Canadian Swing Loans Sample Clauses

Canadian Swing Loans. (i) Subject to the terms and conditions hereof and relying upon the representations and warranties herein set forth, and in order to facilitate advances and repayments between Settlement Dates, PNC Canada may, at its option, cancelable at any time for any reason whatsoever upon notice to Canadian Borrowing Agent, make swing loans (the “Canadian Swing Loans”) (which shall be Domestic Rate Loans only) to Canadian Borrowers at any time or from time to time after the date hereof to, but not including, the last day of the Term, in an aggregate principal amount up to but not in excess of the Canadian Swing Loan Commitment; provided that the aggregate principal amount of PNC Canada’s Canadian Swing Loans and the Canadian Revolving Advances of all the Lenders shall not exceed the lesser of (x) the Maximum Canadian Revolving Advance Amount less the aggregate Maximum Undrawn Amount of outstanding Canadian Letters of Credit or (y) the Canadian Formula Amount. Within such limits of time and amount and subject to the other provisions of this Agreement, Canadian Borrower may borrow, repay and reborrow pursuant to this Section 2.25(b).
Sample 1Sample 2
AutoNDA by SimpleDocs
Canadian Swing Loans. 42 2.2 Nature of Banks' Obligations with Respect to Revolving Credit Loans. 42 2.2.1. US Revolving Credit Loans. 42 2.2.2. Canadian Revolving Credit Loans. 42 2.3 Facility Fees. 43
Sample 1
Canadian Swing Loans. 50 2.7 Use of Proceeds. 50 2.8 US Letter of Credit Subfacility. 51
Sample 1
Canadian Swing Loans. Subject to the terms and conditions hereof and relying upon the representations and warranties herein set forth, and in order to facilitate loans and repayments between Settlement Dates, PNC Canada may, at its option, cancelable at any time for any reason whatsoever, make swing loans (the "Canadian Swing Loans") in Canadian Dollars to the Canadian Borrower at any time or from time to time after the date hereof to, but not including, the Expiration Date, in an aggregate principal amount up to but not in excess of the Dollar Equivalent Amount of Ten Million and 00/100 Dollars ($10,000,000.00) (the "Canadian Swing Loan Commitment"), provided that after giving effect to any such Canadian Swing Loan, (i) the Canadian Revolving Facility Usage shall not exceed the Canadian Revolving Credit Commitments, and (ii) the Consolidated Facility Usage shall not exceed the US Revolving Credit Commitments. Within such limits of time and amount and subject to the other provisions of this Agreement, the Canadian Borrower may borrow, repay and reborrow pursuant to this Section 2.1.4.
Sample 1
Canadian Swing Loans. PNC Canada may, at its option, exercisable at any time for any reason whatsoever, demand repayment of the applicable Canadian Swing Loan, and each Canadian Bank shall make a Canadian Revolving Credit Loan in an amount equal to such Canadian Bank's Canadian Ratable Share of the aggregate principal amount of such outstanding Canadian Swing Loans, plus, if PNC Canada so requests, accrued interest thereon, provided that no Canadian Bank shall be obligated in any event to make Canadian Revolving Credit Loans in excess of its Canadian Revolving Credit Commitment less its Canadian Ratable Share of the Dollar Equivalent Amount of Canadian Letters of Credit Outstanding. Canadian Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Canadian Prime Rate Option and shall be deemed to have been properly requested in accordance with Section 2.4.2 [Canadian Loan Requests] without regard to any of the requirements of that provision. PNC Canada shall provide notice to the Canadian Banks (which may be telephonic, written, or facsimile notice) that such Canadian Revolving Credit Loans are to be made under this Section 2.6.2 and of the apportionment among the Canadian Banks, and the Canadian Banks shall be unconditionally obligated to fund such Canadian Revolving Credit Loans (whether or not the conditions specified in Section 2.4.2 [Canadian Loan Requests] are then satisfied) by the time PNC Canada so requests, which shall not be earlier than 2:00 p.m. on the next Business Day after the date the Canadian Banks receive such notice from PNC Canada.
Sample 1
Canadian Swing Loans 
Sample 1Sample 2Sample 3See All (6)

Related to Canadian Swing Loans

  • Swing Loans (a) Subject to the terms and conditions set forth in this Agreement, and in order to minimize the transfer of funds between Lenders and Agent for administrative convenience, Agent, Lenders holding Revolving Commitments and Swing Loan Lender agree that in order to facilitate the administration of this Agreement, Swing Loan Lender may, at its election and option made in its sole discretion cancelable at any time for any reason whatsoever, make swing loan advances (“Swing Loans”) available to Borrowers as provided for in this Section 2.4 at any time or from time to time after the date hereof to, but not including, the expiration of the Term, in an aggregate principal amount up to but not in excess of the Maximum Swing Loan Advance Amount, provided that the outstanding aggregate principal amount of Swing Loans and the Revolving Advances at any one time outstanding shall not exceed an amount equal to the lesser of (i) the Maximum Revolving Advance Amount less the Maximum Undrawn Amount of all outstanding Letters of Credit or (ii) the Formula Amount. All Swing Loans shall be Domestic Rate Loans only. Borrowers may borrow (at the option and election of Swing Loan Lender), repay and reborrow (at the option and election of Swing Loan Lender) Swing Loans and Swing Loan Lender may make Swing Loans as provided in this Section 2.4 during the period between Settlement Dates. All Swing Loans shall be evidenced by a secured promissory note (the “Swing Loan Note”) substantially in the form attached hereto as Exhibit 2.4(a). Swing Loan Lender’s agreement to make Swing Loans under this Agreement is cancelable at any time for any reason whatsoever and the making of Swing Loans by Swing Loan Lender from time to time shall not create any duty or obligation, or establish any course of conduct, pursuant to which Swing Loan Lender shall thereafter be obligated to make Swing Loans in the future.

  • Making Swing Loans So long as PNC Bank elects to make Swing Loans, PNC Bank shall, after receipt by it of a Swing Loan Request pursuant to Section 2.5.2, [Swing Loan Requests] fund such Swing Loan to the Borrower in U.S. Dollars and immediately available funds at the Principal Office prior to 2:00 p.m. Pittsburgh time on the Borrowing Date.

  • Revolving Loans The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of all Revolving Loans outstanding on such date.

  • Revolving Loan Borrowings (i) Each Borrowing of Revolving Loans shall be made on notice given by a Borrower to the Revolving and LC Administrative Agent not later than 11:00 a.m. (New York time) (A) on the Business Day of the proposed Borrowing, in the case of a Borrowing of Base Rate Loans and (B) three Business Days prior to the date of the proposed Borrowing, in the case of a Borrowing of Eurodollar Rate Loans. Each such notice shall be in substantially the form of Exhibit C-2 (a “Notice of Revolving Borrowing”) (or shall be made by telephone and the same information shall be confirmed promptly thereafter in writing), specifying (1) the date of such proposed Borrowing, (2) the aggregate amount of such proposed Borrowing, (3) whether any portion of the proposed Borrowing will be of Base Rate Loans or Eurodollar Rate Loans, (4) the initial Interest Period or Interest Periods for any such Eurodollar Rate Loans, and (5) remittance instructions. The Revolving Loans shall be made as Base Rate Loans unless, subject to Section 2.17, the Notice of Revolving Borrowing specifies that all or a portion thereof shall be Eurodollar Rate Loans. Each Borrowing of Revolving Loans shall be in an aggregate amount that is an integral multiple of $1,000,000.00 (or $500,000.00 with respect to Swing Loans) and shall be allocated ratably in accordance with each Revolving Lender’s Revolving Commitment.

  • New Swing Line Loans/Letters of Credit Notwithstanding anything in this Agreement to the contrary, so long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be required to fund any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line Loan and (ii) no L/C Issuer shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

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

  • New Swingline Loans/Letters of Credit So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) no Issuing Lender shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

  • Swingline Loans (a) Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make Swingline Loans to the Borrower from time to time during the Revolving Availability Period, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding $5,000,000 or (ii) the sum of the total Revolving Exposures exceeding the total Revolving Commitments; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans.

  • Disbursement of Revolving Credit and Swingline Loans Not later than 2:00 p.m. on the proposed borrowing date, (i) each Revolving Credit Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, such Revolving Credit Lender’s Revolving Credit Commitment Percentage of the Revolving Credit Loans to be made on such borrowing date and (ii) the Swingline Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, the Swingline Loans to be made on such borrowing date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of each borrowing requested pursuant to this Section in immediately available funds by crediting or wiring such proceeds to the deposit account of the Borrower identified in the most recent notice substantially in the form attached as Exhibit C (a “Notice of Account Designation”) delivered by the Borrower to the Administrative Agent or as may be otherwise agreed upon by the Borrower and the Administrative Agent from time to time. Subject to Section 5.7 hereof, the Administrative Agent shall not be obligated to disburse the portion of the proceeds of any Revolving Credit Loan requested pursuant to this Section to the extent that any Revolving Credit Lender has not made available to the Administrative Agent its Revolving Credit Commitment Percentage of such Loan. Revolving Credit Loans to be made for the purpose of refunding Swingline Loans shall be made by the Revolving Credit Lenders as provided in Section 2.2(b).

Time is Money Join Law Insider Premium to draft better contracts faster.