Floor Plan Loans definition

Floor Plan Loans means collectively the revolving credit loans extended from time to time by the Lenders to the Borrowers as joint and several obligors in accordance with the provisions of Section 2.01 of this Agreement, including the M&T Advances pursuant to Section 2.02 of this Agreement.

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Floor Plan Loans means “Loans” as defined in, and made under, the Floor Plan Credit Agreement.

Floor Plan Loans means collectively the revolving credit loans extended from time to time by the Lenders to the Borrowers as joint and several obligors in accordance with the provisions of Section 2.01 of this Agreement, including the M&T Advances pursuant to Section 2.02 of this Agreementand the Floor Plan Overlimit Loans.

Examples of Floor Plan Loans in a sentence

• Notwithstanding anything to the contrary contained herein, each of the Floor Plan Borrowers shall bear all risk of loss resulting from the payment of any Draft, or any resulting disbursements of the Floor Plan Loans, Swing Line Loans or Swing Line Overdraft Loans, as the case may be, whether or not due to the gross negligence, willful misconduct or fraud of any Manufacturer.

• In no event whatsoever shall any outstanding Swing Line Loan be deemed to reduce, modify or affect any Lender’s obligation to make Floor Plan Loans based upon its Pro Rata Share of Floor Plan Loan Commitments.

• The proceeds of the Floor Plan Loans may be used only to finance the purchase of Motor Vehicles for resale in the ordinary course of business of the Floor Plan Borrowers.

• The Equity Balance shall not exceed 25% of the aggregate balances outstanding under the Floor Plan Loans.

• With respect to the Floor Plan Loans, there shall only be one (1) applicable interest rate in effect for all of the Floor Plan Loans at any time and each interest rate election shall apply to the entire aggregate unpaid principal balances of the Floor Plan Loans.

• The proceeds of the Acquisition Loans may be used only for the following purposes: (i) for working capital and general corporate purposes, including, without limitation, the issuance of Letters of Credit and to pay outstanding Floor Plan Loans; and (ii) to make Permitted Acquisitions.

• In the event that the aggregate unpaid principal balances of the Floor Plan Loans (including M&T Advances) exceed the above-stated limitations in any respect, the Floor Plan Borrowers shall immediately make such payments to the Administrative Agent as will be sufficient to reduce the aggregate unpaid principal balances of the Floor Plan Loans to an aggregate amount which will not be in excess of such limitations.

• For the avoidance of doubt, the Floor Plan Borrowers hereby jointly and severally and unconditionally promise to pay to the Administrative Agent for the account of M&T Bank all amounts outstanding on account of the M&T Advances, together with accrued interest thereon, on the terms and subject to the conditions applicable to the Floor Plan Loans and the Floor Plan Loan Notes.

• The proceeds of the Floor Plan Loans shall be used by the Borrowers solely to finance the purchase and holding by the Floor Plan Borrowers of Floor Plan Vehicles or Units as set forth above in this Section 2.01 and subsections thereof.

• The Administrative Agent may at any time in its sole and absolute discretion establish limits on the aggregate outstanding amount of any Floor Plan Loans available to be used by the Floor Plan Borrowers to finance purchases of Eligible New Floor Plan Units from a particular Manufacturer, supplier or dealer.

More Definitions of Floor Plan Loans

Floor Plan Loans means (a) each of the loans listed on Schedule 1.1(xx) hereto (exclusive of any reserves for loan losses) and each obligation of a Seller to make additional extensions of credit in connection with each such loan, as each such loan may be increased, decreased, amended, renewed or extended in the ordinary course of business of Sellers between January 1, 2000 and the close of business on the Third Closing Date (included within each such loan shall be any Letters of Credit, Liquidity Support Agreements, and ISDA Transactions related to such loan) and (b) each loan made in the ordinary course of business of Sellers by the Auto Finance Employees between the date hereof and the Third Closing Date (exclusive of any reserves for loan losses) and each obligation of a Seller to make additional extensions of credit in connection with each such loan, as each such loan may be increased, decreased, amended, renewed or extended by Sellers in the ordinary course of business of Sellers between the date hereof and the close of business on the day on which such loan is purchased by Purchaser pursuant to the terms hereof (included within each such loan shall be any Letters of Credit, Liquidity Support Agreements and ISDA Transactions relating to such loan); provided, however, that Floor Plan Loans shall not include any loan described in subsection (a) or (b) above, if such loan, as of the day on which such loan is to be purchased by Purchaser pursuant to the terms hereof, is (i) subject to a current legal proceeding related to a Customer's inability or refusal to pay such loan, (ii) not current and with respect to which proceedings are pending against the obligor or obligors of such loan under Title 11 of the United States Code or (iii) Nonperforming. Each Loan shall include all documents executed or delivered in connection with such loan to the extent such documents are in the loan file relating to such loan, any and all collateral held as security therefor or in which a security interest, Lien or mortgage has been granted and any and all guarantees, insurance and other credit enhancements relating thereto, together with Accrued Interest thereon, all as exists at the close of business on the day on which such loan is purchased by Purchaser pursuant to the terms hereof.

Floor Plan Loans is defined in Section 1.1.

Floor Plan Loans means “Loans” as defined in, and made under, the Floor Plan Credit Agreement. “Floor Plan Obligations” means the “Secured Obligations” as defined in the Floor Plan Credit Agreement.