Floor Plan Financing definition

Floor Plan Financing means any floor plan financing or other Indebtedness incurred by any Dealership Subsidiary in the ordinary course of business for the purposes of financing all or a portion of the purchase of equipment inventory.

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Floor Plan Financing means financing arrangements pursuant to which a capital provider agrees to extend credit to Borrower or a Restricted Subsidiary to finance Floor Plan Units that are either held available for sale or as inventory by Borrower or such Restricted Subsidiary.

Floor Plan Financing means a financing undertaken by the Company or any Subsidiary (a) all of the proceeds of which are (i) used to purchase Motor Vehicles to be sold or leased in the ordinary course of business by the Company and its Subsidiaries, (ii) relating to funds expended by the Company or such Subsidiary initially to acquire such Motor Vehicles or (iii) used to refinance any financing within the scope of clause (a)(i) or (ii) above or (b) pursuant to a borrowing base line of credit secured by Used Motor Vehicles owned by the Company and its Subsidiaries.

Examples of Floor Plan Financing in a sentence

Except pursuant to the Floor Plan Financing Guidelines, the Servicer shall not permit any rescission or cancellation of any Receivable sold and assigned to the Purchaser hereunder that the Servicer services under this Agreement and the Trust Sale and Servicing Agreement, except as ordered by a court of competent jurisdiction or other Governmental Authority.
Provided that prior Curtailment payments have been paid as scheduled and the Borrower continues to have approved Floor Plan Financing, the Borrower shall pay additional curtailments on Equipment every three (3) months.
Not modify any Floor Plan Financing arrangement if such modification would have a Material Adverse Effect.
Provided that prior Curtailment payments have been paid as scheduled and the Borrower continues to have approved Floor Plan Financing and provided the Equipment remains on-hand and unsold, the number of additional ninety (90) day extension periods for the Equipment shall be unlimited provided the ten percent (10%) Curtailments of the original amount are paid with each extension.
Unless otherwise agreed to by Lender, the rates and terms in effect on the date Lender extends any Floor Plan Financing to Borrower under the Agreement, shall be the rates and terms in effect for said Floor Plan Financing until it is repaid in full.

More Definitions of Floor Plan Financing

Floor Plan Financing means that certain floor planning arrangement among the Borrower and/or any of its Subsidiaries and one or more financial institutions pursuant to which any such financial institution provides credit to retail dealers and wholesale distributors which purchase goods from the Borrower and any of its Subsidiaries.

Floor Plan Financing means financing arrangements pursuant to which a capital provider agrees to extend credit to a Specified Floor Plan Company to finance the purchase of vehicles and other related assets that are either held available for sale or as inventory by such Specified Floor Plan Company, and pursuant to which such Specified Floor Plan Company grants to such capital provider a security interest in such specific vehicles and other related assets financed by such capital provider and the proceeds thereof; provided that (i) no Subsidiary that is not a Specified Floor Plan Company shall be a borrower in respect of such arrangements and in no event shall such security interest apply to any Certificated Rental Equipment and (ii) the terms of any such Floor Plan Financing shall be substantially similar to the terms of any Floor Plan Financing in existence on the Closing Date with changes that are not materially adverse to the Lenders as determined by the Borrower and the Administrative Agent in their reasonable discretion.

Floor Plan Financing means an inventory line of credit or note with a financial institution or a Manufacturer Affiliated finance company with respect to New Cars and Used Cars from time to time held for sale in connection with the Dealership Business.

Floor Plan Financing means an agreement to finance inventory in which each item financed is specifically identified and released from the Liens of the provider of such financing only against the payment to such provider of the amount financed with respect to each such item of inventory, which is accounted for separately from other funds of the Person borrowing under such financing, and which provides for audits by the provider of such financing not less often than four times each year.

Floor Plan Financing means any financing arrangement entered into by the Company or any of its Restricted Subsidiaries whereby the Company or such Restricted Subsidiary sells to a Person notes receivable that the Company or such Restricted Subsidiary received in the ordinary course of business and agrees to reimburse such Person, on a limited recourse basis, any amount not paid to such Person by the obligor or obligors of such notes receivable.

Floor Plan Financing means financing arrangements pursuant to which a capital provider agrees to extend credit to Borrower or a restricted subsidiary to finance Floor Plan Units that are either held available for sale or as inventory by Borrower or such subsidiary.

Floor Plan Financing means financing extended by Chase with respect to Products which are purchased by Dealers from Clar▇ ▇▇ from another Dealer and which are held by Dealers for resale.