FLAIR Account definition

FLAIR Account has the meaning specified in Section 2.04(a).
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Examples of FLAIR Account in a sentence

  • Any amounts paid by the Borrowers into the FLAIR Account will be available for re-advance to the Borrowers only in accordance with this Section 2.04.

  • The FLAIR Account is not a deposit account, and the Borrowers shall have no right or interest in any amounts in such account.

  • In addition, the Administrative Agent may terminate the FLAIR Account without prior notice upon the occurrence and during the continuance of any Default.

  • The FLAIR Account is intended to permit voluntary reductions in the principal amount of Floor Plan Loans outstanding under the Agreement.

  • Payments into the FLAIR Account are limited to two per day and advances from the FLAIR Account are limited to three per day, each transaction to be in an amount of at least $50,000; provided, the Borrowers may request an advance of less than $50,000 if such amount constitutes the entire balance in the FLAIR Account at the time of such request.

  • The Borrowers may, at their discretion, make payments to the FLAIR Account, which payments shall represent and be deemed to be prepayments of Floor Plan Loans for the pro rata benefit of the Floor Plan Lenders.

  • At any time, upon ten days written notice to the Company, the Administrative Agent may terminate the FLAIR Account provided by this Section 2.04 if the Administrative Agent determines, in its reasonable discretion, that continuation of the FLAIR Account would have an adverse effect on the Administrative Agent or any Floor Plan Lender.

  • So long as there is no continuing Default or Event of Default under this Agreement, amounts in the FLAIR Account may be readvanced to the Borrowers upon submission by the Borrowers of a written request pursuant to procedures established by the Administrative Agent.

  • Without limiting the obligation of the Borrowers to prepay the Loans as otherwise required in this Agreement, in addition to prepayments of Floor Plan Loans made by payments by the Borrowers into the FLAIR Account pursuant to Section 2.04, the Borrowers may make prepayments of the Loans in whole or in part (but if in part, in an amount not less than $1,000,000 as to any Loans under any Facility).

  • Upon any such termination of the FLAIR Account, the amounts on deposit therein shall be applied to the prepayment of Floor Plan Loans under Section 2.06, or, at the option of the Company, so long as no Default or Event of Default has occurred and is continuing, remitted to the Company on behalf of the Borrowers.

Related to FLAIR Account

  • Revenue Account means the Revenue Account established pursuant to the Resolution. “Revenues” means the Pledged Receipts and Recoveries of Principal.

  • Operating Account means a demand deposit account maintained at the Funding Bank in Borrower's name and designated for funding that portion of each Eligible Loan not funded by a Warehousing Advance made against that Eligible Loan and for returning any excess payment from an Investor for a Pledged Loan or Pledged Security.

  • AAVS Account means the account to which your Automatic Add Value Service is linked, as defined or specified in the relevant Application Form or such other account as notified to us by the Financial Institution or by the AAVS Account Holder from time to time;

  • Pre-Funding Account means the account designated as the Pre-Funding Account in, and which is established and maintained pursuant to Section 7.07.

  • Holding Account means an account: