Out of Balance definition

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 (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) Cash Receipted Motor Vehicles 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 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

• Within thirty (30) days after the end of each fiscal quarter of the Company, the Floor Plan Agent shall deliver to the Agent a summary of the audits of Motor Vehicles of each of the Floor Plan Borrowers performed by the Floor Plan Agent during the fiscal quarter just ended, setting forth therein a spread sheet reflecting for all Floor Plan Borrowers all Motor Vehicles Out of Balance at any time during such fiscal quarter each such Motor Vehicle was Out of Balance.

• At such time as the Out of Balance condition is less than $5,000,000 in the aggregate, such deposited amount shall be returned to the Company.

• The Out of Balance recovery routine.Resetting the washer back to the settings it left the factory with.

• If the Company or such other Floor Plan Borrowers fail to deliver such funds, or any of them notifies the Floor Plan Agent that such funds will not be delivered, the Floor Plan Agent shall, and the Floor Plan Borrowers hereby authorize the Floor Plan Agent to, apply sufficient funds from such Excess/Payments in Process to cause the Borrowings with respect to any such Motor Vehicles and/or Floor Plan Loans which are Out of Balance to be in compliance with the Floor Plan Advance Limits.

• The Floor Plan Agent shall provide written notice (including via fax) to the Company on each Business Day Excess/Payments in Process are so applied and the Floor Plan Borrowers shall, on or before the next following Business Day, deposit sufficient funds to restore the balance thereof back to the Out of Balance Amount then in effect.

More Definitions of Out of Balance

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 is defined in Section 3.11.

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 has the meaning ascribed to such term in the Master Loan Agreement.

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 for the category of such Motor Vehicle (ii) with respect to Used Motor Vehicles, Rental Motor Vehicles and Demonstrators, the aggregate amount of the Floor Plan Loans outstanding with respect to such Motor Vehicles exceeds the aggregate Floor Plan Advance Limit applicable to such Motor Vehicles or (iii) with respect to a Floor Plan Loan, the outstanding balance thereof has not been paid in accordance with Section 2.5.

Out of Balance means, with respect to a Floor Plan Committed Loan, the outstanding balance thereof has not been paid in accordance with Section 2.01.11.

Out of Balance is defined in Section 3.2(e).