Hurricane Program definition

Hurricane Program means the sales and leasing program whereby Floor Plan Units will be (i) sold by the Company to FEMA or other state or federal agencies working under disaster relief programs, or (ii) leased by the Borrowers to non-governmental entities as temporary housing for persons affected by hurricanes in the United States from time to time, in each case in accordance with Sections 6.18 and 6.19 hereof and the other terms of this Agreement relating to such sales or leases.
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Examples of Hurricane Program in a sentence

  • Upon entry into any lease of a Floor Plan Unit with a Hurricane Program Lessee by any Borrower, such Borrower shall execute and deliver a Collateral Assignment of Leases in substantially the same form as Exhibit H hereto.

  • During any period of time in which any Borrower is leasing any Floor Plan Unit to Hurricane Program Lessees pursuant to the Hurricane Program, the Company shall maintain, in addition to the insurance required by the Agreement, lessor liability coverage in an amount equal to at least $1,000,000 per Floor Plan Unit that is leased under the Hurricane Program.

  • Additionally, all listings of assets delivered to the Administrative Agent or the Lenders pursuant to the Agreement must clearly identify the Floor Plan Units that are subject to the Hurricane Program.

  • Each lease of a Floor Plan Unit pursuant to the Hurricane Program shall be made pursuant to the terms and conditions of a form of lease that has been approved in advance in writing by the Administrative Agent.

  • Notwithstanding anything in this Agreement, or otherwise to the contrary, each lease with a Hurricane Program Lessee (i) must not constitute a conditional sales contract, (ii) must prohibit the further transfer or encumbrance of any of the Hurricane Program Lessees’ rights or interests in the lease or the Floor Plan Unit, and (iii) must be for a term of not more than 12 months.

  • Each Floor Plan Lender agrees to make Floor Plan Loans to the Borrowers to finance the purchase of Eligible New Floor Plan Units to be sold to FEMA and Eligible Rental Floor Plan Units to be leased to Hurricane Program Lessees under the Hurricane Program, subject to the terms and conditions set forth in this Agreement.

  • Schedule 2.02(a) sets forth as of the Effective Date the amount of Floor Plan Loans advanced (i) against Eligible Used Floor Plan Units, (ii) against Eligible Rental Floor Plan Units, (iii) against Eligible New Floor Plan Units broken out by each Manufacturer Category, (iv) against Eligible New Floor Plan Units sold to FEMA, (v) against Eligible Rental Floor Plan Units leased to Hurricane Program Lessees, and (vi) against Permitted Company Vehicles.

  • The aggregate outstanding principal amount of Floor Plan Loans under the Hurricane Program consisting of Floor Plan Loans advanced (i) against Eligible New Floor Plan Units sold to FEMA shall not at any time exceed $55,000,000 and (ii) against Eligible Rental Floor Plan Units leased to Hurricane Program Lessees shall not exceed $5,000,000.

  • Each Floor Plan Lender agrees to make Floor Plan Loans to the Borrowers to finance the purchase of Eligible New Floor Plan Units to be sold to FEMA (or other state or federal agencies working under disaster relief plans) and Eligible Rental Floor Plan Units to be leased to Hurricane Program Lessees under the Hurricane Program, subject to the terms and conditions set forth in this Agreement.

  • For purposes of this Section 2.07(f), the “effective date” of any lease shall be the earliest of the date of the lease, the date on which the Hurricane Program Lessee or its representative takes possession of the applicable Floor Plan Unit, or the date on which the Hurricane Program Lessee acquires a legal right to use such Floor Plan Unit.