Floorplan Financing definition

Floorplan Financing means (a) the Inventory Loan, Guaranty and Security Agreement, dated as of August 15, 2017, by and among Custom Truck & Equipment, LLC, the other credit parties, the lenders and PNC Equipment Finance, LLC, as amended by the First Amendment to Inventory Loan, Guaranty and Security Agreement, dated as of May 4, 2018, the Second Amendment to Inventory Loan, Guaranty and Security Agreement, dated as of May 4, 2018, the Third Amendment to Inventory Loan, Guaranty and Security Agreement, dates as of June 4, 2018, the Fourth Amendment to Inventory Loan, Guaranty and Security Agreement, dated as of November 30, 2018, the Fifth Amendment to Inventory, Loan, Guaranty and Security Agreement, dated as of August 5, 2019, and the Sixth Amendment to Inventory Loan, Guaranty and Security Agreement, dated as of August 30, 2019, (b) the Wholesale Financing Agreement, dated as of March 13, 2006 between Custom Truck & Equipment, LLC and Mercedes-Benz Financing Services USA LLC (successor in interest to DaimlerChrysler Financial Services Americas LLC), as amended by the Amendment to Wholesale Financing Agreement, dated as of January 30, 2015 and the Terms and Conditions to Wholesale Financing Agreement, dated as of January 30, 2019, and (c) the Inventory Financing Agreement, dated as of June 2, 2020, between Custom Truck & Equipment, LLC and PACCAR Financial Corp.

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Floorplan Financing means the arrangement and implementation of floorplan financing with Factories (or their designated affiliate or third-party lenders) with respect to Inventory of the Acquired Companies.

Floorplan Financing means, with respect to the Company, any Subsidiary Guarantor or any Subsidiary thereof, any dealership floorplan financing incurred by such Person with respect to vehicles sold, leased, held for sale or lease or otherwise used by any such Person at any dealership of such Person.

Examples of Floorplan Financing in a sentence

Subject to Section 3.01, in the ordinary course of business, the Servicer may at any time delegate any duties hereunder to any Person who agrees to conduct such duties in accordance with the Floorplan Financing Guidelines and this Agreement.
The Servicer maintains deposit accounts (collectively, the "Concentration Account") into which it shall deposit all amounts paid by the Dealers under Floorplan Financing Agreements.
Conversely, any advances to such Dealer made by the Seller under a Cash Management Agreement will be treated as a supplemental advance to such Dealer and, in accordance with the Floorplan Financing Guidelines, the aggregate principal amount of Receivables in the related Account will increase by the amount of such supplemental advance.
Prepayments made by a Dealer to the Seller under a Cash Management Agreement will be treated as Principal Collections and, in accordance with the Floorplan Financing Guidelines, the aggregate principal amount of Receivables in the related Account will decrease by the amount of such prepayment.
It will take no action, nor omit to take any action, that would impair the rights of the Noteholders, the holders of the Transferor Interest or any Series Enhancers in the Receivables nor will it reschedule, revise or defer payments due on any Receivable except in accordance with the applicable Floorplan Financing Guidelines.
Observe the date of the Floorplan Financing Agreement, if applicable, and confirm it is dated prior to the Series Cutoff Date, or, if later, on or before the related Addition Date.
Ford Credit’s procedure listing the approved Floorplan Financing Agreement form (the “List of Approved Forms”).
Observe the Floorplan Financing Agreement and confirm it is dated prior to the filing date of the original UCC financing statement in the UCC File.
With respect to any Account, prepayments made by a Dealer to the Seller under the related Cash Management Agreement will be treated as Principal Collections and, in accordance with the Floorplan Financing Guidelines, the aggregate amount of Principal Receivables financed in connection with such Account will decrease by the amount of such prepayment.
The Seller will comply with and perform its servicing obligations with respect to the Accounts and the Receivables in accordance with the applicable Floorplan Financing Agreements relating to the Accounts and the applicable Floorplan Financing Guidelines, except insofar as any failure to so comply or perform would not materially and adversely affect the rights of the Buyer, the Issuer, the Noteholders or any Series Enhancers.

More Definitions of Floorplan Financing

Floorplan Financing means at any time the financing made available to the Floorplan Borrower under the Floorplan Agreement or any successor agreement substantially the same as the Floorplan Agreement in all material respects as it affects the Floorplan Borrower and the Banks (or as is otherwise satisfactory to the Agent), as the same may be amended, modified or supplemented with the consent of the Agent provided that the lender thereunder has entered into an intercreditor agreement substantially the same in all material respects as the Intercreditor Agreement or otherwise satisfactory to the Agent.