Floorplan Financing Agreement definition
Floorplan Financing Agreement means, collectively, the group of related agreements between and among NMAC (either as the originator of a floorplan financing account or by virtue of an assignment and assumption by NMAC from the applicable originator of such account), the Dealer with respect thereto and, in the case of New Vehicles, a Manufacturer, pursuant to which (a) NMAC agrees to extend credit to such Dealer to finance its purchase of New Vehicles, Pre-Owned Vehicles and/or Used Vehicles, (b) NMAC has a security interest in the specific vehicles so financed by NMAC, certain other vehicles, and a subordinated security interest in other collateral and the proceeds thereof, (c) such Dealer agrees to repay advances made by NMAC at the time of sale or lease of such financed vehicle, or pursuant to a payment schedule if such vehicle is not sold or leased before the first payment is due pursuant to such schedule, and (d) the obligations of such Dealer to repay such advances is evidenced by one or more promissory notes of such Dealer.
Floorplan Financing Agreement means, collectively, the group of related agreements, as in effect from time to time, between and among the Seller (either as the originator of a floorplan financing account or by virtue of an assignment and assumption by the Seller from the applicable originator of such account), the Dealer with respect thereto and, in the case of New Vehicles, a Manufacturer, pursuant to which (a) the Seller agrees to extend credit to such Dealer to finance New Vehicles and/or Used Vehicles manufactured or distributed by such Manufacturer, (b) the Seller has a security interest in the specific Vehicles financed by the Seller, certain other Vehicles, certain other collateral and the proceeds thereof, (c) such Dealer agrees to repay advances made by the Seller at the time of Vehicle sale or lease and (d) the obligations of such Dealer to repay such advances is evidenced by one or more promissory notes of such Dealer.
Floorplan Financing Agreement means, collectively, the group of related agreements between and among DCS, the Dealer with respect thereto and, in the case of new Vehicles, a Vehicle manufacturer, pursuant to which (a) DCS agrees to extend credit to such Dealer to finance the acquisition of used Vehicles and new Vehicles manufactured by such manufacturer, (b) such Dealer grants to DCS a security interest in the specific Vehicles financed by DCS, certain other Vehicles, certain other collateral and the proceeds thereof, (c) such Dealer agrees to repay advances made by DCS on demand but in any event such Dealer agrees to repay not less than 90% of each such advance upon the sale of the Vehicle to which such advance relates and the remaining balance of such advance not later than the tenth day of the second calendar month following the month in which such sale occurs, and (d) the obligations of such Dealer to repay such advances is evidenced by one or more demand promissory notes of such Dealer.
Examples of Floorplan Financing Agreement in a sentence
Ford Credit’s procedure listing the approved Floorplan Financing Agreement form (the “List of Approved Forms”).
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.
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.
Subject to compliance with all Requirements of Law, the Seller may change the terms and provisions of the Floorplan Financing Agreement or the Floorplan Financing Guidelines in any respect (including the calculation of the amount or the timing of charge-offs and the rate of the finance charge assessed thereon) only if such change would be permitted pursuant to Section 3.01(d) of the Pooling and Servicing Agreement.
Subject to compliance with all Requirements of Law, the Seller, in its capacity as Servicer, may change the terms and provisions of the Floorplan Financing Agreement or the Floorplan Financing Guidelines in any respect (including the calculation of the amount or the timing of charge-offs and the rate of the finance charge assessed thereon) only if such change would be permitted pursuant to Section 3.01(d) of the Transfer and Servicing Agreement.
More Definitions of Floorplan Financing Agreement
Floorplan Financing Agreement means, collectively, the group of related agreements, as in effect from time to time, among the Seller, the related Dealer and, in the case of New Vehicles, a Manufacturer, pursuant to which (a) the Seller agrees to extend credit to such Dealer to finance New Vehicles manufactured or distributed by such Manufacturer and/or Program Vehicles and Used Vehicles, (b) the Seller has a security interest in the Vehicles financed by the Seller, certain other Vehicles, certain other collateral and the proceeds of the foregoing, (c) such Dealer agrees to repay advances made by the Seller at the time the related Vehicle is sold or leased and (d) the obligations of such Dealer to repay such advances is evidenced by one or more promissory notes of such Dealer.
Floorplan Financing Agreement means, collectively, the group of related agreements between VCI and the Dealer with respect thereto, pursuant to which (a) VCI agrees to extend credit to such Dealer to finance used Vehicles and new Vehicles manufactured by one of the manufacturers, (b) such Dealer grants to VCI a security interest in the specific Vehicles financed by VCI, certain other Vehicles, certain other collateral and the proceeds thereof, (c) such Dealer agrees to repay advances made by VCI on demand, and (d) the obligations of such Dealer to repay such advances is evidenced by one or more promissory notes of such Dealer.
Floorplan Financing Agreement means, collectively, the group of related agreements between and among an Originator, the Dealer with respect thereto, pursuant to which (a) an Originator agrees to extend credit to such Dealer to finance the acquisition of used Equipment and new Equipment, (b) such Dealer grants to an Originator a security interest in the specific Equipment financed by an Originator, certain other Equipment, certain other collateral and the proceeds thereof and (c) such Dealer agrees to repay advances made by an Originator pursuant to the terms of the related Floorplan Financing Agreement.
Floorplan Financing Agreement means, collectively, the group of related agreements between and among the Seller (either as the originator of a floorplan financing account or by virtue of an assignment and assumption by the Seller from the applicable originator of such account), the Dealer with respect thereto and, in the case of New Vehicles, a Manufacturer, pursuant to which (a) the Seller agrees to extend credit to such Dealer to finance New Vehicles and/or Used Vehicles manufactured or distributed by such Manufacturer, (b) the Seller has a security interest in the specific Vehicles financed by the Seller, certain other Vehicles, certain other collateral and the proceeds thereof, (c) such Dealer agrees to repay advances made by the Seller at the time of Vehicle sale or lease and (d) the obligations of such Dealer to repay such advances is evidenced by one or more promissory notes of such Dealer.
Floorplan Financing Agreement means, collectively, the group of related agreements between and among Yamaha Motor Corporation, U.S.A., DFS and a particular Dealer and pursuant to which (a) DFS agrees to extend credit to such Dealer to finance the Dealer's purchase of Products distributed by Yamaha Motor Corporation, U.S.A., (b) such Dealer grants to DFS a purchase money security interest in the specific Products financed by DFS, certain other Products, certain other collateral and the proceeds thereof, (c) such Dealer agrees to repay such extensions of credit made by DFS within a certain specified period of time and (d) the obligations of such Dealer to repay such extensions of credit by DFS may be evidenced by one or more promissory notes of such Dealer in favor of DFS.
Floorplan Financing Agreement means, collectively, the group ----------------------------- of related agreements between and among the Seller (either as the Originator of a wholesale financing account or by virtue of assignment of such account to the Seller by the applicable Originator), the Dealer with respect thereto and, in the case of new Vehicles, a Vehicle manufacturer or distributor, pursuant to which (a) the Seller or other applicable Originator agrees to extend credit to such Dealer to finance used Vehicles and new Vehicles manufactured by such manufacturer or distributed by such distributor, (b) such Dealer grants to the applicable Originator a security interest in the specific Vehicles financed by such Originator, certain other Vehicles, certain other collateral and the proceeds thereof, (c) such Dealer agrees to repay advances made by the applicable Originator at the time of Vehicle sale or lease but in any event such Dealer agrees to repay, in the case of a new Vehicle as to which Ford Credit is the Originator of the related Receivable, not less than 90% of each such advance upon the sale or lease of the Vehicle to which such advance relates and the remaining balance of such advance not later than the first day of the second calendar month following the month in which such sale or lease occurs, and (d) the obligations of such Dealer to repay such advances is evidenced by one or more promissory notes of such Dealer.
Floorplan Financing Agreement means, collectively, the group of related agreements between and among World Omni (either as the Originator of a wholesale financing account or by virtue of assignment of such account to World Omni by the applicable Originator), the Dealer with respect thereto and, in the case of new Vehicles, a Vehicle manufacturer or distributor, pursuant to which (a) World Omni or other applicable Originator agrees to extend credit to such Dealer to finance used Vehicles and new Vehicles manufactured by such manufacturer or distributed by such distributor, (b) such Dealer grants to the applicable Originator a security interest in the specific Vehicles financed by such Originator, certain other Vehicles, certain other collateral and the proceeds thereof, (c) such Dealer agrees to repay advances made by the applicable Originator at the time of Vehicle sale or lease, and (d) the obligations of such Dealer to repay such advances is evidenced by one or more promissory notes of such Dealer.