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Floor Plan Loan Advance Limit definition

Floor Plan Loan Advance Limit means with respect to any (a) Eligible New Floor Plan Unit, 100% of the New Unit Invoiced Amount of such Eligible New Floor Plan Unit; (b) Permitted Company Vehicle, 100% of the New Unit Invoiced Amount of such Vehicle; and (c) Eligible Used Floor Plan Unit that is (i) of the then current model year or any of the previous seven (7) model years, 85% of the Used Unit Book Value of such Unit, (ii) from eight (8) to ten (10) model years old, 65% of Used Unit Book Value of such Unit, and (iii) eleven (11) to twelve (12) model years old, 40% of Used Unit Book Value of such Unit. For the avoidance of doubt, no advances will be permitted for Units in excess of twelve (12) model years old.
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Floor Plan Loan Advance Limit means with respect to any (a) Eligible New Floor Plan Unit, 100% of the New Unit Invoiced Amount of such Eligible New Floor Plan Unit; (b) Eligible Rental Floor Plan Unit, 100% of the New Unit Invoiced Amount of such Eligible Rental Floor Plan Unit, (c) Permitted Company Vehicle, 100% of the New Unit Invoiced Amount of such Vehicle, (d) Eligible Used Floor Plan Unit that is (i) of the then current model year or any of the previous seven (7) model years, 80% of the Used Unit Book Value of such Unit, (ii) from eight (8) to ten (10) model years old, 65% of Used Unit Book Value of such Unit, and (iii) eleven (11) to twelve (12) model years old, 40% of Used Unit Book Value of such Unit. For the avoidance of doubt, no advances will be permitted for Units in excess of twelve (12) model years old.
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Floor Plan Loan Advance Limit means: with respect to Eligible New Floor Plan Units that are (i) 80 ft or less in length and (ii) not Eligible Affiliated New Manufactured Floor Plan Units (Invoiced) or Eligible Affiliated New Manufactured Floor Plan Units (Uninvoiced), will be subject to the following advance rates beginning from the original invoice date (or, with respect to Eligible New Floor Plan Units manufactured or branded by Azimut, Ocean, Galeon, and Aquila, from the original funding date): 0-180 days – 100% 181-360 days – 90% 361-540 days – 80% 541-720 days – 70% 721-900 days – 60% 901-1079 days – 50% 1080+ days – 0% with respect to Eligible Affiliated New Manufactured Floor Plan Units (Invoiced) or Eligible Affiliated New Manufactured Floor Plan Units (Uninvoiced) that are 80 ft or less in length, will be subject to the following advance rates beginning from the original invoice date: 0-180 days – 62% 181-360 days – 52% 361-540 days – 42% 541-720 days – 32% 721-900 days – 22% 901-1079 days – 12% 1080+ days – 0% with respect to Eligible New Floor Plan Units that are (i) greater than 80 ft in length and (ii) not Eligible Affiliated New Manufactured Floor Plan Units (Invoiced) or Eligible Affiliated New Manufactured Floor Plan Units (Uninvoiced), will be subject to the following advance rates beginning from the original invoice date (or, with respect to Eligible New Floor Plan Units manufactured or branded by Azimut, Ocean, Galeon, and Aquila, from the original funding date): 0-180 days – 80% 181-360 days – 70% 361-540 days – 60% 541-720 days – 50% 721-900 days – 40% 901-1079 days – 30% 1080+ days – 0% with respect to Eligible Used Floor Plan Units, will be subject to the following advance rates from the acquisition date: 0-180 days: 85% 181-360 days: 75% 361+ days: 0%
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Related to Floor Plan Loan Advance Limit

  • Term Loan Advance and “Term Loan Advances” are each defined in Section 2.1.1(a).

  • Maximum Revolving Advance Amount means $25,000,000.

  • Revolving Loan Limit means, at any time, the lesser of (a) the Revolving Loan Commitment and (b) the Borrowing Base.

  • Maximum Advance Amount shall not exceed Five Hundred Thousand Dollars ($500,000) or two hundred (200%) percent of the average daily volume based on the trailing ten (10) days preceding the Drawdown Notice date whichever is of a larger value.

  • Revolving Loan Availability means, at any time, the Revolving Loan Limit minus the Revolving Loan Outstandings.

  • Term Loan Advances are each defined in Section 2.1.1(a).

  • Term Loan Amount means with respect to any Term Loan Lender, the amount equal to its Term Loan Percentage of the aggregate principal amount outstanding under the Term Loan.

  • Maximum Revolving Loan Amount means, as of any date of determination, the lesser of (a) the Revolving Loan Commitment(s) of all Lenders minus the Letter of Credit Reserve and (b) the Borrowing Base minus the Letter of Credit Reserve.

  • Shared-Loss Loan Commitment Advance means an advance pursuant to a Shared-Loss Loan Commitment with respect to which the Assuming Institution has not made a Permitted Advance.

  • Loan Advance The meaning specified in Section 2.2(a).

  • Loan Amount has the meaning specified in Section 7.06(b) of the Indenture.

  • Borrowing Limit has the meaning set forth in Section 1.1(a)(i).

  • Equipment Advance has the meaning set forth in Section 2.1.2.

  • Advance Amount means with respect to Class A Advances, the Class A Advance Amount and, with respect to Class B Advances, the Class B Advance Amount.

  • Term Loan Availability Period means the period starting on the Effective Date and ending on the End Date.

  • Credit Limit means the total dollar amount of the Account which we approved and which you may borrow against according to the terms of this Agreement.

  • Term Advance has the meaning specified in Section 2.01(a).

  • Maximum Facility Amount means the aggregate Commitments as then in effect, which amount shall not exceed $200,000,000; provided that at all times after the Reinvestment Period, the Maximum Facility Amount shall mean the aggregate Advances Outstanding at such time.

  • Loan Limit means, at any time, the lesser of (a) the Total Commitment at such time and (b) the Borrowing Base at such time (including as it may be reduced pursuant to Section 2.14(h)).

  • Total loan amount means the principal of a loan minus those points and fees that are included in the principal amount of the loan. For open-end loans, the total loan amount must be calculated using the total line of credit allowed under the residential mortgage loan at closing. [PL 2011, c. 427, Pt. A, §15 (NEW).]

  • Revolving Advance has the meaning given in Section 2.1.

  • Maximum Loan Amount has the meaning set forth in Section 2.1(a).

  • Overadvance Amount has the meaning specified therefor in Section 2.4(f).

  • Term Loan Committed Amount shall have the meaning set forth in Section 2.2(a).

  • Net advance amount means the gross advance amount less the aggregate amount of the actual and estimated transfer expenses required to be disclosed under section 3(e).

  • Overadvance Loan means a Base Rate Loan made when an Overadvance exists or is caused by the funding thereof.

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Most Referenced Definitions