Example ContractsClausesSwing Loans
Remove:

Subject to the terms and conditions hereof and relying upon the representations and warranties herein set forth, and in order to facilitate advances and repayments between Settlement Dates, may, at its option, cancel at any time for any reason whatsoever, make swing loans (the "Swing Loans") (which shall be Domestic Rate Loans bearing interest based upon the Alternate Base Rate only) to at any time or from time to time after the date hereof to, but not including, the last day of the Term, in an aggregate principal amount up to but not in excess of ten percent (10%) of the Maximum Revolving A Advance Amount, provided that the aggregate principal amount of 's Swing Loans and the Revolving A Advances of all the Lenders shall not exceed the lesser of # the Maximum Revolving A Advance Amount less the aggregate Maximum Undrawn Amount of outstanding Letters of Credit or # the Formula Amount. Within such limits of time and amount and subject to the other provisions of this Agreement, may borrow, repay and reborrow pursuant to this [Section 2.23].

Swing Loans. No later than (local time at the Payment Office) on the date specified in each Notice of Borrowing, the Swing Line Lender will make available to the Borrower by depositing to its account at the Payment Office (or such other account as the Borrower shall specify) the aggregate of Swing Loans requested in such Notice of Borrowing.

Swing Loans. During the Revolving Facility Availability Period, the Swing Line Lender agrees, on the terms and conditions set forth in this Agreement, to make a Swing Loan or Swing Loans to the Borrower from time to time, which Swing Loans # shall be payable on the Swing Loan Maturity Date applicable to each such Swing Loan; # shall be made only in U.S. Dollars; # may be repaid or prepaid and reborrowed in accordance with the provisions hereof; # may only be made if after giving effect thereto # the aggregate principal amount of Swing Loans outstanding does not exceed the Swing Line Commitment, # the sum of # the Revolving Facility Exposure of any Lender and # the Swing Line Exposure of such Lender, does not exceed such Lender’s Revolving Commitment and # the sum of # the Aggregate Revolving Facility Exposure and # the outstanding principal amount of Swing Loans, would exceed the Total Revolving Commitment; # shall not be made if, after giving effect thereto, the Borrower would be required to prepay Loans or cash collateralize Letters of Credit pursuant to [Section 2.13(b)]; and # shall not be made if the proceeds thereof would be used to repay, in whole or in part, any outstanding Swing Loan.

Swing Loans. Each Borrower shall repay to the for the account of each Swing Loan Bank and each other Lender that has made a Swing Loan, the outstanding principal amount of each Swing Loan to such Borrower made by each of them on the earlier of # the maturity date specified in the applicable Notice of Swing Loan Borrowing (which maturity shall be no later than # the seventh day after the requested date of such Borrowing, in the case of a Swing Loan denominated in Dollars, # the tenth Business Day after the requested date of such Borrowing, in the case of a Swing Loan denominated in Sterling or Canadian Dollars and # the tenth Target Operating Day after the requested date of such Borrowing, in the case of a Swing Loan denominated in Euros) and # the Termination Date of such Lender.

Subject to the terms and conditions contained herein, the Swing Line Lender agrees that it will make Swing Line Loans to each Borrower from time to time in amounts requested by such Borrower (or Lead Borrower on behalf of such Borrower) up to the aggregate amount outstanding equal to the Swing Line Loan Limit; provided, that, after giving effect to any such Swing Line Loan, the aggregate principal amount of the Tranche A Revolving Loans, Swing Line Loans and Letter of Credit Accommodations outstanding shall not exceed the lesser of # the Tranche A Borrowing Base at such time, or # the Tranche A Maximum Credit at such time. Subject to the terms and conditions hereof, each Borrower (or Lead Borrower on behalf of Borrowers) may from time to time borrow, prepay and reborrow Swing Line Loans. Swing Line Lender shall not be required to make Swing Line Loans, if, after giving effect thereto, the aggregate outstanding principal amount of all Swing Line Loans would exceed the then existing Swing Line Loan Limit. Each Swing Line Loan shall be subject to all of the terms and

Swing Line Loans. The Borrower shall repay each Swing Line Loan on the earlier to occur of # the date that is five (5) Business Days after such Loan is made and # the Maturity Date for the Extended Revolving Credit Facility (although Swing Line Loans may thereafter be reborrowed, in accordance with the terms and conditions hereof, if there are one or more Classes of Revolving Credit Commitments which remain in effect).

(i) Subject to the terms and conditions set forth herein, the Domestic Swing Line Lender agrees, in reliance upon the agreements of the other Lenders set forth in this [Section 2.04], to make loans (each such loan, a “Domestic Swing Line Loan”) to the Parent Borrower in Dollars from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Domestic Swing Line Sublimit; provided, however, that after giving effect to any Domestic Swing Line Loan, # the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, and # the aggregate Outstanding Amount of the Revolving Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line Loans shall not exceed such Lender’s Revolving Commitment, and provided, further, that the Parent Borrower shall not use the proceeds of any Domestic Swing Line Loan to refinance any outstanding Swing Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, the Parent Borrower may borrow under this [Section 2.04], prepay under [Section 2.05], and reborrow under this [Section 2.04]. Each Domestic Swing Line Loan shall bear interest, # unless otherwise agreed by the Parent Borrower and the Domestic Swing Line Lender, at a rate based on the Daily Floating Eurodollar Rate or # at a rate based on the Base Rate. Immediately upon the making of a Domestic Swing

Swing Line Loans. Each Borrower may, upon notice to the applicable Swing Line Lender (with a copy to the applicable Administrative Agent), at any time or from time to time, voluntarily prepay its Swing Line Loans in whole or in part without premium or penalty; provided that # such notice must be received by the applicable Swing Line Lender and the applicable Administrative Agent not later than on the date of the prepayment, and # any such prepayment shall be # with respect to Domestic Swing Line Loans, in a minimum principal

Swing Line Loans. The Borrower may, upon notice to the Swing Line Lender (with a copy to the Administrative Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in whole or in part without premium or penalty; provided that # such notice must be received by the Swing Line Lender and the Administrative Agent not later than on the date of the prepayment, and # any such prepayment shall be in a minimum principal amount of . Each such notice shall specify the date and amount of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.

Swing Line Loans. The Borrower shall repay each Swing Line Loan on the earlier to occur of # the maturity date agreed to by the Swing Line Lender and the Borrower with respect to such Loan (which maturity date shall not be a date more than thirteen (13) days from the date of advance thereof) and # the Maturity Date.

Borrower shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan and # the Swing Line Lender shall not be under any obligation to make any Swing Line Loan if it shall determine (which determination shall be conclusive and binding absent manifest error) that it has, or by such Credit Extension may have, Fronting Exposure. Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrower may borrow under this [Section 2.04], prepay under [Section 2.05], and reborrow under this [Section 2.04]. Each Swing Line Loan shall be a Base Rate Loan. Immediately upon the making of a Swing Line Loan, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Swing Line Loan.

Swing Line Loans. (a) The Swing Line. Subject to the terms and conditions set forth in this Agreement (including, without limitation, [Section 4.02]), the Swing Line Lender agrees, in reliance upon the agreements of the other Lenders set forth in this [Section 2.04], to make loans (each such loan, a “Swing Line Loan”) to the Borrower from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated with the Applicable Revolving Credit Percentage of the Outstanding Amount of Revolving Credit Loans and L/C Obligations of the Lender acting as Swing Line Lender, may exceed the amount of such Lender’s Revolving Credit Commitment; provided, however, that after giving effect to any Swing Line Loan, # the Total Credit Outstandings shall not exceed the Revolving Credit Facility at such time, and # the aggregate Outstanding Amount of the Revolving Credit Loans of any Revolving Credit Lender at such time, plus such Revolving Credit Lender’s Applicable Revolving Credit Percentage of the Outstanding Amount of all L/C Obligations at such time, plus such Revolving Credit Lender’s Applicable Revolving Credit Percentage of the Outstanding Amount of all Swing Line Loans at such time shall not exceed such Lender’s Revolving Credit Commitment, and provided, further, that the Borrower shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrower may borrow under this [Section 2.04], prepay under [Section 2.05], and reborrow under this [Section 2.04]. Each Swing Line Loan shall bear interest only at a rate based on the Alternate Base Rate. Immediately upon the making of a Swing Line Loan, each Revolving Credit Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal to the product of such Revolving Credit Lender’s Applicable Revolving Credit Percentage times the amount of such Swing Line Loan.

Multicurrency Swing Loans. If such Loan is a Swing Loan that is # denominated in Sterling, a rate per annum equal at all times to the Sterling Swing Loan Rate in effect from time to time, # denominated in Canadian Dollars, a rate per annum equal at all times to the Canadian Dollar Swing Loan Rate in effect from time to time and # denominated in Euros, a rate per annum equal at all times to the Euro Swing Loan Rate in effect from time to time, in each case payable on each Quarterly Date while such Swing Loan is outstanding and on the date such Swing Loan shall be paid in full.

Making of Swing Loans. So long as the aggregate outstanding principal amount of all Swing Loans does not, at any time, exceed (except as contemplated in [Section 2.3(d)]), Swing Lender shall make a Revolving Loan (any such Revolving Loan made by Swing Lender pursuant to this [Section 2.3(b)] being referred to as a “Swing Loan” and all such Revolving Loans being referred to as “Swing Loans”) available to Borrowers on the Funding Date applicable thereto by transferring immediately available funds in the amount of such Borrowing to the Designated Account. Each Swing Loan shall be deemed to be a Revolving Loan hereunder and shall be subject to all the terms and conditions (including [Section 3]) applicable to other Revolving Loans, except that all payments (including interest) on any Swing Loan shall be payable to Swing Lender solely for its own account. Subject to the

Borrowing Mechanics for Swing Line Loans. Each Swing Line Loan Borrowing shall be made upon the ’s irrevocable notice to the Swing Line and the Administrative . Each such notice may be given by: # telephone, or # a Swing Line Loan Request; provided that any telephonic notice by the must be confirmed immediately by delivery to the Swing Line and the Administrative of a Swing Line Loan Request. Each such Swing Line Loan Request must be received by the Swing Line and the Administrative not later than (New York City time) on the date of the requested Swing Line Loan Borrowing, and such notice shall specify # the to be credited (or, if none is specified, the notice shall be deemed to be made on behalf of the ), # the amount to be borrowed, which shall be in a minimum of or a whole multiple of in excess thereof, and # the date of such Swing Line Loan Borrowing (which shall be a Business Day). Promptly after receipt by the Swing Line of such notice, the Swing Line will confirm with the Administrative that the Administrative has also received such notice and, if not, the Swing Line will notify the Administrative of the contents thereof. Unless the Swing Line has received notice from the Administrative (including at the request of the Required Revolving Lenders) prior to (New York City time) on such requested borrowing date # directing the Swing Line not to make such Swing Line Loan as a result of the limitations set forth in the first sentence of [Section 2.03(a) or (B)])] that one or more of the applicable conditions set forth in [Section 4.02] is not then satisfied, then, subject to the terms and conditions set forth herein, the Swing Line shall make each Swing Line Loan available to the , by wire transfer thereof in accordance with instructions provided to (and reasonably acceptable to) the Swing Line , not later than (New York City time) on the requested date of such Swing Line Loan (which instructions may include standing payment instructions, which may be updated from time to time by the , provided that, unless the Swing Line shall otherwise agree, any such update shall not take effect until the Business Day immediately following the date on which such update is provided to the Swing Line ).

New Swing Loans/Letters of Credit. So long as any Revolving Lender is a Defaulting Lender, # the Swing Line Lender shall not be required to fund any Swing Loans unless it is satisfied that it will have no Swing Line Exposure after giving effect to such Swing Loan and # no LC Issuer shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no LC Outstandings after giving effect thereto.

Base Rate Loans, Swing Loans in Dollars and Letter of Credit Loans. If such Loan is either a Revolving Loan, a Swing Loan that is denominated in Dollars or a Letter of Credit Loan which, in each case, bears interest at the Base Rate, a rate per annum equal at all times to the Base Rate in effect from time to time, payable on # each Quarterly Date while such Revolving Loan or Swing Loan is outstanding or # the last day of each month during which such Letter of Credit Loan is outstanding, and in each case, on the date such Revolving Loan, Swing Loan or Letter of Credit Loan shall be paid in full.

Swing Line Lender” means each Domestic Swing Line Lender (in the case of Domestic Swing Line Loans), and the Canadian Swing Line Lender (in the case of Canadian Swing Line Loans), and the U.K. Swing Line Lender (in the case of U.K. Swing Line Loans), as the context may require.

Select clause to view document information.

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.