PR Account Clause Samples
PR Account. In addition to any payments otherwise required by this Agreement, the New Vehicle Floorplan Borrowers may reduce the outstanding principal balance of the New Vehicle Floorplan Loans by means of one or more flooring line principal reduction accounts (each, a “PR Account”). At the Company’s request, the Agent will establish a PR Account for a New Vehicle Floorplan Borrower (each New Vehicle Floorplan Borrower having a PR Account, a “PR Account Borrower”) for the sole purpose of recording voluntary reductions in principal. A PR Account is not a deposit account, and PR Account Borrowers shall have no right or interest in any balance in such account, except as expressly provided in this Section 2.6. Each PR Account is subject to the following provisions.
PR Account. In addition to any payments otherwise required by or prepayments otherwise permitted by this Agreement, a Borrower may reduce the principal balance outstanding under this Agreement by means of a flooring line principal reduction account (the “PR Account”). At a Borrower’s request, Bank will establish for such Borrower a PR Account for the sole purpose of recording voluntary reductions in principal under this Agreement. The PR Account is not a deposit account, and no Borrower shall have right or interest in any balance in such account, except as expressly provided in this Section 2.11. The PR Account is subject to the following provisions:
PR Account. The following is hereby added to the Loan Agreement as Section 2.6 thereof: