Floor Plan Debt definition

Floor Plan Debt means all Indebtedness of the Borrower and its Restricted Subsidiaries incurred to finance Floor Plan Units.
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Floor Plan Debt means all secured Debt of the Company and its Subsidiaries incurred to finance Eligible Floor Plan Vehicles or Units under this Agreement.
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Floor Plan Debt means (i) Debt Incurred as a Floor Plan Loan (or other Inventory financing arrangement) under the Revolving Credit Facility, (ii) Debt Incurred under Inventory financing arrangements provided by vehicle manufacturers and/or their affiliates, and (iii) Debt of Foreign Subsidiaries Incurred primarily to finance Inventory in a principal amount not to exceed 110% of the value of the Inventory of such Foreign Subsidiary at the time of Incurrence of such Debt; provided, however, that such Inventory is not subject to a Lien securing any other Floor Plan Debt.
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Examples of Floor Plan Debt in a sentence

  • Under no circumstances will the Company expand or increase the Aggregate Advance Limit, extend the term, or reduce the security or Collateral provided under the Floor Plan Debt, without terminating, in full, the Guarantee (capitalized terms used in this paragraph are defined as set forth in the Floor Plan Debt).

  • Until the Guarantee is terminated in full, (i) the Company shall promptly forward to Executive copies of all notices provided by either party under the Floor Plan Debt; (ii) the Company will provide Executive with monthly statements of the balances under the Floor Plan Debt and (iii) the Executive will retain his seat on the Company’s Board of Directors (the “Board”) as contemplated by the Company’s Amended and Restated Shareholders Agreement, as amended from time to time (the “Shareholders Agreement”).

  • The Company will exercise commercially reasonable efforts to secure replacement financing for the Floor Plan Debt that terminates the Guarantee.

  • The Floor Plan Debt shall be on terms and conditions satisfactory to the Agent and Lenders and shall not be guaranteed by any Borrower or any Guarantor unless approved by the Agent and Lenders.

  • Neither Fleetwood nor any of its Subsidiaries shall voluntarily prepay any Debt, except the Obligations in accordance with the terms of this Agreement; PROVIDED that the Excluded Retail Subsidiaries may prepay the Floor Plan Debt and intercompany Debt.


More Definitions of Floor Plan Debt

Floor Plan Debt means all secured Debt of Guarantor and its Subsidiaries incurred to finance Motor Vehicles.
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Floor Plan Debt means Debt of an Excluded Retail Subsidiary to a Floor Plan Lender, which shall be on terms and conditions satisfactory to the Agent and the Majority Lenders (it being acknowledged and agreed that (a) the Floor Plan Debt provided by Textron Financial Corporation as of the date hereof has a permitted commitment of up to $30,000,000 and (b) any amendment of any Floor Plan Debt that is made solely to conform any financial covenants contained in such Floor Plan Debt to the financial covenants set forth in Sections 7.22 through 7.24, inclusive, shall be deemed satisfactory to the Agent and the Majority Lenders).
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Floor Plan Debt means Debt in an aggregate principal amount at any time not to exceed the value of the Inventory of the Company and its Restricted Subsidiaries, which Debt is secured primarily by a Lien on Inventory of the Company and/or its Restricted Subsidiaries.
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Floor Plan Debt means Debt of an Excluded Retail Subsidiary to a Floor Plan Lender, which shall be on terms and conditions satisfactory to the Agent and the Majority Lenders.
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Floor Plan Debt means all indebtedness of the Borrower and its restricted subsidiaries incurred to finance Floor Plan Units.
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Floor Plan Debt means the loans and other Indebtedness outstanding under the Floor Plan Credit Agreement from time to time.
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Related to Floor Plan Debt

  • Unsecured Longer-Term Indebtedness means any Indebtedness for borrowed money of an Obligor that (a) has no amortization, or mandatory redemption, repurchase or prepayment prior to, and a final maturity date not earlier than, six months after the Maturity Date (it being understood that customary put rights or repurchase or redemption obligations (x) in the case of convertible securities, in connection with the suspension or delisting of the capital stock of the Borrower or the failure of the Borrower to satisfy a continued listing rule with respect to its capital stock or (y) arising out of circumstances that would constitute a “fundamental change” (as such term is customarily defined in convertible note offerings) or be Events of Default under this Agreement shall not be deemed to be “amortization”, “mandatory redemption”, “repurchase”, “prepayment” or a “final maturity date” for purposes of this definition), (b) is incurred pursuant to documentation containing financial covenants, covenants governing the borrowing base, if any, and portfolio valuation, and events of default that are no more restrictive than those set forth in this Agreement, and other terms substantially comparable to market terms for substantially similar debt of other similarly situated borrowers as reasonably determined in good faith by the Borrower (it being understood that customary put rights or repurchase or redemption obligations (x) in the case of convertible securities, in connection with the suspension or delisting of the capital stock of the Borrower or the failure of the Borrower to satisfy a continued listing rule with respect to its capital stock or (y) arising out of circumstances that would constitute a “fundamental change” (as such term is customarily defined in convertible note offerings) or be Events of Default under this Agreement shall not be deemed to be more restrictive for purposes of this definition), and (c) is not secured by any assets of any Obligor. For the avoidance of doubt, (a) Unsecured Longer-Term Indebtedness shall also include any refinancing, refunding, renewal or extension of any Unsecured Longer-Term Indebtedness so long as such refinanced, refunded, renewed or extended Indebtedness continues to satisfy the requirements of this definition and (b) any payment on account of Unsecured Longer-Term Indebtedness shall be subject to Section 6.12.

  • Credit Facility shall include any agreement or instrument (1) changing the maturity of any Indebtedness Incurred thereunder or contemplated thereby, (2) adding Subsidiaries of the Company as additional borrowers or guarantors thereunder, (3) increasing the amount of Indebtedness Incurred thereunder or available to be borrowed thereunder or (4) otherwise altering the terms and conditions thereof.