Floor Plan Advance Limit definition
Floor Plan Advance Limit means (a) with respect to New Motor Vehicles, Rental Motor Vehicles and Demonstrators, the wholesale purchase price invoiced by a Manufacturer to the Floor Plan Borrower, and (b) with respect to Used Motor Vehicles and Program Cars, the cost of such vehicles to the applicable Floor Plan Borrower; provided that, with respect to Used Motor Vehicles and Program Cars, the aggregate amount of Floor Plan Loans outstanding at any time may not exceed an amount equal to eighty percent (80%) of the aggregate Book Value of all Used Motor Vehicles and Program Cars owned by the Floor Plan Borrowers on a non-VIN specific basis (such amount to be included on the Used Borrowing Base Calculation delivered pursuant to Section 9.5(i)).
Floor Plan Advance Limit means (a) with respect to new Motor Vehicles, Demonstrators, and Rental Motor Vehicles the wholesale purchase price charged by a Manufacturer as reflected in the invoice to the Company or any other Floor Plan Borrower for such Motor Vehicles, and (b) with respect to Used Motor Vehicles and Program Cars, the cost of such Motor Vehicles to the Company or any other Floor Plan Borrower; provided, however, with respect to Demonstrators, Used Motor Vehicles, Program Cars, and Rental Motor Vehicles, (w) the aggregate amount of Floor Plan Loans outstanding at any time in connection with Used Motor Vehicles may not exceed an amount equal to fifty-five percent (55%) of the aggregate Book Value of all Used Motor Vehicles of the Floor Plan Borrowers, as reflected in their current Manufacturer/Dealer Statement, (x) the aggregate amount of Floor Plan Loans outstanding at any time in connection with Used Motor Vehicles and Program Cars may not exceed Forty-Five Million Dollars ($45,000,000), (y) the aggregate amount of Floor Plan Loans outstanding at any time in connection with Demonstrators may not exceed Twenty Million Dollars ($20,000,000) and (z) the aggregate amount of Floor Plan Loans outstanding at any time in connection with Rental Motor Vehicles may not exceed Six Million Dollars ($6,000,000).
Floor Plan Advance Limit means (a) with respect to New Motor Vehicles, Rental Motor Vehicles and Demonstrators (other than, for the avoidance of doubt, any New Motor Vehicles, Rental Motor Vehicles and Demonstrators financed with Permitted New Vehicle Floor Plan Indebtedness, Permitted Dual Subsidiary Indebtedness or Indebtedness incurred pursuant to Section 10.1(r)), the wholesale purchase price invoiced by a Manufacturer to the Floor Plan Borrower, and (b) with respect to Used Motor Vehicles and Program Cars, the cost of such vehicles to the applicable Floor Plan Borrower; provided that, with respect to Used Motor Vehicles and Program Cars, the aggregate amount of Floor Plan Loans outstanding at any time may not exceed an amount equal to eighty-five percent (85%) of the aggregate Book Value of all Used Motor Vehicles and Program Cars owned by the Floor Plan Borrowers on a non-VIN specific basis (such amount to be included on the Used Borrowing Base Calculation delivered pursuant to Section 9.5(i)).
More Definitions of Floor Plan Advance Limit
Floor Plan Advance Limit means (a) with respect to New Motor Vehicles, Rental Motor Vehicles and Demonstrators (other than, for the avoidance of doubt, any New Motor Vehicles, Rental Motor Vehicles and Demonstrators financed with Permitted Dual Subsidiary Indebtedness or Indebtedness incurred pursuant to Section 10.1(r)), the wholesale purchase price invoiced by a Manufacturer to the Floor Plan Borrower, and (b) with respect to Used Motor Vehicles and Program Cars, the cost of such vehicles to the applicable Floor Plan Borrower; provided that, with respect to Used Motor Vehicles and Program Cars, the aggregate amount of Floor Plan Loans outstanding at any time may not exceed an amount equal to eighty-five percent (85%) of the aggregate Book Value of all Used Motor Vehicles and Program Cars owned by the Floor Plan Borrowers on a non-VIN specific basis (such amount to be included on the Used Borrowing Base Calculation delivered pursuant to Section 9.5(i)); provided, further that at no time shall the amount of the Floor Plan Advance Limit with respect to Used Motor Vehicles and Program Cars exceed the applicable Floor Plan Used Vehicle Sublimit, in each case, after giving effect to any adjustment of the same in connection with the delivery of a Floor Plan Loan Commitment Sublimit Reallocation Notice.
Floor Plan Advance Limit means (a) with respect to New Motor Vehicles, Rental Motor Vehicles purchased from a Manufacturer with which the purchasing Floor Plan Borrower has a signed Dealer Franchise Agreement and Demonstrators, the wholesale purchase price invoiced by a Manufacturer to the Floor Plan Borrower, and (b) with respect to Used Motor Vehicles and Rental Motor Vehicles other than those described in (a) above, the Book Value of such vehicles to such Floor Plan Borrower; provided, (i) with respect to Used Motor Vehicles, the aggregate amount of Floor Plan Loans outstanding at any time may not exceed an amount equal to seventy percent (70%) of the aggregate Book Value of all Used Motor Vehicles owned by the Floor Plan Borrowers, and (ii) with respect to Rental Motor Vehicles and Demonstrators, the aggregate amount of Floor Plan Loans outstanding at any time may not exceed Twenty-Five Million and No/100 Dollars ($25,000,000).
Floor Plan Advance Limit means (a) with respect to new Motor Vehicles and Demonstrators, the wholesale purchase price charged by a Manufacturer as reflected in the invoice to the Company or any other Floor Plan Borrower for such Motor Vehicles, and (b) with respect to Used Motor Vehicles and Program Cars, the cost of such Motor Vehicles to the Company or any other Floor Plan Borrower; provided, however, with respect to Demonstrators, Used Motor Vehicles and Program Cars, (x) the aggregate amount of Floor Plan Loans outstanding at any time in connection with Used Motor Vehicles may not exceed an amount equal to fifty-five percent (55%) of the aggregate Book Value of all Used Motor Vehicles of the Floor Plan Borrowers, as reflected in their current Manufacturer/Dealer Statement, (y) the aggregate amount of Floor Plan Loans outstanding at any time in connection with Used Motor Vehicles and Program Cars may not exceed Fourteen Million Five Hundred Thousand Dollars ($14,500,000), and (z) the aggregate amount of Floor Plan Loans outstanding at any time in connection with Demonstrators may not exceed Nine Million Five Hundred Thousand Dollars ($9,500,000).
Floor Plan Advance Limit means (a) with respect to any new Motor Vehicles and Demonstrators, the wholesale purchase price charged by a Manufacturer as reflected in the invoice to the Company or any other Floor Plan Borrower for such Motor Vehicle, and (b) with respect to Used Motor Vehicles, Rental Motor Vehicles and Program Cars, the cost of such vehicles to the applicable Floor Plan Borrower; provided, however, with respect to Demonstrators, Used Motor Vehicles, Program Cars, and Rental Motor Vehicles, (i) the aggregate amount of Floor Plan Loans outstanding at any time in connection with Used Motor Vehicles may not exceed an amount equal to fifty-five percent (55%) of the aggregate Book Value of all Used Motor Vehicles of the Floor Plan Borrowers, as reflected in their current Manufacturer/Dealer Statement, (ii) the aggregate amount of Floor Plan Loans outstanding at any time in connection with Used Motor Vehicles and Program Cars may not exceed One Hundred Thirty Million and No/100 Dollars ($130,000,000.00).