Floorplan Loans has the meaning set forth in the Schedule.
Floorplan Loans means the “Floorplan Loans” under (and as defined in) the Revolving Credit Agreement.
Floorplan Loans has the meaning specified therefor in Section 2.2(a) of the Agreement.
Examples of Floorplan Loans in a sentence
Notwithstanding the foregoing, the Lenders shall continue to make New Vehicle Floorplan Loans available to the Company and all New Vehicle Borrowers with respect to which no New Vehicle Event of Default has occurred unless otherwise provided in Section 8.04(c) below.
Notwithstanding anything herein to the contrary, after giving effect to any Borrowing or conversion, all outstanding New Vehicle Floorplan Loans of the Company and the New Vehicle Borrowers must be of the same Type.
Upon satisfaction of the foregoing requirements, each of the Used Vehicle Floorplan Lenders agrees to permit such Used Vehicle Borrower to receive Used Vehicle Floorplan Loans, other than Used Vehicle Floorplan Swing Line Loans, hereunder, on the terms and conditions set forth herein, and each of the parties agrees that such Used Vehicle Borrower otherwise shall be a Borrower for all purposes of this Agreement.
The New Vehicle Borrowers may request New Vehicle Floorplan Loans electronically by access to Administrative Agent’s web based floorplan on-line system (“Floorplan On-line System”) in accordance with and subject to the terms and conditions established between the Administrative Agent, the New Vehicle Floorplan Swing Line Lender and the Company from time to time.
If the commitment of each Used Vehicle Floorplan Lender to make Used Vehicle Floorplan Loans has been terminated pursuant to Section 8.02 or if the Aggregate Used Vehicle Floorplan Commitments have expired, then the Applicable Used Vehicle Floorplan Percentage of each Used Vehicle Floorplan Lender shall be determined based on the Applicable Used Vehicle Floorplan Percentage of such Used Vehicle Floorplan Lender most recently in effect, giving effect to any subsequent assignments.
More Definitions of Floorplan Loans
Floorplan Loans has the meaning set forth in Section 2.2 of this Schedule.
Floorplan Loans under (and as defined in) the Revolving CreditAgreement.“Foreign Subsidiary” means, with respect to any Person, any subsidiary of such Person that isorganized and existing under the laws of any jurisdiction other than the United States of America, anystate thereof or the District of Columbia.“FSHCO” means any Domestic Subsidiary of the US Borrower that has no material assets otherthan the Equity Interests of one or more CFCs.“GAAP” means, subject to Section 1.04(a), generally accepted accounting principles in theUnited States of America, applied in accordance with the consistency requirements thereof.“Governmental Approvals” means all authorizations, consents, approvals, permits, licenses andexemptions of, registrations and filings with, and reports to, Governmental Authorities.“Governmental Authority” means the government of the United States of America or any othernation or any political subdivision of any thereof, and any agency, authority, instrumentality, regulatorybody, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory oradministrative powers or functions of or pertaining to government (including any supra-national bodyexercising such powers or functions, such as the European Union or the European Central Bank).“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent orotherwise, of the guarantor guaranteeing any Indebtedness or other obligation of any other Person (the“primary obligor”) in any manner, whether directly or indirectly, and including any obligation of theguarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase orpayment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for thepurchase of) any security for the payment thereof, (b) to purchase or lease property, securities orservices for the purpose of assuring the owner of such Indebtedness or other obligation of the paymentthereof, (c) to maintain working capital, equity capital or any other financial statement condition orliquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or otherobligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued tosupport such Indebtedness or other obligation; provided that the term “Guarantee” shall not includeendorsements for collection or deposit in the ordinary course of business. The amount, as of any date of21
Floorplan Loans has the meaning specified for the term “Loan” in the Floorplan Credit Agreement.
Floorplan Loans has the meaning specified therefor in Section 2.2(a) of the Agreement. “Floorplan Overadvance” means, as of any date of determination, that the Floorplan Usage is greater than any of the limitations set forth in Section 2.2 or Section 2.11. “Floorplan Swing Lender” means Bank of America or any other Lender that, at the request of Xxxxxxxx and with the consent of Agent agrees, in such Xxxxxx’s sole discretion, to become the Floorplan Swing Lender under Section 2.3(b)(ii) of the Agreement. “Floorplan Swing Loan” has the meaning specified therefor in Section 2.3(b)(ii) of the Agreement. “Floorplan Swing Loan Exposure” means, as of any date of determination with respect to any Lender, such Xxxxxx’s Pro Rata Share of the Floorplan Swing Loans on such date. “Floorplan Usage” means, as of any date of determination, the amount of outstanding Floorplan Loans (inclusive of Floorplan Swing Loans and Floorplan Protective Advances).
Floorplan Loans means the floorplan loans which have been originated by Origen or Origen MHF, as specifically identified on the attached Schedule 1.33.
Floorplan Loans. A floorplan line of credit consisting of loans made to Borrower against Floorplanned Inventory (“Floorplan Loans”) of Borrower in an aggregate principal amount not to exceed at any time Thirty-Two Million Dollars ($32,000,000) (“Maximum Floorplan Amount”) less the amount of any outstanding approvals given by DLL to any Vendor of Floorplanned Inventory. No individual Floorplan Loan shall exceed one hundred percent (100%) of the Vendor’s invoice price for the applicable Floorplanned Inventory financed through such Floorplan Loan (the aggregate of all such amounts for all Floorplanned Inventory at any time, the “Floorplan Borrowing Base Amount”). On the Closing Date, DLL shall, at the request of Borrower, make a Floorplan Loan pursuant to Sections 2.2 and 2.4 to refinance and pay in full all “floorplan loans” previously advanced to Borrower by its prior lender, GE Commercial Distribution Finance Corporation, to finance the purchase of inventory by Borrower from Vendors with whom DLL has appropriate repurchase agreements (the “Refinancing Floorplan Loan”), which shall not exceed one hundred percent (100%) of the aggregate invoice prices for all such previously financed Floorplan Inventory. Such Refinancing Floorplan Loan shall have a maturity and repayment date (subject to clauses (i), (ii) and (iii) of Section 2.10(a) of the Agreement) of forty-five (45) days after the date of funding thereof, subject to any applicable commonized due date established by DLL that is applicable to such Refinancing Floorplan Loan. Notwithstanding anything to the contrary contained in the foregoing, at the request of Borrower but subject to all of the other applicable terms and conditions of this Agreement, DLL may instead make a Revolving Credit Loan to refinance and pay in full all such previous “floorplan loans” from the prior lender, and in such a case, any such Revolving Credit Loan shall be made on the same terms and conditions applicable to any other Revolving Credit Loan and shall not be subject to or governed by any special provisions of this Agreement relating to any possible “Refinancing Floorplan Loan”.
Floorplan Loans. A floorplan line of credit consisting of loans made to Borrower against Floorplanned Inventory (“Floorplan Loans”) of Borrower in an aggregate principal amount not to exceed as of any date the amount equal to (x) from October 26, 2011 through December 31, 2011, Thirty Five Million Dollars ($35,000,000) and (y) at all times from and after January 1, 2012, Thirty Two Million Dollars ($32,000,0000) minus the outstanding principal balance under any Canadian Credit Facility as of such date (provided that, to the extent the loans and advances of credit under any such Canadian Credit Facility are denominated in any currency other than US Dollars, the amount of the principal balance outstanding under such Canadian Credit Facility as of any date shall be the actual amount outstanding as of such date in the applicable currency as converted into the US Dollar equivalent thereof based on prevailing market currency exchange rates as of such date) (“Maximum Floorplan Amount”) less the aggregate amount of any open approvals given by DLL to any Vendor of Floorplanned Inventory that are outstanding as of such date. No individual Floorplan Loan shall exceed one hundred percent (100%) of the Vendor’s invoice price for the applicable Floorplanned Inventory financed through such Floorplan Loan.