Floorplan Collateral definition
Examples of Floorplan Collateral in a sentence
The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account and the Borrower hereby grants the Administrative Agent a security interest in the Floorplan Collateral Account.
The Member owns, directly or indirectly, 100% of the issued and outstanding membership interests of Seller, free and clear of any Adverse Claim other than the Adverse Claim in favor of (i) the Administrative Agent as contemplated by the Credit Agreement and (ii) the Floorplan Collateral Agent as contemplated by the Floorplan Credit Agreement.
This Amendment No. 1 to Intercreditor Agreement (this “Amendment”) is made as of August 12, 2010, by and between JPMorgan Chase Bank, National Association, as Bank Agent (in such capacity, the “Bank Agent”), and ▇▇▇▇▇ Fargo Capital Finance, LLC (formerly known as ▇▇▇▇▇ Fargo Foothill, LLC,) as Floorplan Collateral Agent (in such capacity, the “Floorplan Collateral Agent”).
The Administrative Agent hereby agrees to implement on each Business Day, and to keep and maintain at all times, the Floorplan Collateral Block in accordance with the terms of this Agreement.
The Bank Agent and the Floorplan Collateral Agent are parties to that certain Intercreditor Agreement, dated as of September 17, 2008 (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), between the Bank Agent and the Floorplan Collateral Agent and acknowledged by Insight Enterprises, Inc.
The Company shall cause (i) the Floorplan Collateral (as defined in the Floorplan Intercreditor Agreement) to be identical in scope to the Collateral (other than with respect to Foreign Assets) and (ii) the obligors on the Floorplan Obligations (as defined in the Floorplan Intercreditor Agreement) to be identical in scope to the obligors on the Secured Obligations (other than with respect to Foreign Subsidiaries).
The Bank Agent and the Floorplan Collateral Agent are parties to that certain Amended and Restated Intercreditor Agreement, dated as of April 26, 2012 (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), between the Bank Agent and the Floorplan Collateral Agent and acknowledged by Insight Enterprises, Inc.
Without notice or demand, if the sum of the outstanding principal balance of the Advances shall at any time exceed the Borrowing Base (provided that for determining if a payment is required under this Section 3.4 in connection with the Initial Advance before a subsequent Advance has been made, the Borrowing Base shall be calculated based on 66.67% of the Eligible Contracts except the J&J Floorplan Collateral), the Borrower shall immediately repay the Note to the extent necessary to eliminate such excess.
As long as no event of default shall have occurred, FINOVA may consent to reserve Floorplan Collateral Coverage Reconciliation amounts against Revolving Loan excess availability, in lieu of a cash payment.
In furtherance and not in limitation of the foregoing, each Credit Party shall take such actions as Administrative Agent or Collateral Agent may reasonably request from time to time to ensure that the Obligations are guaranteed by the Guarantors and are secured by a First Priority Lien on the Collateral (and not the Floorplan Collateral), including all of the outstanding Capital Stock of the Companies and their Subsidiaries.