Operator Financing Program definition
Operator Financing Program a program pursuant to which the Operator Financing Subsidiary or the Financing Vehicle, as the case may be, may provide financing to independent contractors doing business with the Borrower and its Subsidiaries to enable such independent contractors to purchase tractors, trailers and related transportation equipment expected to be used in connection with the business of the Borrower and its Subsidiaries.
Operator Financing Program a program pursuant to which financing shall be provided to independent contractors doing business with the Borrower and its Subsidiaries to enable them to purchase tractors, trailers and related transportation equipment expected to be used in connection with the business of the Borrower and its subsidiaries; pursuant to such program (i) the Borrower may, from time to time, make investments, loans and/or advances to the Operator Financing Subsidiary or another entity formed for the purpose of such program (the "Financing Vehicle"), (ii) the Financing Vehicle may, from time to time, make loans to such independent contractors to finance such tractors, trailers, and related transportation equipment secured by Liens thereon, (iii) the Financing Vehicle may, from time to time sell such loans (and assign such Liens), without recourse to the Financing Vehicle, to one or more other Person or Persons (other than the Parent or any of its Subsidiaries, except to the extent the purchase of such loan would constitute a Permitted Insurance Company Investment) and (iv) the Borrower, Parent and/or any of its Subsidiaries may, from time to time, enter into Guarantee Obligations with respect to all or some portion of such loans so sold.
Operator Financing Program a program pursuant to which financing shall be provided to independent contractors doing business with the Borrower and its Subsidiaries to enable them to purchase tractors, trailers and related transportation equipment expected to be used in connection with the business of the Borrower and its subsidiaries; pursuant to such program (i) the Borrower will make investments, loans and/or advances to the Operator Financing Subsidiary or another entity formed for the purpose of such program (the "Financing Vehicle"), (ii) the Financing Vehicle will make loans to such independent contractors to finance such equipment secured by Liens on such equipment, (iii) the Financing Vehicle will from time to time sell such loans (and assign such Liens), without recourse to the Financing Vehicle, to one or more other Person or Persons (other than the Parent or any of its Subsidiaries) and (iv) the Borrower and/or Parent will enter into Guarantee Obligations with respect to all or some portion of such loans so sold.