Loan Adjustment definition
Examples of Loan Adjustment in a sentence
Between Floor Plan Loan Adjustment Dates, M&T Bank may (but shall not be obligated to) fund to the Floor Plan Borrowers solely out of M&T Bank’s own funds the entire principal amount of any Loan Request (any such funding being referred to as an “M&T Advance”).
At the end of each month (or, at the election of the Administrative Agent, on the Floor Plan Loan Adjustment Date occurring in the fourth calendar week of any calendar month), the Equity Offset interest accrued shall be applied to accrued and unpaid interest on account of the Floor Plan Loans as billed by the Administrative Agent, reducing, pro-rata, the interest receivable of each Floor Plan Lender.
If such general reserve is less than 1 1/2%, then the Loan Adjustment Factor will equal the different between (i) 1 1/2% and (ii) the percentage of the remaining general reserve that would be applicable to the Identified Loans after moving sufficient general reserves to the non-Identified Loans so that all non-Identified Loans would have a general reserve of 1 1/2%.
On each Revolving Loan Adjustment Date, the Applicable Margin for Revolving Loans shall be adjusted to be equal to the Applicable Margins opposite the Pricing Level determined to exist on such Revolving Loan Adjustment Date from the financial statements relating to such Revolving Loan Adjustment Date.
Any payments received by the Administrative Agent between Floor Plan Loan Adjustment Dates that in accordance with the terms of this Agreement are to be applied to the reduction of the outstanding aggregate principal balances of the Floor Plan Loans, shall be paid over to and retained by M&T Bank for such application to the outstanding M&T Advances and credited against the Lenders’ respective purchases of participation interests in the respective M&T Advances, subject to the provisions of Section 2.14.
Purchaser may, within three Business Days of receipt of a notice of a MLA Termination, void such termination by agreeing to accept a Loan Adjustment equal to the Maximum Loan Adjustment and proceeding to Closing in accordance with this Agreement.
The "Adjustable Rate Index" shall be the yield calculated on the basis of the actual weekly auction rate on fifty-two (52) week Treasury Bills sold by the U.S. Treasury during the week preceding the week in which funds are advanced by Bank to Borrower under this Note (the "Funding Date") or the Term Loan Adjustment Date occurs (as the case may be).
On each Floor Plan Loan Adjustment Date payments shall be made by or to M&T Bank on account of the M&T Advances and by or to the other Lenders so that as of each Floor Plan Loan Adjustment Date, and after giving effect to the transactions to take place on such Floor Plan Loan Adjustment Date, each Lender’s funded portion of the aggregate outstanding principal balance of the Floor Plan Loans shall equal such Lender’s Floor Plan Loan Commitment Percentage of such aggregate balance.
Not later than three (3) Business Days after the Post-Closing Prefunded Loan True-Up Amount becomes final and binding on the Parties as determined in this Section 5.20, the Seller shall pay or cause to be paid in cash to an account designated by Buyer an amount equal to (a) the product of (i) the Post-Closing Prefunded Loan True-Up Amount multiplied by (ii) the applicable Prefunded Loan Adjustment Rate minus (b) any amount previously paid by Seller under Section 2.9(e)(vi).
The aggregate principal amount of the Promissory Notes shall be reduced by the Loan Adjustment Calculation, which is equal to the product of nine hundred thousand (900,000) times the average closing bid price on Nasdaq (market price) of the Acquiror's Common Stock for a period of 60 trading days commencing the day following closing.