Used Vehicle Floorplan Swing Line Loan definition

Used Vehicle Floorplan Swing Line Loan has the meaning specified in Section 2.12(a).

Used Vehicle Floorplan Swing Line Loan has the meaning specified in Section 2.12(a). “Used Vehicle Floorplan Swing Line Loan Notice” means a notice of a Used Vehicle Floorplan Swing Line Borrowing pursuant to Section 2.12(b) which shall be substantially in the form of Exhibit B-3 or such other form as approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer of the Company.

Examples of Used Vehicle Floorplan Swing Line Loan in a sentence

• Until each Used Vehicle Floorplan Lender funds its Daily Simple SOFR Committed Loan or risk participation pursuant to this Section 2.12 to refinance such Used Vehicle Floorplan Lender’s Applicable Used Vehicle Floorplan Percentage of any Used Vehicle Floorplan Swing Line Loan, interest in respect of such Applicable Used Vehicle Floorplan Percentage shall be solely for the account of the Used Vehicle Floorplan Swing Line Lender.

• If the Company fails to provide a timely Used Vehicle Floorplan Swing Line Loan Notice requesting a conversion of Daily Simple SOFR Loans to Base Rate Loans, such Loans shall, subject to Article III, continue as Daily Simple SOFR Loans.

• Immediately upon the making of a Used Vehicle Floorplan Swing Line Loan, each Used Vehicle Floorplan Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Used Vehicle Floorplan Swing Line Lender a risk participation in such Used Vehicle Floorplan Swing Line Loan in an amount equal to the product of such Lender’s Applicable Used Vehicle Floorplan Percentage times the amount of such Used Vehicle Floorplan Swing Line Loan.

• If the Company fails to specify a Type of Used Vehicle Floorplan Swing Line Loan in a Used Vehicle Floorplan Swing Line Loan Notice, then the applicable Used Vehicle Floorplan Swing Line Loan shall, subject to Article III, be made as a Daily Simple SOFR Loan.

• If such Used Vehicle Floorplan Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Used Vehicle Floorplan Lender’s Committed Loan included in the relevant Used Vehicle Floorplan Committed Borrower or funded participation in the relevant Used Vehicle Floorplan Swing Line Loan, as the case may be.

• At any time a Used Vehicle Autoborrow Agreement is not in effect, each Used Vehicle Floorplan Swing Line Borrowing and each conversion of Used Vehicle Floorplan Swing Line Loans from one type to the other shall be made upon the Company’s irrevocable notice to the Used Vehicle Floorplan Swing Line Lender and the Administrative Agent, which may be given by (A) telephone or (B) by a Used Vehicle Floorplan Swing Line Loan Notice.

• Promptly after receipt by the Used Vehicle Floorplan Swing Line Lender of any Used Vehicle Floorplan Swing Line Loan Notice, the Used Vehicle Floorplan Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also received such Used Vehicle Floorplan Swing Line Loan Notice and, if not, the Used Vehicle Floorplan Swing Line Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof.

• At any time the Used Vehicle Autoborrow Agreement is not in effect with respect to the Used Vehicle Floorplan Swing Line Loans, the Used Vehicle Borrowers (jointly and severally) shall repay each Used Vehicle Floorplan Swing Line Loan on the Maturity Date or promptly following any demand by the Used Vehicle Floorplan Swing Line Lender.

• Each Used Vehicle Floorplan Swing Line Loan may be a Base Rate Loan or a Daily Simple SOFR Loan.