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Floor Plan Loans definition

Floor Plan Loans means collectively the revolving credit loans extended from time to time by the Lenders to the Borrowers as joint and several obligors in accordance with the provisions of Section 2.01 of this Agreement, including the M&T Advances pursuant to Section 2.02 of this Agreement.
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Floor Plan Loans means “Loans” as defined in, and made under, the Floor Plan Credit Agreement.
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Floor Plan Loans is defined in Section 1.1.
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Examples of Floor Plan Loans in a sentence

  • The proceeds of the Floor Plan Loans may be used only to finance the purchase of Motor Vehicles for resale in the ordinary course of business of the Floor Plan Borrowers.

  • Notwithstanding anything to the contrary contained herein, each of the Floor Plan Borrowers shall bear all risk of loss resulting from the payment of any Draft, or any resulting disbursements of the Floor Plan Loans, Swing Line Loans or Swing Line Overdraft Loans, as the case may be, whether or not due to the gross negligence, willful misconduct or fraud of any Manufacturer.

  • In no event whatsoever shall any outstanding Swing Line Loan be deemed to reduce, modify or affect any Lender’s obligation to make Floor Plan Loans based upon its Pro Rata Share of Floor Plan Loan Commitments.

  • With respect to the Floor Plan Loans, there shall only be one (1) applicable interest rate in effect for all of the Floor Plan Loans at any time and each interest rate election shall apply to the entire aggregate unpaid principal balances of the Floor Plan Loans.

  • The Equity Balance shall not exceed 25% of the aggregate balances outstanding under the Floor Plan Loans.

  • The proceeds of the Acquisition Loans may be used only for the following purposes: (i) for working capital and general corporate purposes, including, without limitation, the issuance of Letters of Credit and to pay outstanding Floor Plan Loans; and (ii) to make Permitted Acquisitions.

  • The Floor Plan Borrowers shall not request any advances of proceeds of the Floor Plan Loans which would cause the aggregate unpaid principal balances of the Floor Plan Loans (including M&T Advances) to exceed the above-stated limitations.

  • The Borrowers unconditionally, jointly and severally, promise to pay to the Administrative Agent for the ratable accounts of the Floor Plan Lenders all interest which has accrued upon the unpaid principal balances of the Floor Plan Loans from time to time outstanding from the date of Closing until the date of payment in full of the Floor Plan Loans at the rates per annum and on the dates set forth in Section 2.07 of this Agreement.

  • 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.

  • Subject to the other terms and conditions hereof, any Floor Plan Borrower may borrow, prepay and reborrow Floor Plan Loans under this Section 2.1.


More Definitions of Floor Plan Loans

Floor Plan Loans means (a) each of the loans listed on Schedule 1.1(xx) hereto (exclusive of any reserves for loan losses) and each obligation of a Seller to make additional extensions of credit in connection with each such loan, as each such loan may be increased, decreased, amended, renewed or extended in the ordinary course of business of Sellers between January 1, 2000 and the close of business on the Third Closing Date (included within each such loan shall be any Letters of Credit, Liquidity Support Agreements, and ISDA Transactions related to such loan) and (b) each loan made in the ordinary course of business of Sellers by the Auto Finance Employees between the date hereof and the Third Closing Date (exclusive of any reserves for loan losses) and each obligation of a Seller to make additional extensions of credit in connection with each such loan, as each such loan may be increased, decreased, amended, renewed or extended by Sellers in the ordinary course of business of Sellers between the date hereof and the close of business on the day on which such loan is purchased by Purchaser pursuant to the terms hereof (included within each such loan shall be any Letters of Credit, Liquidity Support Agreements and ISDA Transactions relating to such loan); provided, however, that Floor Plan Loans shall not include any loan described in subsection (a) or (b) above, if such loan, as of the day on which such loan is to be purchased by Purchaser pursuant to the terms hereof, is (i) subject to a current legal proceeding related to a Customer's inability or refusal to pay such loan, (ii) not current and with respect to which proceedings are pending against the obligor or obligors of such loan under Title 11 of the United States Code or (iii) Nonperforming. Each Loan shall include all documents executed or delivered in connection with such loan to the extent such documents are in the loan file relating to such loan, any and all collateral held as security therefor or in which a security interest, Lien or mortgage has been granted and any and all guarantees, insurance and other credit enhancements relating thereto, together with Accrued Interest thereon, all as exists at the close of business on the day on which such loan is purchased by Purchaser pursuant to the terms hereof.
Sample 1
Floor Plan Loans means “Loans” as defined in, and made under, the Floor Plan Credit Agreement. “Floor Plan Obligations” means the “Secured Obligations” as defined in the Floor Plan Credit Agreement.
Sample 1

Related to Floor Plan Loans

  • Original Loans means the loans and other extensions of credit outstanding under the Original Credit Agreement as of the Effective Date.

  • Revolving Facility Loans shall include the Other Revolving Loans.

  • Tranche A Loans means the Loans made pursuant to the Tranche A Commitment.

  • Revolving Loans as defined in Section 2.4(a).

  • Lender PMI Loans Mortgage Loans with respect to which the lender rather than the borrower acquired the primary mortgage guaranty insurance and charged the related borrower an interest premium.

  • Delayed Draw Term Loans has the meaning as set forth in Section 2.5(a).

  • Loans means the loans made by the Lenders to the Borrower pursuant to this Agreement.

  • Incremental Loans has the meaning assigned to such term in Section 2.22(a).

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

  • Revolving Advances means Advances made other than Letters of Credit.

  • Extended Loans shall have the meaning assigned to such term in Section 2.21(a).

  • or "Loans means and includes without limitation any and all commercial loans and financial accommodations from Lender to Borrower, whether now or hereafter existing, and however evidenced, including without limitation those loans and financial accommodations described herein or described on any exhibit or schedule attached to this Agreement from time to time.

  • Incremental Revolving Loans has the meaning assigned to such term in Section 2.22(a).

  • Committed Loans means loans made pursuant to Section 2.1(a).

  • Term A Loans has the meaning specified in Section 2.01(b).

  • Canadian Loans means, individually and collectively as the context may require, the Canadian Revolving Loans, the Canadian Swingline Loans, the Canadian Overadvances and the Canadian Protective Advances.

  • Group II Loans The Mortgage Loans designated on the Mortgage Loan Schedule as Group II Loans.

  • Initial Loans means the Eligible Loans evidenced by the Notes sold on the Closing Date pursuant to the Initial Purchase Agreement and related documentation, together with any guaranties and other rights relating thereto including, without limitation, Interest Subsidy Payments and Special Allowance Payments.

  • Total Loans at any time, the aggregate principal amount of the Loans of the Lenders outstanding at such time (after converting the outstanding principal amount of any Loans denominated in the Optional Currency into the Dollar Equivalent thereof at such time).

  • Subsequent Borrowings has the meaning set forth in Section 2.09(e).

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

  • Bridge Loans means the Loans (as defined in the Bridge Credit Agreement).

  • Management Advances means loans or advances made to, or Guarantees with respect to loans or advances made to, directors, officers, employees or consultants of any Parent, the Company or any Restricted Subsidiary:

  • Tranche B Loans means loans made pursuant to Section 2.1(a)(ii).

  • Revolving Facility Loan means a Loan made by a Revolving Facility Lender pursuant to Section 2.01(b). Unless the context otherwise requires, the term “Revolving Facility Loans” shall include the Other Revolving Loans.

  • Swingline Facility means the swingline facility established pursuant to Section 2.2.

Most Referenced Clauses

Most Referenced Definitions