Rental Floor Plan Units; Permitted Company Vehicles Sample Clauses

Rental Floor Plan Units; Permitted Company Vehicles. Except as otherwise provided in (1) Section 2.07(c) with respect to Eligible Rental Floor Plan Units subject to Floor Plan Loans advanced pursuant to Section 2.02(h) or (2) Section 2.07(f) with respect to Eligible Rental Floor Plan Units leased to Hurricane Program Lessees under the Hurricane Program, principal curtailments (repayments) relating to Floor Plan Loans for Eligible Rental Floor Plan Units and principal curtailments (repayments) relating to Floor Plan Loans for Permitted Company Vehicles shall be due as follows: (i) the entire balance owed on a Floor Plan Loan made as to any such Floor Plan Vehicle or Unit shall be due upon the earliest of (A) three Business Days after the receipt of proceeds from the sale of such Floor Plan Vehicle or Unit, (B) ten Business Days after the sale of such Floor Plan Vehicle or Unit, (C) 24 hours after such Floor Plan Vehicle or Unit ceases, for any reason, to qualify as an Eligible Rental Floor Plan Unit or a Permitted Company Vehicle, as applicable, (D) Applicable Curtailment Date 1095, or (E) the first date that such Floor Plan Vehicle or Unit shows 65,000 miles on its odometer; and (ii) if such Floor Plan Vehicle or Unit has not previously been sold or otherwise disposed of, 3% of the original principal amount of such Floor Plan Loan will be due and payable on the 15th day of each month (except November, December, January or February of each year), commencing on (and including) Applicable Curtailment Date 30 (unless such Applicable Curtailment Date 30 falls within the month of November, December, January or February, in which case, commencing on the 15th day of the next succeeding month of March) and ending on the date of the payment of the balance owed pursuant to clause (i) of this Section 2.07(d).
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Related to Rental Floor Plan Units; Permitted Company Vehicles

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