Floor Plan Borrowing definition
Examples of Floor Plan Borrowing in a sentence
If such Lender pays its share of the applicable Floor Plan Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Floor Plan Borrowing.
The Administrative Agent, the L/C Issuer and the Lenders shall be entitled to rely and act upon any notices (including telephonic notices, Floor Plan Borrowing Notices or Letter of Credit Applications) purportedly given by or on behalf of a Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.
In addition to the payment obligations set forth above, the Floor Plan Borrowers shall jointly and severally repay each Swing Line Loan on the earlier to occur of (i) demand of the Swing Line Lender (provided that, in the event of such demand, the Floor Plan Borrowers shall have the right to refinance such Swing Line Loan with a Floor Plan Borrowing, subject to the other terms and conditions of this Agreement); and (ii) the Floor Plan Expiration Date.
Each Lender shall make the amount of its pro rata share (calculated in accordance with its respective Floor Plan Commitment Percentage) of each requested Floor Plan Borrowing available to the Administrative Agent for the account of the applicable Floor Plan Borrower at the offices of the Administrative Agent specified in this Agreement prior to 2:00 p.m. on the Borrowing Date requested by such Floor Plan Borrower in U.S. Dollars and in funds immediately available to the Administrative Agent.
Each such Notice of Floor Plan Borrowing must be received by the Administrative Agent not later than 11:00 a.m. one (1) Business Day prior to the requested date of any Floor Plan Borrowing.
The Swing Line Lender shall furnish any of the Floor Plan Borrowers, upon request from any such Borrower, with a copy of the applicable Notice of Floor Plan Borrowing.
Such request shall be made in writing (which written request shall be deemed to be a Notice of Floor Plan Borrowing for purposes hereof) and in accordance with the requirements of Section 2.2, without regard to any minimum and multiples specified therein for the principal amount of Floor Plan Loans, but subject to the unutilized portion of the Aggregate Floor Plan Commitments and the conditions set forth herein.
Each Floor Plan Borrowing shall consist entirely of Base Rate Loans or Eurodollar Loans, as such Borrowers may request.
Each such Lender shall make the amount of its Floor Plan Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s Payment Office not later than 2:00 p.m. on the Business Day specified in the applicable Notice of Floor Plan Borrowing.
Each Draft submitted by a Manufacturer pursuant to a Drafting Agreement shall be deemed automatically to constitute a Floor Plan Committed Loan Notice for a Floor Plan Borrowing.