Examples of Used Vehicle Borrowing Base in a sentence

Request any Loan with respect to any Vehicle, or include any Vehicle in the Used Vehicle Borrowing Base, if such Vehicle is financed by, or constitutes collateral for, any Permitted Third Party Service Loaner Indebtedness.
Notwithstanding anything to the contrary in this Agreement, the amounts set forth in clauses (a)(i) through (a)(vii) above shall exclude all receivables, Vehicles, real property, inventory, equipment and other property and assets of any Silo Subsidiary, provided in no event shall the aggregate net book value of the Eligible Vehicles consisting of motorcycles included in the Service Loaner Vehicle Borrowing Base, Used Vehicle Borrowing Base and the Revolving Loan Borrowing Base exceed $25,000,000.
Request any loan under the Floorplan Credit Agreement with respect to any Vehicle, or include any Vehicle in the Used Vehicle Borrowing Base (as defined in Floorplan Credit Agreement), if such Vehicle is financed by, or constitutes collateral for, any Permitted Third Party Service Loaner Indebtedness.
Notwithstanding the foregoing, in no event shall the aggregate net book value of the Eligible Vehicles consisting of motorcycles included in the Service Loaner Vehicle Borrowing Base, Used Vehicle Borrowing Base and the Revolving Loan Borrowing Base exceed $25,000,000.
NEGATIVE COVENANTS 108 7.01 Liens 108 7.02 Investments 110 7.03 Indebtedness 110 7.04 Fundamental Changes 113 7.05 Dispositions 113 7.06 Restricted Payments 114 7.07 Change in Nature of Business 115 7.08 Transactions with Affiliates 115 7.09 Burdensome Agreements 115 7.10 Use of Proceeds 115 7.11 Financial Covenants 116 7.12 Acquisitions 116 7.13 Used Vehicle Borrowing Base 116 7.14 Amendments of Certain Indebtedness 117 7.15 Prepayments, etc.

More Definitions of Used Vehicle Borrowing Base

Used Vehicle Borrowing Base in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

Used Vehicle Borrowing Base means, as of any date of determination, an amount equal to the sum, without duplication, on such date of: 80% of (a) the net book value of Used Vehicles of the Dealerships which are Eligible Vehicles in which Agent has a perfected first priority security interest and which have been owned or held for sale or lease by any Dealership for 180 days or less; minus (b) the aggregate outstanding principal amount of any indebtedness or obligation to any Person (other than the Obligations) which is secured by the Used Vehicles, including but not limited to amounts owing to holders of any lien or security interest in a Used Vehicle at the time it is traded in, sold to, or otherwise acquired by any Dealership.

Used Vehicle Borrowing Base means, as of any date of determination by Agent, from time to time, as to any Borrower or Specified Borrower, an amount equal to the sum at such time of the lesser of (a) such Borrower's or Specified Borrower's cost or (b) ninety percent (90%) of the NADA trade-in value (excluding adds) of Eligible Used Vehicles of such Borrower or Specified Borrower, less any Reserves established by Agent at such time.

Used Vehicle Borrowing Base means, as of any date of determination, the amount equal to (a) 85% multiplied by (b) the amount determined, without duplication, as follows: (a) the aggregate net book value of the Used Vehicle inventory of the Company and its Subsidiaries; minus (b) the aggregate net book value of such Used Vehicles in which the Agent does not have a perfected, first-priority security interest (including (i) Used Vehicles owned by any Silo Subsidiary and (ii) Used Vehicles owned by any Dual Subsidiary with respect to which the Agent does not have a perfected, first-priority security interest (other than Used Vehicles subject to Trade-in Liens)); minus (c) the aggregate outstanding principal amount of indebtedness secured by Trade-in Liens; minus (d) the aggregate net book value of such Used Vehicles that are not otherwise Eligible Vehicles. Notwithstanding the foregoing, in no event shall the aggregate net book value of the Eligible Vehicles consisting of motorcycles included in the Service Loaner Vehicle Borrowing Base, Used Vehicle Borrowing Base and the Revolving Loan Borrowing Base exceed $25,000,000. “Used Vehicle Borrowing Base Certificate” means a certificate substantially in the form attached as Exhibit B-1, or in such other form as is acceptable to the Agent. “Used Vehicle Floorplan Advance” means a borrowing consisting of the Used Vehicle Floorplan Loans to be made by the Lenders on any date. “Used Vehicle Floorplan Borrower” means the Company, in its capacity as an obligor on the Used Vehicle Floorplan Obligations which relate to the credit facilities described in Sections 3.1 and 3.2. “Used Vehicle Floorplan Borrowing Rate” means the sum of (a) Adjusted Daily Simple SOFR, Adjusted Term SOFR or the Term SOFR Alternative Rate, as designated by the Company from time to time, plus (b) the Used Vehicle Floorplan Margin. “Used Vehicle Floorplan Commitment” means for each Lender, the obligation of such Lender to make Used Vehicle Floorplan Loans to the Used Vehicle Floorplan Borrower and to participate in Used Vehicle Swing Line Loans in an aggregate amount not exceeding the amount set forth on Schedule 1, as such amount may be modified as a result of any assignment or as otherwise modified from time to time pursuant to Section 6.17 or the other provisions hereof. 47 13483422v8

Used Vehicle Borrowing Base and “Vehicle” in their entirety with the following, respectively: “Canadian Dealership” means a Dealership whose primary business is the retail sales or retail sale and lease of new and/or used automobiles, trucks and/or motorcycles in Canada. “Dealership” means a Subsidiary of the Company whose primary business is the retail sales or retail sale and lease of new and/or used automobiles, trucks and/or motorcycles in the United States of America or in Canada. “Dual Subsidiary Financing Commencement Date” means, with respect to any Dual Subsidiary, the date that such Dual Subsidiary begins to finance new Vehicles of any Removed Franchise, used and/or service loaner Vehicles through Permitted Dual Subsidiary Indebtedness as permitted by Sections 6.19 and 13.16. “Eligible Vehicle” means an automobile, truck or motorcycle with a gross vehicle weight of no more than 16,000 pounds, which satisfies the following requirements: (a) The vehicle is owned by a Dealership, subject to a perfected security interest in favor of the Agent, and free of any title defects, liens, security interests, leases, bailments, consignments or other interests of any Person other than Agent, except as agreed by the Agent in writing. (b) Unless the vehicle is a Demo, or is in transit from the seller, it is located at locations which the Dealerships disclosed to the Agent and which are acceptable to the Agent. If the vehicle is in transit from a seller, then upon receipt by a Dealership it will be located at one of such locations. (c) The vehicle is held for sale or lease in the ordinary course of a Dealership’s business. (d) The vehicle is undamaged and of good and merchantable quality. (e) The vehicle is otherwise acceptable to the Agent. “Excluded Property” means any of (a) any Equity Interests in any Dealership, any Canadian Subsidiary (except any Canadian Subsidiary that is a Financed Entity) and, to the extent prohibited by any manufacturer of Vehicles, any Subsidiary of the Company that is the holder of five percent (5%) or more of the Equity Interests in any Dealership; (b) any real estate or interest in real estate,

Used Vehicle Borrowing Base definition

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