New Vehicle Floorplan Offset Account definition
Examples of New Vehicle Floorplan Offset Account in a sentence
For purposes of clarity, Revolving Swing Line Loans, New Vehicle Floorplan Swing Line Loans, Used Vehicle Floorplan Swing Line Loans and amounts in any New Vehicle Floorplan Offset Account shall not be included in calculating the Outstanding Amount of Revolving Committed Loans, New Vehicle Floorplan Committed Loans or Used Vehicle Floorplan Committed Loans used in determining the commitment fees set forth above.
The New Vehicle Floorplan Offset Account is not a deposit account, and the New Vehicle Borrowers shall have no right or interest in any amounts in such account.
Upon any such termination of the New Vehicle Floorplan Offset Account, the amounts on deposit therein shall be applied to the prepayment of New Vehicle Floorplan Loans under Section 2.13, or, at the option of the Company, so long as no Event of Default has occurred and is continuing, remitted to the Company on behalf of the New Vehicle Borrowers.
The amount credited to the New Vehicle Floorplan Offset Account shall be reduced by the amount of New Vehicle Floorplan Offset Account Advances from time to time.
The New Vehicle Floorplan Offset Account is intended to permit voluntary reductions in the principal amount of New Vehicle Floorplan Loans outstanding under this Agreement.
Any amounts paid by the New Vehicle Borrowers into the New Vehicle Floorplan Offset Account will be available for re-advance to the New Vehicle Borrowers only in accordance with this Section 2.09(b).
At any time, upon ten days written notice to the Company, the Administrative Agent may terminate the New Vehicle Floorplan Offset Account provided by this Section 2.09(b) if the Administrative Agent determines, in its reasonable discretion, that continuation of the New Vehicle Floorplan Offset Account would have an adverse effect on the Administrative Agent or any New Vehicle Floorplan Lender.
The Administrative Agent may, in its sole discretion, distribute to Lenders as an actual prepayment of their outstanding New Vehicle Floorplan Loans any amounts received into the New Vehicle Floorplan Offset Account, provided that such distributions shall not be deemed to reduce the size of the New Vehicle Floorplan Offset Account.
In addition, the Administrative Agent may terminate the New Vehicle Floorplan Offset Account without prior notice upon the occurrence and during the continuance of any Event of Default.
Each New Vehicle Floorplan Offset Account Advance shall be made as a Daily Simple SOFR Loan, subject to conversion to a different Type in accordance with the terms of this Agreement.