Making of Swing Loans. (i) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(d) apply to a requested Borrowing as described in Section 2.3(b), Swing Lender as a Lender shall make such Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d) being referred to as a "Swing Loan" and such Advances and Capital Expenditures Loans being referred to collectively as "Swing Loans") available to Borrower on the Funding Date applicable thereto by transferring immediately available funds to Borrower's Designated Account. Each Swing Loan shall be deemed to be an Advance or Capital Expenditures Loan hereunder, as applicable, and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicable, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(i), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan. (ii) The Swing Loans shall be secured by the Agent's Liens, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans.
Appears in 1 contract
Making of Swing Loans. (i) In the event Agent shall elect, with the consent of Swing Lender, as a U.S. Lender, to have the terms of this Section 2.3(d2.2.A.(d) apply to a requested Borrowing as described in Section 2.3(b2.2.A.(b), Swing Lender as a U.S. Lender shall make such U.S. Advance or Capital Expenditures Loan in the amount of such Borrowing (any such U.S. Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d2.2.A.(d) being referred to as a "Swing Loan" and such U.S. Advances and Capital Expenditures Loans being referred to collectively as "Swing Loans") available to Borrower U.S. Borrowers on the Funding Date applicable thereto by transferring immediately available funds to Administrative Borrower's Designated Account. Each Swing Loan shall be deemed to be an a U.S. Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableU.S. Advances, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender as a U.S. Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(i2.2(g), Agent shall not request Swing Lender as a U.S. Lender to make, and Swing Lender as a U.S. Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the result in U.S. Availability being equal to $0 on such Funding Date. Swing Lender as a U.S. Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii) The Swing Loans shall be secured by the Agent's Liens, constitute Advances and Obligations hereunder, and bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Prime Rate Loans.
Appears in 1 contract
Making of Swing Loans. (i1) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(d2.2(d) apply to a requested Borrowing as described in Section 2.3(b2.2(b), Swing Lender as a Lender shall make such Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d2.2(d) being referred to as a "“Swing Loan" ” and such Advances and Capital Expenditures Loans being referred to collectively as "“Swing Loans"”) available to Borrower Borrowers on the Funding Date applicable thereto by transferring immediately available funds to Administrative Borrower's ’s Designated AccountAccount or as otherwise directed by the Administrative Borrower in the applicable request for a Borrowing. Each Swing Loan shall be deemed to be an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(i2.2(g), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the result in Availability being equal to (or less than) $0 on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii2) The Swing Loans shall be secured by the Agent's ’s Liens, constitute Advances and Obligations hereunder, and bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Prime Rate Loans.
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Making of Swing Loans. (i) In the event Agent shall electcase of a request for a US Swing Loan and so long as either (i) (A) the aggregate amount of US Swing Loans made since the last Settlement Date, with minus all payments or other amounts applied to US Swing Loans since the consent last Settlement Date, plus the amount of the requested US Swing Loan does not exceed $<20,000,000>25,000,000 and (B) the aggregate amount of outstanding US Revolving Loans (inclusive of US Swing Loans) funded by the Lender that is the US Swing Lender plus the amount of the requested US Swing Loan does not exceed such ▇▇▇▇▇▇'s US Revolver Commitment or (ii) US Swing Lender, as in its sole discretion, agrees to make a LenderUS Swing Loan notwithstanding the foregoing limitation, to have the terms of this Section 2.3(d) apply to a requested Borrowing as described in Section 2.3(b), US Swing Lender as a Lender shall make such Advance or Capital Expenditures a US Revolving Loan in the amount of such Borrowing (any such Advance or Capital Expenditures US Revolving Loan made solely by US Swing Lender as a Lender pursuant to this Section 2.3(d2.3(b) being referred to as a "US Swing Loan" and all such Advances and Capital Expenditures US Revolving Loans being referred to collectively as "US Swing Loans") available to Borrower US Borrowers on the Funding Date applicable thereto by transferring immediately available funds in the amount of such requested Borrowing to Borrower's the US Designated Account. Each US Swing Loan shall be deemed to be an Advance or Capital Expenditures a US Revolving Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions (including Section 3) applicable to other Advances or Capital Expenditures US Revolving Loans, as applicable, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments (including interest) on any US Swing Loan shall be payable to US Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan)account. Subject to the provisions of Section 2.3(i2.3(d)(ii), Agent shall not request US Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, make and shall not be obligated to make any US Swing Loan if Agent US Swing Lender has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waivedBorrowing, or (ii) the requested Borrowing would exceed the US Availability on such Funding Date. US Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, making any US Swing Loan.
(ii) . The US Swing Loans shall be secured by the Agent's LiensLiens (excluding Liens on any assets of any Canadian Loan Party, Belgian Loan Party or German Borrower), constitute Obligations hereunderUS Revolving Loans and US Obligations, and bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, US Revolving Loans that are Base Rate Loans.
(ii) In the case of a request for a Canadian Swing Loan and so long as either (i) (A) the aggregate amount of Canadian Swing Loans made since the last Settlement Date, minus all payments or other amounts applied to Canadian Swing Loans since the last Settlement Date, plus the amount of the requested Canadian Swing Loan does not exceed $7,500,000 and (B) the aggregate amount of outstanding Canadian Revolving Loans (inclusive of Canadian Swing Loans) funded by the Lender that is the Canadian Swing Lender plus the amount of the requested Canadian Swing Loan does not exceed such ▇▇▇▇▇▇'s Canadian Revolver Commitment or (ii) Canadian Swing Lender, in its sole discretion, agrees to make a Canadian Swing Loan notwithstanding the foregoing limitation, Canadian Swing Lender shall make a Canadian Revolving Loan (any such Canadian Revolving Loan made by Canadian Swing Lender pursuant to this Section 2.3(b) being referred to as a "Canadian Swing Loan" and all such Canadian Revolving Loans being referred to as "Canadian Swing Loans") available to Canadian Borrower on the Funding Date applicable thereto by transferring immediately available funds in the amount of such requested Borrowing to the Canadian Designated Account. Each Canadian Swing Loan shall be deemed to be a Canadian Revolving Loan hereunder and shall be subject to all the terms and conditions (including Section 3) applicable to other Canadian Revolving Loans, except that all payments (including interest) on any Canadian Swing Loan shall be payable to Canadian Swing Lender solely for its own account. Subject to the provisions of Section 2.3(d)(ii), Canadian Swing Lender shall not make and shall not be obligated to make any Canadian Swing Loan if Canadian Swing Lender has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing, or (ii) the requested Borrowing would exceed the Canadian Availability on such Funding Date. Canadian Swing Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making any Canadian Swing Loan. The Canadian Swing Loans shall be secured by Agent's Liens (excluding Liens on any assets of any US Loan Party or German Borrower), constitute Canadian Revolving Loans and Canadian Obligations, and bear interest at the rate applicable from time to time to Canadian Revolving Loans that are Base Rate Loans.
(iii) In the case of a request for a Belgian Swing Loan and so long as either (i) (A) the aggregate amount of Belgian Swing Loans made since the last Settlement Date, minus all payments or other amounts applied to Belgian Swing Loans since the last Settlement Date, plus the amount of the requested Belgian Swing Loan does not exceed €3,000,000 and (B) the aggregate amount of outstanding Belgian Revolving Loans (inclusive of Belgian Swing Loans) funded by the Lender that is the Belgian Swing Lender plus the amount of the requested Belgian Swing Loan does not exceed such ▇▇▇▇▇▇'s Belgian Revolver Commitment or (ii) Belgian Swing Lender, in its sole discretion, agrees to make a Belgian Swing Loan notwithstanding the foregoing limitation, Belgian Swing Lender shall make a Belgian Revolving Loan (any such Belgian Revolving Loan made by Belgian Swing Lender pursuant to this Section 2.3(b) being referred to as a "Belgian Swing Loan" and all such Belgian Revolving Loans being referred to as "Belgian Swing Loans") available to Belgian Borrower on the Funding Date applicable thereto by transferring immediately available funds in the amount of such requested Borrowing to the Belgian Designated Account. Each Belgian Swing Loan shall be deemed to be a Belgian Revolving Loan hereunder and shall be subject to all the terms and conditions (including Section 3) applicable to other Belgian Revolving Loans, except that all payments (including interest) on any Belgian Swing Loan shall be payable to Belgian Swing Lender solely for its own account. Subject to the provisions of Section 2.3(d)(ii), Belgian Swing Lender shall not make and shall not be obligated to make any Belgian Swing Loan if Belgian Swing Lender has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing, or (ii) the requested Borrowing would exceed the Belgian Availability on such Funding Date. Belgian Swing Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making any Belgian Swing Loan. The Belgian Swing Loans shall be secured by Agent's Liens (excluding Liens on any assets of German Borrower), constitute Belgian Revolving Loans and Belgian Obligations, and bear interest at the rate applicable from time to time to Belgian Revolving Loans that are Base Rate Loans.
(iv) In the case of a request for a German Swing Loan and so long as either (i) (A) the aggregate amount of German Swing Loans made since the last Settlement Date, minus all payments or other amounts applied to German Swing Loans since the last Settlement Date, plus the amount of the requested German Swing Loan does not exceed €10,000,000 and (B) the aggregate amount of outstanding German Revolving Loans (inclusive of German Swing Loans) funded by the Lender that is the German Swing Lender plus the amount of the requested German Swing Loan does not exceed such ▇▇▇▇▇▇'s German Revolver Commitment or (ii) German Swing Lender, in its sole discretion, agrees to make a German Swing Loan notwithstanding the foregoing limitation, German Swing Lender shall make a German Revolving Loan (any such German Revolving Loan made by German Swing Lender pursuant to this Section 2.3(b) being referred to as a "German Swing Loan" and all such German Revolving Loans being referred to as "German Swing Loans") available to German Borrower on the Funding Date applicable thereto by transferring immediately available funds in the amount of such requested Borrowing to the German Designated Account. Each German Swing Loan shall be deemed to be a German Revolving Loan hereunder and shall be subject to all the terms and conditions (including Section 3) applicable to other German Revolving Loans, except that all payments (including interest) on any German Swing Loan shall be payable to German Swing Lender solely for its own account. Subject to the provisions of Section 2.3(d)(ii), German Swing Lender shall not make and shall not be obligated to make any German Swing Loan if German Swing Lender has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing, or (ii) the requested Borrowing would exceed the German Availability on such Funding Date. German Swing Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making any German Swing Loan. The German Swing Loans shall be secured by Agent's Liens (excluding Liens on any assets of any Canadian Loan Party or Belgian Loan Party), constitute German Revolving Loans and German Obligations, and bear interest at the rate applicable from time to time to German Revolving Loans that are Base Rate Loans.
Appears in 1 contract
Making of Swing Loans. In the case of a request for an Advance and so long as either (i) In the event Agent aggregate amount of Swing Loans made since the last Settlement Date, minus the amount of Collections or payments applied to Swing Loans since the last Settlement Date, plus the amount of the requested Advance does not exceed $5,000,000, or (ii) Swing Lender, in its sole discretion, shall electagree to make a Swing Loan notwithstanding the foregoing limitation, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(d) apply to a requested Borrowing as described in Section 2.3(b), Swing Lender as a Lender shall make such an Advance or Capital Expenditures Loan in the amount of such requested Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d2.3(b) being referred to as a "“Swing Loan" ” and such Advances and Capital Expenditures Loans being referred to collectively as "“Swing Loans"”) available to Borrower on the Funding Date applicable thereto by transferring immediately available funds to Borrower's the Designated Account. Anything contained herein to the contrary notwithstanding, the Swing Lender may, but shall not be obligated to, make Swing Loans at any time that one or more of the Lenders is a Defaulting Lender. Each Swing Loan shall be deemed to be an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions (including Section 3) applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender Lender, as a Lender Lender, solely for its own account (and for the account of the holder of any participation interest with respect to such account. Swing Loan). Subject to the provisions of Section 2.3(i)Lender, Agent as a Lender, shall not request Swing Lender as a Lender to make, make and Swing Lender as a Lender shall not make, be obligated to make any Swing Loan if Agent Swing Lender has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waivedBorrowing, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender Lender, as a Lender Lender, shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, making any Swing Loan.
(ii) . The Swing Loans shall be secured by the Agent's ’s Liens, constitute Advances and Obligations hereunder, and bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans.
Appears in 1 contract
Making of Swing Loans. (i) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(d2.4(d) apply to a requested Borrowing of a Tranche A Advance as described in Section 2.3(b2.4(b), Swing Lender as a Lender shall make such Tranche A Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Tranche A Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d2.4(d) being referred to as a "Swing Loan" and such Tranche A Advances and Capital Expenditures Loans being referred to collectively as "Swing Loans") available to Borrower Borrowers on the Funding Date applicable thereto by transferring immediately available same day funds to Administrative Borrower's Designated Account. Each Swing Loan shall be deemed to be an is a Tranche A Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Tranche A Advances or Capital Expenditures Loans, as applicableof the same type hereunder, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan thereon shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing LoanTranche A Advance). Subject to the provisions of Section 2.3(i2.4(i), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent shall have received written notice from any Lender, or otherwise has actual knowledge knowledge, that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waivedwaived in accordance with Section 15.1, or (ii) the requested Borrowing would exceed the Tranche A Advance Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii) The Swing Loans shall be secured by the Collateral Agent's Liens, Liens and shall constitute Tranche A Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Tranche A Advances or Capital Expenditures Loans, of the same type as applicable, that are Base Rate Loansthe applicable Advance.
Appears in 1 contract
Making of Swing Loans. (i) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(d) apply to a requested Borrowing as described in Section 2.3(b), Swing Lender as a Lender shall make such Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d) being referred to as a "“Swing Loan" ” and such Advances and Capital Expenditures Loans being referred to collectively as "“Swing Loans"”) available to Borrower Borrowers on the Funding Date applicable thereto by transferring immediately available funds to Administrative Borrower's ’s Designated Account. Each Swing Loan shall be deemed to be is an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a for the LIBOR Rate Loan Option and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(i), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii) The Swing Loans shall be secured by the Agent's ’s Liens, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans.
Appears in 1 contract
Making of Swing Loans. (i) In the event Agent shall elect, with case of a request for a Swing Loan by a Borrower Group and so long as the consent Dollar Equivalent of the aggregate amount of Swing LenderLoans made since the last Settlement Date, as a Lenderminus all payments or other amounts applied to Swing Loans since the last Settlement Date, to have plus the terms amount of this Section 2.3(d) apply to a the requested Borrowing as described in Section 2.3(b)Swing Loan does not exceed 10% of the Maximum Revolver Amount, the Applicable Swing Lender as a Lender shall make such Advance or Capital Expenditures a Revolving Loan in for the amount account of such Borrowing Borrower Group (any such Advance or Capital Expenditures Revolving Loan made solely by US Swing Lender as a Lender pursuant to this Section 2.3(d2.3(b) being referred to as a "“US Swing Loan" ” and all such Advances and Capital Expenditures US Revolving Loans by US Swing Lender being referred to collectively as "“US Swing Loans"” and any such Revolving Loans made by German Swing Lender pursuant to this Section 2.3(b) being referred to as a “German Swing Loan” and all such German Revolving Loans by German Swing Lender being referred to as “German Swing Loans”) available to such Borrower Group on the Funding Date applicable thereto by transferring immediately available funds in the amount of such requested Borrowing to Borrower's the applicable Designated Account. Each Swing Loan for the account of a Borrower Group shall be deemed to be an Advance or Capital Expenditures a Revolving Loan hereunder, as applicable, hereunder for the account of such Borrower Group and shall be subject to all the terms and conditions (including Section 3) applicable to other Advances or Capital Expenditures Loans, as applicableRevolving Loans for the account of such Borrower Group, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments (including interest) on any Swing Loan for the account of a Borrower Group shall be payable to the Applicable Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan)account. Subject to the provisions of Section 2.3(i2.3(d)(ii), Agent shall not request no Swing Lender as a Lender shall make or be obligated to make, and Swing Lender as a Lender shall not make, make any Swing Loan for the account of a Borrower Group if Agent such Swing Lender has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waivedBorrowing, or (ii) the requested Borrowing would exceed the Availability with respect to such Borrower Group on such Funding Date. Swing Lender as a Lender Lenders shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, making any Swing Loan.
(ii) . The Swing Loans for the account of a Borrower Group shall be secured by the Agent's Liens, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, Revolving Loans of such Borrower Group that are Base Floating Rate Loans. German Swing Loans may be in Dollars or Euros as selected by Administrative Borrower.
Appears in 1 contract
Sources: Credit Agreement (Manitowoc Co Inc)
Making of Swing Loans. (i) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(dsubsection 2.2(d) apply to a requested Borrowing as described in Section 2.3(bsubsection 2.2(b), Swing Lender as a Lender shall make such Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(dsubsection 2.2(d) being referred to as a "Swing Loan" and such Advances and Capital Expenditures Loans being referred to collectively as "Swing Loans") available to Borrower Borrowers on the Funding Date applicable thereto by transferring immediately available funds to Administrative Borrower's Designated Account. Each Swing Loan shall be deemed to be is an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a for the LIBOR Rate Loan Option and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(isubsection 2.2(i), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Excess Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii) The Swing Loans shall be secured by the Agent's Liens, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (Ultimate Electronics Inc)
Making of Swing Loans. (i) In the event the Administrative Agent shall elect, with the consent of the Swing Lender, as a Lender, to have the terms of this Section 2.3(d2.2(e) apply to a requested Borrowing as described in Section 2.3(b2.2(c), the Swing Lender as a Lender shall make such Advance or Capital Expenditures Loan Borrowing in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by the Swing Lender as a Lender pursuant to this Section 2.3(d2.2(e) being referred to as a "“Swing Loan" ” and such Advances and Capital Expenditures Loans being referred to collectively as "“Swing Loans"”) available to the Borrower on the Funding Borrowing Date applicable thereto by transferring immediately available funds to the Borrower's ’s Designated Account. Each Swing Loan shall be deemed to be is an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to the Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(i2.2(j), the Administrative Agent shall not request the Swing Lender as a Lender to make, and the Swing Lender as a Lender shall not make, any Swing Loan if the Administrative Agent has actual knowledge that (iA) one or more of the applicable conditions precedent set forth in Section 3 4.2 will not be satisfied on the requested Funding Borrowing Date for the applicable Borrowing unless such condition has been waived, or (iiB) the requested Borrowing would exceed the Availability on such Funding Borrowing Date. The Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 4.2 have been satisfied on the Funding Borrowing Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii) The Swing Loans shall be secured by the Administrative Agent's ’s Liens, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate LoansAdvances.
Appears in 1 contract
Making of Swing Loans. (i) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(d) apply to a requested Borrowing as described in Section 2.3(b), Swing Lender as a Lender shall make such Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d) being referred to as a "Swing Loan" and such Advances and Capital Expenditures Loans being referred to collectively as "Swing Loans") available to Borrower on the Funding Date applicable thereto by transferring immediately available funds to Borrower's the applicable Designated Account. Each Swing Loan shall be deemed to be an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(i), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii) The Swing Loans shall be secured by the Agent's Liens, constitute Advances and Obligations hereunder, and bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (eTelecare Global Solutions, Inc.)
Making of Swing Loans. The Swing Lender may elect in its sole discretion to make Swing Loans to any Borrower solely for the Swing Lender's own account, from time to time prior to the Facility Termination Date up to an aggregate principal amount at any one time outstanding not to exceed (i) In in the event Agent shall electcase of Swing Loans to any Borrower under the U.S. Revolving Credit Commitment, with the consent lesser of (A) $20,000,000 or the Dollar Equivalent Amount thereof and (B) the unused amount of the Aggregate U.S. Revolving Credit Commitments ("U.S. SWING LOANS"), and (ii) in the case of Swing Loans to any Borrower under the Euro Revolving Credit Commitment, the lesser of (A) EUR10,000,000 or the Equivalent Amount thereof and (B) the unused amount of the Aggregate Euro Revolving Credit Commitments ("EURO SWING LOANS"). The Swing Lender may make Swing Loans (subject to the conditions precedent set forth in Article IV), PROVIDED that the Swing Lender has received a request in writing or via telephone from an Authorized Officer of such Borrower for funding of a Swing Loan no later than such time required by the Swing Lender, as a Lender, on the Business Day on which such Swing Loan is requested to have the terms of this Section 2.3(d) apply to a requested Borrowing as described in Section 2.3(b), be made. The Swing Lender as a Lender shall not make such Advance or Capital Expenditures any Swing Loan in the amount period commencing one Business Day after the Swing Lender becomes aware that one or more of the conditions precedent contained in Section 4.2 are not satisfied and ending upon the satisfaction or waiver of such Borrowing (any such Advance or Capital Expenditures Loan condition(s). Swing Loans may be made solely by the Swing Lender as a in any freely traded currency requested by such Borrower and agreed to by the Swing Lender. The Swing Lender pursuant agrees with the Borrowers that all Swing Loans denominated in Australian Dollars will be funded out of the Swing Lender's Lending Installation in Australia unless the Swing Lender provides prior notice to this Section 2.3(d) being referred to as a "the Borrowers, in which case the Borrower requesting such Loan may withdraw its request for such Swing Loan" and such Advances and Capital Expenditures Loans being referred to collectively as "Swing Loans") available to Borrower on the Funding Date applicable thereto by transferring immediately available funds to Borrower's Designated Account. Each outstanding Swing Loan shall be deemed to be an Advance or Capital Expenditures Loan hereunderpayable on the Business Day following demand therefor, with interest at such rate as applicablethe Swing Lender and such Borrower shall agree, and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicable, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan interest thereon shall be payable to the Swing Lender as a Lender solely for its own account (account. Notwithstanding provisions to the contrary in this Agreement, each U.S. Lender acknowledges and for agrees that U.S. Swing Loans may be made under the account U.S. Revolving Credit Commitment to Foreign Subsidiary Borrowers, each Euro Lender acknowledges and agrees that Euro Swing Loans may be made under the Euro Revolving Credit Commitment to the Company and Domestic Subsidiary Borrowers and each Borrower acknowledges and agrees that the availablity under Section 2.1.1 and 2.1.2 may also be blocked by the Agent in an amount equal to the approximate anticipated Swing Loan usage reasonably determined by the Agent with the consent of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(i), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing LoanCompany.
(ii) The Swing Loans shall be secured by the Agent's Liens, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans.
Appears in 1 contract
Sources: Loan Agreement (Diebold Inc)
Making of Swing Loans. (i) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(d) apply to a requested Borrowing as described in Section 2.3(b), Swing Lender as a Lender shall make such Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d) being referred to as a "Swing Loan" and such Advances and Capital Expenditures Loans being referred to collectively as "Swing Loans") available to Borrower Borrowers on the Funding Date applicable thereto by transferring immediately available funds to Administrative Borrower's Designated Account. Each Swing Loan shall be deemed to be is an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicable, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(i), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii) The Swing Loans shall be secured by the Agent's Liens, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans.
Appears in 1 contract
Making of Swing Loans. (i) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(d2.2(d) apply to a requested Borrowing as described in Section 2.3(b2.2(b), Swing Lender as a Lender shall make such Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d2.2(d) being referred to as a "“Swing Loan" ” and such Advances and Capital Expenditures Loans being referred to collectively as "“Swing Loans"”) available to Borrower on the Funding Date applicable thereto by transferring immediately available funds to Borrower's ’s Designated Account. Anything contained herein to the contrary notwithstanding, the Swing Lender may, but shall not be obligated to, make Swing Loans at any time that one or more of the Lenders is a Defaulting Lender. Each Swing Loan shall be deemed to be an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(i2.2(i), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Availability on such Funding Date, or (iii) the requested Borrowing would cause the aggregate outstanding amount of Swing Loans to exceed $10,000,000. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii) The Swing Loans shall be secured by the Agent's ’s Liens, constitute Advances and Obligations hereunder, and bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loanshereunder.
Appears in 1 contract
Sources: Loan and Security Agreement (Horizon Technology Finance Corp)
Making of Swing Loans. (i) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section section 2.3(d) apply to a requested Borrowing as described in Section SECTION 2.3(b), Swing Lender as a Lender shall make such Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section SECTION 2.3(d) being referred to as a "Swing LoanSWING LOAN" and such Advances and Capital Expenditures Loans being referred to collectively as "Swing LoansSWING LOANS") available to Borrower Borrowers on the Funding Date applicable thereto by transferring immediately available funds to Administrative Borrower's Designated Account. Each Swing Loan shall be deemed to be is an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a for the LIBOR Rate Loan Option and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section SECTION 2.3(i), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section SECTION 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section SECTION 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii) The Swing Loans shall be secured by the Agent's Liens, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (Ultimate Electronics Inc)
Making of Swing Loans. In the case of a request for a Revolver Advance and so long as either (i) In the event Agent shall electaggregate amount of Swing Loans made since the last Settlement Date, with minus the consent amount of Collections or payments applied to Swing Loans since the last Settlement Date, plus the amount of the requested Revolver Advance does not exceed ten percent (10%) of the Maximum Revolver Amount, or (ii) Swing Lender, as in its sole discretion, shall agree to make a Lender, to have Swing Loan notwithstanding the terms foregoing limitation but in no event greater than ten percent (10%) of this Section 2.3(d) apply to a requested Borrowing as described in Section 2.3(b)the Maximum Revolver Amount, Swing Lender as a Lender shall make such a Revolver Advance or Capital Expenditures Loan in the amount of such requested Borrowing (any such Revolver Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d2.4(b) being referred to as a "“Swing Loan" ” and such Revolver Advances and Capital Expenditures Loans being referred to collectively as "“Swing Loans"”) available to Borrower on the Funding Date applicable thereto by transferring immediately available funds to Borrower's the Designated Account. Anything contained herein to the contrary notwithstanding, the Swing Lender may, but shall not be obligated to, make Swing Loans at any time that one or more of the Lenders is a Defaulting Lender. Each Swing Loan shall be deemed to be an a Revolver Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions (including Section 3) applicable to other Advances or Capital Expenditures Loans, as applicableRevolver Advances, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan)account. Subject to the provisions of Section 2.3(i2.4(d)(ii), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, make and shall not be obligated to make any Swing Loan if Agent Swing Lender has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing (unless such condition has been waivedwaived in accordance with the terms of this Agreement), or (ii) the requested Borrowing would exceed the Revolver Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, making any Swing Loan.
(ii) . The Swing Loans shall be secured by the Agent's ’s Liens, constitute Revolver Advances and Obligations hereunder, and bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate LoansRevolver Advances.
Appears in 1 contract
Making of Swing Loans. In the case of a request for an Advance and so long as either (i) In the event Agent shall electaggregate amount of Swing Loans made since the last Settlement Date, with minus the consent amount of Collections or payments applied to Swing Loans since the last Settlement Date, plus the amount of the requested Advance does not exceed $20,000,000, or (ii) Swing Lender, as in its sole discretion, shall agree to make a Lender, to have Swing Loan notwithstanding the terms of this Section 2.3(d) apply to a requested Borrowing as described in Section 2.3(b)foregoing limitation, Swing Lender as a Lender shall make such an Advance or Capital Expenditures Loan in the amount of such requested Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d2.3(b) being referred to as a "“Swing Loan" ” and such Advances and Capital Expenditures Loans being referred to collectively as "“Swing Loans"”) available to Borrower Borrowers on the Funding Date applicable thereto by transferring immediately available funds to Borrower's the Designated Account. Anything contained herein to the contrary notwithstanding, the Swing Lender may, but shall not be obligated to, make Swing Loans at any time that one or more of the Lenders is a Defaulting Lender. Each Swing Loan shall be deemed to be an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions (including Section 3) applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan)account. Subject to the provisions of Section 2.3(i2.3(d)(ii), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, make and shall not be obligated to make any Swing Loan if Agent Swing Lender has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waivedwaived in accordance with the terms of this Agreement, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, making any Swing Loan.
(ii) . The Swing Loans shall be secured by the Agent's ’s Liens, constitute Advances and Obligations hereunder, and bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans.
Appears in 1 contract
Sources: Credit Agreement (Sirva Inc)
Making of Swing Loans. (i) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section SECTION 2.3(d) apply to a requested Borrowing -------------- as described in Section SECTION 2.3(b), Swing Lender as a Lender shall make such Advance or Capital Expenditures Loan -------------- in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section SECTION 2.3(d) being referred to as a "Swing LoanSWING -------------- LOAN" and such Advances and Capital Expenditures Loans being referred to collectively as "Swing LoansSWING LOANS") available to Borrower on the Funding Date applicable thereto by transferring immediately available funds to Borrower's Designated Account. Each Swing Loan shall be deemed to be an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section SECTION 2.3(i), Agent shall not -------------- request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section SECTION 3 will not be satisfied on --------- the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section SECTION 3 --------- have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii) The Swing Loans shall be secured by the Agent's Liens, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans.
Appears in 1 contract
Making of Swing Loans. (i) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(d) apply to a requested Borrowing as described in Section 2.3(b), Swing Lender as a Lender shall make such Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d) being referred to as a "“Swing Loan" ” and such Advances and Capital Expenditures Loans being referred to collectively as "“Swing Loans"”) available to any Borrower on the Funding Date applicable thereto by transferring immediately available funds to the Designated Account or such other account designated by the applicable Borrower pursuant to Section 2.3(a)(i), which funds will be disbursed by Administrative Borrower to the appropriate Borrower's Designated Account. Each Swing Loan shall be deemed to be an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(i), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 3.5 or 3.6 are required to, but will not not, be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Availability US Borrower Availability, the UK Borrower Availability, or the PR Borrower Availability, as applicable, on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 3.5 or 3.6 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii) The Swing Loans shall be secured by the Agent's ’s Liens, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (SMART Modular Technologies (DE), Inc.)
Making of Swing Loans. (i) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(d2.1(m) apply to a requested Borrowing as described in Section 2.3(b2.1(e), Swing Lender as a Lender shall make such Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d2.1(m) being referred to as a "Swing Loan" and such Advances and Capital Expenditures Loans being referred to collectively as "Swing Loans") available to Borrower on the Funding Date applicable thereto by transferring immediately available funds to Borrower's Designated Account, provided that in no event shall the aggregate outstanding principal amount of the Swing Loans exceed $15,000,000. Each Swing Loan shall be deemed to be is an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a for the LIBOR Rate Loan Option and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(i2.1(m), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii) The Swing Loans shall be secured by the Agent's Liens, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (Franks Nursery & Crafts Inc)
Making of Swing Loans. (i) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(d) apply to a requested Borrowing as described in Section 2.3(b), Swing Lender as a Lender shall make such Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d) being referred to as a "Swing Loan" and such Advances and Capital Expenditures Loans being referred to collectively as "Swing Loans") available to Borrower on the Funding Date applicable thereto by transferring immediately available funds to Borrower's Designated Account. Each Swing Loan shall be deemed to be is an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a for the LIBOR Rate Loan Option and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(i), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii) The Swing Loans shall be secured by the Agent's Liens, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans. The balance of outstanding Swing Loans shall not exceed $5,000,000 at any time.
Appears in 1 contract
Making of Swing Loans. (i1) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(d2.2(d) apply to a requested Borrowing as described in Section 2.3(b2.2(b), Swing Lender as a Lender shall make such Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d2.2(d) being referred to as a "“Swing Loan" ” and such Advances and Capital Expenditures Loans being referred to collectively as "“Swing Loans"”) available to Borrower Borrowers on the Funding Date applicable thereto by transferring immediately available funds to Administrative Borrower's ’s Designated AccountAccount or as otherwise directed by Administrative Borrower in the applicable request for a Borrowing. Each Swing Loan shall be deemed to be an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(i2.2(g), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the result in Availability being equal to (or less than) $0 on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii2) The Swing Loans shall be secured by the Agent's ’s Liens, constitute Advances and Obligations hereunder, and bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Prime Rate Loans.
Appears in 1 contract
Making of Swing Loans. (i) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(d) apply -------------- to a requested Borrowing as described in Section 2.3(b), Swing Lender -------------- as a Lender shall make such Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d) being referred to as a "Swing Loan" and such -------------- ---------- Advances and Capital Expenditures Loans being referred to collectively as "Swing Loans") available ----------- to Borrower Borrowers on the Funding Date applicable thereto by transferring immediately available funds to Administrative Borrower's Designated Account. Each Swing Loan shall be deemed to be is an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a for the LIBOR Rate Loan Option and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(i), Agent shall not request -------------- Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 --------- will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto --------- prior to making, in its sole discretion, any Swing Loan.
(ii) The Swing Loans shall be secured by the Agent's Liens, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans.
Appears in 1 contract
Sources: Loan and Security Agreement (Friede Goldman Halter Inc)
Making of Swing Loans. The Swing Lender may elect in its sole discretion to make Swing Loans to any Borrower solely for the Swing Lender’s own account, from time to time prior to the Facility Termination Date up to an aggregate principal amount at any one time outstanding not to exceed the lesser of (i) In the event Agent shall electDollar Equivalent Amount of $50,000,000 and (B) the unused amount of the Revolving Credit Commitments (“Swing Loans”). The Swing Lender may make Swing Loans (subject to the conditions precedent set forth in Article IV), with provided that the consent Swing Lender has received a request in writing or, in the case of Swing Loans to the Company in Dollars only, via telephone from an Authorized Officer of such Borrower for funding of a Swing Loan no later than such time required by the Swing Lender, as a Lender, on the Business Day on which such Swing Loan is requested to have the terms of this Section 2.3(d) apply to a requested Borrowing as described in Section 2.3(b), be made. The Swing Lender as a Lender shall not make such Advance or Capital Expenditures any Swing Loan in the amount period commencing one Business Day after the Swing Lender receives written notice from the Company or a Lender that one or more of the conditions precedent contained in Section 4.2 are not satisfied and ending upon the satisfaction or waiver of such Borrowing (any such Advance or Capital Expenditures Loan condition(s). Swing Loans may be made solely by the Swing Lender as a Lender pursuant in any freely traded currency requested by such Borrower and agreed to this Section 2.3(d) being referred to as a "by the Swing Loan" and such Advances and Capital Expenditures Loans being referred to collectively as "Swing Loans") available to Borrower on the Funding Date applicable thereto by transferring immediately available funds to Borrower's Designated AccountLender. Each outstanding Swing Loan shall be deemed payable on the Business Day following demand therefor, with interest at such rate to be an Advance or Capital Expenditures Loan hereunder, as applicablewhich the Swing Lender and such Borrower shall agree from time to time, and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicable, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan interest thereon shall be payable to the Swing Lender as a Lender solely for its own account (account. Notwithstanding provisions to the contrary in this Agreement, each Revolving Credit Lender acknowledges and for agrees that Swing Loans may be made under the account Revolving Credit Commitment to any Borrower and each Borrower acknowledges and agrees that the availability under Section 2.1.1 may also be blocked by the Administrative Agent in an amount equal to the approximate anticipated Swing Loan usage reasonably determined by the Administrative Agent with the consent of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(i), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing LoanCompany.
(ii) The Swing Loans shall be secured by the Agent's Liens, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans.
Appears in 1 contract
Sources: Credit Agreement (Diebold Inc)
Making of Swing Loans. (i) In the event Agent shall electcase of a request for a US Advance and so long as the aggregate amount of US Swing Loans made since the last Settlement Date, with minus the consent amount of Collections or payments applied to US Swing LenderLoans since the last Settlement Date, as a Lenderplus the amount of the requested US Advance does not exceed $25,000,000, to have the terms of this Section 2.3(d) apply to a requested Borrowing as described in Section 2.3(b), US Swing Lender as a Lender shall make such a US Advance or Capital Expenditures Loan in the amount of such requested US Borrowing (any such US Advance or Capital Expenditures Loan made solely by US Swing Lender as a Lender pursuant to this Section 2.3(d2.3(b)(i) being referred to as a "“US Swing Loan" ” and such US Advances and Capital Expenditures Loans being referred to collectively as "“US Swing Loans"”) available to Borrower US Borrowers on the Funding Date applicable thereto by transferring immediately available funds to Borrower's the US Designated Account. Anything contained herein to the contrary notwithstanding, the US Swing Lender may, but shall not be obligated to, make US Swing Loans at any time that one or more of the Lenders is a Defaulting Lender, unless such US Swing Loan is fully supported as a result of either or both of the following: (i) such Defaulting Lender’s Pro Rata Share of such US Swing Loan shall be reallocated among all other Lenders with a US Revolver Commitment that are non-Defaulting Lenders in proportion with their Pro Rata Shares of the US Revolver Commitment, but only to the extent that, after giving effect to such reallocation, US Revolver Usage does not exceed the sum of all such non-Defaulting Lenders’ Pro Rata Share of the US Revolver Commitment; and/or (ii) to the extent that such US Swing Loan exceeds the amount that is permitted to be reallocated pursuant to the immediately preceding clause (i) or if there is no such reallocation, US Borrowers shall have provided cash collateral to US Agent to hold on behalf of US Borrowers, on terms and conditions reasonably satisfactory to US Swing Lender and US Agent, in an amount equal to such excess. Any interest or fees otherwise payable under this Agreement to a Defaulting Lender with respect to any portion of such Defaulting Lender’s Pro Rata Share in any US Swing Loan reallocated pursuant to the preceding sentence shall be payable instead to the non-Defaulting Lenders in proportion to their Pro Rata Share of such non-Defaulting Lenders’ Pro Rata Share in any US Swing Loan so allocated to them. In the event that a Defaulting Lender ceases to be a Defaulting Lender then the portion of such Defaulting Lender’s Pro Rata Share in any US Swing Loan reallocated to non-Defaulting Lenders pursuant to this Section 2.3(b)(i) shall be reallocated to such previously Defaulting Lender and, from and after (and in respect of fees or interest payable with respect to such US Swing Loan accruing from and after) the date of such reallocation, such previously Defaulting Lender shall be entitled to receive any fees or interest payable in respect of such previously Defaulting Lender’s Pro Rata Share in any US Swing Loan previously reallocated to the non-Defaulting Lenders. Each US Swing Loan shall be deemed to be an a US Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions (including Section 3) applicable to other Advances or Capital Expenditures Loans, as applicableUS Advances, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any US Swing Loan shall be payable to US Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan)account. Subject to the provisions of Section 2.3(i2.3(d)(ii), Agent shall not request US Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, make and shall not be obligated to make any US Swing Loan if Agent US Swing Lender has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waivedUS Borrowing, or (ii) the requested US Borrowing would exceed the US Availability on such Funding Date. US Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, making any US Swing Loan.
(ii) . The US Swing Loans shall be secured by the US Agent's ’s Liens, constitute US Advances and US Obligations hereunder, and bear interest at the rate applicable from time to time to US Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans.
(ii) In the case of a request for a Canadian Advance and so long as the aggregate amount of Canadian Swing Loans made since the last Settlement Date, minus the amount of Collections or payments applied to Canadian Swing Loans since the last Settlement Date, plus the amount of the requested Canadian Advance does not exceed Cdn$2,000,000, Canadian Swing Lender shall make a Canadian Advance in the amount of such requested Canadian Borrowing (any such Canadian Advance made solely by Canadian Swing Lender pursuant to this Section 2.3(b)(ii) being referred to as a “Canadian Swing Loan” and such Canadian Advances being referred to as “Canadian Swing Loans”) available to Canadian Borrower on the Funding Date applicable thereto by transferring immediately available funds to the Canadian Designated Account. Anything contained herein to the contrary notwithstanding, the Canadian Swing Lender may, but shall not be obligated to, make Canadian Swing Loans at any time that one or more of the Lenders is a Defaulting Lender, unless such Canadian Swing Loan is fully supported as a result of either or both of the following: (i) such Defaulting Lender’s Pro Rata Share of such Canadian Swing Loan shall be reallocated among all other Lenders with a Canadian Revolver Commitment that are non-Defaulting Lenders in proportion with their Pro Rata Shares of the Canadian Revolver Commitment, but only to the extent that, after giving effect to such reallocation, Canadian Revolver Usage does not exceed the sum of all such non-Defaulting Lenders’ Pro Rata Share of the Canadian Revolver Commitment; and/or (ii) to the extent that such Canadian Swing Loan exceeds the amount that is permitted to be reallocated pursuant to the immediately preceding clause (i) or if there is no such reallocation, Canadian Borrower shall have provided cash collateral to Canadian Agent to hold on behalf of Canadian Borrower, on terms and conditions reasonably satisfactory to Canadian Swing Lender and Canadian Agent, in an amount equal to such excess. Any interest or fees otherwise payable under this Agreement to a Defaulting Lender with respect to any portion of such Defaulting Lender’s Pro Rata Share in any Canadian Swing Loan reallocated pursuant to the preceding sentence shall be payable instead to the non-Defaulting Lenders in proportion to their Pro Rata Share of such non-Defaulting Lenders’ Pro Rata Share in any Canadian Swing Loan so allocated to them. In the event that a Defaulting Lender ceases to be a Defaulting Lender then the portion of such Defaulting Lender’s Pro Rata Share in any Canadian Swing Loan reallocated to non-Defaulting Lenders pursuant to this Section 2.3(b)(ii) shall be reallocated to such previously Defaulting Lender and, from and after (and in respect of fees or interest payable with respect to such Canadian Swing Loan accruing from and after) the date of such reallocation, such previously Defaulting Lender shall be entitled to receive any fees or interest payable in respect of such previously Defaulting Lender’s Pro Rata Share in any Canadian Swing Loan previously reallocated to the non-Defaulting Lenders. Each Canadian Swing Loan shall be deemed to be a Canadian Advance hereunder and shall be subject to all the terms and conditions (including Section 3) applicable to other Canadian Advances, except that all payments on any Canadian Swing Loan shall be payable to Canadian Swing Lender solely for its own account. Subject to the provisions of Section 2.3(d)(ii), Canadian Swing Lender shall not make and shall not be obligated to make any Canadian Swing Loan if Canadian Swing Lender has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Canadian Borrowing, or (ii) the requested Canadian Borrowing would exceed the Canadian Availability on such Funding Date. Canadian Swing Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making any Canadian Swing Loan. The Canadian Swing Loans shall be secured by Canadian Agent’s Liens, constitute Canadian Advances and Canadian Obligations hereunder, and bear interest at the rate applicable from time to time to Canadian Advances that are Base Rate Loans.
Appears in 1 contract
Making of Swing Loans. (i) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(d) apply to a requested Borrowing as described in Section 2.3(b), Swing Lender as a Lender shall make such Revolving Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Revolving Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d) being referred to as a "“Swing Loan" ” and such Revolving Advances and Capital Expenditures Loans being referred to collectively as "“Swing Loans"”) available to Borrower on the Funding Date applicable thereto by transferring immediately available funds to Borrower's ’s Designated Account. Each Swing Loan shall be deemed to be an a Revolving Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Revolving Advances or Capital Expenditures Loans, as applicable, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(i), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii) The Swing Loans shall be secured by the Agent's ’s Liens, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Revolving Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans.
Appears in 1 contract
Making of Swing Loans. (i) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(d2.1(m) apply to a requested Borrowing under the Standard Line as described in Section 2.3(b2.1(e), Swing Lender as a Lender shall make such Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d2.1(m) being referred to as a "Swing Loan" and such Advances and Capital Expenditures Loans being referred to collectively as "Swing Loans") available to Borrower on the Funding Date applicable thereto by transferring immediately available funds to Borrower's Designated Account, provided that in no event shall the aggregate outstanding principal amount of the Swing Loans exceed $5,000,000. Each Swing Loan shall be deemed to be is an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableunder the Standard Line , except that no such Swing Loan shall be eligible to be a for the LIBOR Rate Loan Option and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(i2.1(m), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii) The Swing Loans shall be secured by the Agent's Liens, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Reference Rate Loans.
Appears in 1 contract
Making of Swing Loans. (i) In the event Agent case of a request for a US Advance and so long as (i) such US Advance is to be denominated in Dollars and (ii) either (A) the aggregate amount of US Swing Loans made since the last Settlement Date and not since repaid plus the amount of the requested US Advance does not exceed $5,000,000, or (B) US Swing Lender, in its sole discretion, shall electagree to make a US Swing Loan notwithstanding the foregoing limitation, with the consent of US Swing Lender, as a Lender, to have the terms of this Section 2.3(d) apply to a requested Borrowing as described in Section 2.3(b), Swing Lender as a Lender shall make such a US Advance or Capital Expenditures Loan in the amount of such US Borrowing (any such US Advance or Capital Expenditures Loan made solely by US Swing Lender as a Lender pursuant to this Section 2.3(d2.3(b)(i) being referred to as a "“US Swing Loan" ” and such US Advances and Capital Expenditures Loans being referred to collectively as "“US Swing Loans"”) available to Borrower US Borrowers on the Funding Date applicable thereto by transferring immediately available funds to Borrower's the applicable US Designated Account. Each US Swing Loan shall be deemed to be an a US Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableUS Advances, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any US Swing Loan shall be payable to US Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan)account. Subject to the provisions of Section 2.3(i2.3(d)(iv), Agent shall not request Swing Lender as a Lender to make, and US Swing Lender as a Lender shall not make, make and shall not be obligated to make any US Swing Loan if Agent US Swing Lender has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 3.1 or 3.2 are required to, but will not not, be satisfied on the requested Funding Date for the applicable US Borrowing unless such condition has been waivedwaived in accordance with the terms of this Agreement, or (ii) the requested US Borrowing would exceed the US Availability on such Funding Date. US Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, making any US Swing Loan.
(ii) . The US Swing Loans shall be secured by the Agent's Liens’s Liens in the US Collateral, constitute US Advances and Obligations hereunder, and bear interest at the rate applicable from time to time to US Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans.
(ii) In the case of a request for a Canadian Advance denominated in Dollars or Canadian Dollars and so long as either (i) the Dollar Equivalent of the aggregate amount of Canadian Swing Loans made since the last Settlement Date and not since repaid plus the Dollar Equivalent amount of the requested Canadian Advance does not exceed $2,500,000, or (ii) Canadian Swing Lender, in its sole discretion, shall agree to make a Canadian Swing Loan notwithstanding the foregoing limitation, Canadian Swing Lender, as a Lender, shall make a Canadian Advance in the amount of such Canadian Borrowing (any such Canadian Advance made solely by Canadian Swing Lender as a Lender pursuant to this Section 2.3(b)(ii) being referred to as a “Canadian Swing Loan” and such Canadian Advances being referred to collectively as “Canadian Swing Loans”) available to Canadian Borrowers on the Funding Date applicable thereto by transferring immediately available funds to the applicable Canadian Designated Account. Each Canadian Swing Loan shall be deemed to be a Canadian Advance hereunder and shall be subject to all the terms and conditions applicable to other Canadian Advances, except that all payments on any Canadian Swing Loan shall be payable to Canadian Swing Lender as a Lender solely for its own account. Subject to the provisions of Section 2.3(d)(iv), Canadian Swing Lender as a Lender shall not make and shall not be obligated to make any Canadian Swing Loan if Canadian Swing Lender has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3.1 or 3.2 are required to, but will not, be satisfied on the requested Funding Date for the applicable Canadian Borrowing unless such condition has been waived in accordance with the terms of this Agreement, or (ii) the Dollar Equivalent of the requested Canadian Borrowing would exceed the Dollar Equivalent of the Canadian Availability on such Funding Date. Canadian Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making any Canadian Swing Loan. The Canadian Swing Loans shall be secured by the Agent’s Liens in the Collateral, constitute Canadian Advances and Obligations hereunder, and bear interest at the rate applicable from time to time to Canadian Advances that are Base Rate Loans.
(iii) In the case of a request for a European Advance and so long as (i) such European Advance is to be denominated in Dollars and (ii) either (A) the aggregate amount of European Swing Loans made since the last Settlement Date and not since repaid plus the Dollar Equivalent amount of the requested European Advance does not exceed $2,500,000, or (B) European Swing Lender, in its sole discretion, shall agree to make a European Swing Loan notwithstanding the foregoing limitation, European Swing Lender, as a Lender, shall make a European Advance in the amount of such European Borrowing (any such European Advance made solely by European Swing Lender as a Lender pursuant to this Section 2.3(b)(iii) being referred to as a “European Swing Loan” and such European Advances being referred to collectively as “European Swing Loans”) available to European Borrowers on the Funding Date applicable thereto by transferring immediately available funds to the applicable European Designated Account. Each European Swing Loan shall be deemed to be a European Advance hereunder and shall be subject to all the terms and conditions applicable to other European Advances, except that all payments on any European Swing Loan shall be payable to European Swing Lender as a Lender solely for its own account. Subject to the provisions of Section 2.3(d)(iv), European Swing Lender as a Lender shall not make and shall not be obligated to make any European Swing Loan if European Swing Lender has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3.1 or 3.2 are required to, but will not, be satisfied on the requested Funding Date for the applicable European Borrowing unless such condition has been waived in accordance with the terms of this Agreement, or (ii) the Dollar Equivalent of the requested European Borrowing would exceed the Dollar Equivalent of the European Availability on such Funding Date. European Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making any European Swing Loan. The European Swing Loans shall be secured by the Agent’s Liens in the Collateral, constitute European Advances and Obligations hereunder, and bear interest at the rate applicable from time to time to European Advances that are Base Rate Loans.
Appears in 1 contract
Sources: Credit Agreement (Sitel Corp)
Making of Swing Loans. (i) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section SECTION 2.3(d) apply to a requested Borrowing as described in Section SECTION 2.3(b), Swing Lender as a Lender shall make such Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section SECTION 2.3(d) being referred to as a "Swing LoanSWING LOAN" and such Advances and Capital Expenditures Loans being referred to collectively as "Swing LoansSWING LOANS") available to Borrower Borrowers on the Funding Date applicable thereto by transferring immediately available funds to Administrative Borrower's Designated Account. Each Swing Loan shall be deemed to be is an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section SECTION 2.3(i), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section SECTION 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section SECTION 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii) The Swing Loans shall be secured by the Agent's Liens, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate LoansAdvances.
Appears in 1 contract
Sources: Loan and Security Agreement (Peregrine Systems Inc)
Making of Swing Loans. In the case of a request for an Advance and so long as either (i) In the event Agent shall electaggregate amount of Swing Loans made since the last Settlement Date, with minus the consent amount of Collections or payments applied to Swing Loans since the last Settlement Date, plus the amount of the requested Advance does not exceed $10,000,000, or (ii) Swing Lender, as in its sole discretion, shall agree to make a Lender, to have Swing Loan notwithstanding the terms of this Section 2.3(d) apply to a requested Borrowing as described in Section 2.3(b)foregoing limitation, Swing Lender as a Lender shall make such an Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d2.3(b) being referred to as a "“Swing Loan" ” and such Advances and Capital Expenditures Loans being referred to collectively as "“Swing Loans"”) available to Borrower on the Funding Date applicable thereto by transferring immediately available funds to Borrower's ’s Designated Account. Each Swing Loan shall be deemed to be an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan)account. Subject to the provisions of Section 2.3(i2.3(d)(ii), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, make and shall not be obligated to make any Swing Loan if Agent Swing Lender has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waivedBorrowing, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, making any Swing Loan.
(ii) . The Swing Loans shall be secured by the Agent's ’s Liens, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans. Anything contained herein to the contrary notwithstanding, the Swing Lender may, but shall not be obligated to, make Swing Loans at any time that one or more of the Lenders is a Defaulting Lender.”
(f) Section 2.3(c) of the Credit Agreement is hereby amended by deleting Section 2.3(c)(iii) in its entirety.
(g) Section 2.3(e) of the Credit Agreement is hereby amended and restated in its entirety as follows:
Appears in 1 contract
Making of Swing Loans. (i) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(dSECTION 2.3(D) apply to a requested Borrowing as described in Section 2.3(bSECTION 2.3(B), Swing Lender as a Lender shall make such Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(dSECTION 2.3(D) being referred to as a "Swing LoanSWING LOAN" and such Advances and Capital Expenditures Loans being referred to collectively as "Swing LoansSWING LOANS") available to Borrower on the Funding Date applicable thereto by transferring immediately available funds to Borrower's Designated Account. Each Swing Loan shall be deemed to be is an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a for the LIBOR Rate Loan Option and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(iSECTION 2.3(I), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section SECTION 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section SECTION 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii) The Swing Loans shall be secured by the Agent's Liens, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans.
Appears in 1 contract
Making of Swing Loans. In the case of a request for an Advance and so long as either (i) In the event Agent aggregate amount of Swing Loans made since the last Settlement Date plus the amount of the requested Advance does not exceed $4,000,000, or (ii) Swing Lender, in its sole discretion, shall electagree to make a Swing Loan notwithstanding the foregoing limitation, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(d) apply to a requested Borrowing as described in Section 2.3(b), Swing Lender as a Lender shall make such an Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(dSECTION 2.3(b) being referred to as a "Swing LoanSWING LOAN" and such Advances and Capital Expenditures Loans being referred to collectively as "Swing LoansSWING LOANS") available to Borrower Borrowers on the Funding Date applicable thereto by transferring immediately available funds to Borrower's Borrowers' Designated Account. Each Swing Loan shall be deemed to be an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan)account. Subject to the provisions of Section 2.3(iSECTION 2.3(d)(ii), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, make and shall not be obligated to make any Swing Loan if Agent Swing Lender has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section SECTION 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waivedBorrowing, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section SECTION 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, making any Swing Loan.
(ii) . The Swing Loans shall be secured by the Agent's Liens, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans.
Appears in 1 contract
Making of Swing Loans. (i) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(d) apply to a requested Borrowing as described in Section 2.3(b), Swing Lender as a Lender shall make such Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d) being referred to as a "Swing Loan" and such Advances and Capital Expenditures Loans being referred to collectively as "Swing Loans") available to Borrower Borrowers on the Funding Date applicable thereto by transferring immediately available funds to Administrative Borrower's Designated Account. Each Swing Loan shall be deemed to be an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a for the LIBOR Rate Loan Option and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(i), Agent shall not request Swing Lender Lender, as a Lender Lender, to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii) The Swing Loans shall be secured by the Agent's Liens, shall constitute Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans.
Appears in 1 contract
Making of Swing Loans. In the case of a request for an Advance and so long as either (i) In the event Agent shall electaggregate amount of Swing Loans made since the last Settlement Date, with minus the consent amount of Collections or payments applied to Swing Loans since the last Settlement Date, plus the amount of the requested Advance does not exceed 10% of the Maximum Revolver Amount then in effect, or (ii) Swing Lender, as in its sole discretion, shall agree to make a Lender, to have Swing Loan notwithstanding the terms of this Section 2.3(d) apply to a requested Borrowing as described in Section 2.3(b)foregoing limitation, Swing Lender as a Lender shall make such an Advance or Capital Expenditures Loan in the amount of such requested Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d2.3(b) being referred to as a "“Swing Loan" ” and such Advances and Capital Expenditures Loans being referred to collectively as "“Swing Loans"”) available to Borrower on the Funding Date applicable thereto by transferring immediately available funds to Borrower's the Designated Account. Anything contained herein to the contrary notwithstanding, the Swing Lender may, but shall not be obligated to, make Swing Loans at any time that one or more of the Lenders is a Defaulting Lender. Each Swing Loan shall be deemed to be an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions (including Section 3) applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan)account. Subject to the provisions of Section 2.3(i2.3(d)(ii), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, make and shall not be obligated to make any Swing Loan if Agent Swing Lender has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waivedBorrowing, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, making any Swing Loan.
(ii) . The Swing Loans shall be secured by the Agent's ’s Liens, constitute Advances and Obligations hereunder, and bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loansas set forth in Section 2.6(a), subject to Section 2.12. Notwithstanding anything in this Section 2.3(b) to the contrary, at any time that there is only one Lender, the Swing Lender shall not be obligated to make a Swing Loan and requested Borrowings shall be made pursuant to Section 2.3(c). Confidential treatment is being requested for portions of this document. This copy of the document filed as applicable, that an exhibit omits the confidential information subject to the confidentiality request. Omissions are Base Rate Loansdesignated by the symbol [***]. A complete version of this document has been filed separately with the Securities and Exchange Commission.
Appears in 1 contract
Sources: Credit Agreement (Oclaro, Inc.)
Making of Swing Loans. (i) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(d2.2(d) apply -------------- to a requested Borrowing as described in Section 2.3(b2.2(b), Swing Lender as a -------------- Lender shall make such Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d------- 2.2(d) being referred to as a "Swing Loan" and such Advances and Capital Expenditures Loans being referred ------ ---------- to collectively as "Swing Loans") available to Borrower Borrowers on the Funding ----------- Date applicable thereto by transferring immediately available funds to Administrative Borrower's Designated Account. Each Swing Loan shall be deemed to be is an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(i2.2(i), Agent shall not -------------- request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will --------- not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the --------- Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii) The Swing Loans shall be secured by the Agent's Liens, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans.
Appears in 1 contract
Making of Swing Loans. (i) In the event more than one Lender shall be party to this Agreement and Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(d) apply to a requested Borrowing as described in Section 2.3(b), Swing Lender as a Lender shall make such Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d) being referred to as a "Swing Loan" and such Advances and Capital Expenditures Loans being referred to collectively as "Swing Loans") available to Borrower Borrowers on the Funding Date applicable thereto by transferring immediately available funds to Administrative Borrower's Designated Account. Each Swing Loan shall be deemed to be is an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(i), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii) The Swing Loans shall be secured by the Agent's Liens, shall constitute Advances and Obligations hereunder, and shall bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate LoansAdvances.
Appears in 1 contract
Sources: Loan and Security Agreement (World Airways Inc /De/)
Making of Swing Loans. In addition to Section 2.3(a), a Borrower may request a Swing Loan in Euros upon written request by an Authorized Person of such Borrower, by no later than 12:00 noon (New York time) at least 1 Business Day prior to the requested Funding Date and, in the case of a request for an Advance for a Borrowing of Base Rate Loans made pursuant to Section 2.3(a) above, the applicable Borrower shall be deemed to have made a request for a Swing Loan in Dollars and so long as in either case (i) In the event Agent shall electaggregate amount of Swing Loans made since the last Settlement Date, with minus the consent amount of Collections or payments applied to Swing Loans since the last Settlement Date, plus the amount of the Swing Loan requested or deemed requested does not exceed $25,000,000, or (ii) Swing Lender, as in its sole discretion, shall agree to make a Lender, to have Swing Loan notwithstanding the terms of this Section 2.3(d) apply to a requested Borrowing as described in Section 2.3(b)foregoing limitation, Swing Lender as a Lender shall make such an Advance or Capital Expenditures Loan in the amount of such requested Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d2.3(b) being referred to as a "Swing Loan" and such Advances and Capital Expenditures Loans being referred to collectively as "“Swing Loans"”) available to Borrower (A) the applicable US Borrower, in the case of US Swing Loans and (B) the Foreign Borrower, in the case of the Foreign Swing Loans, on the Funding Date applicable thereto by transferring immediately available funds to Borrower's the applicable Designated Account. Anything contained herein to the contrary notwithstanding, the Swing Lender may, but shall not be obligated to, make Swing Loans at any time that one or more of Lenders is a Defaulting Lender. Each Swing Loan shall be deemed to be an Advance (1) a US Advance, in the case of US Swing Loans or Capital Expenditures Loan hereunder(2) a Foreign Advance, as applicablein the case of Foreign Swing Loans, and shall be subject to all the terms and conditions (including Section 3) applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan)account. Subject to the provisions of Section 2.3(i2.3(d), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, make and shall not be obligated to make any Swing Loan if Agent Swing Lender has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waivedBorrowing, or (ii) the requested Borrowing would exceed the Excess Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, making any Swing Loan.
(ii) . The Swing Loans shall be secured by the Agent's ’s Liens, constitute Advances and Obligations hereunder, and bear interest at the rate applicable Floating Rate. Immediately upon the making of a Swing Loan, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from time the Swing Lender a risk participation in such Swing Loan in an amount equal to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loanssuch Lender’s Pro Rata share of the amount of such Swing Loan.
Appears in 1 contract
Making of Swing Loans. (ia) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(d2.2(d) apply to a requested Borrowing as described in Section 2.3(b2.2(b), Swing Lender as a Lender shall make such Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d2.2(d) being referred to as a "“Swing Loan" ” and such Advances and Capital Expenditures Loans being referred to collectively as "“Swing Loans"”) available to Borrower Borrowers on the Funding Date applicable thereto by transferring immediately available funds to Administrative Borrower's ’s Designated AccountAccount or as otherwise directed by Administrative Borrower in the applicable request for a Borrowing. Each Swing Loan shall be deemed to be an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(i2.2(g), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the result in Availability being equal to (or less than) $0 on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(iib) The Swing Loans shall be secured by the Agent's ’s Liens, constitute Advances and Obligations hereunder, and bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Prime Rate Loans.
Appears in 1 contract
Making of Swing Loans. (i) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(d) apply to a requested Borrowing as described in Section 2.3(b), Swing Lender as a Lender shall make such Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d) being referred to as a "“Swing Loan" ” and such Advances and Capital Expenditures Loans being referred to collectively as "“Swing Loans"”) available to Borrower Borrowers on the Funding Date applicable thereto by transferring immediately available funds to the applicable Borrower's ’s Designated Account; provided that, notwithstanding anything to the contrary contained in this Section 2.3(d), the aggregate principal amount of Swing Loans outstanding at any one time shall not exceed $5,000,000; provided that if any Lender is an Impacted Lender, the Swing Lender shall have no obligation to fund a Swing Loan unless such Impacted Lender or Borrowers have entered into arrangements reasonably satisfactory to Agent and the Swing Lender to eliminate any funding risk associated with the Impacted Lender. Each Swing Loan shall be deemed to be an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(i), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii) The Swing Loans shall be secured by the Agent's ’s Liens, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans.. LEGAL_US_W # 62188650.14
Appears in 1 contract
Sources: Loan and Security Agreement (Peninsula Gaming, LLC)
Making of Swing Loans. (i) In the event Agent shall elect, with the consent of Swing Lender, as a Lender, to have the terms of this Section 2.3(d) apply to a requested Borrowing as described in Section 2.3(b), Swing Lender as a Lender shall make such Advance or Capital Expenditures Loan in the amount of such Borrowing (any such Advance or Capital Expenditures Loan made solely by Swing Lender as a Lender pursuant to this Section 2.3(d) being referred to as a "Swing Loan" and such Advances and Capital Expenditures Loans being referred to collectively as "Swing Loans") available to Borrower on the Funding Date applicable thereto by transferring immediately available funds to Borrower's Designated Account; provided, however, the aggregate amount of the Swing Loans at any one time outstanding shall not exceed $25,000,000. Each Swing Loan shall be deemed to be an Advance or Capital Expenditures Loan hereunder, as applicable, hereunder and shall be subject to all the terms and conditions applicable to other Advances or Capital Expenditures Loans, as applicableAdvances, except that no such Swing Loan shall be eligible to be a LIBOR Rate Loan and all payments on any Swing Loan shall be payable to Swing Lender as a Lender solely for its own account (and for the account of the holder of any participation interest with respect to such Swing Loan). Subject to the provisions of Section 2.3(i), Agent shall not request Swing Lender as a Lender to make, and Swing Lender as a Lender shall not make, any Swing Loan if Agent has actual knowledge that (i) one or more of the applicable conditions precedent set forth in Section 3 will not be satisfied on the requested Funding Date for the applicable Borrowing unless such condition has been waived, or (ii) the requested Borrowing would exceed the Availability on such Funding Date. Swing Lender as a Lender shall not otherwise be required to determine whether the applicable conditions precedent set forth in Section 3 have been satisfied on the Funding Date applicable thereto prior to making, in its sole discretion, any Swing Loan.
(ii) The Swing Loans shall be secured by the Agent's Liens, constitute Obligations hereunder, and bear interest at the rate applicable from time to time to Advances or Capital Expenditures Loans, as applicable, that are Base Rate Loans.
Appears in 1 contract
Sources: Loan, Guaranty and Security Agreement (Payless Shoesource Inc /De/)