Common use of Application to Reduce Principal Clause in Contracts

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.

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(b2.12(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 1020% 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 2.112.13; (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.

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(b2.12(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 Applicable FLAIR Maximum Percentage multiplied by 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 2.112.13; (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.