Payment Commitment definition

Payment Commitment means a written agreement entered into between the New Vehicle Swing Line Lender and a vehicle manufacturer or distributor (and if required pursuant to the terms of the Payment Commitment, the applicable Borrower), providing for advances of the proceeds of New Vehicle Floorplan Swing Line Loans directly by the New Vehicle Swing Line Lender to such manufacturer or distributor in payment for the purchase of New Vehicles by the applicable New Vehicle Borrower.
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Payment Commitment means a written agreement entered into between the New Vehicle Swing Line Lender, in the case of New Vehicles, or the Used Vehicle Swing Line Lender, in the case of Used Vehicles, and a vehicle manufacturer or distributor (and if required pursuant to the terms of the Payment Commitment, the applicable Borrower), providing for advances of the proceeds of New Vehicle Floorplan Swing Line Loans or Used Vehicle Floorplan Swing Line Loans, as applicable, directly by the New Vehicle Swing Line Lender, in the case of New Vehicle Floor Plan Loans, or the Used Vehicle Swing Line Lender, in the case of Used Vehicle Floor Plan Loans, to such manufacturer or distributor in payment for the purchase of New Vehicles by the applicable New Vehicle Borrower or Used Vehicles by the applicable Used Vehicle Borrower, respectively.
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Payment Commitment means a commitment entered into between Agent and a manufacturer or distributor, providing for payment of funds directly to such manufacturer or distributor in payment for a New Vehicle Floorplan Borrower’s purchase of New Vehicles from such manufacturer or distributor.
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Examples of Payment Commitment in a sentence

  • The admissibility of payment commitments should be conditional upon the conclusion of individual written Payment Commitment Arrangements between the DGSs and their member institutions.

  • Designated authorities should verify that Payment Commitment Arrangements and Financial Collateral Arrangements entered into by the DGS and the credit institution are consistent with these guidelines.

  • Issue of Irrevocable Payment Commitment by banks to various Stock Exchanges on behalf of Mutual Funds and FIIs is a financial guarantee with a Credit Conversion Factor (CCF) of 100.

  • A new Payment Commitment Arrangement should be concluded each time new ex-ante contributions are called for.

  • Other – As specifically stated on the Tuition Payment Commitment area on the enrollment form.4) Families may apply for a Needs-Based Scholarship.

  • These include laws that specifically require negotiable∗BAFT Distributed Ledger Payment Commitment ("DLPC") Working Group members include: Alpha Bank, APKS, BIX Security Corp, BNP Paribas, BNY Mellon, CGI, Citibank, GTBInsights, ING, KBC, Queen Mary University of London, R3, Skuchain, Standard Chartered Bank, Surecomp, US Bank, and Wells Fargo.

  • Upon receipt of payment of the Called Amount in full into the specified account in accordance with Clause 2 (Irrevocable Payment Commitment) above, the SRB shall return an amount of Cash Collateral equal to the Called Amount thus paid by transfer to the account specified in writing by the Institution as soon as reasonably possible thereafter.

  • The Payment Commitment Arrangement should at least include the following elements: 2 Recital 27 of Directive 2014/49/EU.

  • Hence, the guidelines aim to introduce a set of common fundamental rules that the DGS and the designated authorities across Member States can use as a benchmark when they design their Payment Commitment Arrangements.

  • The Scheme shall require members to ensure that the value of the assets provided as collateral is at least equal to the value of the maximum amount of Payment Commitment which may be provided in accordance with regulation 25 (8) of the Regulations.


More Definitions of Payment Commitment

Payment Commitment means an irrevocable, fully collateralised obligation of a credit institution to pay a DGS a monetary amount when called by that DGS, and where the collateral:
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Payment Commitment means a commitment entered into between the Bank and a manufacturer or distributor, providing for payment of funds directly by the Bank to the manufacturer or distributor in payment for the purchase of a New Vehicle by the Borrower.
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Payment Commitment means a written agreement entered into between the Swing Line Lender and a Vehicle manufacturer or distributor (and if required pursuant to the terms of the Payment Commitment, the applicable Loan Party), providing for advances of the proceeds of Swing Line Loans directly by the Swing Line Lender to such manufacturer or distributor in payment for the purchase of Vehicles by the applicable Loan Party.
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Payment Commitment means a commitment entered into between Agent and a manufacturer or distributor, providing for payment of funds directly to such manufacturer or distributor in payment for a New Vehicle Floorplan Borrower’s purchase of New Vehicles from such manufacturer or distributor. “Payment Commitment Collateral Account” has the meaning set forth in Section 2.3.5. “Payment Recipient” has the meaning set forth in Section 6.20(a). “PBGC” means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA. “Per Annum Fee” has the meaning set forth in Section 6.16. “Permitted Acquisition” means an Acquisition which is permitted by Section 13.13. “Permitted Additional Obligations” means Permitted Swap Obligations and obligations owing with respect to Cash Management Services. “Permitted Dual Subsidiary Guaranty” means, with respect to any Permitted Dual Subsidiary Indebtedness provided by any Dual Subsidiary Lender, the guaranty of such Permitted Dual Subsidiary Indebtedness by (a) the Company or (b) any Dual Subsidiary that operates one or more dealerships at which new Vehicle, used Vehicle or service loaner Vehicle Permitted Dual Subsidiary Indebtedness is provided by such Dual Subsidiary Lender. “Permitted Dual Subsidiary Indebtedness” means Indebtedness (including Permitted Dual Subsidiary Guaranties but excluding Indebtedness provided pursuant to this Agreement) incurred from time to time by any Dual Subsidiary consisting of floorplan financing for new Vehicles, used Vehicles or service loaner Vehicles provided by financial institutions or manufacturer-affiliated finance companies (“Dual Subsidiary Lenders”) to such Dual Subsidiaries, provided that each Required Intercreditor Counterparty with respect to such Indebtedness is a party to and bound by an Intercreditor Agreement. “Permitted Liens” means Liens permitted by Section 13.3. “Permitted New Dealership” means a Dealership (a)(i) 100% (or if the Company is not permitted to hold 100% of such Equity Interests because of limitations imposed by the relevant manufacturer'smanufacturer’s franchise agreement, at least 80%) of the Equity Interests of which are owned, directly or indirectly by the Company or (ii) that is a Minority Dealer Subsidiary, (b) which is organized to own and operate a newly established automobile or motorcycle dealership point, and (c) with respect to which the Loan Parties have complied with the requirements of Section 12.17. 31
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Payment Commitment means a commitment entered into between Agent and a manufacturer or distributor, providing for payment of funds directly to such manufacturer or distributor in payment for a New Vehicle Floorplan Borrower’s purchase of New Vehicles from such manufacturer or distributor. “Payment Commitment Collateral Account” has the meaning set forth in Section 2.3.5. “Payment Recipient” has the meaning set forth in Section 6.20(a). “PBGC” means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA. “Per Annum Fee” has the meaning set forth in Section 6.16. “Permitted Acquisition” means an Acquisition which is permitted by Section 13.13. “Permitted Dual Subsidiary Guaranty” means, with respect to any Permitted Dual Subsidiary Indebtedness provided by any Dual Subsidiary Lender, the guaranty of such Permitted Dual Subsidiary Indebtedness by (a) the Company or (b) any Dual Subsidiary that operates one or more dealerships at which new Vehicle, used Vehicle or service loaner Vehicle Permitted Dual Subsidiary Indebtedness is provided by such Dual Subsidiary Lender. “Permitted Dual Subsidiary Indebtedness” means Indebtedness (including Permitted Dual Subsidiary Guaranties but excluding Indebtedness provided pursuant to this Agreement) incurred from time to time by any Dual Subsidiary consisting of floorplan financing for new Vehicles, used Vehicles or service loaner Vehicles provided by financial institutions or manufacturer-affiliated finance companies (“Dual Subsidiary Lenders”) to such Dual Subsidiaries, provided that each Required Intercreditor Counterparty with respect to such Indebtedness is a party to and bound by an Intercreditor Agreement. 32 110393723.6 0063724-00082 115525625.4 0063724-00082
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Related to Payment Commitment

  • Revolving Commitment Fee has the meaning specified in Section 2.09(a).

  • Incremental Commitment means any commitment made by a lender to provide all or any portion of any Incremental Facility or Incremental Loan.

  • Aggregate Revolving Commitment means the aggregate amount of the Lenders’ Revolving Credit Commitments hereunder, as such amount may be increased, reduced or otherwise modified at any time or from time to time pursuant to the terms hereof. On the Closing Date, the Aggregate Revolving Commitment shall be $250,000,000.

  • Additional Commitment means any commitment hereunder added pursuant to Sections 2.22, 2.23 or 9.02(c).

  • Extended Revolving Commitment shall have the meaning assigned to such term in Section 2.19(a).

  • Incremental Term Loan Commitment means the commitment of any Lender, established pursuant to the Credit Agreement, to make available certain term loans to one or more Borrowers.

  • Incremental Revolving Commitment has the meaning assigned to such term in Section 2.14(a).

  • Commitment means, as to each Lender, its obligation to (a) make Committed Loans to the Borrower pursuant to Section 2.01, (b) purchase participations in L/C Obligations, and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

  • Term Loan Commitment is, for any Lender, the obligation of such Lender to make a Term Loan, up to the principal amount shown on Schedule 1.1. “Term Loan Commitments” means the aggregate amount of such commitments of all Lenders.

  • Additional Term Loan Commitment means any term commitment added pursuant to Sections 2.22, 2.23 and/or 9.02(c)(i).