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.
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 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 (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 Seventh Amendment Effective Date, the aggregate amount of the Lenders’ Floor Plan Commitments is $90,000,000.
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.
Examples of Floor Plan Commitment in a sentence
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.
More Definitions of Floor Plan Commitment
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
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).
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.