Floor Plan Agreement Definition

This floor plan agreement agreement is in consideration of and as further security for payment of the obligations and for other valuable consideration the receipt and sufficiency of which is acknowledged.

Floor plan agreement definition. This dealer floor plan and security agreement the agreement is made as of september 28 2007 by and among fountain dealers factory super store inc a north carolina corporation borrower regions bank an alabama state banking corporation together with its successors and assigns lender fountain powerboats inc a north carolina corporation fountain powerboats and fountain powerboat industries inc a nevada. A floor plan facility often includes an agreement from the supplier manufacturer to repurchase unsold inventory within specified time limits. Dealer intending to be legally bound agrees with avangard as follows. The bank and the manufacturer could execute other agreements on matters such as loss sharing and recourse.

Retailers use a short term loan to purchase inventory items and the loan is repaid as inventory is sold. Floor planning is a type of inventory financing for large ticket retail items. Dealer floor plan and security agreement. Dealer floor plan and security agreement this dealer floor plan and security agreement the agreement is made as of september 28 2007 by and among fountain dealers factory super store inc a north carolina corporation borrower regions bank an alabama state banking corporation together with its.

Floorplan agreement means an agreement entered into by an originator and a manufacturer establishing certain terms and conditions for the financing of such manufacturer s dealers by such originator which may include such manufacturer s agreement among other matters to repurchase from or remarket for such originator products sold by such manufacturer to any of its dealers and financed by such originator under a wholesale financing agreement if such.