Common use of Subsequent Floorplan Loan Advances Clause in Contracts

Subsequent Floorplan Loan Advances. Administrative Agent may treat every request for a Floorplan Loan Advance as a request for an Interim Floorplan Loan Advance to the extent the requested amount does not exceed the Floorplan Loan Facility (when added to the Aggregate Floorplan Loan and the Interim Floorplan Loan and all unfunded Approvals) and as a request for a Floorplan Loan Advance in the amount of the excess. 7.4.1. REPAYMENT OF THE SWINGLINE LOAN AND THE INTERIM FLOORPLAN LOAN. 7.4.1.1. Administrative Agent may in its absolute discretion on any Business Day give notice to Lenders of the amount of the Swingline Loan and/or Interim Floorplan Loan after application of all payments to be applied thereto as provided elsewhere herein. Such notice shall be given no later than 1:00 p.m. (Local Time) and may include a demand that the Swingline Loan and/or the Interim Floorplan Loan be fully paid. If Administrative Agent demands that the Swingline Loan and/or the Interim Floorplan Loan be fully paid, then prior to 3:00 p.m. (Local Time) on such date, Lenders shall remit funds to Administrative Agent sufficient to reduce the Swingline Loan and/or the Interim Floorplan Loan to zero. The aggregate of such remittances shall be treated as a Revolving Loan Advance and the Aggregate Revolving Loan increased accordingly (in the case of payments on the Swingline Loan) and as a Floorplan Loan Advance and the Aggregate Floorplan Loan increased accordingly (in the case of payments on the Interim Floorplan Loan). 7.4.1.2. If for any reason, including the commencement of a proceeding in bankruptcy with respect to any Borrower, remittances by Lenders as provided above cannot be made on the date otherwise required above, then each Lender shall be deemed automatically to have purchased from Administrative Agent as of such date an undivided interest and participation in the Swingline Loan and the Interim Floorplan Loan equal to such Lender's pro-rata share, so as to cause such Lender to share in the Swingline Loan and the Interim Floorplan Loan in accordance with its pro-rata share. Each Lender shall remit its pro-rata share of the Swingline Loan and the Interim Floorplan Loan to Administrative Agent promptly on demand. All interest payable with respect to such Lender's pro-rata share of the Swingline Loan and the Interim Floorplan Loan shall be for the account of Administrative Agent to the date such remittance is made, and shall be for the account of and remitted by Administrative Agent to such Lender (except in the case of the Floorplan Loan, at the rate designated in Section 4.3 with respect to DFS and the other Lenders) as a participant from such date. Further, until such remittance is made, such Lender shall pay to Administrative Agent, on demand, interest on such Lender's pro-rata share of the Swingline Loan and the Floorplan Loan at the Federal Funds Rate, and such Lender shall be subject to the restrictions contained in Section 7.6. 7.4.2. ADMINISTRATIVE AGENT'S RIGHT TO MAKE OTHER CERTAIN ADVANCES.

Subsequent Floorplan Loan Advances. Administrative Agent may treat every request for a Floorplan Loan Advance as a request for an Interim Floorplan Loan Advance to the extent the requested amount does not exceed the Floorplan Loan Facility (when added to the Aggregate Floorplan Loan and the Interim Floorplan Loan and all unfunded Approvals) and as a request for a Floorplan Loan Advance in the amount of the excess. 7.4.17.3.1. REPAYMENT OF THE SWINGLINE LOAN AND THE INTERIM FLOORPLAN LOAN. 7.4.1.17.3.1.1. Administrative Agent may in its absolute discretion on any Business Day give notice to Lenders of the amount of the Swingline Loan and/or Interim Floorplan Loan after application of all payments to be applied thereto as provided elsewhere herein. Such notice shall be given no later than 1:00 p.m. (Local Time) and may include a demand that the Swingline Loan and/or the Interim Floorplan Loan be fully paid. If Administrative Agent demands that the Swingline Loan and/or the Interim Floorplan Loan be fully paid, then prior to 3:00 p.m. (Local Time) on such date, Lenders shall remit funds to Administrative Agent sufficient to reduce the Swingline Loan and/or the Interim Floorplan Loan to zero. The aggregate of such remittances shall be treated as a Revolving Loan Advance and the Aggregate Revolving Loan increased accordingly (in the case of payments on the Swingline Loan) and as a Floorplan Loan Advance and the Aggregate Floorplan Loan increased accordingly (in the case of payments on the Interim Floorplan Loan). 7.4.1.27.3.1.2. If for any reason, including the commencement of a proceeding in bankruptcy with respect to any Borrower, remittances by Lenders as provided above cannot be made on the date otherwise required above, then each Lender shall be deemed automatically to have purchased from Administrative Agent as of such date an undivided interest and participation in the Swingline Loan and the Interim Floorplan Loan equal to such Lender's pro-rata share, so as to cause such Lender to share in the Swingline Loan and the Interim Floorplan Loan in accordance with its pro-rata share. Each Lender shall remit its pro-rata share of the Swingline Loan and the Interim Floorplan Loan to Administrative Agent promptly on demand. All interest payable with respect to such Lender's pro-rata share of the Swingline Loan and the Interim Floorplan Loan shall be for the account of Administrative Agent to the date such remittance is made, and shall be for the account of and remitted by Administrative Agent to such Lender (except in the case of the Floorplan Loan, at the rate designated in Section 4.3 4.4 with respect to DFS GECDF and the other Lenders) as a participant from such date. Further, until such remittance is made, such Lender shall pay to Administrative Agent, on demand, interest on such Lender's pro-rata share of the Swingline Loan and the Floorplan Loan at the Federal Funds Rate, and such Lender shall be subject to the restrictions contained in Section 7.67.5. 7.4.27.3.2. ADMINISTRATIVE AGENT'S RIGHT TO MAKE OTHER CERTAIN ADVANCES.

Subsequent Floorplan Loan Advances. Administrative Agent may treat every request for a Floorplan Loan Advance as a request for an Interim Floorplan Loan Advance to the extent the requested amount does not exceed the Floorplan Loan Facility (when added to the Aggregate Floorplan Loan and the Interim Floorplan Loan and all unfunded Approvals) and as a request for a Floorplan Loan Advance in the amount of the excess. 7.4.17.3.1. REPAYMENT OF THE SWINGLINE LOAN AND THE INTERIM FLOORPLAN LOANRepayment of the Swingline Loan and the Interim Floorplan Loan. 7.4.1.17.3.1.1. Administrative Agent may in its absolute discretion on any Business Day give notice to Lenders of the amount of the Swingline Loan and/or Interim Floorplan Loan after application of all payments to be applied thereto as provided elsewhere herein. Such notice shall be given no later than 1:00 p.m. (Local Time) and may include a demand that the Swingline Loan and/or the Interim Floorplan Loan be fully paid. If Administrative Agent demands that the Swingline Loan and/or the Interim Floorplan Loan be fully paid, then prior to 3:00 4:00 p.m. (Local Time) on such date, Lenders shall remit funds to Administrative Agent sufficient to reduce the Swingline Loan and/or the Interim Floorplan Loan to zero. The aggregate of such remittances shall be treated as a Revolving Loan Advance and the Aggregate Revolving Loan increased accordingly (in the case of payments on the Swingline Loan) and as a Floorplan Loan Advance and the Aggregate Floorplan Loan increased accordingly (in the case of payments on the Interim Floorplan Loan). 7.4.1.27.3.1.2. If for any reason, including the commencement of a proceeding in bankruptcy with respect to any Borrower, remittances by Lenders as provided above cannot be made on the date otherwise required above, then each Lender shall be deemed automatically to have purchased from Administrative Agent as of such date an undivided interest and participation in the Swingline Loan and the Interim Floorplan Loan equal to such Lender's ’s pro-rata share, so as to cause such Lender to share in the Swingline Loan and the Interim Floorplan Loan in accordance with its pro-rata share. Each Lender shall remit its pro-rata share of the Swingline Loan and the Interim Floorplan Loan to Administrative Agent promptly on demand. All interest payable with respect to such Lender's ’s pro-rata share of the Swingline Loan and the Interim Floorplan Loan shall be for the account of Administrative Agent to the date such remittance is made, and shall be for the account of and remitted by Administrative Agent to such Lender (except in the case of the Floorplan Loan, at the rate designated in Section 4.3 4.4 with respect to DFS CDF and the other Lenders) as a participant from such date. Further, until such remittance is made, such Lender shall pay to Administrative Agent, on demand, interest on such Lender's ’s pro-rata share of the Swingline Loan and the Floorplan Loan at the Federal Funds Rate, and such Lender shall be subject to the restrictions contained in Section 7.67.5. 7.4.2. ADMINISTRATIVE AGENT'S RIGHT TO MAKE OTHER CERTAIN ADVANCES.

Subsequent Floorplan Loan Advances. Administrative Agent may treat every request for a Floorplan Loan Advance as a request for an Interim Floorplan Loan Advance to the extent the requested amount does not exceed the Floorplan Loan Facility (when added to the Aggregate Floorplan Loan and the Interim Floorplan Loan and all unfunded Approvals) and as a request for a Floorplan Loan Advance in the amount of the excess. 7.4.1. REPAYMENT OF THE SWINGLINE LOAN AND THE INTERIM FLOORPLAN LOAN. 7.4.1.1Repayment of the Swingline Loan and the Interim Floorplan Loan. Administrative Agent may in its absolute discretion on any Business Day give notice to Lenders of the amount of the Swingline Loan and/or or Interim Floorplan Loan after application of all payments to be applied thereto as provided elsewhere herein. Such notice shall be given no later than 1:00 12:00 p.m. (Local Time) and may include a demand that the Swingline Loan and/or or the Interim Floorplan Loan be fully paid. If Administrative Agent demands that the Swingline Loan and/or or the Interim Floorplan Loan be fully paid, then prior to 3:00 p.m. (Local Time) on such date, Lenders shall remit funds to Administrative Agent sufficient to reduce the Swingline Loan and/or or the Interim Floorplan Loan to zero. The aggregate of such remittances shall be treated as a Revolving Loan Advance and the Aggregate Revolving Loan increased accordingly (in the case of payments on the Swingline Loan) and as a Floorplan Loan Advance and the Aggregate Floorplan Loan increased accordingly (in the case of payments on the Interim Floorplan Loan). 7.4.1.2. Each such remittance by a Lender shall be made in accordance with its pro-rata share of the Aggregate Revolving Loan Facility or the Floorplan Loan Facility shall be made notwithstanding that (i) the amount of the aggregate of such remittances by Lenders may not be in the minimum amount for Revolving Loan Advances otherwise required hereunder, (ii) any conditions to Advances in Section 10 may not be then satisfied, (iii) an Event of Default has occurred and is continuing, (iv) the aggregate amount of such remittances by Lenders would result in the Aggregate Revolving Loan exceeding the Maximum Available Amount, or (v) such remittances by Lenders may be made after the effective date of termination of the Aggregate Revolving Loan Facility; provided, however, that in no event shall any Lender be required to make any such remittance that would result in the sum of (a) the Revolving Loan of such Lender, plus (b) such Lender's pro-rata share of the Letter of Credit Exposure exceeding such Lender's Revolving Loan Facility. If for any reason, including the commencement of a proceeding in bankruptcy with respect to any Borrower, remittances by Lenders as provided above cannot be made on the date otherwise required above, then each Lender shall be deemed automatically to have purchased from Administrative Agent as of such date an undivided interest and participation in the Swingline Loan and the Interim Floorplan Loan equal to such Lender's pro-rata share, so as to cause such Lender to share in the Swingline Loan and the Interim Floorplan Loan in accordance with its pro-rata share. Each Lender shall remit its pro-rata share of the Swingline Loan and the Interim Floorplan Loan to Administrative Agent promptly on demand. All interest payable with respect to such Lender's pro-rata share of the Swingline Loan and the Interim Floorplan Loan shall be for the account of Administrative Agent to the date such remittance is made, and shall be for the account of and remitted by Administrative Agent to such Lender (except in the case of the Floorplan Loan, at the rate designated in Section 4.3 0 with respect to DFS GECDF and the other Lenders) as a participant from such date. Further, until such remittance is made, such Lender shall pay to Administrative Agent, on demand, interest on such Lender's pro-rata share of the Swingline Loan and the Floorplan Loan at the Federal Funds Rate, and such Lender shall be subject to the restrictions contained in Section 7.60. 7.4.2. ADMINISTRATIVE AGENT'S RIGHT TO MAKE OTHER CERTAIN ADVANCES.