Common use of Termination of Floorplan Loan Facility and Interim Floorplan Loan Facility Clause in Contracts

Termination of Floorplan Loan Facility and Interim Floorplan Loan Facility. The Aggregate Floorplan Loan Facility and the Interim Floorplan Loan Facility are discretionary facilities. Administrative Agent may terminate the Aggregate Floorplan Loan Facility at any time in its absolute discretion. A termination of the Aggregate Floorplan Loan Facility shall automatically terminate the Interim Floorplan Facility on the date of any notice of such termination of the Aggregate Floorplan Loan Facility. The Aggregate Floorplan Loan Facility may be terminated at any time by Administrative Agent or by the Required Lenders prior to the Termination Date with respect to any future Floorplan Loans or Interim Floorplan Loans which have not been funded (whether or not an Approval has been issued, but subject to any Vendor Agreements regarding unfunded Approvals) upon written notice to Borrower from Administrative Agent. If, however, Administrative Agent or the Required Lenders terminate(s) the Aggregate Floorplan Loan Facility when no Event of Default has occurred and is continuing, Administrative Agent shall give Borrower 60 days prior written notice of such termination (which notice is acknowledged by Borrower to be sufficient and reasonable) and Lenders shall continue to fund Advances for Approvals issued on or before the expiration of such 60 day period and repayment shall be in accordance with the applicable Statement of Transaction and billing statement. Borrower will not be relieved from any obligation to Administrative Agent or the Lenders arising out of Floorplan Loans or Interim Floorplan Loans made before the effective termination date of the Aggregate Floorplan Loan Facility or the Interim Floorplan Loan Facility or made after the effective termination date of the Aggregate Floorplan Loan Facility or Interim Floorplan Loan Facility in connection with Approvals issued on or before such effective termination date. Notwithstanding a termination of the Aggregate Floorplan Loan Facility and the Interim Floorplan Loan Facility, Administrative Agent and Lenders will retain all of their rights, interests and remedies hereunder and in all Collateral until Borrower has indefeasibly paid all of the Loan Obligations in full in cash, all Letters of Credit have expired and the Letter of Credit Exposure is irrevocably reduced to zero. Any notice by the Required Lenders to terminate the Aggregate Floorplan Loan Facility or the Interim Floorplan Loan Facility shall be given in writing to Administrative Agent who shall then promptly send such notice to Borrower.

Termination of Floorplan Loan Facility and Interim Floorplan Loan Facility. The Aggregate Floorplan Loan Facility and the Interim Floorplan Loan Facility are discretionary facilities. Administrative Agent may terminate the Aggregate Floorplan Loan Facility at any time in its absolute discretion. A termination of the Aggregate Floorplan Loan Facility shall automatically terminate the Interim Floorplan Facility on the date of any notice of such termination of the Aggregate Floorplan Loan Facility. The Aggregate Floorplan Loan Facility facilities and may be terminated at any time by Administrative Agent or by the Required Lenders prior to the Termination Date with respect to any future Floorplan Loans or Interim Floorplan Loans which have not been funded (whether or not an Approval has been issued, but subject to any Vendor Agreements regarding unfunded Approvals) upon written notice to Borrower from Administrative Agent. If, however, at any time by the Administrative Agent or the Required Lenders terminate(s) upon written notice to the Borrower in accordance with this Section 3.2.7. In addition to any other rights and remedies that the Lenders and the Administrative Agent may have in this Agreement, including, without limitation, if there is an Existing Default and all rights and remedies set forth in Section 16.3 and in this Section, the Administrative Agent may, or the Required Lenders by direction to the Administrative Agent may, at any time, whether or not there is an Existing Default, elect to terminate the Aggregate Floorplan Loan Facility when and/or the Interim Floorplan Loan Facility, and Borrower agrees that if there is no Event of Default has occurred and is continuingExisting Default, Administrative Agent shall give Borrower 60 days prior written notice of such termination is reasonable and sufficient (which notice is acknowledged by Borrower although this provision shall not be construed to mean that shorter periods may not, in particular circumstances, also be sufficient reasonable and reasonablesufficient) and Lenders shall will continue to fund Advances for Approvals issued on or before the expiration of such 60 day period and repayment shall be in cash in accordance with the applicable Transaction Statement of Transaction and billing statement. Any such notice by the Required Lenders shall be given in writing to Administrative Agent who shall then promptly send such notice to Borrower, or if given by Administrative Agent, Administrative Agent shall promptly notify the Lenders after notifying Borrower. A termination of the Aggregate Floorplan Loan Facility shall automatically terminate the Interim Floorplan Facility on the date of any notice of such termination of the Aggregate Floorplan Facility. Borrower will not be relieved from any obligation to Administrative Agent or the Lenders arising out of Floorplan Loans or Interim Floorplan Loans made before the effective termination date of the Aggregate Floorplan Loan Facility or and/or the Interim Floorplan Loan Facility or made after the effective termination date of the Aggregate Floorplan Loan Facility or Interim Floorplan Loan Facility in connection with Approvals issued on or before such effective termination date. Notwithstanding a termination of the Aggregate Floorplan Loan Facility and the Interim Floorplan Loan Facility, Administrative Agent and Lenders will retain all of their rights, interests and remedies hereunder and in all Collateral until Borrower has indefeasibly paid all of the Loan Obligations in full in cashcash , all Letters of Credit have expired and the Letter of Credit Exposure is irrevocably reduced to zero. Any notice by , and the Required Lenders to terminate the Aggregate Floorplan Loan Facility or the Interim Floorplan Loan Facility shall be given in writing to Administrative Agent who shall then promptly send such notice and the Lenders have no other commitment to extend credit or make advances to or for the account of Borrower.

Termination of Floorplan Loan Facility and Interim Floorplan Loan Facility. The Aggregate Floorplan Loan Facility and the Interim Floorplan Loan Facility are discretionary facilities. Administrative Agent may terminate the Aggregate Floorplan Loan Facility at any time in its absolute discretion. A termination of the Aggregate Floorplan Loan Facility shall automatically terminate the Interim Floorplan Facility on the date of any notice of such termination of the Aggregate Floorplan Loan Facility. The Aggregate Floorplan Loan Facility facilities and may be terminated at any time by Administrative Agent or by the Required Lenders prior to the Termination Date with respect to any future Floorplan Loans or Interim Floorplan Loans which have not been funded (whether or not an Approval has been issued, but subject to any Vendor Agreements regarding unfunded Approvals) upon written notice to Borrower from Administrative Agent. If, however, at any time by the Administrative Agent or the Required Lenders terminate(s) upon written notice to the Borrower. If Administrative Agent or the Required Lenders terminate the Aggregate Floorplan Loan Facility when and/or the Interim Floorplan Loan Facility, Borrower agrees that if there is no Event of Default has occurred and is continuingExisting Default, Administrative Agent shall give Borrower 60 30 days prior written notice of such termination is reasonable and sufficient (which notice is acknowledged by Borrower although this provision shall not be construed to mean that shorter periods may not, in particular circumstances, also be sufficient reasonable and reasonablesufficient) and Lenders shall will continue to fund Advances for Approvals issued on or before the expiration of such 60 30 day period and repayment shall be in accordance with the applicable Statement of Transaction and billing statement. Borrower will not be relieved from any obligation to Administrative Agent or the Lenders arising out of Floorplan Loans or Interim Floorplan Loans made before the effective termination date of the Aggregate Floorplan Loan Facility or and/or the Interim Floorplan Loan Facility or made after the effective termination date of the Aggregate Floorplan Loan Facility or Interim Floorplan Loan Facility in connection with Approvals issued on or before such effective termination date. Notwithstanding a termination of the Aggregate Floorplan Loan Facility and the Interim Floorplan Loan Facility, Administrative Agent and Lenders will retain all of their rights, interests and remedies hereunder and in all Collateral until Borrower has indefeasibly paid all of the Loan Obligations in full in cash, all Letters of Credit have expired and the Letter of Credit Exposure is irrevocably reduced to zero. Any notice by the Required Lenders to terminate the Aggregate Floorplan Loan Facility or the Interim Floorplan Loan Facility shall be given in writing to Administrative Agent who shall then promptly send such notice to Borrower.

Termination of Floorplan Loan Facility and Interim Floorplan Loan Facility. The Aggregate Floorplan Loan Facility and the Interim Floorplan Loan Facility are discretionary facilities. Administrative Agent may terminate the Aggregate Floorplan Loan Facility at any time in its absolute discretion. A termination of the Aggregate Floorplan Loan Facility shall automatically terminate the Interim Floorplan Facility on the date of any notice of such termination of the Aggregate Floorplan Loan Facility. The Aggregate Floorplan Loan Facility facilities and may be terminated at any time by Administrative Agent or by the Required Lenders prior to the Termination Date with respect to any future Floorplan Loans or Interim Floorplan Loans which have not been funded (whether or not an Approval has been issued, but subject to any Vendor Agreements regarding unfunded Approvals) upon written notice to Borrower from Administrative Agent. If, however, at any time by the Administrative Agent or the Required Lenders terminate(s) upon written notice to the Borrower. If Administrative Agent or the Required Lenders terminate the Aggregate Floorplan Loan Facility when and/or the Interim Floorplan Loan Facility, Borrower agrees that if there is no Event of Default has occurred and is continuingExisting Default, Administrative Agent shall give Borrower 60 30 days prior written notice of such termination is reasonable and sufficient (which notice is acknowledged by Borrower although this provision shall not be construed to mean that shorter periods may not, in particular circumstances, also be sufficient reasonable and reasonablesufficient) and Lenders shall will continue to fund Advances for Approvals issued on or before the expiration of such 60 30 day period and repayment shall be in accordance with the applicable Statement of Transaction and billing statement. A termination of the Aggregate Floorplan Loan Facility shall automatically terminate the Interim Floorplan Facility on the date of any notice of such termination of the Aggregate Floorplan Facility. Borrower will not be relieved from any obligation to Administrative Agent or the Lenders arising out of Floorplan Loans or Interim Floorplan Loans made before the effective termination date of the Aggregate Floorplan Loan Facility or and/or the Interim Floorplan Loan Facility or made after the effective termination date of the Aggregate Floorplan Loan Facility or Interim Floorplan Loan Facility in connection with Approvals issued on or before such effective termination date. Notwithstanding a termination of the Aggregate Floorplan Loan Facility and the Interim Floorplan Loan Facility, Administrative Agent and Lenders will retain all of their rights, interests and remedies hereunder and in all Collateral until Borrower has indefeasibly paid all of the Loan Obligations in full in cashcash , all Letters of Credit have expired and the Letter of Credit Exposure is irrevocably reduced to zero. Any notice by , and the Required Lenders to terminate the Aggregate Floorplan Loan Facility or the Interim Floorplan Loan Facility shall be given in writing to Administrative Agent who shall then promptly send such notice and the Lenders have no other commitment to extend credit or make advances to or for the account of Borrower.