Out of Balance means that (i) with respect to a Motor Vehicle, the outstanding balance of the Floor Plan Loan pursuant to which such Motor Vehicle was purchased exceeds the Floor Plan Advance Limit and (ii) with respect to a Floor Plan Loan, the outstanding balance thereof has not been paid in accordance with the terms of this Agreement; provided, however, that so long as the outstanding balance of (y) Motor Vehicles for which cash has been received upon the sale thereof shall have been received within five (5) days of the sale thereof and (z) Sale Dated Motor Vehicles shall have been received within ten (10) days of the sale thereof, such Loans shall not be considered Out of Balance.
Out of Balance means, with respect to a New Vehicle Floorplan Loan, the outstanding balance thereof has not been paid in accordance with Section 2.11(a)(iii).
Out of Balance means with respect to any Floor Plan Vehicle or Unit, that the outstanding principal amount of the Floor Plan Loans allocable to such Floor Plan Vehicle or Unit exceeds the Floor Plan Loan Advance Limit applicable to such Floor Plan Vehicle or Unit or that the payments required pursuant to Sections 2.01.6, 2.01.7, 2.01.8 or 2.01.9 have not been paid as agreed.
Examples of Out of Balance in a sentence
Anything contained in this Agreement to the contrary notwithstanding: (i) it is expressly understood and agreed that Borrower shall cause the Loan to be “in balance” at all times, and (ii) Lender shall not be obligated to make any Disbursements to Borrower if the Loan is Out of Balance.
More Definitions of Out of Balance
Out of Balance means, with respect to a New Vehicle Floorplan Loan, the outstanding balance thereof has not been paid in accordance with Section 2.15(b)(iii).
Out of Balance means that Section 251(b)(5) Traffic and ISP-Bound Traffic exchanged between the Parties has not met the In-Balance qualifiers as defined in Section 4.3 above and has exceeded the specified thresholds set forth in Sections 4.3.1 and 4.3.2. This Section 5 applies to Out-of-Balance traffic.
Out of Balance means, with respect to (i) a New Vehicle Floorplan Loan, the outstanding balance thereof has not been paid in accordance with Section 2.16(b)(iii) and (ii) a Used Vehicle Floorplan Loan, the outstanding balance thereof has not been paid in accordance with Section 2.16(c)(iii).
Out of Balance means that Section 251(b)(5) Traffic, ISP-Bound Traffic, FX Traffic and Optional EAS exchanged between the Parties has not met the In-Balance qualifiers as defined in Section 2.5.2 above and has exceeded the specified thresholds set forth in Sections 2.5.2.1 and 2.5.2.1.1. This Section 3 applies to Out-of-Balance traffic.
Out of Balance is defined in Section 3.11.
Out of Balance has the meaning ascribed to such term in the Master Loan Agreement.
Out of Balance is defined in Section 3.2(e).