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.
Sample 1Sample 2Sample 3
Floor Plan Loans means “Loans” as defined in, and made under, the Floor Plan Credit Agreement.
Sample 1Sample 2Sample 3
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

Examples of Floor Plan Loans in a sentence

  • All original Manufacturer’s or vendor’s invoices and title documents evidencing the ownership of each Floor Plan Borrower of Floor Plan Vehicles or Units financed by the Floor Plan Loans, including, without limitation, the applicable Manufacturer’s Certificates, shall be maintained in safekeeping by the respective Floor Plan Borrowers in a manner and location acceptable to the Administrative Agent, unless and until an Event Of Default has occurred and is continuing.

  • All sums due to the Floor Plan Lenders in connection with the Floor Plan Loans shall be paid in full on or before the Floor Plan Line of Credit Termination Date.

  • The Floor Plan Borrowers unconditionally, jointly and severally, promise to pay to the Administrative Agent for the accounts of the Floor Plan Lenders the then aggregate unpaid principal balances of each Floor Plan Loan of the Floor Plan Lenders on or before the Floor Plan Line of Credit Termination Date (or on any earlier date on which the Floor Plan Loans become due and payable as required by the stated provisions of this Agreement).

  • 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.

  • 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.

  • 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 last sentence of this clause (b) and to the operation and effect of Sections 2.07.4 and 2.07.5 hereof, the principal balance of any advanced and outstanding Floor Plan Loans shall bear interest at the Adjusted Daily SOFR Rate.

  • Absent a timely election by the Borrower Representative of a SOFR Borrowing in accordance with Section 2.07.2 of this Agreement, the unpaid balances of the Floor Plan Loans (including M&T Advances) and Revolving Credit Loans, including any balances of any Adjusted SOFR Rate Borrowings for which the applicable Interest Period has expired without an effective continuation, shall be deemed automatically to bear interest at the Adjusted Base Rate.

  • Payments on account of interest applicable to Floor Plan Loans shall be applied by the Administrative Agent to outstanding balances of such Loans accruing or having accrued interest at the Adjusted Daily SOFR Rate and balances of such Loans accruing or having accrued interest at the Adjusted Base Rate, in such order or proportion as the Administrative Agent, in its sole discretion, shall determine.

  • 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.


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 is defined in Section 1.1.
Sample 1

Related to Floor Plan Loans

  • Revolving Facility Loans shall include the Other Revolving Loans.

  • Revolving Loans shall have the meaning assigned to such term in Section 2.1(a).

  • 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).

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

  • Extended Loans has the meaning specified in Section 2.17(a).

  • 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).

  • Fixed Rate Loans means Euro-Dollar Loans or Money Market Loans (excluding Money Market LIBOR Loans bearing interest at the Base Rate pursuant to Section 8.01(a)) or any combination of the foregoing.

  • 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.

  • 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.

  • 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:

  • Revolving Facility Loan means a Loan made by a Revolving Facility Lender pursuant to Section 2.01.

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