Application to Reduce Principal Sample Clauses

Application to Reduce Principal. For purposes of computing the interest due with respect to Floor Plan Loans advanced against Eligible Floor Plan Vehicles or Units (“Floor Plan Outstandings”), the Outstanding Amount of Floor Plan Loans shall be reduced by the average daily amount as of the close of business on deposit in the FLAIR Account during the period for which interest is being calculated (the “FLAIR Reduction”) and interest will be determined as provided in Section 2.10(b); provided, however, notwithstanding the amount on deposit in the FLAIR Account at any time, the maximum amount of the FLAIR Reduction under this Section 2.04 shall be limited to an amount equal to 10% of the Outstanding Amount of Floor Plan Loans for the relevant period. Notwithstanding anything herein to the contrary, the FLAIR Reduction shall not: (i) subject the affected Outstanding Amount of Floor Plan Loans to the commitment fee under Section 2.11; (ii) limit or modify any principal payment requirements; (iii) reduce the Outstanding Amount of Floor Plan Loans for purposes of determining any remaining availability under any Floor Plan Commitment; (iv) be used for the satisfaction of any curtailment requirements or (v) modify any other terms set forth elsewhere in this Agreement.
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Application to Reduce Principal. For purposes of computing the interest due with respect to Total New Vehicle Floorplan Outstandings for any day, the Outstanding Amount of New Vehicle Floorplan Loans on such day shall be reduced by the Floorplan Offset Amount as of the close of business on such day (such reduction, the “Applicable Floorplan Principal Reduction”) and interest will be determined as provided in Section 2.16(b); provided, however, notwithstanding the amount on deposit in the New Vehicle Floorplan Offset Account at any time, the maximum amount of the Applicable Floorplan Principal Reduction under this Section 2.09 for any day shall be limited to an amount equal to the Outstanding Amount of New Vehicle Floorplan Loans on such day. Notwithstanding anything herein to the contrary: (A) the Applicable Floorplan Principal Reduction on any day: (1) shall be deemed to reduce the Outstanding Amount of New Vehicle Floorplan Committed Loans for purposes of calculating the commitment fee for such day under Section 2.17 and (2) (to the extent that amounts in the New Vehicle Floorplan Offset Account have been distributed to any Lenders as a prepayment of their New Vehicle Floorplan Loans) shall reduce the Outstanding Amount of New Vehicle Floorplan Loans for purposes of determining any remaining availability under the New Vehicle Floorplan Commitment; and (B) the Applicable Floorplan Principal Reduction shall not: (1) limit or modify any principal payment requirements; (2) be used for the satisfaction of any curtailment requirements or (3) modify any other terms set forth elsewhere in this Agreement.
Sample 1
Application to Reduce Principal. For purposes of computing the interest due with respect to Floor Plan Committed Loans, the principal balance outstanding on account of the Floor Plan Committed Loans shall be deemed reduced by the average daily amount as of the close of business on deposit in the Floor Plan Interest Reduction Balance during the period for which interest is being calculated (the “Floor Plan Interest Reduction”) and interest will be determined as set forth in Section 2.05 of this Agreement after giving effect to the Floor Plan Interest Reduction; provided, however, notwithstanding the amount on deposit in the Floor Plan Interest Reduction Balance at any time, the maximum amount of the Floor Plan Interest Reduction under this Section 2.22 shall not exceed an amount equal to 50% of the outstanding principal balance of the Floor Plan Committed Loans for the relevant period. Notwithstanding anything herein to the contrary, the Floor Plan Interest Reduction shall not: (i) subject the affected outstanding principal balances of the Floor Plan Committed Loans to the Floor Plan Commitment Fee, if any, applicable under this Agreement or the Floor Plan Notes; (ii) limit or modify any principal payment requirements; (iii) reduce the amount of the outstanding principal balance of Floor Plan Committed Loans for purposes of determining any remaining availability under the Floor Plan Credit Facility; (iv) be used for the satisfaction of any curtailment requirements; (v) impair the discretion of M&T Bank with respect to M&T Advances (as set forth in Section 2.02 above) or the Administrative Agent discretion with respect to Floor Plan Committed Loan advances; (vi) impair or alter any rights of the Administrative Agent or the Required Lenders to make demand for payment on the terms and conditions as set forth in this Agreement or the Floor Plan Notes; or (vii) modify any other terms set forth elsewhere in this Agreement or the Floor Plan Notes.
Sample 1

Related to Application to Reduce Principal

  • Application to Repayment Amounts (i) Subject to clause (ii) of this Section 5.2(c), the first proviso to Section 5.2(a)(i) and the first proviso to Section 5.2(a)(ii), (A) each prepayment of Term Loans required by Sections 5.2(a)(i) and (ii) (other than in connection with a Debt Incurrence Prepayment Event) shall be allocated to the Classes of Term Loans outstanding, pro rata, based upon the applicable remaining Repayment Amounts due in respect of each such Class of Term Loans (excluding any Class of Term Loans that has agreed to receive a less than pro rata share of any such mandatory prepayment and taking into account any reduction in the amount of any required Excess Cash Flow payment to any Class of Term Loans that have been subject to a Section 13.6(g) transaction), shall be applied pro rata to Lenders within each Class, based upon the outstanding principal amounts owing to each such Lender under each such Class of Term Loans and shall be applied to reduce such scheduled Repayment Amounts within each such Class in accordance with Section 5.2(d)(ii) and (B) each prepayment of Term Loans required by Section 5.2(a)(i) in connection with a Debt Incurrence Prepayment Event shall be allocated to any Class of Term Loans outstanding as directed by the Borrower (subject to the requirement that the proceeds of any Specified Debt Incurrence Prepayment Event shall in all cases be applied to prepay or repay the applicable Refinanced Indebtedness), shall be applied pro rata to Lenders within each such Class, based upon the outstanding principal amounts owing to each such Lender under each such Class of Term Loans and shall be applied to reduce such scheduled Repayment Amounts within each such Class in accordance with Section 5.2(d)(ii); provided that, with respect to the allocation of such prepayments under clause (A) above only, between an Existing Term Loan Class and Extended Term Loans of the same Extension Series, the Borrower may allocate such prepayments as the Borrower may specify, subject to the limitation that the Borrower shall not allocate to Extended Term Loans of any Extension Series any such mandatory prepayment under such clause (A) unless such prepayment is accompanied by at least a pro rata prepayment, based upon the applicable remaining Repayment Amounts due in respect thereof, of the Term Loans of the Existing Term Loan Class, if any, from which such Extended Term Loans were converted or exchanged (or such Term Loans of the Existing Term Loan Class have otherwise been repaid in full).

  • Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and any premium and (subject to Section 307) interest on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date), and, if the terms of such Security so provide, to convert such Security in accordance with its terms, and to institute suit for the enforcement of any such payment and, if applicable, any such right to convert, and such rights shall not be impaired without the consent of such Holder.

  • Application to Term Loans With respect to each prepayment of Term Loans required by Section 5.2(a), the Borrower may, if applicable, designate the Types of Loans that are to be prepaid and the specific Borrowing(s) pursuant to which made; provided, that if any Lender has provided a Rejection Notice in compliance with Section 5.2(f), such prepayment shall be applied with respect to the Term Loans to be prepaid on a pro rata basis across all outstanding Types of such Term Loans in proportion to the percentage of such outstanding Term Loans to be prepaid represented by each such Class. In the absence of a Rejection Notice or a designation by the Borrower as described in the preceding sentence, the Administrative Agent shall, subject to the above, make such designation in its reasonable discretion with a view, but no obligation, to minimize breakage costs owing under Section 2.11.

  • Unconditional Right of Holders to Receive Principal Premium, if any, and Interest. Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and any premium on such Security at its Maturity and payment of interest (including any Additional Interest) on such Security when due and payable and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder.

  • Extension of Payment; Reduction of Principal Interest or Fees; Modification of Terms of Payment Whether or not any Loans are outstanding, extend the Expiration Date or the time for payment of principal or interest of any Loan (excluding the due date of any mandatory prepayment of a Loan), the Commitment Fee or any other fee payable to any Lender, or reduce the principal amount of or the rate of interest borne by any Loan or reduce the Commitment Fee or any other fee payable to any Lender, without the consent of each Lender directly affected thereby;

  • Unconditional Right of Holders to Receive Principal, Premium and Interest Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and any premium and (subject to Section 307) interest on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder.

  • Election To Redeem; Notices to Trustee If the Issuer elects to redeem Notes pursuant to paragraph 6 of the Notes, at least 45 days prior to the Redemption Date (unless a shorter notice shall be agreed to in writing by the Trustee) but not more than 65 days before the Redemption Date, the Issuer shall notify the Trustee in writing of the Redemption Date, the principal amount of Notes to be redeemed and the redemption price, and deliver to the Trustee an Officers’ Certificate stating that such redemption will comply with the conditions contained in paragraph 6 of the Notes. Notice given to the Trustee pursuant to this Section 3.01 may not be revoked after the time that notice is given to Holders pursuant to Section 3.03.

  • Application of Prepayments Reductions (a) Any prepayment of any Loan pursuant to Section 2.11 shall be applied as specified by the Borrower in the applicable notice of prepayment; provided, in the event the Borrower fails to specify the Loans to which any such prepayment shall be applied, such prepayment shall be applied as follows:

  • Materiality Of Application To Rent All representations made by Xxxxxx(s) on the Application to Rent (or like-titled document) are material to the grant of this Lease, and the Lease is granted only on condition of the truthfulness and accuracy of said representations. If a failure to disclose or lack of truthfulness is discovered on said Application, Landlord may deem Tenant to be in breach of this Lease.

  • Additional Voting Terms; Calculation of Principal Amount All Notes issued under this Indenture shall vote and consent together on all matters (as to which any of such Notes may vote) as one class and no Notes will have the right to vote or consent as a separate class on any matter. Determinations as to whether holders of the requisite aggregate principal amount of Notes have concurred in any direction, waiver or consent shall be made in accordance with this Article IX and Section 2.13.

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