plan Units Sample Clauses

Specified New Floor Plan Units. Except as provided in Section 2.07(c) with respect to Specified New Floor Plan Units subject to Floor Plan Loans advanced pursuant to Section 2.02(h), principal curtailments (repayments) relating to Floor Plan Loans for Specified New Floor Plan Units shall be due as follows: (i) The entire balance owed on any Floor Plan Loan made as to any Specified New Floor Plan Unit shall be due upon the earliest of (A) three Business Days after the receipt of proceeds from the sale of such Floor Plan Unit, (B) ten Business Days after the sale of such Floor Plan Unit, (C) 24 hours after such Floor Plan Unit ceases, for any reason, to qualify as an Specified New Floor Plan Unit, or (D) Applicable Curtailment Date 540; (ii) In the case of any Specified New Floor Plan Unit, if not previously sold or otherwise disposed of, (A) 10% of the New Unit Invoiced Amount for such Floor Plan Unit will be due and payable on Applicable Curtailment Date 30, (B) 5% of the New Unit Invoiced Amount for such Floor Plan Unit will be due and payable on Applicable Curtailment Date 90, (C) 5% of the New Unit Invoiced Amount for such Floor Plan Unit will be due and payable on Applicable Curtailment Date 180, (D) 5% of the New Unit Invoiced Amount for such Floor Plan Unit will be due and payable on Applicable Curtailment Date 270, (E) 5% of the New Unit Invoiced Amount for such Floor Plan Unit will be due and payable on Applicable Curtailment Date 365 and (F) 5% of the New Unit Invoiced Amount for such Floor Plan Unit will be due and payable on Applicable Curtailment Date 450. If a Specified New Floor Plan Loan is advanced after one or more of the Applicable Curtailment Dates described above in this Section 2.07(b)(ii) (such Applicable Curtailment Dates preceding such Loan being referred to as the “Preceding Curtailment Dates”), then the curtailment payments otherwise required by this clause (ii) on such Preceding Curtailment Dates shall not be required to be made if the original amount of such Loan was reduced in accordance with Section 2.02(b)(ii).
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Related to Specified New Floor Plan Units

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