Auction Purchases Clause Samples

Auction Purchases. Each Lender acknowledges that the Borrower is an Eligible Assignee hereunder and may purchase or acquire Term Loans hereunder from Lenders from time to time pursuant to a Dutch Auction in accordance with the terms of this Agreement (including, without limitation, Section 11.04 hereof), subject to the restrictions set forth in the definitions of “Eligible Assignee” and “Dutch Auction” and the following limitations: (A) in connection with each Purchase Notice and each Auction Purchase, the Borrower represents and warrants, as of the date of each Purchase Notice and the effective date of any Auction Purchase, to the Administrative Agent and each Lender that the Borrower is not in possession of any information with respect to the Loan Parties, their Subsidiaries and Affiliates of the foregoing and their respective securities or any of the Obligations that (x) has not been disclosed by or on behalf of the Loan Parties either (1) publicly, (2) to Lenders generally or (3) otherwise been posted to that portion of the Intralinks site for the Loans that has been designated for “private-side” Lenders and (y) would reasonably be expected to have a material effect on the market price of the Loans or otherwise be material with respect to the Loan Parties for purposes of United States federal and state securities laws; (B) the Borrower agrees that, notwithstanding anything herein or in any of the other Loan Documents to the contrary, with respect to any Auction Purchase, (1) under no circumstances, whether or not any Loan Party is subject to a bankruptcy or other insolvency proceeding, shall the Borrower be permitted to exercise any voting rights or other privileges with respect to any Term Loans and any Term Loans that are assigned to the Borrower shall have no voting rights or other privileges under this Agreement and the other Loan Documents and shall not be taken into account in determining any required vote or consent and (2) the Borrower shall not receive information provided solely to Lenders by the Administrative Agent or any Lender and shall not be permitted to attend or participate in meetings attended solely by Lenders and the Administrative Agent and their advisors; rather, all Loans held by the Borrower shall be automatically cancelled immediately upon the purchase or acquisition thereof in accordance with the terms of this Agreement (including, without limitation, Section 11.04 hereof); (C) at the time the Borrower is making purchases of Loans pursuant to a...

Auction Purchases. Policy Statement This is a purchase in which the vehicle is purchased through the auction lane of an AFC-approved auction. The dealer must present the auction ticket as the loan’s source documentation. Branch employees must verify the integrity of the transaction by inspecting the related documentation. The table below explains the parameters for advances made for an AFC Approved Auction Purchases. APPROVED AUCTION PURCHASE Up to [ * ] Up to [ * ] Up to [ * ] None [ * ] day Up to [ * ] Up to [ * ] [ * ] · Required documentation: Negotiable title and auction ticket. If inspection is required, attach the Advance Checklist Form. FLOORPLANNING DATES WHEN PAYING AUCTION FLOORPLANNING DATES WHEN PAYING DEALER [ * ] [ * ] must be entered manually into COSMOS unless this was from an AFC-sponsored float program. Vehicles over [ * ] The total floorplan fee for this privilege is [ * ]. These transactions require [ * ] approval. NON-AUCTION PURCHASES

Auction Purchases. There are many ways a dealer can acquire inventory. The three that occur most often are: 1) Dealer takes vehicle on trade from a retail customer. 2) Dealer trades inventory with another dealer (new or used). 3) Dealer directly purchases from another dealer (new or used), fleet organization or other automotive entity.

Auction Purchases. Policy Statement This is a purchase in which the vehicle is purchased through the auction lane of an AFC-approved auction. The dealer must present the auction ticket as the loan's source documentation. Branch employees must verify the integrity of the transaction by inspecting the related documentation. The table below explains the parameters for advances made for an AFC Approved Auction Purchases. APPROVED AUCTION PURCHASE - Required documentation: Negotiable title and auction ticket. If inspection is required, attach the Advance Checklist Form. FLOORPLANNING DATES WHEN PAYING AUCTION FLOORPLANNING DATES WHEN PAYING DEALER [ * ] [ * ] must be entered manually into COSMOS unless this was from an AFC-sponsored float program. Vehicles over [ * ] The total floorplan fee for this privilege is [ * ]. These transactions require [ * ] approval.

Auction Purchases