Floor Plan Loan Commitment definition

Floor Plan Loan Commitment means for each Floor Plan Lender, its obligation to make Floor Plan Loans to the Floor Plan Borrowers up to the amount set forth opposite such Lender’s name on Schedule 1.1(a) under the caption “Floor Plan Loan Commitments” (as the same may be permanently terminated, reduced or increased from time to time pursuant to the applicable provisions of Section 2.3(d)(iii), Section 3.4, Section 5.5, Section 5.18 or Section 11.4 and as such amount may be increased or decreased from time to time by an Assignment and Acceptance pursuant to Section 5.17 or Section 13.3(b)).

Floor Plan Loan Commitment means, as to any Lender, the amount initially set forth opposite its name on Schedule 1.01 attached hereto in the column labeled “Floor Plan Loan Commitment,” and thereafter on any relevant Lender Addendum Assignment And Assumption, or as otherwise thereafter modified in accordance with the terms set forth in this Agreement, and “Floor Plan Loan Commitments” means the aggregate Floor Plan Loan Commitments of all of the Lenders.

Floor Plan Loan Commitment means for each Bank, its obligation to make Floor Plan Loans to the Floor Plan Borrowers up to the amount set forth opposite such Bank's name on Schedule I under the caption "Floor Plan Loan Commitments" (as the same may be increased, permanently terminated, reduced or increased from time to time pursuant to the applicable provisions of Sections 2.3(g)(iii), 3.4, 5.5 or 11.1 and as such amount may be increased or decreased from time to time by assignment or assumption pursuant to Section 13.3(b)).

Examples of Floor Plan Loan Commitment 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.

• It is agreed that each Floor Plan Lender’s funded portion of the aggregate outstanding principal balances of Floor Plan Loans is intended by the Floor Plan Lenders to be equal at all times to such Floor Plan Lender’s respective Floor Plan Loan Commitment Percentage of the aggregate outstanding principal balances of the Floor Plan Loans.

• 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.

• 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.

More Definitions of Floor Plan Loan Commitment

Floor Plan Loan Commitment means, as to any Lender, the amount initially set forth opposite its name on Schedule 1.01 attached hereto in the column labeled “Floor Plan Loan Commitment,” and thereafter on any relevant Lender Addendum Assignment And Assumption, or as otherwise thereafter modified in accordance with the terms set forth in this Agreement, and “Floor Plan Loan Commitments” means the aggregate Floor Plan Loan Commitments of all of the Lenders. The aggregate Floor Plan Loan Commitments of all of the Lenders shall be (a) Three Hundred Twenty-Five Million Dollars ($325,000,000) from the Third Amendment Effective Date through the Camping World Asset Sale Outside Date, and (b) Two Hundred Ninety-Five Million Dollars ($295,000,000) from the Camping World Asset Sale Outside Date through the Maturity Date.

Floor Plan Loan Commitment means (a) as to any Lender, the aggregate commitment of such Lender to make Floor Plan Advances (including without duplication Swing Line Advances) as set forth on Annex I to the Agreement or in the most recent Assignment Agreement executed by such Lender and (b) as to all Lenders, the aggregate commitment of all Lenders to make Floor Plan Advances, which aggregate commitment shall be Eighty-Five Million Dollars ($85,000,000) on the Closing Date, as such amount may be adjusted, if at all, from time to time in accordance with the Agreement; provided, however, that the aggregate principal amount of Floor Plan Loans attributable to Used Vehicles shall not exceed the Used Vehicle Net Borrowing Availability.