Common use of M&T Advances Clause in Contracts

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.