Rental Floor Plan Units Leased under Hurricane Program Sample Clauses

Rental Floor Plan Units Leased under Hurricane Program. Principal curtailments (repayments) relating to Floor Plan Loans for Eligible Rental Floor Plan Units leased to Hurricane Program Lessees in accordance with this Agreement shall be due as follows: (i) 5% of the original principal amount of a Floor Plan Loan made as to any such Floor Plan Unit shall be paid on the 15th day of each month, beginning the first month after the effective date of the applicable lease and (ii) the balance of such Floor Plan Loan shall be paid on the one-year anniversary of the effective date of the applicable lease. For purposes of this Section 2.07(f), the “effective date” of any lease shall be the earliest of the date of the lease, the date on which the Hurricane Program Lessee or its representative takes possession of the applicable Floor Plan Unit, or the date on which the Hurricane Program Lessee acquires a legal right to use such Floor Plan Unit.
Sample 1
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Related to Rental Floor Plan Units Leased under Hurricane Program

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