Drafting Agreement definition

Drafting Agreement means an agreement (whether or not issued in the form of a letter of credit) by and among the Floor Plan Agent and a Manufacturer, entered into for the account of a Floor Plan Borrower (and in some cases acknowledged or countersigned by a Floor Plan Borrower) under which a Manufacturer is entitled to submit Drafts to the Floor Plan Agent (via ACH electronic transfer or otherwise) for payment of invoices identifying one or more Motor Vehicles delivered or shipped to such Floor Plan Borrower, on terms and conditions consistent with the usual customs and practices in effect from time to time for the automobile industry.
Sample 1Sample 2Sample 3
Drafting Agreement means an agreement (whether or not issued in the form of a letter of credit) by and between the Floor Plan Agent and a Manufacturer, entered into for the account of a Floor Plan Borrower (and in some cases acknowledged or countersigned by a Floor Plan Borrower) under which a Manufacturer is entitled to submit Drafts to the Floor Plan Agent (via ACH electronic transfer or otherwise) for payment of invoices identifying Motor Vehicles delivered or shipped to the applicable Floor Plan Borrower, such agreements to be substantially in the form of the existing Drafting Agreements identified in Schedule II hereto or otherwise on terms and conditions consistent with the usual customs and practices in effect from time to time for the floor plan industry.
Sample 1Sample 2Sample 3
Drafting Agreement means an agreement (whether or not issued in the form of a letter of credit) by and among the Floor Plan Agent and/or Swing Line Bank and a Manufacturer, entered into for the account of a Floor Plan Borrower (and in some cases acknowledged or countersigned by a Floor Plan Borrower) under which a Manufacturer is entitled to submit Drafts to the Floor Plan Agent and/or Swing Line Bank (via ACH electronic transfer or otherwise) for payment of invoices identifying one or more Motor Vehicles delivered or shipped to such Floor Plan Borrower, on terms and conditions consistent with the usual customs and practices in effect from time to time for the automobile industry.
Sample 1Sample 2Sample 3

Examples of Drafting Agreement in a sentence

  • The Obligations of the Floor Plan Borrowers under this Agreement and any of the other Loan Documents to reimburse the Floor Plan Agent for Drafts presented by a Manufacturer under a Drafting Agreement and to repay any Swing Line Loans, the Floor Plan Loans or the Swing Line Overdraft Loans, as the case may be, funded to pay a Draft shall be unconditional and irrevocable.

  • The foregoing power of attorney shall be coupled with an interest, and shall be irrevocable so long as this Agreement remains in effect, any Drafting Agreement remains in effect or any Obligations (including Letter of Credit Obligations and Swing Line Overdraft Loans) remain outstanding under this Agreement or any of the Notes.

  • Any Floor Plan Borrower may request a Floor Plan Loan, (i) in the case of Floor Plan Loans, subject to Section 2.8 through Section 2.11, pursuant to a Draft, by delivery of such Draft in accordance with the express terms of a Drafting Agreement or (ii) by delivery to the Floor Plan Agent of a written Request for Borrowing.

  • Each of the Floor Plan Borrowers shall be irrevocably obligated to reimburse Floor Plan Agent on demand for the amount of any Draft presented by a Manufacturer under the terms of any Drafting Agreement; provided however that such reimbursement obligation shall be deemed satisfied by the funding of a Loan in respect thereto.

  • The foregoing power of attorney shall be coupled with an interest, and shall be irrevocable so long as this Agreement remains in effect, any Drafting Agreement remains in effect or any Obligations remain outstanding under this Agreement or any of the Floor Plan Notes.

  • The foregoing power of attorney shall be coupled with an interest, and shall be irrevocable so long as this Agreement remains in effect, any Drafting Agreement remains in effect or any Obligations remain outstanding under this Agreement or any of the Notes evidencing the Floor Plan Loans.

  • The obligations of the Floor Plan Borrowers under this Agreement and any of the other Loan Documents to reimburse the Floor Plan Agent, the Swing Line Bank and the Lenders for Drafts presented by a Manufacturer under a Drafting Agreement and to repay any Swing Line Loans, Floor Plan Loans or the Swing Line Overdraft Loans, as the case may be, funded to pay a Draft shall be unconditional and irrevocable.

  • The foregoing power of attorney shall be coupled with an interest, and shall be irrevocable until such time as the Obligations have been paid in full in cash, all outstanding Letters of Credit have been cash collateralized in accordance with this Agreement, this Agreement has been terminated and all commitments to extend credit under this Agreement, any of the other Loan Documents and any Drafting Agreement have been terminated.

  • The Fronting Lender shall give notice to each Revolving Lender of the issuance of, or the entering into of, each Drafting Agreement not later than five Business Days after issuance of, or the entering into of, each such Drafting Agreement, attaching a copy of such Drafting Agreement, as issued or entered into.

  • The Floor Plan Agent shall give notice, substantially in the form attached to this Agreement as Exhibit G, to each Bank of the issuance of or entering into each Drafting Agreement not later than five (5) Business Days after issuance of or entering into each such Drafting Agreement, attaching a copy of such Drafting Agreement, as issued or entered into.


More Definitions of Drafting Agreement

Drafting Agreement means an agreement between the Fronting Lender and a Manufacturer, entered into for the account of the Borrower or any Subsidiary (other than an Unrestricted Subsidiary) (and in some cases acknowledged or countersigned by the Borrower or the applicable Subsidiary) under which such Manufacturer is entitled to present Drafts to the Fronting Lender for payment of invoices identifying New Motor Vehicles delivered or shipped by such Manufacturer to the Borrower or such Subsidiary, such agreements to be on terms and conditions satisfactory to the Fronting Lender. EBITDAR means, for any period, Consolidated Net Income for such period plus, to the extent deducted in determining such Consolidated Net Income, Interest Expense, Rental Expense, income tax expense, depreciation and amortization for such period. EFT System shall mean the electronic funds transfer system maintained by the Fronting Lender and pursuant to which the Borrower may transfer funds, or cause the transfer of funds, from accounts of the Fronting Lender to accounts of the Borrower and the Subsidiaries (other than Unrestricted Subsidiaries) or from accounts of the Borrower and the Subsidiaries (other than Unrestricted Subsidiaries) to accounts of the Fronting Lender. Environmental Claims means all claims, however asserted, by any governmental, regulatory or judicial authority or other Person alleging potential liability or responsibility for violation of any Environmental Law, or for Release or injury to the environment.
Sample 1
Drafting Agreement means an agreement (whether or not issued in the form of a letter of credit) by and between the Agent in its individual capacity and a Manufacturer, entered into for the account of, or acknowledged or countersigned by, a Borrower or Specified Borrower pursuant to which such Manufacturer is entitled to submit Drafts to the Agent for payment of invoices identifying vehicles delivered or shipped to such Borrower or Specified Borrower, such Drafting Agreements to be in form and substance and in terms and conditions satisfactory to Agent.
Sample 1
Drafting Agreement means an agreement (whether or not issued in the form of a letter of credit) by and between the Floor Plan Agent and a Manufacturer, entered into for the account of a Floor Plan Borrower (and in some cases acknowledged or countersigned by a Floor Plan Borrower) under which a Manufacturer is entitled to submit Drafts to the Floor Plan Agent (via ACH electronic transfer or otherwise) for payment of invoices identifying Motor Vehicles delivered or shipped to the applicable Floor Plan Borrower, such agreements to be with the existing Drafting Agreements in place and otherwise on terms and conditions consistent with the usual customs and practices in effect from time to time for the floor plan industry.
Sample 1
Drafting Agreement means an agreement between the Fronting Lender and a Manufacturer, entered into for the account of the Borrower or any Subsidiary (other than an Unrestricted Subsidiary or an Excluded Subsidiary) (and in some cases acknowledged or countersigned by the Borrower or the applicable Subsidiary) under which such Manufacturer is entitled to present Drafts to the Fronting Lender for payment of invoices identifying New Motor Vehicles delivered or shipped by such Manufacturer to the Borrower or such Subsidiary, such agreements to be on terms and conditions satisfactory to the Fronting Lender. EBITDAR means, for any period, Consolidated Net Income for such period plus, to the extent deducted in determining such Consolidated Net Income, Interest Expense, Rental Expense, income tax expense, depreciation and amortization for such period.
Sample 1
Drafting Agreement means an agreement by and between the Administrative Agent and a Manufacturer, entered into for the account of a Floor Plan Borrower, under which a Manufacturer is entitled to submit Drafts to the Administrative Agent (via ACH electronic transfer or otherwise) upon the Commercial Account of such Floor Plan Borrower for payment of invoices identifying New Vehicles delivered or shipped to such Floor Plan Borrower, such agreement to be consistent with the usual customs and practices in effect from time to time for the floor plan industry.
Sample 1
Drafting Agreement means an agreement (whether or not issued in the form of a letter of credit) by and among the Floor Plan Agent, a Floor Plan Borrower and a Manufacturer, entered into for the account of a Floor Plan Borrower (and in some cases acknowledged or countersigned by a Floor Plan Borrower) under which a Manufacturer is entitled to submit Drafts to the Floor Plan Agent (via ACH electronic transfer or otherwise) for payment of invoices identifying one or more Motor Vehicles delivered or shipped to such Floor Plan Borrower, on terms and conditions consistent with the usual customs and practices in effect from time to time for the automobile industry.
Sample 1

Related to Drafting Agreement

  • Settlement Agreement means this agreement, including the recitals and schedules.

  • Termination Agreement has the meaning set forth in the Recitals.

  • Separation Agreement has the meaning set forth in the recitals to this Agreement.

  • Variation Agreement means the agreement a copy of which is set out in Schedule 2;

  • Diversion agreement means a mechanism designed to hold a child accountable for his or her behavior and, if appropriate, securing services to serve the best interest of the child and to provide redress for that behavior without court action and without the creation of a formal court record;

  • the Variation Agreement means the agreement a copy of which is set out in Schedule 2. [Section 3 amended by No. 3 of 1988 s. 5.]

  • Implementation Agreement means the Implementation Agreement dated ……… by and between the GOB, PGCB and the Company in connection with the Project, and also includes any amendment of it made from time to time;