Mandatory Borrowing. On any Business Day (but in any event no less frequently than once per week), the Administrative Agent may, in its sole discretion give notice to the Lenders that the Administrative Agent’s outstanding Agent Advances shall be funded with one or more Borrowings of Revolving Credit Loans (provided that such notice shall be deemed to have been automatically given upon the occurrence of an Event of Default under Section 8.01(f) or upon the exercise of any of the remedies provided in the last paragraph of Section 7.01), in which case one or more Borrowings of Revolving Credit Loans constituting Base Rate Loans (each such Borrowing, a “Mandatory Borrowing”) shall be made on the immediately succeeding Business Day by all applicable Lenders pro rata based on each such Lender’s Pro Rata Share (determined before giving effect to any termination of the Revolving Credit Commitments pursuant to Section 8.02) and the proceeds thereof shall be applied directly by the Administrative Agent to repay the Administrative Agent for such outstanding Agent Advances. Each Lender hereby irrevocably agrees to make Revolving Credit Loans upon one (1) Business Day’s notice pursuant to each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the date specified in writing by the Administrative Agent notwithstanding (i) the amount of the Mandatory Borrowing may not comply with the minimum Borrowing amounts otherwise required hereunder, (ii) whether any conditions specified in Section 4.02 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) the date of such Mandatory Borrowing, (v) the amount of the Borrowing Base at such time and (vi) whether such Lender’s Revolving Credit Commitment has been terminated at such time. In the event that any Mandatory Borrowing cannot for any reason be made on the date otherwise required above (including, as a result of the commencement of a proceeding under any Debtor Relief Law with respect to any Borrower), then each Lender hereby agrees that it shall forthwith purchase (as of the date the Mandatory Borrowing would otherwise have occurred, but adjusted for any payments received from the Borrowers on or after such date and prior to such purchase) from the Administrative Agent such participations in the outstanding Agent Advances as shall be necessary to cause the applicable Lenders to share in such Agent Advances ratably based upon their respective Revolving Credit Commitments (determined before giving effect to any termination of the Revolving Credit Commitments pursuant to Section 8.02); provided that (x) all interest payable on the Agent Advances shall be for the account of the Administrative Agent until the date as of which the respective participation is required to be purchased and, to the extent attributable to the purchased participation, shall be payable to the participant from and after the time any purchase of participations is actually made and (y) at the time any purchase of participations pursuant to this sentence is actually made, the purchasing Lender shall be required to pay the Administrative Agent interest on the principal amount of the participation purchased for each day from and including the day upon which the Mandatory Borrowing would otherwise have occurred to but excluding the date of payment for such participation, at the overnight Federal Funds Rate for the first three (3) days and at the interest rate otherwise applicable to Revolving Credit Loans maintained as Base Rate Loans hereunder for each day thereafter.
Appears in 2 contracts
Sources: Abl Credit Agreement (Option Care Health, Inc.), Abl Credit Agreement (Option Care Health, Inc.)
Mandatory Borrowing. (i) On any Business Day (but in any event no less frequently than once per week)Day, the Administrative Agent Multi-Currency Swingline Lender may, in its sole discretion discretion, give notice to the Multi-Currency Lenders that the Administrative Agent’s all then-outstanding Agent Advances Multi-Currency Swingline Loans shall be funded with one or more Borrowings a Borrowing of Multi-Currency Revolving Credit Loans (provided that such notice shall be deemed to have been automatically given upon the occurrence of an Event of Default under Section 8.01(f) or upon the exercise of any of the remedies provided in the last paragraph of Section 7.01)constituting ABR Loans, in which case one or more Borrowings of Multi-Currency Revolving Credit Loans constituting Base Rate Loans (each such Borrowing, a “Multi-Currency Mandatory Borrowing”) shall be made on the immediately succeeding Business Day by all applicable Multi-Currency Lenders pro rata based on each such Multi-Currency Lender’s Pro Rata Share (determined before giving effect to any termination of the Multi-Currency Revolving Credit Commitments pursuant to Section 8.02) Commitment Percentage, and the proceeds thereof shall be applied directly by to the Administrative Agent Multi-Currency Swingline Lender to repay the Administrative Agent Multi-Currency Swingline Lender for such outstanding Agent AdvancesMulti-Currency Swingline Loans. Each Multi-Currency Lender hereby irrevocably agrees to make such Multi-Currency Revolving Credit Loans upon one (1) Business Day’s notice pursuant to each Multi-Currency Mandatory Borrowing in the amount amount, in either U.S. Dollars or Singapore Dollars, as applicable, and in the manner specified in the preceding sentence and on the date specified to it in writing by the Administrative Agent Multi-Currency Swingline Lender notwithstanding (iA) that the amount of the Multi-Currency Mandatory Borrowing may not comply with the minimum amount for each Borrowing amounts otherwise required hereunderspecified in Section 2.2, (iiB) whether any conditions specified in Section 4.02 7 are then satisfied, (iiiC) whether a Default or an Event of Default then existshas occurred and is continuing, (ivD) the date of such Multi-Currency Mandatory Borrowing, Borrowing or (vE) any reduction in the amount of the Borrowing Base at Total Commitment after any such time and (vi) whether such Lender’s Revolving Credit Commitment has been terminated at such timeMulti-Currency Swingline Loans were made. In the event that that, in the sole judgment of the Multi-Currency Swingline Lender, any Multi-Currency Mandatory Borrowing cannot for any reason be made on the date otherwise required above (including, including as a result of the commencement of a proceeding under any Debtor Relief Law with the Bankruptcy Code in respect to of any Borrower), then each Multi-Currency Lender hereby agrees that it shall forthwith purchase from the Multi-Currency Swingline Lender (as without recourse or warranty) such participation of the date the Mandatory Borrowing would otherwise have occurred, but adjusted for any payments received from the Borrowers on or after such date and prior to such purchase) from the Administrative Agent such participations in the outstanding Agent Advances Multi-Currency Swingline Loans as shall be necessary to cause the applicable Multi-Currency Lenders to share in such Agent Advances Multi-Currency Swingline Loans ratably based upon their respective Multi-Currency Revolving Credit Commitments (determined before giving effect to any termination of the Revolving Credit Commitments pursuant to Section 8.02); Commitment Percentages, provided that (x) all principal and interest payable on the Agent Advances such Multi-Currency Swingline Loans shall be for the account of the Administrative Agent Multi-Currency Swingline Lender until the date as of which the respective participation is required to be purchased and, to the extent attributable to the purchased participation, shall be payable to the participant Multi-Currency Lender purchasing same from and after such date of purchase.
(ii) On any Business Day, the time any purchase Malaysian Swingline Lender may, in its sole discretion, give notice to the Malaysian Lenders that all then-outstanding Malaysian Swingline Loans shall be funded with a Borrowing of participations is actually Malaysian Revolving Credit Loans consisting of (A), if requested to be made in U.S. Dollars, LIBOR Loans, and (yB) at if requested to be made in Ringgit, RM Loans, in each case having an initial Interest Period of one week, in which case Malaysian Revolving Credit Loans (each such Borrowing, a “Malaysian Mandatory Borrowing”) shall be made on the time any purchase of participations immediately succeeding Business Day by all Malaysian Lenders pro rata based on each Malaysian Lender’s Malaysian Revolving Credit Commitment Percentage, and the proceeds thereof shall be applied directly to the Malaysian Swingline Lender to repay the Malaysian Swingline Lender for such outstanding Malaysian Swingline Loans. Each Malaysian Lender hereby irrevocably agrees to make such Malaysian Revolving Credit Loans upon one Business Day’s notice pursuant to this each Malaysian Mandatory Borrowing in the amount, in either U.S. Dollars or Ringgit, as applicable, and in the manner specified in the preceding sentence is actually made, the purchasing Lender shall be required to pay the Administrative Agent interest and on the principal date specified to it in writing by the Malaysian Swingline Lender notwithstanding (1) that the amount of the participation purchased Malaysian Mandatory Borrowing may not comply with the minimum amount for each day from Borrowing specified in Section 2.2, (2) whether any conditions specified in Section 7 are then satisfied, (3) whether a Default or an Event of Default has occurred and including the day upon which the Mandatory Borrowing would otherwise have occurred to but excluding is continuing, (4) the date of payment such Malaysian Mandatory Borrowing or (5) any reduction in the Total Commitment after any such Malaysian Swingline Loans were made. In the event that, in the sole judgment of the Malaysian Swingline Lender, any Malaysian Mandatory Borrowing cannot for any reason be made on the date otherwise required above (including as a result of the commencement of a proceeding under the Bankruptcy Code in respect of any Borrower), each Malaysian Lender hereby agrees that it shall forthwith purchase from the Malaysian Swingline Lender (without recourse or warranty) such participation of the outstanding Malaysian Swingline Loans as shall be necessary to cause the Malaysian Lenders to share in such Malaysian Swingline Loans ratably based upon their respective Malaysian Revolving Credit Commitment Percentages, provided that all principal and interest payable on such Malaysian Swingline Loans shall be for the account of the Malaysian Swingline Lender until the date the respective participation is purchased and, to the extent attributable to the purchased participation, at shall be payable to the overnight Federal Funds Rate for the first three (3) days Malaysian Lender purchasing same from and at the interest rate otherwise applicable to Revolving Credit Loans maintained as Base Rate Loans hereunder for each day thereafterafter such date of purchase.
Appears in 2 contracts
Sources: Credit Agreement (Avago Technologies Manufacturing (Singapore) Pte. Ltd.), Credit Agreement (Avago Technologies LTD)
Mandatory Borrowing. On any Business Day (but in any event no less frequently than once per week)Day, the Administrative Agent Swingline Lender may, in its sole discretion discretion, give notice to the Revolving Credit Lenders that the Administrative Agent’s all then-outstanding Agent Advances Swingline Loans shall be funded with one or more Borrowings of Revolving Credit Loans (provided that such notice shall be deemed to have been automatically given upon the occurrence of an Event of Default under Section 8.01(f) or upon the exercise of any of the remedies provided in the last paragraph of Section 7.01)constituting ABR Loans, in which case one or more Borrowings of Revolving Credit Loans constituting Base Rate Loans (each such Borrowing, a “Mandatory Borrowing”) shall be made on the immediately succeeding Business Day by all applicable Revolving Credit Lenders pro rata based on each such Revolving Credit Lender’s Pro Rata Share Revolving Credit Commitment Percentage (determined before giving effect to any termination regardless of the Class of Revolving Credit Commitments pursuant to Section 8.02) held by such Lender), and the proceeds thereof shall be applied directly by to the Administrative Agent Swingline Lender to repay the Administrative Agent Swingline Lender for such outstanding Agent AdvancesSwingline Loans. Each Revolving Credit Lender hereby irrevocably agrees to make such Revolving Credit Loans upon one (1) Business Day’s notice pursuant to each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the date specified to it in writing by the Administrative Agent Swingline Lender notwithstanding (iA) that the amount of the Mandatory Borrowing may not comply with the minimum amount for each Borrowing amounts otherwise required hereunderspecified in Section 2.2, (iiB) whether any conditions specified in Section 4.02 7 are then satisfied, (iiiC) whether a Default or an Event of Default then existshas occurred and is continuing, (ivD) the date of such Mandatory Borrowing, Borrowing or (vE) any reduction in the amount of the Borrowing Base at Total Commitment after any such time and (vi) whether such Lender’s Revolving Credit Commitment has been terminated at such timeSwingline Loans were made. In the event that that, in the sole judgment of the Swingline Lender, any Mandatory Borrowing cannot for any reason be made on the date otherwise required above (including, including as a result of the commencement of a proceeding under any Debtor Relief Law with the Bankruptcy Code in respect to any of the Borrower), then each Revolving Credit Lender hereby agrees that it shall forthwith purchase from the Swingline Lender (as without recourse or warranty) such participation of the date the Mandatory Borrowing would otherwise have occurred, but adjusted for any payments received from the Borrowers on or after such date and prior to such purchase) from the Administrative Agent such participations in the outstanding Agent Advances Swingline Loans as shall be necessary to cause the applicable Revolving Credit Lenders to share in such Agent Advances Swingline Loans ratably based upon their respective Revolving Credit Commitments Commitment Percentages (determined before giving effect to any termination regardless of the Class of Revolving Credit Commitments pursuant to Section 8.02held by such Lender); , provided that (x) all principal and interest payable on the Agent Advances such Swingline Loans shall be for the account of the Administrative Agent Swingline Lender until the date as of which the respective participation is required to be purchased and, to the extent attributable to the purchased participation, shall be payable to the participant Revolving Credit Lender purchasing same from and after such date of purchase. On the time Final Date for any purchase Class of Revolving Credit Commitments, such participations is actually made of the Revolving Credit Lenders under and (y) at the time any purchase in respect of participations pursuant to this sentence is actually made, the purchasing Lender such Class shall be required automatically reallocated to pay the Administrative Agent interest on the principal amount of the participation purchased for each day from and including the day upon which the Mandatory Borrowing would otherwise have occurred to but excluding the date of payment for such participation, at the overnight Federal Funds Rate for the first three (3) days and at the interest rate otherwise applicable to remaining Revolving Credit Loans maintained as Base Rate Loans hereunder for each day thereafterLenders pro rata based on such Lender’s Revolving Credit Commitment Percentage after giving effect to such Final Date.
Appears in 1 contract
Mandatory Borrowing. On any Business Day (but in any event no less frequently than once per week)Day, the Administrative Agent Swingline Lender may, in its sole discretion discretion, give notice to the Revolving Credit Lenders that the Administrative Agent’s all then-outstanding Agent Advances Swingline Loans shall be funded with one or more Borrowings of Revolving Credit Loans (provided that such notice shall be deemed to have been automatically given upon the occurrence of an Event of Default under Section 8.01(f) or upon the exercise of any of the remedies provided in the last paragraph of Section 7.01)constituting ABR Loans, in which case one or more Borrowings of Revolving Credit Loans constituting Base Rate Loans (each such Borrowing, a “Mandatory Borrowing”) shall be made on the immediately succeeding Business Day by all applicable Revolving Credit Lenders pro rata based on each such Revolving Credit Lender’s Pro Rata Share (determined before giving effect to any termination of the Revolving Credit Commitments pursuant to Section 8.02) Commitment Percentage, and the proceeds thereof shall be applied directly by to the Administrative Agent Swingline Lender to repay the Administrative Agent Swingline Lender for such outstanding Agent AdvancesSwingline Loans. Each Revolving Credit Lender hereby irrevocably agrees to make such Revolving Credit Loans upon one (1) Business Day’s notice pursuant to each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the date specified to it in writing by the Administrative Agent Swingline Lender notwithstanding (iA) that the amount of the Mandatory Borrowing may not comply with the minimum amount for each Borrowing amounts otherwise required hereunderspecified in Section 2.2, (iiB) whether any conditions specified in Section 4.02 7 are then satisfied, (iiiC) whether a Default or an Event of Default then existshas occurred and is continuing, (ivD) the date of such Mandatory Borrowing, Borrowing or (vE) any reduction in the amount of the Borrowing Base at Total Commitment after any such time and (vi) whether such Lender’s Revolving Credit Commitment has been terminated at such timeSwingline Loans were made. In the event that that, in the sole judgment of the Swingline Lender, any Mandatory Borrowing cannot for any reason be made on the date otherwise required above (including, including as a result of the commencement of a proceeding under any Debtor Relief Law with the Bankruptcy Code in respect to any of the Borrower), then each Revolving Credit Lender hereby agrees that it shall forthwith purchase from the Swingline Lender (as without recourse or warranty) such participation of the date the Mandatory Borrowing would otherwise have occurred, but adjusted for any payments received from the Borrowers on or after such date and prior to such purchase) from the Administrative Agent such participations in the outstanding Agent Advances Swingline Loans as shall be necessary to cause the applicable Revolving Credit Lenders to share in such Agent Advances Swingline Loans ratably based upon their respective Revolving Credit Commitments (determined before giving effect to any termination of the Revolving Credit Commitments pursuant to Section 8.02); Commitment Percentages, provided that (x) all principal and interest payable on the Agent Advances such Swingline Loans shall be for the account of the Administrative Agent Swingline Lender until the date as of which the respective participation is required to be purchased and, to the extent attributable to the purchased participation, shall be payable to the participant Revolving Credit Lender purchasing same from and after the time any purchase of participations is actually made and (y) at the time any purchase of participations pursuant to this sentence is actually made, the purchasing Lender shall be required to pay the Administrative Agent interest on the principal amount of the participation purchased for each day from and including the day upon which the Mandatory Borrowing would otherwise have occurred to but excluding the such date of payment for such participation, at the overnight Federal Funds Rate for the first three (3) days and at the interest rate otherwise applicable to Revolving Credit Loans maintained as Base Rate Loans hereunder for each day thereafterpurchase.
Appears in 1 contract
Mandatory Borrowing. On any Business Day (but in any event no less frequently than once per week), the Administrative Agent may, in its sole discretion give notice to the Lenders that the Administrative Agent’s outstanding Agent Advances shall be funded with one or more Borrowings of Revolving Credit Loans (provided that such notice shall be deemed to have been automatically given upon the occurrence of an Event of Default under Section 8.01(f) or upon the exercise of any of the remedies provided in the last paragraph of Section 7.01), in which case one or more Borrowings of Revolving Credit Loans constituting Base Rate Loans (each such Borrowing, a “Mandatory Borrowing”) shall be made on the immediately succeeding Business Day by all applicable Lenders pro rata based on each such Lender’s Pro Rata Share (determined before giving effect to any termination of the Revolving Credit Commitments pursuant to Section 8.02) and the proceeds thereof shall be applied directly by the Administrative Agent to repay the Administrative Agent for such outstanding Agent Advances. Each Lender hereby irrevocably agrees to make Revolving Credit Loans upon one (1) Business Day’s notice pursuant to each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the date specified in writing by the Administrative Agent notwithstanding (i) the amount of the Mandatory Borrowing may not comply with the minimum Borrowing amounts otherwise required hereunder, (ii) whether any conditions specified in Section 4.02 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) the date of such Mandatory Borrowing, (v) the amount of the Borrowing Base at such time and (vi) whether such Lender▇▇▇▇▇▇’s Revolving Credit Commitment has been terminated at such time. In the event that any Mandatory Borrowing cannot for any reason be made on the date otherwise required above (including, as a result of the commencement of a proceeding under any Debtor Relief Law with respect to any Borrower), then each Lender hereby agrees that it shall forthwith purchase (as of the date the Mandatory Borrowing would otherwise have occurred, but adjusted for any payments received from the Borrowers on or after such date and prior to such purchase) from the Administrative Agent such participations in the outstanding Agent Advances as shall be necessary to cause the applicable Lenders to share in such Agent Advances ratably based upon their respective Revolving Credit Commitments (determined before giving effect to any termination of the Revolving Credit Commitments pursuant to Section 8.02); provided that (x) all interest payable on the Agent Advances shall be for the account of the Administrative Agent until the date as of which the respective participation is required to be purchased and, to the extent attributable to the purchased participation, shall be payable to the participant from and after the time any purchase of participations is actually made and (y) at the time any purchase of participations pursuant to this sentence is actually made, the purchasing Lender shall be required to pay the Administrative Agent interest on the principal amount of the participation purchased for each day from and including the day upon which the Mandatory Borrowing would otherwise have occurred to but excluding the date of payment for such participation, at the overnight Federal Funds Rate for the first three (3) days and at the interest rate otherwise applicable to Revolving Credit Loans maintained as Base Rate Loans hereunder for each day thereafter.
Appears in 1 contract
Mandatory Borrowing. On any Business Day (but in any event no less frequently than once per week), the Administrative Agent may, in its sole discretion give notice to the Lenders that the Administrative Agent’s outstanding Agent Advances shall be funded with one or more Borrowings of Revolving Credit Loans (provided that such notice shall be deemed to have been automatically given upon the occurrence of an Event of Default under Section 8.01(f) or upon the exercise of any of the remedies provided in the last paragraph of Section 7.01), in which case one or more Borrowings of Revolving Credit Loans constituting Base Rate Loans (each such Borrowing, a “Mandatory Borrowing”) shall be made on the immediately succeeding Business Day by all applicable Lenders pro rata based on each such Lender’s Pro Rata Share (determined before giving effect to any termination of the Revolving Credit Commitments pursuant to Section 8.02) and the proceeds thereof shall be applied directly by the Administrative Agent to repay the Administrative Agent for such outstanding Agent Advances. Each Lender hereby irrevocably agrees to make Revolving Credit Loans upon one (1) Business Day’s notice pursuant to each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the date specified in writing by the Administrative Agent notwithstanding (i) the amount of the Mandatory Borrowing may not comply with the minimum Borrowing amounts otherwise required hereunder, (ii) whether any conditions specified in Section 4.02 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) the date of such Mandatory Borrowing, (v) the amount of the Borrowing Base at such time and (vi) whether such Lender’s Revolving Credit Commitment has been terminated at such time. In the event that any Mandatory Borrowing cannot for any reason be made on the date otherwise required above (including, as a result of the commencement of a proceeding under any Debtor Relief Law with respect to any Borrower), then each Lender hereby agrees that it shall forthwith purchase (as of the date the Mandatory Borrowing would otherwise have occurred, but adjusted for any payments received from the Borrowers on or after such date and prior to such purchase) from the Administrative Agent such participations in the outstanding Agent Advances as shall be necessary to cause the applicable Lenders to share in such Agent Advances ratably based upon their respective Revolving Credit Commitments (determined before giving effect to any termination of the Revolving Credit Commitments pursuant to Section 8.02); provided that (x) all interest payable on the Agent Advances shall be for the account of the Administrative Agent until the date as of which the respective participation is required to be purchased and, to the extent attributable to the purchased participation, shall be payable to the participant from and after the time any purchase of participations is actually made and (y) at the time any purchase of participations pursuant to this sentence is actually made, the purchasing Lender shall be required to pay the Administrative Agent interest on the principal amount of the participation purchased for each day from and including the day upon which the Mandatory Borrowing would otherwise have occurred to but excluding the date of payment for such participation, at the overnight Federal Funds Rate for the first three (3) days and at the interest rate otherwise applicable to Revolving Credit Loans maintained as Base Rate Loans hereunder for each day thereafter.-74
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Mandatory Borrowing. On any Business Day (but in any event no less frequently than once per week)Day, the Administrative Agent Swingline Lender may, in its sole discretion discretion, give notice to the Revolving Lenders that the Administrative Agent’s its outstanding Agent Advances Swingline Loans shall be funded with one or more Borrowings a Borrowing of Revolving Credit Loans (provided that such notice shall be deemed to have been automatically given upon the occurrence of a Default or an Event of Default under Section 8.01(f) 9.05 or upon the exercise of any of the remedies provided in the last paragraph of Section 7.019), in which case one or more Borrowings a Borrowing of Revolving Credit Loans constituting Base Rate Loans (each such Borrowing, a “"Mandatory Borrowing”") shall be made on the immediately succeeding Business Day by all applicable Revolving Lenders (without giving effect to any reductions thereto pursuant to the last paragraph of Section 9) pro rata based on each such Revolving Lender’s Pro Rata Share 's Revolving Percentage (determined before giving effect to any termination of the Revolving Credit Commitments pursuant to the last paragraph of Section 8.02) 9), and the proceeds thereof shall be applied directly by to the Administrative Agent Swingline Lender to repay the Administrative Agent Swingline Lender for such outstanding Agent AdvancesSwingline Loans. Each Revolving Lender hereby irrevocably agrees to make Revolving Credit Base Rate Loans upon one (1) Business Day’s 's notice pursuant to each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the date specified in writing by the Administrative Agent Swingline Lender notwithstanding (i) the amount of the Mandatory Borrowing may not comply with the minimum Minimum Borrowing amounts Amount otherwise required hereunder, (ii) whether any conditions condition specified in Section 4.02 are 5 may not then be satisfied, (iii) whether a the existence of any Default or an Event of Default then existsDefault, (iv) the date of such Mandatory Borrowing, Borrowing and (v) the amount of the Borrowing Base at such time and (vi) whether such Lender’s Total Revolving Credit Commitment has been terminated at such time. In the event that any Mandatory Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a proceeding under any Debtor Relief Law the Bankruptcy Code with respect to any the Borrower), then each Revolving Lender (other than the Swingline Lender) hereby agrees that it shall forthwith purchase (as of the date the Mandatory Borrowing would otherwise have occurred, but adjusted for any payments received from the Borrowers Borrower on or after such date and prior to such purchase) purchase from the Administrative Agent Swingline Lender) (without recourse or warranty) such participations in the outstanding Agent Advances Swingline Loans as shall be necessary to cause the applicable Revolving Lenders to share in such Agent Advances Swingline Loans ratably based upon their respective Revolving Credit Commitments Percentages (determined before giving effect to any termination of the Revolving Credit Commitments pursuant to the last paragraph of Section 8.029); , provided that (x) all interest payable on the Agent Advances Swingline Loans shall be for the account of the Administrative Agent Swingline Lender until the date as of which the respective participation is required to be purchased and, to the extent attributable to the purchased participation, shall be payable to the participant from and after the time any purchase of participations is actually made such date and (y) at the time any purchase of participations pursuant to this sentence is actually made, the purchasing Lender shall be required to pay the Administrative Agent Swingline Lender interest on the principal amount of the participation purchased for each day from and including the day upon which the Mandatory Borrowing would otherwise have occurred to but excluding the date of payment for such participation, at the overnight Federal Funds Rate for the first three (3) days and at the interest rate otherwise applicable to Revolving Credit Loans maintained as Base Rate Loans hereunder for each day thereafter.
Appears in 1 contract