Floor Plan Lender definition

Floor Plan Lender any Person who now or hereinafter provides inventory financing to Customer, provided that such Person executes an Intercreditor Agreement (as defined in Section 5.1 of this Agreement) or a subordination agreement with IBM Credit in form and substance satisfactory to IBM Credit.

Floor Plan Lender means a Lender holding a Floor Plan Commitment, or if the Floor Plan Commitments have terminated, holding Floor Plan Loans.

Floor Plan Lender means at any time, any Lender having a Floor Plan Commitment.

Examples of Floor Plan Lender in a sentence

• On the Closing Date, the Floor Plan Borrowers shall deliver a Floor Plan Loan Note executed by an Authorized Officer of each Floor Plan Borrower to each of the Floor Plan Lenders, with the face amount of such Floor Plan Loan Notes to be in the amount of the Floor Plan Loan Commitment of the respective Floor Plan Lender.

• Each Floor Plan Lender shall purchase an irrevocable and unconditional participation in each M&T Advance, in an amount equal to such Floor Plan Lender’s respective Floor Plan Loan Commitment Percentage of the principal amount of such M&T Advance, effective immediately upon the funding of each M&T Advance.

• The joint and several obligations of the Floor Plan Borrowers to repay the Floor Plan Loans to each Floor Plan Lender shall be evidenced by a Floor Plan Loan Note.

• Each Floor Plan Lender shall make the amount of its pro rata share (calculated in accordance with its respective Floor Plan Loan Commitment Percentage) of each requested borrowing available to the Administrative Agent for the accounts of the Floor Plan Borrowers at the offices of the Administrative Agent specified in this Agreement prior to 2:00 pm (Eastern Time) on the Borrowing Date requested by the Borrower Representative in U.S. Dollars and in funds immediately available to the Administrative Agent.

• Unless M&T Bank elects to fund a submitted Loan Request as an M&T Advance in accordance with Section 2.02 of this Agreement, the Administrative Agent shall promptly notify each Floor Plan Lender of the Administrative Agent’s receipt of each notice and the contents thereof.

More Definitions of Floor Plan Lender

Floor Plan Lender means Textron Financial Corporation, Bombardier Capital, Inc. and/or any other lender of Floor Plan Debt acceptable to the Agent and the Majority Lenders.

Floor Plan Lender has the meaning assigned to that term in the definition of “Acceptable Floor Planning Program”.

Floor Plan Lender means a Person providing Floor Plan Financing to Borrower or any Subsidiary of Borrower.

Floor Plan Lender means Bombardier Capital Inc. or Transamerica Commercial Finance Corporation or another commercial floor plan lender reasonably acceptable to the Lender who agrees in writing to extend floor plan financing to dealers of the Company's motorcycles.

Floor Plan Lender means each Lender with a Floor Plan Loan Commitment.

Floor Plan Lender means a lender that finances vehicle inventory and each loan advance is made against a specific piece of inventory. The Debtors had four Floor Plan Lenders that financed the Debtors’ purchase of automobiles at Debtors' fourteen dealerships. The Debtors' Floor Plan Lenders include (i) GMAC, (ii) Alphera, (iii) JPMorgan and (iv) Navistar.

Floor Plan Lender means Conseco Finance Servicing Corp. and any other lender of Floor Plan Debt acceptable to the Agent and the Majority Lenders.