Service Loaner Vehicle definition

Service Loaner Vehicle means a Vehicle that is obtained by a Dealership directly from a manufacturer or distributor and which is (a) used for short-term rental in the ordinary course of business or as a service loaner, (b) leased to employees for terms of up to one year, or (c) a “donation vehicle” which is loaned to educational institutions for their use.
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Service Loaner Vehicle means a Vehicle that is obtained by a Dealership directly from a manufacturer or distributor and which is used for short-term rental in the ordinary course of business or as a service loaner. “Service Loaner Vehicle Borrowing Base” means, as of any date of determination, an amount equal to the sum, without duplication, on such date of 85% of the net book value of Eligible Service Loaner Vehicles, provided in no event shall the aggregate net book value of the Eligible Vehicles consisting of motorcycles included in the Service Loaner Vehicle Borrowing Base, Used Vehicle Borrowing Base and the Revolving Loan Borrowing Base exceed $25,000,000. “Service Loaner Vehicle Borrowing Base Certificate” means a certificate substantially in the form attached as Exhibit B-2, or in such other form as is acceptable to the Agent. “Service Loaner Vehicle Floorplan Advance” means a borrowing consisting of the Service Loaner Vehicle Floorplan Loans to be made by the Lenders on any date. “Service Loaner Vehicle Floorplan Borrower” means the Company, in its capacity as an obligor on the Service Loaner Vehicle Floorplan Obligations which relate to the credit facilities described in Sections 3.3 and 3.4. “Service Loaner Vehicle Floorplan Borrowing Rate” means the sum of (a) the Eurocurrency RateAdjusted Daily Simple SOFR, Adjusted Term SOFR or the Term SOFR Alternative Rate, as designated by the Company from time to time, plus (b) the Service Loaner Vehicle Floorplan Margin. “Service Loaner Vehicle Floorplan Commitment” means for each Lender, the obligation of such Lender to make Service Loaner Vehicle Floorplan Loans to the Service Loaner Vehicle Floorplan Borrower and to participate in Service Loaner Vehicle Swing Line Loans, in an aggregate amount not exceeding the amount set forth on Schedule 1, as such amount may be modified as a result of any assignment or as otherwise modified from time to time pursuant to the provisions hereof. “Service Loaner Vehicle Floorplan Commitment Fee” has the meaning set forth in Section 3.3.7. “Service Loaner Vehicle Floorplan Commitment Fee Rate” has the meaning set forth in the Pricing Schedule. “Service Loaner Vehicle Floorplan DDA” has the meaning set forth in Section 3.4.7(b). “Service Loaner Vehicle Floorplan Loan” has the meaning set forth in Section 3.3.1. “Service Loaner Vehicle Floorplan Margin” has the meaning set forth in the Pricing Schedule. “Service Loaner Vehicle Floorplan Obligations” means all present and future Service Loaner V...
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Service Loaner Vehicle means a Motor Vehicle which (a) has never been owned except by a Manufacturer, distributor or dealer, (b) has been either (i) purchased by a Floor Plan Borrower directly from the Manufacturer or (ii) swapped or purchased from another Franchise and, in each case under this clause (ii), accompanied by a Manufacturer’s statement of origin and (c) is used as a service loaner vehicle or is periodically subject to a rental contract with customers of a Floor Plan Borrower for loaner or rental periods of up to thirty (30) consecutive days. Service Loaner Vehicles may be registered by the applicable Floor Plan Borrower with applicable Governmental Authorities in the ordinary course of business.
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Examples of Service Loaner Vehicle in a sentence

  • If the Company designates a Subsidiary as a Dual Subsidiary in accordance with Section 6.19, then the Service Loaner Vehicle Floorplan Borrower shall repay each Service Loaner Vehicle Floorplan Loan and each Service Loaner Vehicle Swing Line Loan with respect to any Service Loaner Vehicle that is subsequently financed by Permitted Dual Subsidiary Indebtedness immediately upon the Dual Subsidiary Financing Commencement Date.

  • Except as set forth in Section 3.4.7, whenever the Service Loaner Vehicle Floorplan Loan Borrower wishes to obtain a Service Loaner Vehicle Swing Line Loan, the Service Loaner Vehicle Floorplan Borrower shall give Agent irrevocable notice thereof no later than 1:00 p.m. (Pacific Time) on the requested date of such Service Loaner Vehicle Swing Line Loan, unless Swing Line Lender agrees in each instance, in its sole discretion, to a shorter time period.

  • The Company (on behalf of the applicable Borrower or Borrowers) may request a Loan in writing or by telephone (or with respect to Used Vehicle Sweep Advances, as set forth in Section 3.2.7 and Service Loaner Vehicle Sweep Advances, as set forth in Section 3.4.7) for deposit into the Company’s deposit account(s) with the Agent.

  • Concurrently with any reduction of the Aggregate Service Loaner Vehicle Floorplan Commitment to zero, (a) no further Service Loaner Vehicle Floorplan Loans or Service Loaner Vehicle Swing Line Loans will be made, and (b) the Service Loaner Vehicle Floorplan Borrower shall pay all principal and interest on the Service Loaner Vehicle Floorplan Loans and Service Loaner Vehicle Swing Line Loans and all fees and other amounts owing to the Agent and the Lenders.

  • Such notice shall specify the requested borrowing date (which must be a Business Day) and the amount of the Service Loaner Vehicle Swing Line Loan and include any other documentation and information reasonably requested by the Agent.

  • If the Agent notifies the Lenders of a request for a Service Loaner Vehicle Floorplan Advance by 1:00 p.m. (Pacific Time) on any Business Day, each Lender will deliver its Pro Rata Share of such Service Loaner Vehicle Floorplan Advance to the Agent by 11:00 a.m. (Pacific Time) on the Business Day after such notification.

  • The entire outstanding principal balance of the Service Loaner Vehicle Swing Line Loans plus all interest accrued thereon shall be due and payable in full by the Service Loaner Vehicle Floorplan Borrower on the Termination Date.

  • Floorplan Borrower may terminate this service by written notice executed by the Service Loaner Vehicle Floorplan Borrower and delivered to the Agent.

  • Interest on the unpaid principal balance of the Service Loaner Vehicle Swing Line Loans shall be paid monthly by the Service Loaner Vehicle Floorplan Borrower in an amount equal to all interest accrued during the prior calendar month.

  • In addition, the principal balance of the Service Loaner Vehicle Swing Line Loans shall be due and payable as required by Section 3.4.6.


More Definitions of Service Loaner Vehicle

Service Loaner Vehicle means any and all motor vehicles designated pursuant to this Agreement as vehicles that Borrower will provide to its customers, for use as temporary replacement vehicles when they leave their vehicles with Borrower, its Affiliate, or Borrower's subcontractor for service or repair of their vehicle.
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Service Loaner Vehicle means a Vehicle that is obtained by a Dealership directly from a manufacturer or distributor and which is used for short-term rental in the ordinary course of business or as a service loaner. “Service Loaner Vehicle Borrowing Base” means, as of any date of determination, an amount equal to the sum, without duplication, on such date of 85% of the net book value of Eligible Service Loaner Vehicles, provided in no event shall the aggregate net book value of the Eligible Vehicles consisting of motorcycles included in the Service Loaner Vehicle Borrowing Base, Used Vehicle Borrowing Base and the Revolving Loan Borrowing Base exceed $25,000,000. “Service Loaner Vehicle Borrowing Base Certificate” means a certificate substantially in the form attached as Exhibit B-2, or in such other form as is acceptable to the Agent. 39 13483422v8
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Service Loaner Vehicle means a vehicle rented or loaned to
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Service Loaner Vehicle means a Motor Vehicle which (a) has never been owned except by a Manufacturer, distributor or dealer, (b) has been either (i) purchased by a Floor Plan Borrower directly from the Manufacturer or (ii) swapped or purchased from another Franchise and, in each case under this clause (ii), accompanied by a Manufacturer’s statement of origin, (c) is (i) used as a service loaner vehicle, (ii) periodically subject to a rental contract with customers of a Floor Plan Borrower for loaner or rental periods ofup to thirty (30) consecutive days, or (iii) used in the vehicles subscription ownership services business conducted by Prime Flip, LLC. Service Loaner Vehicles may be registered by the applicable Floor Plan Borrower with applicable Governmental Authorities in the ordinary course of business. Service Loaner Vehicles registered to Prime Flip, LLC or used by Prime Flip, LLC in its business (described above) shall include a notation on the certificate of title of the Lien held by the Administrative Agent.
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Related to Service Loaner Vehicle

  • passenger vehicle means a motor vehicle other than a motor cycle constructed solely for the carriage of passengers and their effects and adapted to carry not more than 8 passengers exclusive of the driver, and not drawing a trailer.

  • Covered Vehicle means a private passenger vehicle (including mini-vans, pickup trucks and sport utility vehicles) which is registered or rented to You during Your Trip, which is rated ¾ ton in weight or less, not used for racing, dealer services, dealer loaners, taxi, limousine, shuttle, delivery, hauling, towing, road repair service, construction service, snow removal, or as a public livery vehicle, or any other commercial use.

  • Custom vehicle means a motor vehicle other than a motorcycle that:

  • Transfer Vehicle means any vehicle that operates in space and transfers Payloads or persons or both between two different space objects, between two different locations on the same space object, or between a space object and the surface of a celestial body. A Transfer Vehicle also includes a vehicle that departs from and returns to the same location on a space object.

  • Fleet Vehicle means a new motor vehicle sold and titled