Procedure for Decreasing the Principal Amount Sample Clauses
The "Procedure for Decreasing the Principal Amount" clause outlines the steps and requirements for reducing the outstanding principal balance of a loan or financial obligation. Typically, this clause specifies how a borrower can request a reduction, any necessary approvals, and the timing or conditions under which the decrease is permitted. For example, it may require written notice to the lender and adherence to minimum principal thresholds. The core function of this clause is to provide a clear and orderly process for adjusting the principal amount, thereby preventing disputes and ensuring both parties understand how such changes can be made.
Procedure for Decreasing the Principal Amount. On any one or more Monthly Sale Dates during the Revolving Period, upon request of the Servicer on behalf of the Trust, the Aggregate Principal Amount may be reduced (a "Decrease") by (A)(i) a deposit by the Transferor to the Distribution Account of the amount of such reduction or (ii) the allocation to the Distribution Account of any amounts available pursuant to Section 4.3(g) of the Agreement or (iii) any combination of (i) and (ii). The Servicer shall give the Deal Agent written notice (effective upon receipt) prior to 12:00 Noon (New York City time) three Business Days prior to the date of any Decrease stating the amount of such Decrease; provided that each such Decrease shall be in an amount equal to or greater than $250,000.
Procedure for Decreasing the Principal Amount. On any one or more Weekly Sale Dates during the Revolving Period, upon request of the Servicer on behalf of the Trust, the Aggregate Class A Principal Amount may be reduced (a "Class A Decrease") by (A)(i) a deposit by the Transferor to the Distribution Account of the amount of such reduction or (ii) the allocation to the Distribution Account of any amounts available pursuant to Section 4.3(g) of the Agreement or (iii) any combination of (i) and (ii). On any one or more Weekly Sale Dates during the Revolving Period, upon request of the Servicer on behalf of the Trust, the Aggregate Class B Principal Amount may be reduced (a "Class B Decrease") by (A)(i) a deposit by the Transferor to the Distribution Account of the amount of such reduction or (ii) the allocation to the Distribution Account of any amounts available pursuant to Section 4.3(g) or (iii) any combination of (i) and (ii); provided that, after giving effect to such Class B Decrease, the Series Subordinated Amount shall not be less than the Required Series Subordinated Amount and the amount of the Class B Decrease shall not exceed the amount that when subtracted from the Aggregate Class B Principal Amount (after giving effect to amounts previously allocated to thereto pursuant to this Section 8) will cause the Aggregate Class B Principal Amount to equal the Required Subordinated Amount (after giving effect to such Class B Decrease). The Servicer shall give the Administrative Agent written notice (effective upon receipt) prior to 12:00 Noon (New York City time) three Business Days prior to the date of any Decrease stating the amount of such Decrease, the portion thereof to be allocated to the Class A Decrease and the portion thereof to be allocated to the Class B Decrease; provided that each such Decrease shall be in an amount equal to or greater than $250,000.
Procedure for Decreasing the Principal Amount