Eligible New Floor Plan Unit definition

Eligible New Floor Plan Unit means any Floor Plan Unit of any Borrower that is new and unused, including, without limitation, any Floor Plan Unit purchased by any Borrower from another dealer of Floor Plan Units, and in any case, that the Administrative Agent, in its sole discretion, deems to be an Eligible New Floor Plan Unit; provided that in no event shall any Floor Plan Unit be deemed an Eligible New Floor Plan Unit unless all representations and warranties set forth in the Security Documents with respect to such Floor Plan Unit are true and correct and such Floor Plan Unit:
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Eligible New Floor Plan Unit means any Floor Plan Unit of any Borrower that is new and unused, including, without limitation, any Floor Plan Unit purchased by any Borrower from another dealer of Floor Plan Units, provided that any such Floor Plan Unit so purchased shall be subject to an Eligible Repurchase Agreement, and in any case, that the Administrative Agent, in its sole discretion, deems to be an Eligible New Floor Plan Unit; provided that in no event shall any Floor Plan Unit be deemed an Eligible New Floor Plan Unit unless all representations and warranties set forth in the Collateral Documents with respect to such Floor Plan Unit are true and correct and such Floor Plan Unit:
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Examples of Eligible New Floor Plan Unit in a sentence

  • The Floor Plan Borrowers shall pay in full the Floor Plan Loans made with respect to any Floor Plan Vehicle or Unit within one (1) Business Day after such Floor Plan Vehicle or Unit ceases to qualify as an Eligible New Floor Plan Unit, Eligible Used Floor Plan Unit or Permitted Company Vehicle, as the case may be, as initially identified and financed under the Floor Plan Loans.

  • If such Loan Request is pursuant to an invoice for an Eligible New Floor Plan Unit or Permitted Company Vehicle, such invoice shall be funded at such time as sufficient availability exists under the Floor Plan Loan Commitments.

  • Upon such approval, the Floor Plan Borrower authorizes the Administrative Agent (and M&T Bank with respect to M&T Advances) to pay the New Unit Invoiced Amount on account of the relevant Eligible New Floor Plan Unit or Permitted Company Vehicle directly to the applicable Manufacturer or vendor.

  • Each Borrower hereby authorizes the Floor Plan Lenders to fund Floor Plan Loans financing a Borrower’s purchase of an Eligible New Floor Plan Unit, an Eligible Rental Floor Plan Unit or a Permitted Company Vehicle (each such Loan an “Eligible New/Rental Floor Plan Loan”) in the manner described in this Section.

  • If such Loan Request is pursuant to an invoice for an Eligible New Floor Plan Unit, Eligible Rental Floor Plan Unit, or Permitted Company Vehicle, such invoice shall be funded at such time as sufficient availability exists under the Floor Plan Loan Commitments.

  • The Borrowers shall pay in full the Floor Plan Loans made with respect to any Floor Plan Vehicle or Unit within one (1) Business Day after such Floor Plan Vehicle or Unit ceases to qualify as an Eligible New Floor Plan Unit, Eligible Used Floor Plan Unit, Eligible Rental Floor Plan Unit, or Permitted Company Vehicle, as the case may be, as initially identified and financed under the Floor Plan Loans.

  • Upon such approval, the Borrower authorizes the Administrative Agent (and M&T Bank with respect to M&T Advances) to pay the New Unit Invoiced Amount on account of the relevant relevant Eligible New Floor Plan Unit, Eligible Rental Floor Plan Unit, or Permitted Company Vehicle directly to the applicable Manufacturer or vendor.