Examples of Floorplan Approved Vendor in a sentence
The proceeds of each Floorplan Loan will be retained by the Floorplan Funding Agent and the Floorplan Funding Agent will be directly responsible for paying the related Floorplan Approved Invoice (it being understood that the terms of such payment will be negotiated between the Floorplan Funding Agent and the applicable Floorplan Approved Vendor).
The unpaid principal balance of each Floorplan Loan shall be payable in full on the earlier of (i) such date that such Floorplan Approved Invoice is due pursuant to the terms of the floorplan program then made available to the Borrower by the applicable Floorplan Approved Vendor and (ii) the Maturity Date (the earlier of such dates, a “Floorplan Due Date”).
Such request from a Floorplan Approved Vendor (with respect to Borrowers or their Restricted Subsidiaries) to Floorplan Funding Agent to finance Inventory will be deemed to be a request from Borrowers for a Floorplan Obligation.
If a Floorplan Approved Vendor Agreement is terminated by a Floorplan Approved Vendor, Floorplan Funding Agent agrees to provide written notice to Borrowers and the Lenders of such termination within one Business Day of Floorplan Funding Agent’s receipt of such termination notice from the Floorplan Approved Vendor, and Borrowers agree that such notice so delivered is reasonable and sufficient.
Funding Agent’s discretion as to whether to issue any Floorplan Approval for any Floorplan Obligation, upon termination of a Floorplan Approved Vendor Agreement, or upon a material adverse change with respect to a Floorplan Approved Vendor Agreement, Floorplan Funding Agent, may, in its sole discretion, cease to issue Floorplan Approvals with respect to such Floorplan Approved Vendor (each, a “Floorplan Vendor Termination”).