Floor Plan Commitment definition

Floor Plan Commitment means for each Floor Plan Lender, (i) its obligation to make Floor Plan Loans to the Borrowers up to the amount set forth opposite such Lender’s name on Schedule 1.01, under the caption “Floor Plan Commitment”, or opposite such caption in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement, and (ii) its obligation to purchase and fund participations in Floor Plan Loans pursuant to Section 2.15.
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Floor Plan Commitment means, with respect to each Lender, the commitment, if any, of such Lender to make Floor Plan Loans and to acquire participations in Swingline Loans hereunder, expressed as an amount representing the maximum possible aggregate amount of such Xxxxxx’s Floor Plan Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08, (b) increased from time to time pursuant to Section 2.21, and (c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Floor Plan Commitment is set forth on the Commitment Schedule, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Floor Plan Commitment, as applicable. As of the Fourth Amendment Effective Date, the aggregate amount of the Lenders’ Floor Plan Commitments is $70,000,000.
Sample 1
Floor Plan Commitment means, with respect to each Lender, the commitment, if any, of such Lender to make Floor Plan Loans, expressed as an amount representing the maximum possible aggregate amount of such Lender’s Floor Plan Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08, (b) increased from time to time pursuant to Section 2.21, and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Floor Plan Commitment is set forth on the Commitment Schedule, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Floor Plan Commitment, as applicable. As of the Effective Date, the aggregate amount of the Lenders’ Floor Plan Commitments is $40,000,000.
Sample 1

Examples of Floor Plan Commitment in a sentence

  • Nothing contained in this Section 2.21 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Floor Plan Commitment hereunder.

  • Subject to the terms and conditions set forth herein, each Lender severally (and not jointly) agrees to make Floor Plan Loans to the Borrowers from time to time during the Floor Plan Availability Period in an aggregate principal amount that will not result in (a) such Lender’s Floor Plan Exposure exceeding such Lender’s Floor Plan Commitment, or (b) the sum of the total Floor Plan Exposures exceeding the total Floor Plan Commitments.

  • The Administrative Agent will promptly notify the applicable Lenders and the Letter of Credit Issuer, as applicable, of any termination or reduction of the Letter of Credit Facility or the Floor Plan Commitment under this Section 2.08.

  • No Lender (or any successor thereto) shall have any obligation, express or implied, to offer to increase the aggregate principal amount of its Floor Plan Commitment, or to provide any Incremental Term Loan Commitment, and any decision by a Lender to do so shall be made in its sole discretion independently from any other Lender.

  • Floor Plan Commitment Fees shall be payable quarterly in arrears on the last day of each March, June, September and December, commencing on the first such date to occur after the Closing Date, and on the last day of the Floor Plan Availability Period.

  • All Floor Plan Loans made by a Floor Plan Lender shall be made against the amount of its Floor Plan Commitment.

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  • On the date that is specified by the Agent (but not later than the third (3rd) Business Day after the Company’s satisfaction or the Lenders’ written waiver of the conditions precedent specified in Section 4.4), the aggregate Floor Plan Credit Commitments will increase from $85,000,000 to $100,000,000, with each Lender’s respective Floor Plan Commitment equal to its then existing Percentage of the Floor Plan Commitments.

  • On each Floor Plan 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 Adjustment Date, and after giving effect to the transactions to take place on such Floor Plan Adjustment Date, each Lender’s funded portion of the aggregate outstanding principal balance of the Floor Plan Committed Loans shall equal such Lender’s Floor Plan Commitment Percentage of such Outstanding Amount.

  • Each Lender shall be deemed to have purchased an irrevocable and unconditional participation in each M&T Advance, in an amount equal to each Lender’s respective Floor Plan Commitment Percentage of the principal amount of such M&T Advance, effective immediately upon the funding of each M&T Advance.


More Definitions of Floor Plan Commitment

Floor Plan Commitment means, as to any Lender, its obligation to (a) make Floor Plan Committed Loans to the Floor Plan Borrowers hereunder, including M&T Advances and Floor Plan Committed Loans made pursuant to Draft Agreements, and (b) purchase participations in M&T Advances or funded Drafts, as such commitment may be (x) adjusted from time to time pursuant to this Agreement and (y) reduced or increased from time to time pursuant to (i) assignments by or to such Lender pursuant to an Assignment And Assumption or (ii) an Incremental Amendment. The initial amount of each Lender’s Floor Plan Commitment is specified on Schedule 2.01 under the caption “Closing Date Floor Plan Commitment” or, otherwise, in the Assignment And Assumption or Incremental Amendment pursuant to which such Lender shall have assumed its Floor Plan Commitment, as the case may be; and “Floor Plan Commitments” means the aggregate Floor Plan Commitments of all of the Lenders.
Sample 1
Floor Plan Commitment means, as to each Lender, its obligation to make Floor Plan Loans to the Borrowers pursuant to Section 2.1, and to purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule I under the caption “Floor Plan Commitments” or opposite such caption (or other caption indicating such Lender’s Floor Plan Commitment) in the Assignment and Acceptance or other documentation pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. The aggregate Floor Plan Commitments of all of the Lenders on the Closing Date are $90,350,000 (and are (a) subject to increase in accordance with the terms hereof and (b) subject to the limitations set forth in the last sentence of Section 2.1).
Sample 1
Floor Plan Commitment means, for each Floor Plan Lender, (i) its obligation to make Floor Plan Loans to the Borrowers up to the amount set forth opposite such Lender’s name on Schedule 1.01 , under the caption “Floor Plan Commitment”, or opposite such caption in the
Sample 1

Related to Floor Plan Commitment

  • L/C Commitment means the commitment of the Issuing Bank to issue Letters of Credit pursuant to Section 2.23.

  • Loan Commitment means a statement transmitted in writing or electronically by a mortgage lender setting forth the terms and conditions upon which the mortgage lender is willing to make a particular residential mortgage loan to a particular borrower.

  • Revolving Committed Amount shall have the meaning set forth in Section 2.1(a).

  • LOC Committed Amount shall have the meaning set forth in Section 2.3(a).

  • Total Revolving Loan Commitment means, at any time, the sum of the Revolving Loan Commitments of each of the Lenders at such time.

  • Revolving Loan Commitment means the commitment of a Revolving Lender to make Revolving Loans to Company pursuant to subsection 2.1A(ii), and “Revolving Loan Commitments” means such commitments of all Revolving Lenders in the aggregate.

  • Total Term Loan Commitment means the sum of the amounts of the Lenders’ Term Loan Commitments.

  • Letter of Credit Commitment Amount means, on any date, a maximum amount of $10,000,000, as such amount may be reduced from time to time pursuant to Section 2.2.

  • Committed Amount shall have the meaning assigned thereto in the Pricing Side Letter.

  • Term Loan Committed Amount shall have the meaning set forth in Section 2.2(a).

  • Revolving Loan Commitment Amount means, on any date, $30,000,000, as such amount may be reduced from time to time pursuant to Section 2.2.

  • Commitment Amount means, as the context may require, the Revolving Loan Commitment Amount, the Letter of Credit Commitment Amount or the Swing Line Loan Commitment Amount.

  • Total Revolving Commitment means the sum of the Revolving Commitments of the Revolving Lenders as the same may be decreased pursuant to Section 2.12(c) or increased pursuant to Section 2.19. As of the Closing Date, the amount of the Total Revolving Commitment is $100,000,000.

  • Total Unutilized Revolving Loan Commitment means, at any time, an amount equal to the remainder of (x) the Total Revolving Loan Commitment in effect at such time less (y) the sum of (i) the aggregate principal amount of all Revolving Loans and Swingline Loans outstanding at such time plus (ii) the aggregate amount of all Letter of Credit Outstandings at such time.

  • Unutilized Revolving Loan Commitment means, with respect to any Lender at any time, such Lender’s Revolving Loan Commitment at such time less the sum of (i) the aggregate outstanding principal amount of all Revolving Loans made by such Lender at such time and (ii) such Lender’s RL Percentage of the Letter of Credit Outstandings at such time.

  • Aggregate Revolving Loan Commitment means the aggregate of the Revolving Loan Commitments of all the Revolving Lenders, as may be reduced or increased from time to time pursuant to the terms hereof. The initial Aggregate Revolving Loan Commitment is Two Hundred Fifty Million and 00/100 Dollars ($250,000,000.00).

  • LOC Commitment means the commitment of the Issuing Lender to issue Letters of Credit and with respect to each Lender, the commitment of such Lender to purchase participation interests in the Letters of Credit up to such Lender's LOC Committed Amount as specified in Schedule 2.1(a), as such amount may be reduced from time to time in accordance with the provisions hereof.

  • Tranche C Commitment means, as to each Lender, its obligation to (a) make Committed Loans to TFA pursuant to Section 2.1(c) and (b) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.1 as its “Tranche C Commitment” or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

  • Revolving Commitment means, as to each Lender, its obligation to (a) make Revolving Loans to the Borrower pursuant to Section 2.01, (b) purchase participations in L/C Obligations and (c) purchase participations in Swing Line Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

  • Total Loan Commitment means an amount equal to the aggregate amount of all Loan Commitments.

  • Facility A Commitment means, in relation to a Facility A Lender, the amount set opposite its name in column 1 of part E of schedule 1 or, as the case may be, in any relevant Transfer Certificate, as amended by any relevant term of this Agreement;

  • Revolving Commitment Amount means the Revolving Commitment amount (if any) set forth adjacent to such Lender’s name on Schedule A attached hereto (or, in the case of any Lender that became party to this Agreement after the Closing Date pursuant to Section 16.3(c) or (d) hereof, the Revolving Commitment amount (if any) of such Lender as set forth in the applicable Commitment Transfer Supplement).

  • Revolving Loan Commitment Percentage means, as to any Lender, (a) on the Closing Date, the percentage set forth opposite such Lender’s name on the Commitment Annex under the column “Revolving Loan Commitment Percentage” (if such Lender’s name is not so set forth thereon, then, on the Closing Date, such percentage for such Lender shall be deemed to be zero), and (b) on any date following the Closing Date, the percentage equal to the Revolving Loan Commitment Amount of such Lender on such date divided by the Revolving Loan Commitment on such date.

  • Undrawn Commitment means, with respect to any Revolving Lender at any time, an amount (which may not be less than zero) equal to (i) such Lender’s Revolving Commitment at such time minus (ii) the aggregate outstanding principal amount of Revolving Loans held by such Revolving Lender at such time.

  • LC Commitment Amount means $600,000,000 as the same may be reduced permanently from time to time pursuant to Section 2.08.

  • Total Utilization of Revolving Loan Commitments means, as at any date of determination, the sum of (i) the aggregate principal amount of all outstanding Revolving Loans (other than Revolving Loans made for the purpose of repaying any Refunded Swing Line Loans or reimbursing the applicable Issuing Lender for any amount drawn under any Letter of Credit but not yet so applied) plus (ii) the aggregate principal amount of all outstanding Swing Line Loans plus (iii) the Letter of Credit Usage.