M&T Advances. 2.02.1. Advances. 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”). Each Floor Plan Lender shall purchase an irrevocable and unconditional participation in each M&T Advance, in an amount equal to such Floor Plan Lender’s respective Floor Plan Loan Commitment Percentage of the principal amount of such M&T Advance, effective immediately upon the funding of each M&T Advance. Each Floor Plan Lender shall have the unconditional and irrevocable obligation to pay, and does hereby agree to pay, to M&T Bank, on each Floor Plan Loan Adjustment Date, an amount equal to such Floor Plan Lender’s Floor Plan Loan Commitment Percentage of each M&T Advance, and settlement shall occur between M&T Bank and all other Floor Plan Lenders on each Floor Plan Loan Adjustment Date such that after each such settlement, the Floor Plan Lenders shall each hold that percentage of the then aggregate outstanding principal balances of the Floor Plan Loans equal to such Floor Plan Lender’s respective Floor Plan Loan Commitment Percentage. Each Floor Plan Lender acknowledges and agrees that its obligation to acquire participations in M&T Advances and make payments to M&T Bank on account of such participations pursuant to this Section is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or Event of Default (including, without limitation, the commencement of a proceeding under the Bankruptcy Code or other Debtor Relief Laws with respect to any of Floor Plan Borrowers) or the reduction or termination of the Floor Plan Loan Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. All payments of principal, interest and any other amount with respect to each outstanding M&T Advance shall be payable to and received by the Administrative Agent for the account of M&T Bank. 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 ...
M&T Advances. Between Settlement Dates, the Agent may request and M&T may (but shall not be obligated to) advance to the Borrower out of M&T’s own funds, the entire principal amount of any Advance requested or deemed requested pursuant to Section 2.1.2 (Procedure for Making Advances Under the Revolving Loan) (any such Advance being referred to as a “M&T Loan”). The making of each M&T Loan by M&T shall be deemed to be a purchase by M&T of a 100% participation in each other Lender’s Revolving Credit Pro Rata Share of the amount of such M&T Loan. All payments of principal, interest and any other amount with respect to such M&T Loan shall be payable to and received by the Agent for the account of M&T. Upon demand by M&T, with notice to the Agent, each other Lender shall pay to M&T, as the repurchase of such participation, an amount equal to 100% of such Lender’s Revolving Credit Pro Rata Share of the principal amount of such M&T Loan. Any payments received by the Agent between Settlement Dates that in accordance with the terms of this Agreement are to be applied to the reduction of the outstanding principal balance of Revolving Loan, shall be paid over to and retained by M&T for such application, and such payment to and retention by M&T shall be deemed, to the extent of each other Lender’s Revolving Credit Pro Rata Share of such payment, to be a purchase by each such other Lender of a participation in the Advance (including the repurchase of participations in M&T Loans) made by M&T. Upon demand by another Lender, with notice thereof to the Agent, M&T shall pay to the Agent, for the account of such other Lender, as a repurchase of such participation, an amount equal to such other Lender’s Revolving Credit Pro Rata Share of any such amounts (after application thereof to the repurchase of any participations of M&T in such other Lender’s Revolving Credit Pro Rata Share of any M&T Loans) paid only to M&T by the Agent.
M&T Advances. 6465 2.02.1. Advances................................................................................... 6465 2.02.2. Automated Sweep Program....................................................... 6566 2.02.3. Repayment Obligations of Borrowers....................................... 6566
M&T Advances
