Floorplan Availability definition

Floorplan Availability means, as of any date of determination, the amount that Borrower is entitled to borrow as Floorplan Loans under Section 2.2 of the Agreement (after giving effect to the then outstanding Floorplan Usage).
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Floorplan Availability means, at any time, the lesser of (a) the Aggregate Floorplan Commitments at such time or (b) the Floorplan Borrowing Base at such time.
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Floorplan Availability means, as of any date of determination, the amount that Borrower is entitled to borrow as Floorplan Loans under Section 2.2 of the Agreement (after giving effect to the then outstanding Floorplan Usage). “Floorplan Commitment” means, with respect to each Floorplan Lender, its Floorplan Commitment, and, with respect to all Floorplan Lenders, their Floorplan Commitments, in each case as such Dollar amounts are set forth beside such Floorplan Lender’s name under the applicable heading on Schedule C-1 to the Agreement or in the Assignment and Acceptance pursuant to which such Floorplan Lender became a Floorplan Lender under the Agreement, as such amounts may be reduced or increased from time to time pursuant to assignments made in accordance with the provisions of Section 13.1 of the Agreement and reallocations made in accordance with the provisions of Section 2.4(g) of the Agreement. “Floorplan Borrowing Base” means, as of any date of determination, the result of: (a) the lesser of (i) the product of 85% multiplied by the value (calculated at the lower of cost or market on a basis consistent with Borrower’s historical accounting practices) of Eligible New Floorplan Equipment which at such time is aged less than twelve (12) months, and (ii) the product of 85% multiplied by the Net Recovery Percentage identified in the most recent inventory appraisal ordered and obtained by Agent multiplied by the value of Eligible New Floorplan Equipment which at such time is aged less than twelve (12) months (such determination may be made as to different categories of Eligible New Floorplan Equipment based upon the Net Recovery Percentage applicable to such categories) at such time, plus (b) the lesser of (i) the product of 80% multiplied by the value (calculated at the lower of cost or market on a basis consistent with Borrower’s historical accounting practices) of Eligible New Floorplan Equipment which at such time is aged equal to or greater than twelve (12) months, and (ii) the product of 85% multiplied by the Net Recovery Percentage identified in the most recent inventory appraisal ordered and obtained by Agent multiplied by the value of Eligible New Floorplan Equipment which at such time is aged equal to or greater than twelve (12) months (such determination may be made as to different categories of Eligible New Floorplan Equipment based upon the Net Recovery Percentage applicable to such categories) at such time, plus
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Examples of Floorplan Availability in a sentence

  • Subject to the provisions of Section 2.3(d)(ii), U.S. Floorplan Swing Lender shall not make and shall not be obligated to make any U.S. Floorplan Swing Loan if U.S. Floorplan Swing Lender has actual knowledge that (A) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing, or (B) the requested Borrowing would exceed the U.S. Floorplan Availability on such Funding Date.

  • The Floorplan Commitment Fee shall accrue at all times during the Floorplan Availability Period, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each January, April, July, and October, commencing with the first such date to occur after the Closing Date, and on the Floorplan Maturity Date.

  • Subject to the provisions of Section 2.3(d)(ii), Floorplan Swing Lender shall not make and shall not be obligated to make any Floorplan Swing Loan if Floorplan Swing Lender has actual knowledge that (A) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing, or (B) the requested Borrowing would exceed the Floorplan Availability on such Funding Date.

  • The Floorplan Commitment Fee shall accrue at all times during the Floorplan Availability Period, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, commencing with the first such date to occur after the Closing Date, and on the Floorplan Maturity Date.

Related to Floorplan Availability

  • Canadian Availability means (a) the lesser of (x) the Canadian Sublimit and (y) the sum of (i) the Canadian Borrowing Base plus (ii) solely to the extent the total Revolving Exposure relating to the Canadian Borrower exceeds the Canadian Borrowing Base, the US Availability (calculated without giving effect to any Canadian US Borrowing Base Utilization), minus (b) the total Revolving Exposure relating to the Canadian Borrower.

  • Revolving Availability means, at the time of determination, (a) the sum of all Revolving Commitments at such time less (b) the sum of (i) the principal amount of Revolving Loans and Swing Loans made and outstanding at such time and (ii) the LC Outstandings at such time.

  • Borrowing Availability means, as of any date of determination, the lesser of (i) the Maximum Amount and (ii) the Borrowing Base, in each case, less the sum of the aggregate Revolving Loan and Swing Line Loan then outstanding.

  • Undrawn Availability at a particular date shall mean an amount equal to (a) the lesser of (i) the Formula Amount or (ii) the Maximum Revolving Advance Amount, minus (b) the sum of (i) the outstanding amount of Advances plus (ii) all amounts due and owing to Borrower's trade creditors which are outstanding beyond normal trade terms, plus (iii) fees and expenses for which Borrower is liable but which have not been paid or charged to Borrower's Account.

  • Maximum Availability has the meaning set forth in Section 2.1.1.