Canadian Swingline Commitment Sample Clauses
The Canadian Swingline Commitment clause defines the lender's obligation to provide short-term, revolving credit advances—known as swingline loans—to Canadian borrowers under a credit facility. Typically, this clause outlines the maximum amount available, the process for requesting advances, and any specific conditions or limitations unique to Canadian borrowers or currency. Its core practical function is to ensure that Canadian borrowers have rapid access to liquidity for immediate or short-term funding needs, thereby enhancing financial flexibility and operational efficiency.
Canadian Swingline Commitment. Subject to the terms and conditions set forth herein, the Canadian Swingline Lender agrees, in reliance upon the agreements of the other Canadian Lenders set forth in this Section 3.2, each Canadian Borrower may, in its individual capacity, obtain revolving credit loans in Canadian Dollars from the Canadian Swingline Lender, in its individual capacity (each a "Canadian Swingline Loan" and, collectively, the "Canadian Swingline Loans"), from time to time from the Closing Date until the Termination Date (i) by written notice (or telephone notice promptly confirmed in writing) from such Canadian Borrower (by its duly authorized officers or representatives) to the Canadian Swingline Lender not later than 2:00 P.M. (Toronto, Canada time) on the Business Day of the requested Canadian Swingline Loan advance (in which case the Canadian Swingline Lender shall credit the funds requested to the applicable Operating Account by 3:00 P.M. (Toronto, Canada time) on the Business Day of the requested borrowing) or (ii) by way of overdraft in the Canadian Dollar operating accounts maintained by such Canadian Borrower with the Canadian Swingline Lender (collectively, the "Operating Accounts"), for the purposes hereinafter set forth; provided, however, (A) the aggregate principal amount of Canadian Swingline Loans outstanding at any time shall not exceed FIVE MILLION CANADIAN DOLLARS (C$5,000,000) (the "Canadian Swingline Committed Amount"), and (B) the aggregate principal amount of outstanding Canadian Revolving Loans plus the aggregate principal amount of outstanding Canadian Swingline Loans plus Canadian LOC Obligations outstanding plus the BA Outstandings shall not exceed the Canadian Revolving Committed Amount. Unless the Canadian Borrowers have made prior arrangements with the Canadian Swingline Lender (including without limitation by requesting a Canadian Revolving Loan), the Canadian Swingline Lender may return any debit from an Operating Account that, if paid, would result in the aggregate principal amount of outstanding Canadian Swingline Loans exceeding the Canadian Swingline Committed Amount if (1) any Default or Event of Default then exists or (2) if the applicable Canadian Borrower does not, on or before the first Business Day after receipt by such Canadian Borrower of notice of such excess from the Canadian Swingline Lender, deposit money or request a Canadian Revolving Loan sufficient to cover such debit. Canadian Swingline Loans hereunder may be repaid and re...
Canadian Swingline Commitment. Subject to the terms and conditions set forth herein, the Canadian Swingline Lender agrees to make Canadian Swingline Loans to Canadian Borrower from time to time during the Revolving Availability Period, in an aggregate principal amount at any time outstanding that will not result in the aggregate principal amount of outstanding Canadian Swingline Loans exceeding $5.0 million and provided that after making a Canadian Swingline Loan, the sum of the total Canadian Exposures shall not exceed the lesser of (A) the total Canadian Revolving Commitments minus any Line Reserve allocated to the Canadian Revolving Commitments and (B) the Canadian Borrowing Base then in effect; provided that the Canadian Swingline Lender shall not be required to make a Canadian Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, Canadian Borrower may borrow, repay and reborrow Canadian Swingline Loans.
Canadian Swingline Commitment. (i) Subject to and upon the terms and conditions herein set forth, each Canadian Swingline Lender in its individual capacity agrees, at any time and from time to time on and after the Restatement Effective Date and prior to the Revolving Maturity Date, to make a loan or loans (each a “Canadian Swingline Loan” and, collectively, the “Canadian Swingline Loans” and, together with the U.S. Swingline Loans, the “Swingline Loans”) in Dollars or Cdn. Dollars in the amount of that Borrowing available to the Canadian Borrower by transferring same day funds to the Canadian Designated Account or such other account(s) as may be designated (by not later than 12:00 Noon (New York City time) on the day of funding) by the Canadian Borrower in writing. Each Canadian Swingline Loan shall be subject to all the terms and conditions applicable to other Canadian Revolving Loans except that all payments thereon (including interest) shall be made to the applicable Canadian Swingline Lenders. No Canadian Swingline Lender shall make any Canadian Swingline Loan if (1) the Canadian Administrative Agent has received written notice from any Canadian Revolving Lender that one or more of the applicable conditions precedent set forth in Section 5 or Section 6 will not be satisfied on the date of the requested Borrowing, (2) after giving effect to the requested Borrowing, the Availability Conditions would not be satisfied, or (3) such Canadian Swingline Loan would cause the aggregate outstanding principal balance of all Canadian Swingline Loans to exceed the Canadian Swingline Commitment. Canadian Swingline Loans shall at all times be maintained as ABR Loans or Canadian Prime Rate Loans, as applicable.
(ii) On any Business Day, any Canadian Swingline Lender may, in its sole discretion (and, if any Canadian Swingline Loan is outstanding for five Business Days, the Canadian Swingline Lender shall on such fifth Business Day), give notice by 1:00 p.m. (New York City time) to each Canadian Revolving Lender that all then outstanding Canadian Swingline Loans made by such Canadian Swingline Lender shall be funded with a Borrowing of Canadian Revolving Loans in the same currency in which the then outstanding Canadian Swingline Loans are denominated, in which case Canadian Revolving Loans constituting ABR Loans or Canadian Prime Rate Loans (each such Borrowing, a “Mandatory Canadian Borrowing”), as applicable, shall be made to the Canadian Borrower (in the amount of its Canadian Swingline Loans from...
Canadian Swingline Commitment. Subject to the terms and conditions hereof, the Canadian Swingline Lender agrees to make extensions of credit to the Canadian Borrower from time to time during the Revolving Commitment Period by making swing line loans ("CANADIAN SWINGLINE LOANS") to the Canadian Borrower in Canadian Dollars and/or issuing Canadian Letters of Credit on behalf of the Canadian Borrower in an aggregate amount not to exceed the Canadian Swingline Commitment of such Lender. Each Canadian Swingline Loan will be made by the Canadian Swingline Lender on an overdraft basis to meet a drawing upon any account maintained by the Canadian Borrower with the Canadian Swingline Lender and no notice of such borrowing shall be required by debiting the account of the Canadian Borrower on the books of the Canadian Lending Office. The amount of such overdraft from time to time shall be deemed to be a C$ Prime Loan or such other type of Loans as shall be agreed to by the Canadian Borrower and the Canadian Swingline Lender. The Canadian Borrower shall ensure that, after giving effect to the making of any Canadian Swingline Loan, the aggregate amount of Canadian Swingline Extensions of Credit then outstanding shall not exceed the Canadian Swingline Commitment. During the Revolving Commitment Period, the Canadian Borrower may use the Canadian Swingline Commitment by borrowing, repaying and reborrowing and causing Canadian Letters of Credit to be issued, all in accordance with the terms and conditions hereof.
Canadian Swingline Commitment. If at any time (as determined by the Administrative Agent under Section 2.4(b)(iv) or as otherwise determined by the Canadian Swingline Lender with notice to the Administrative Agent, in each case which determination shall be conclusive absent manifest error), and for any reason, the outstanding aggregate principal amount of all
(1) Cash Management Swingline Loans that are Canadian Swingline Loans exceeds the Canadian Cash Management Swingline Commitment or (2) Non-Cash Management Swingline Loans that are Canadian Swingline Loans exceeds the Canadian Non-Cash Management Swingline Commitment, then, as applicable, such excess shall be immediately repaid by the Canadian Borrower to the Canadian Swingline Lender (with notice to the Administrative Agent) for the account of such Canadian Swingline Lender, in the Permitted Currency in which the applicable Canadian Swingline Loan was made.