Floor Plan Financing definition

Floor Plan Financing means any floor plan financing or other indebtedness incurred by any Credit Party with respect to the purchase of Equipment Inventory and provided by the seller of such Equipment Inventory or any third party financing source.

Floor Plan Financing means financing arrangements pursuant to which a capital provider agrees to extend credit to Borrower or a Restricted Subsidiary to finance Floor Plan Units that are either held available for sale or as inventory by Borrower or such Restricted Subsidiary.

Floor Plan Financing means a financing undertaken by the Company or any Subsidiary (a) all of the proceeds of which are (i) used to purchase Motor Vehicles to be sold or leased in the ordinary course of business by the Company and its Subsidiaries, (ii) relating to funds expended by the Company or such Subsidiary initially to acquire such Motor Vehicles or (iii) used to refinance any financing within the scope of clause (a)(i) or (ii) above or (b) pursuant to a borrowing base line of credit secured by Used Motor Vehicles owned by the Company and its Subsidiaries.

Examples of Floor Plan Financing in a sentence

• Except pursuant to the Floor Plan Financing Guidelines, the Servicer shall not permit any rescission or cancellation of any Receivable sold and assigned to the Purchaser hereunder that the Servicer services under this Agreement and the Trust Sale and Servicing Agreement, except as ordered by a court of competent jurisdiction or other Governmental Authority.

• ATI and Floor Plan Financing InterestConsistent with section 163(j)(8)(A)(ii), the proposed regulations provide that any business interest expense or business interest income is added back to (in the case of business interest expense) or subtracted from (in the case of business interest income) taxable income in computing ATI.

• Unless otherwise agreed to by Lender, the rates and terms in effect on the date Lender extends any Floor Plan Financing to Borrower under the Agreement, shall be the rates and terms in effect for said Floor Plan Financing until it is repaid in full.

• Borrower’s request to Lender to extend such Floor Plan Financing shall be deemed an acceptance of the terms, conditions, provisions and rates in force for the particular rates and terms in effect at that time by Lender.

• Not modify any Floor Plan Financing arrangement if such modification would have a Material Adverse Effect.

More Definitions of Floor Plan Financing

Floor Plan Financing means that certain floor planning arrangement among the Borrower and/or any of its Subsidiaries and one or more financial institutions pursuant to which any such financial institution provides credit to retail dealers and wholesale distributors which purchase goods from the Borrower and any of its Subsidiaries.

Floor Plan Financing means an inventory line of credit or note with a financial institution or a Manufacturer Affiliated finance company with respect to New Cars and Used Cars from time to time held for sale in connection with the Dealership Business.

Floor Plan Financing means financing arrangements pursuant to which a capital provider agrees to extend credit to a Specified Floor Plan Company to finance the purchase of vehicles and other related assets that are either held available for sale or as inventory by such Specified Floor Plan Company, and pursuant to which such Specified Floor Plan Company grants to such capital provider a security interest in such specific vehicles and other related assets financed by such capital provider and the proceeds thereof; provided that (i) no Subsidiary that is not a Specified Floor Plan Company shall be a borrower in respect of such arrangements and in no event shall such security interest apply to any Certificated Rental Equipment and (ii) the terms of any such Floor Plan Financing shall be substantially similar to the terms of any Floor Plan Financing in existence on the Closing Date with changes that are not materially adverse to the Lenders as determined by the Borrower and the Administrative Agent in their reasonable discretion.

Floor Plan Financing means an agreement to finance inventory in which each item financed is specifically identified and released from the Liens of the provider of such financing only against the payment to such provider of the amount financed with respect to each such item of inventory, which is accounted for separately from other funds of the Person borrowing under such financing, and which provides for audits by the provider of such financing not less often than four times each year.

Floor Plan Financing means all working capital Debt of the Company incurred to finance manufactured homes inventory held and available for sale, which Debt is required to be reduced substantially concurrently with the sales of such inventory out of the proceeds of such sales.

Floor Plan Financing means a financing undertaken by the Company or any Collateral Subsidiary all of the proceeds of which are used to purchase New Motor Vehicles or Auction Motor Vehicles to be sold and/or leased in the ordinary course of business of the Company and its Collateral Subsidiaries.

Floor Plan Financing means any financing arrangement entered into by the Company or any of its Restricted Subsidiaries whereby the Company or such Restricted Subsidiary sells to a Person notes receivable that the Company or such Restricted Subsidiary received in the ordinary course of business and agrees to reimburse such Person, on a limited recourse basis, any amount not paid to such Person by the obligor or obligors of such notes receivable.