Common use of Principal Reductions Clause in Contracts

Principal Reductions. Dealership must pay a monthly principal reduction of 10% of the original principal amount (each a “Principal Reduction”) for each Vehicle on Dealership’s floorplan for more than 180 days (regardless of repayment and re-borrowing) until the outstanding principal amount for that Vehicle is reduced to lesser of 50% of the original principal amount or 50% of the clean wholesale value. Principal Reductions may be billed to Dealership and will reduce the amount of the Wholesale Outstandings when paid by Dealership. Any change in the Principal Reductions required by either or both of the Ally Parties will not constitute an amendment to this Agreement.

Principal Reductions. Dealership must pay a monthly principal reduction of 10% of the original principal amount (each a “Principal Reduction”) for each Vehicle on Dealership’s floorplan for more than 180 150 days (regardless of repayment and re-borrowingborrowing and regardless of whether the Vehicle was originally financed under the Participated IFSA or this Agreement) until the outstanding principal amount for that Vehicle is reduced to lesser of 50% of the original principal amount or 50% of the clean wholesale value. Principal Reductions may be billed to Dealership and will reduce the amount of the Wholesale Outstandings when paid by Dealership. Any change in the Principal Reductions required by either or both of the Ally Parties will not constitute an amendment to this Agreement.

Principal Reductions. Dealership must pay a monthly principal reduction of 10% of the original principal amount (each a “Principal Reduction”) for each Vehicle on Dealership’s floorplan for more than 180 150 days (regardless of repayment and re-borrowing) until the outstanding principal amount for that Vehicle is reduced to lesser of 50% of the original principal amount or 50% of the clean wholesale value. Principal Reductions may be billed to Dealership and will reduce the amount of the Wholesale Outstandings when paid by Dealership. Any change in the Principal Reductions required by either or both of the Ally Parties will not constitute an amendment to this Agreement.