PR Account Payments Clause Samples
PR Account Payments. A PR Account Borrower, at its discretion, may make payments to a PR Account (each, a “PR Account Payment”) at any time, subject to the provisions of subsections 2.6.3 and 2.6.7 of this Section 2.6 and further subject to the following conditions:
(a) All payments into a PR Account must be made as transfers of collected funds from a deposit account of a PR Account Borrower with Swing Line Lender.
(b) Payments into a PR Account must be in amounts of at least $1,000,000.00.
(c) The balance in a PR Account may not at any time exceed the aggregate outstanding principal balance of the New Vehicle Swing Line Loans for the applicable PR Account Borrower. If the amount in a PR Account exceeds the maximum amount permitted hereunder, Swing Line Lender is authorized to make a PR Account Advance (defined below) in the amount of any such excess and deposit such amount in a deposit account of the applicable PR Account Borrower with Swing Line Lender.
(d) The aggregate of the balances in all PR Accounts may not at any time exceed $50,000,000.00. If the aggregate amount in the PR Accounts exceeds such amount, Swing Line Lender is authorized to make one or more PR Account Advances in the amount of any such excess and deposit such amount in any deposit account of a PR Account Borrower with Swing Line Lender.
PR Account Payments. A PR Account Borrower, at its discretion, may make payments to a PR Account (each, a “PR Account Payment”) at any time, subject to the provisions of subsections 2.6.3 and 2.6.7 of this Section 2.6 and further subject to the following conditions:
(a) All payments into a PR Account must be made as transfers of collected funds from a deposit account of a PR Account Borrower with the Agent.
(b) Payments into a PR Account must be in amounts of at least $1,000,000.00.
(c) The balance in a PR Account may not at any time exceed the aggregate outstanding principal balance of the New Vehicle Floorplan Loans. If the amount in a PR Account exceeds the maximum amount permitted hereunder, the Agent is authorized to make a PR Account Advance (defined below) in the amount of any such excess and deposit such amount in a deposit account of the applicable PR Account Borrower with the Agent. Notwithstanding the foregoing, any PR Accounts in existence on or prior to the Closing Date may be consolidated into a single PR Account in the name of the Company on behalf of each PR Account Borrower.
PR Account Payments. A PR Account Borrower, at its discretion, may make payments to a PR Account (each, a “PR Account Payment”) at any time, subject to the provisions of subsections 2.6.3 and 2.6.7 of this Section 2.6 and further subject to the following conditions:
(a) All payments into a PR Account must be made as transfers of collected funds from a deposit account of a PR Account Borrower with the Agent.
(b) Payments into a PR Account must be in amounts of at least $1,000,000.
(c) The balance in a PR Account may not at any time exceed the aggregate outstanding principal balance of the New Vehicle Floorplan Loans. If the amount in a 67 13483422v8
PR Account Payments. A Borrower, at its discretion, may make payments to the PR Account at any time subject to the provisions of subsections (c) and (f) of this Section 2.11 and further subject to the following conditions:
(i) All payments into the PR Account must be made as transfers of collected funds from a deposit account of Borrower with Bank.
(ii) Payments into the PR Account must be in amounts of at least $100,000.
(iii) The total balance in the PR Account may not exceed 50% of the aggregate outstanding Related Principal Portion for Used Vehicles calculated on a daily basis. If the amount in the PR Account exceeds the maximum amount permitted hereunder, Bank is authorized to make a PR Account Advance (defined below) in the amount of any such excess and deposit such amount in any of such Borrower’s deposit accounts with Bank.