Paydown Clause Samples

Paydown. Dealer will forward to DFS by the 15th day of each month a Collateral Report dated as of the last day of the prior month. Regardless of the SPP terms pertaining to any Collateral financed by DFS, and notwithstanding any scheduled payments made by Dealer after the Determination Date or anything contained in this Agreement to the contrary, if DFS determines, after reviewing the Collateral Report, after conducting an inspection of the Collateral or otherwise, that (i) the total current outstanding Indebtedness owed by Dealer to DFS as of any applicable Determination Date, exceeds (ii) the Collateral Liquidation Value as of the Determination Date, Dealer will immediately upon demand pay DFS the difference between (i) Dealer’s total current outstanding Indebtedness owed to DFS as of the Determination Date, and (ii) the Collateral Liquidation Value as of the Determination Date. if Dealer from time to time is required to make immediate payment to DFS of any past due obligation discovered during any Collateral review, upon review of a Collateral Report or at any other time, Dealer agrees that acceptance of such payment by DFS shall not be construed to have waived or amended the terms of its financing program.

Paydown. In the event that the aggregate principal amount of Loans outstanding at any time exceeds the Loan Formula set forth above, the Borrower agrees that it shall immediately upon demand pay over the amount of the excess to the Bank as and for a mandatory prepayment on such Loans.

Paydown. Provided HCRI has agreed to the sequence, at the time of the purchase or paydown of any one but not all of the Financed Properties in Tranche 1, Obligor shall in addition to the Prepayment Amount pay an additional amount equal to ten percent (10%) of the then outstanding Lease Amount for all Financed Properties ("Paydown Amount"). The Paydown Amount shall be applied by HCRI to the then outstanding Lease or Loan Amounts in HCRI's sole discretion.

Paydown. Borrower shall reduce to Zero Dollars ($0) the Advances under the Revolving Credit Note for thirty (30) consecutive days during the period beginning on June 18, 2020 and ending June 18, 2021.” 3. Borrower hereby represents and warrants that, after giving effect to the amendments contained herein, (a) execution, delivery and performance of this Amendment and any other documents and instruments required under this Amendment or the Agreement are within its corporate powers, have been duly authorized, are not in contravention of law or the terms of such Borrower’s Articles of Incorporation or Bylaws and do not require the consent or approval of any governmental body, agency, or authority; and this Amendment and any other documents and instruments required under this Amendment or the Agreement, will be valid and binding in accordance with their terms; (b) the continuing representations and warranties of Borrower set forth in the Agreement are true and correct on and as of the date hereof with the same force and effect as made on and as of the date hereof; (c) except as previously disclosed by Borrower to Bank, no Event of Default (as defined in the Agreement) or condition or event which, with the giving of notice or the running of time, or both, would constitute an Event of Default under the Agreement, as hereby amended, has occurred and is continuing as of the date hereof. 4. Borrower hereby waives, discharges, and forever releases Bank, Bank’s employees, officers, directors, attorneys, stockholders and successors and assigns, from and of any and all claims, causes of action, allegations or assertions that Borrower has or may have had at any time up through and including the date of this Amendment, against any or all of the foregoing, regardless of whether any such claims, causes of action, allegations or assertions arose Bodman_16786069_1 as a result of Bank’s actions or omissions in connection with the Agreement, or any amendments, extensions or modifications thereto, or Bank’s administration of debt evidenced by the Agreement or otherwise. 5. Except as expressly provided herein, all of the terms and conditions of the Agreement remain unchanged and in full force and effect. 6. This Amendment shall be effective as of June 19, 2020 upon (a) execution of this Amendment by Borrower and Bank and (b) payment by Borrower to Bank of a non-refundable amendment fee in the amount of $10,000.

Paydown. Net availability after today’s request (O) The undersigned represents and warrants that (a) the information set forth above has been prepared in accordance with the requirements of that certain Credit Agreement dated as of April 10, 2008 (as amended, restated, supplemented or otherwise modified, the “Credit Agreement”) between, among others, (i) rue21, inc., as lead borrower (in such capacity, the “Lead Borrower”) for itself and the other Borrowers party thereto, (ii) the Borrowers party thereto, (iii) r services llc and the other Guarantors party thereto, (iv) Bank of America, N.A., as Administrative Agent, Collateral Agent and Swing Line Lender, and (iv) the Lenders party thereto, and is based upon supporting documentation that is satisfactory to the Agent; (b) no “Default” (as defined in the Credit Agreement) is presently In existence; and (c) all or a portion of the advance requested hereby will be set aside by the Loan Parties to cover 100% of the Loan Parties’ obligation for sales tax on account of sales since the most recent borrowing under the Credit Agreement. April , 2008 To: [Name and Address of Credit Card Processor] (the “Processor”) Re: rue21, inc. Merchant Account Number: Dear Sir/Madam: RUE21, INC., a Pennsylvania corporation (the “Borrower”), has entered into various financing agreements with BANK OF AMERICA, N.A., a national banking association with offices at 100 Federal Street, 9th Floor, Boston, Massachusetts 02110, as collateral agent (in such capacity, the “Collateral Agent”) for its own benefit and the benefit of certain other credit parties (the “Credit Parties”), pursuant to which the Collateral Agent and the other Credit Parties may from time to time make loans or furnish certain other financial accommodations to the Borrower. The Borrower’s obligations on account of such loans and financial accommodations are secured by, among other things, all credit card charges submitted by the Borrower to the Processor for processing and the amounts which the Processor owes to the Borrower on account thereof (the “Credit Card Proceeds”). Until the Processor receives written notification from the Collateral Agent that the interest of the Collateral Agent and the other Credit Parties in the Credit Card Proceeds has been terminated, all amounts as may become due from time to time from the Processor to the Borrower (including, without limitation, Credit Card Proceeds, payments from any reserve account or the like, or other payments) shall be tra...

Paydown. Drawdown --------------

Paydown. Without the prior written consent of Bank, Obligor will ------- not sell or otherwise dispose of any of the Equipment without paying to Bank, in reduction of the Obligations, an amount equal to the greatest of book value, appraised value or sales price of the Equipment sold or disposed of.

Paydown. Regardless of the terms of the Revolving Credit Facility, if at any time the aggregate amount of outstanding loans under the Revolving Credit Facility exceeds the aggregate Loan Value of the Used RVs and New Motor Coaches, Dealer will immediately repay to DFS, as a reduction of Dealer's outstanding loans under the Revolving Credit Facility, the difference between (i) such aggregate amount of outstanding loans under the Revolving Credit Facility, and (ii) the aggregate Loan Value. Upon the effective date of termination of the Agreement, Dealer will immediately repay to DFS all amounts due under the Revolving Credit Facility.

Paydown. As a condition to the effectiveness of this Amendment, Borrower shall pay to FINOVA an amount equal to the amount by which the current outstanding Obligations exceed $5,050,000. Such sums shall be paid to FINOVA on the date hereof.