Floor Plan Facility means an agreement from any bank or asset-based lender or any one or more securitization, financing, factoring or sales transactions, as amended, supplemented, modified, extended, renewed, restated or refunded from time to time, pursuant to which the Company or any Restricted Subsidiary incurs Indebtedness substantially all of the net proceeds of which are used to, or are based on the cost to, purchase, produce, transport, recondition, refurbish, finance or refinance Vehicle Assets.
Floor Plan Facility means the floor plan facility described in Sections 2.01, 2.02 and 2.22 providing for Floor Plan Loans to the Floor Plan Borrowers by the Floor Plan Lenders.
Floor Plan Facility means an agreement from Ford Motor Credit Company, or any other bank or asset-based lender pursuant to which the Company or any Subsidiary incurs Indebtedness all of the net proceeds of which are used to purchase, finance or refinance vehicles and/or vehicle parts and supplies to be sold in the ordinary course of business of the Company and its Subsidiaries and which may not be secured except by a Lien that does not extend to or cover any property other than the property of the dealership(s) which use the proceeds of the Floor Plan Facility.
Examples of Floor Plan Facility in a sentence
Subject to the application and satisfaction of the terms and conditions of this Agreement and of the other Credit Documents, during the Availability Period in respect of the Floor Plan Facility, the Floor Plan Borrowers may borrow, prepay, and reborrow the Floor Plan Loans in whole or in part.
Without limiting the discretion of the M&T Advance Lender whether or not to make a M&T Advance (as set forth in Section 2.02.1), so long as any Lender (other than M&T Advance Lender or any of its Affiliates) under the Floor Plan Facility is a Defaulting Lender, M&T Advance Lender shall not be required to fund any M&T Advance.
In the event that (A) the Outstanding Amount of Floor Plan Loans exceeds the aggregate amount of the Floor Plan Commitments, or (B) any Floor Plan Loan sublimit set forth in Section 2.02 with respect to the Floor Plan Facility is exceeded, in either case, the Borrowers shall immediately repay Floor Plan Loans (or, in the case of clause (B), the applicable Floor Plan Loans) in the amount of such excess.
Management has determined that the credit agreements governing the Floor Plan Facility include subjective acceleration clauses, which could impact debt classification.
The maturity date of the Floor Plan Facility is September 30, 2026.
More Definitions of Floor Plan Facility
Floor Plan Facility means an agreement from Ford Motor Credit Company, General Motors Acceptance Corporation, DaimlerChrysler Services North America LLC, Toyota Motor Credit Corporation, World Omni Financial Corp., BMW Financial Services NA, LLC or any other bank or asset-based lender pursuant to which the Company or any Restricted Subsidiary incurs Indebtedness all of the net proceeds of which are used to purchase, finance or refinance vehicles and/or vehicle parts and supplies to be sold in the ordinary course of business of the Company and its Restricted Subsidiaries and which may not be secured except by a Lien that does not extend to or cover any property other than the property of the dealership(s) which use the proceeds of the Floor Plan Facilities or other dealerships who have incurred Indebtedness from the same lender.
Floor Plan Facility means any stocking loan or other similar financing Indebtedness all or substantially all of the net proceeds of which are used to purchase, finance or refinance vehicles and/or vehicle parts, supplies, other inventory or other assets, to be sold or otherwise used in the ordinary course of business of the Issuer and its Subsidiaries.
Floor Plan Facility means, at any time, the aggregate amount of the Floor Plan Commitments of the Floor Plan Lenders at such time.
Floor Plan Facility means an agreement with Ford Motor Credit Company, General Motors Acceptance Corporation, DaimlerChrysler Services North America LLC or any other lending institution affiliated with a Manufacturer or any bank or asset-based lender under which the Company or its Restricted Subsidiaries incur Indebtedness, all of the net proceeds of which are used to purchase, finance or refinance vehicles and/or vehicle parts and supplies to be sold in the ordinary course of the business of the Company and its Restricted Subsidiaries and which may not be secured except by a Lien that does not extend to or cover any property other than property of the dealership(s) which use the proceeds of the Floor Plan Facility or other dealerships who have incurred Indebtedness from the same lender.
Floor Plan Facility means an agreement with any lending institution affiliated with a Manufacturer or any bank or asset-based lender under which the Company or its Restricted Subsidiaries incur Indebtedness, all of the net proceeds of which are used to purchase, finance or refinance vehicles and/or vehicle parts and supplies to be sold in the ordinary course of the business of the Company and its Restricted Subsidiaries and which may not be secured except by a Lien that does not extend to or cover any property other than property of the dealership(s) which use the proceeds of the Floor Plan Facility or other dealerships who have incurred Indebtedness from the same lender.
Floor Plan Facility means (x) the Initial First Lien Inventory Financing Agreement (as defined in the Ally Intercreditor) or (y) any agreement from any bank or asset-based lender or any one or more securitization, financing, factoring or sales transactions in the ordinary course of business, as amended, supplemented, modified, extended, renewed, restated or refunded from time to time, pursuant to which the Company or any Restricted Subsidiary incurs Indebtedness for which substantially all of the net proceeds are based on the cost to, purchase, produce, transport, recondition, refurbish, finance or refinance Vehicle Assets; provided that there are no Liens securing any such Indebtedness Incurred thereunder other than Liens, in the case of clause (x) above, on the Ally Collateral or, in the case of clause (y) above, on assets whose encumbrance is consistent with traditional floor plan facilities; provided further that any Indebtedness Incurred under all Floor Plan Facilities (other than pursuant to clause (x) above) (I) in the aggregate does not exceed 95% of the total cost of the Company’s otherwise unencumbered Vehicle Assets, net of cash reserves, if any, (II) are bona fide financing transactions, on then prevailing market terms on an arm’s length basis, (III) contain customary terms and counterparties for such facility at such time, and (IV) the proceeds of which are used in the ordinary course of business. In the event of a Floor Plan Facility with an Affiliate, the Indebtedness Incurred under such Floor Plan Facility with an Affiliate shall (x) be up to an aggregate principal amount at the time of Incurrence not exceeding $200 million, (y) satisfy the conditions set forth in clauses (I) to (IV) of the preceding proviso and (z) not include a redemption or prepayment premium, or any other form of non-interest based fee.
Floor Plan Facility means an agreement from Ford Motor Credit Company, DaimlerChrysler Services of North America LLC, Toyota Motor Credit Corporation, General Motors Acceptance Corporation or any other bank or asset-based lender, including a new vehicle floor plan sub-facility and a used vehicle floor plan sub-facility under the Credit Facility, pursuant to which the Company or any Restricted Subsidiary incurs Indebtedness (i) the net proceeds of which are used to purchase, finance or refinance vehicles, vehicle parts, vehicle supplies or (in the case of the Credit Facility) a pre-existing credit facility and (ii) which Indebtedness may not be secured except by a Lien that does not extend to or cover any property other than the property of the dealership(s) which use the proceeds of the Floor Plan Facility, except that this clause (ii) shall not apply to any Floor Plan Facility under the Credit Facility.