Principal Reductions. Dealership must pay a monthly principal reduction of 10% of the original principal amount (each a “Principal Reduction”) for each Vehicle on Dealership’s floorplan for more than 180 days (regardless of repayment and re-borrowing) until the outstanding principal amount for that Vehicle is reduced to lesser of 50% of the original principal amount or 50% of the clean wholesale value. Principal Reductions may be billed to Dealership and will reduce the amount of the Wholesale Outstandings when paid by Dealership. Any change in the Principal Reductions required by either or both of the Ally Parties will not constitute an amendment to this Agreement.
Principal Reductions. The Dealership must make monthly principal reduction payments in an amount equal to 10% of the original principal amount (i.e., the aggregate advance) (each, a “Principal Reduction”) for each Vehicle on Dealership’s floorplan for more than 180 calendar days. Principal Reductions will be billed to Dealership monthly and, when paid by Dealership, will reduce the amount of the Wholesale Outstandings.
D. Section III.B.7 of the IFSA is deleted and restated in its entirety as follows:
Principal Reductions. From time to time, one or both of the Ally Parties may require Dealership to repay a portion of the principal amount as designated by such Ally Party(ies) pertaining to one or more Vehicles for which such Ally Party(ies) provide Inventory Financing (“Principal Reductions”). Principal Reductions will be assessed, ordinarily monthly, based upon:
(a) usage of the Vehicle by Dealership as a Demonstrator or Shop Rental (each as defined in Subsection III.E.4 below);
(b) the passage of time; or
(c) decline in value due to market conditions, uninsured damage, or other factors. Principal Reductions may be billed to Dealership and will reduce the amount of the Wholesale Outstandings when paid by Dealership. Any change in the Principal Reductions required by either or both of the Ally Parties will not constitute an amendment to this Agreement.
Principal Reductions. As of the date hereof, Borrower has made no payments to be credited against the amounts due pursuant to §3.2(b) of the Loan Agreement.
Principal Reductions. Subject to the exceptions set forth in PARAGRAPH 6 of this Commitment Letter, 100% of all Revenues, after payment of the Expenses, shall be applied on a monthly basis to reduce the principal balance of the Loan, which shall include all accrued and unpaid interest pursuant to the Loan. All funds so applied shall first be applied to the payment of any outstanding costs, expenses, fees or charges which were required to be paid pursuant to the Loan Documents, then to the payment of all accrued interest and then to the repayment of principal. With the exception of the Borrower's First Priority Return, the term "Expenses" shall not include any amounts payable to or on behalf of the Borrower, Transeastern or the Principals. There shall be no prohibition on the early repayment of amounts outstanding under the Loan and no prepayment penalty shall be charged in connection therewith, provided, however, prepayment in full of amounts outstanding under the Note shall not impair the Borrower's obligations with respect to or the effect of the Contingent Returns or the Loan Documents evidencing and securing the same. In the event of such a prepayment the documents securing the Contingent Returns shall be subordinated to senior financing meeting the requirements to be established in the Loan Documents.
Principal Reductions. Carvana must pay a monthly principal reduction of 10% of the original principal amount financed by the Ally Parties (each a "Principal Reduction”) for each Vehicle on Carvana’s floorplan for more than 120 days (regardless of repayment and re-borrowing) until the outstanding principal amount for that Vehicle is reduced to the lesser of 50% of the original principal amount financed by the Ally Parties or 50% of the clean wholesale value. Principal Reductions may be billed to Carvana and will reduce the amount of the Wholesale Outstandings when paid by Carvana. Any change in the Principal Reductions required by either or both of the Ally Parties will not constitute an amendment to this Agreement.
Principal Reductions. Borrower may make periodic payments of -------------------- principal, without penalty, at its election. Such payments to Lender, are hereinafter referred to as Principal Reductions.
Principal Reductions. The Recourse Provider shall be obligated to pay Principal Reductions in the manner set forth in this Agreement. To the extent Recourse Provider has Decision Control and no Event of Default or Potential Event of Default exists, five (5) Business Days after Recourse Provider notifies Fxxxxx Mae in writing that it desires to make a Principal Reduction, Recourse Provider shall pay such Principal Reduction or pay such amount from Acceptable Collateral required to be held under the Custodial Agreement in the manner provided in the Custodial Agreement. To the extent that Principal Reductions are paid or caused to be paid by Recourse Provider, the Collateral Requirement will be reduced as provided in the definition of such term. Fxxxxx Mxx will accomplish such reduction by directing Custodian to pay the amount of such Principal Reduction to the party necessary to be paid in order to accomplish the Principal Reduction. So long as Fxxxxx Mae has Decision Control with respect to any Mortgage Loan or an Event of Default exists, Fxxxxx Mxx shall be entitled to direct the Custodian to pay from the Acceptable Collateral a Principal Reduction with respect to such Mortgage Loan or with respect to any Mortgage Loan upon on Event of Default in the event not paid by the Recourse Provider. Notwithstanding the foregoing, payment of Principal Reductions shall not exceed, in the aggregate, the Collateral Requirement immediately prior to the date such Principal Reduction is made.
Principal Reductions. Not applicable.
Principal Reductions. Principal payments shall be made from time to time as provided in the Loan Agreement being executed on or about the date hereof.
