Floorplan Default definition

Floorplan Default has the meaning specified for the term “Default” in the Floorplan Credit Agreement.

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Examples of Floorplan Default in a sentence

• Provided there exists no Default nor any Floorplan Default, upon notice to the Administrative Agent (which shall promptly notify the Lenders), the Company may from time to time, request an increase in the Aggregate Commitments by an amount (i) for all such requests, not exceeding $50,000,000 in the aggregate; provided that the Company may make a maximum of five (5) such requests.

• Accrual of the Floorplan Default Rate shall commence immediately upon an Event of Default.

• Provided there exists no Default nor any Floorplan Default, upon notice to the Administrative Agent (which shall promptly notify the Lenders), the Company may from time to time, request an increase in the Aggregate Commitments by an amount (i) for all such requests, not exceeding $65,000,000 in the aggregate; provided that the Company may make a maximum of five (5) such requests.