Common use of Advance Floorplan Accommodation Clause in Contracts

Advance Floorplan Accommodation. (a) The Ally Parties will allow ▇▇▇▇▇▇▇ to obtain Inventory Financing on Vehicles for which ▇▇▇▇▇▇▇ does not then hold a lien-free title, provided that: (i) Carvana owns the Vehicle and it is not in the process of being sold, (ii) the Vehicle is subject to a lien noted on the certificate of title by the financial institution that provided retail credit accommodations for the prior owner, and no other lien is noted on the title or otherwise exists (to the knowledge of Carvana), (iii) Carvana remits payment to that lienholder to discharge the retail lien before or upon requesting a floorplan advance for such Vehicle from the Ally Parties, (iv) the floorplan proceeds are remitted directly to Carvana, and (v) the Vehicle’s title is lien-free within [***] calendar days of the original floorplan advance date (collectively, “Advance Floorplan Accommodation”). (b) Carvana must immediately repay any outstanding advance under the Advance Floorplan Accommodation for any Vehicle if the title for such Vehicle is not lien-free within [***] calendar days of the original floorplan advance date. (c) ▇▇▇▇▇▇▇'▇ outstanding floorplan advances under the Advance Floorplan Accommodation must be limited to a maximum of 10% of the Credit Line. (d) Advance Floorplan Accommodation is provided by the Ally Parties in their sole discretion. The Ally Parties may modify the terms, conditions, provisions, documentation, and administration of the Advance Floorplan Accommodation in their sole discretion. The Ally Parties reserve the right to rescind the Advance Floorplan Accommodation for any reason or no reason.

Advance Floorplan Accommodation. (a) a. The Ally Parties will allow ▇▇▇▇▇▇▇ Dealership to obtain Inventory Financing on Vehicles for which ▇▇▇▇▇▇▇ Dealership does not then hold a lien-free title, provided that: (i) Carvana Dealership owns the Vehicle and it is not in the process of being sold, (ii) the Vehicle is subject to a lien noted on the certificate of title by the financial institution that provided retail credit accommodations for the prior owner, and no other lien is noted on the title or otherwise exists (to the knowledge of CarvanaDealership), (iii) Carvana Dealership remits payment to that lienholder to discharge the retail lien before or upon requesting a floorplan advance for such Vehicle from the Ally Parties, (iv) the floorplan proceeds are remitted directly to CarvanaDealership, and (v) the Vehicle’s title is lien-free within [***] 90 calendar days of the original floorplan advance date (collectively, “Advance Floorplan Accommodation”). (b) Carvana b. Dealership must immediately repay any outstanding advance under the Advance Floorplan Accommodation for any Vehicle if the title for such Vehicle is not lien-free within [***] 90 calendar days of the original floorplan advance date. (c) ▇▇▇▇▇▇▇'▇ c. Dealership’s outstanding floorplan advances under the Advance Floorplan Accommodation must be limited to a maximum of 10% of the Credit Line. (d) d. Advance Floorplan Accommodation is provided by the Ally Parties in their sole discretion. The Ally Parties may modify the terms, conditions, provisions, documentation, and administration of the Advance Floorplan Accommodation in their sole discretion. The Ally Parties reserve the right to rescind the Advance Floorplan Accommodation for any reason or no reason.

Advance Floorplan Accommodation. (a) The Ally Parties will allow ▇▇▇▇▇▇▇ Dealership to obtain Inventory Financing on Vehicles for which ▇▇▇▇▇▇▇ Dealership does not then hold a lien-free title, provided that: (i) Carvana Dealership owns the Vehicle and it is not in the process of being sold, (ii) the Vehicle is subject to a lien noted on the certificate of title by the financial institution that provided retail credit accommodations for the prior owner, and no other lien is noted on the title or otherwise exists (to the knowledge of CarvanaDealership), (iii) Carvana Dealership remits payment to that lienholder to discharge the retail lien before or upon requesting a floorplan advance for such Vehicle from the Ally Parties, (iv) the floorplan proceeds are remitted directly to CarvanaDealership, and (v) the Vehicle’s title is lien-free within [***] calendar days of the original floorplan advance date (collectively, “Advance Floorplan Accommodation”). (b) Carvana Dealership must immediately repay any outstanding advance under the Advance Floorplan Accommodation for any Vehicle if the title for such Vehicle is not lien-free within [***] calendar days of the original floorplan advance date. (c) ▇▇▇▇▇▇▇'▇ Dealership’s outstanding floorplan advances under the Advance Floorplan Accommodation must be limited to a maximum of 10% of the Credit Line. (d) Advance Floorplan Accommodation is provided by the Ally Parties in their sole discretion. The Ally Parties may modify the terms, conditions, provisions, documentation, and administration of the Advance Floorplan Accommodation in their sole discretion. The Ally Parties reserve the right to rescind the Advance Floorplan Accommodation for any reason or no reason.