Participation in Swing Line Loans Sample Clauses
The Participation in Swing Line Loans clause defines the terms under which lenders in a syndicated loan agreement may participate in short-term, typically same-day, advances known as Swing Line Loans. This clause outlines the process by which the Swing Line Lender provides immediate funding to the borrower, and how other lenders subsequently acquire participations in these loans, sharing the associated risks and returns. Its core practical function is to ensure that liquidity needs of the borrower are met quickly while distributing credit exposure among all participating lenders, thereby managing risk and operational efficiency within the lending syndicate.
Participation in Swing Line Loans. If, prior to refunding a Swing Line Loan with a Revolving Loan pursuant to Section 2.1(c)(ii), one of the events described in Sections 10.1(e) or 10.1(f) shall have occurred, or if for any other reason a Revolving Loan cannot be made pursuant to Section 2.1(c)(ii), then, subject to the provisions of Section 2.1(c)(iv) below, each Revolving Lender will, on the date such Revolving Loan was to have been made, purchase (without recourse or warranty) from the Swing Line Lender an undivided participation interest in the Swing Line Loan in an amount equal to its Pro Rata Share of the Dollar Equivalent of such Swing Line Loan. Upon request, each Revolving Lender will immediately transfer to the Swing Line Lender, in immediately available funds, the amount of its participation and upon receipt thereof the Swing Line Lender will deliver to such Revolving Lender a Swing Line Loan Participation Certificate dated the date of receipt of such funds and in such amount.
Participation in Swing Line Loans. If, prior to refunding a Swing Line Loan with a Revolving Credit Advance pursuant to SECTION 1.1(c)(iii), one of the events described in SECTIONS 8.1(h) or 8.1(i) shall have occurred, then, subject to the provisions of SECTION 1.1(c)(v) below, each Revolving Lender will, on the date such Revolving Credit Advance was to have been made for the benefit of Borrower, purchase from the Swing Line Lender an undivided participation interest in the Swing Line Loan in an amount equal to its Pro Rata Share of such Swing Line Loan. Upon request, each Revolving Lender will promptly transfer to the Swing Line Lender, in immediately available funds, the amount of its participation.
Participation in Swing Line Loans. If, prior to refunding a Swing Line Loan with a Multicurrency Revolving Loan pursuant to Section 2.1(c)(ii), an Event of Default under Section 10.1(e) or 10.1(f) shall have occurred and be continuing, or if for any other reason a Multicurrency Revolving Loan cannot be made pursuant to Section 2.1(c)(ii), then, subject to the provisions of Section 2.1(c)(iv) below, each Multicurrency Revolving Lender will, on the date such Multicurrency Revolving Loan was to have been made, purchase (without recourse or warranty) from the applicable Swing Line Lender an undivided participation interest in the Swing Line Loan in an amount equal to its Multicurrency Revolver Pro Rata Share of such Swing Line Loan. Upon request, each Multicurrency Revolving Lender will immediately transfer to the applicable Swing Line Lender, in immediately available funds, the amount of its participation and upon receipt thereof such Swing Line Lender will deliver to such Multicurrency Revolving Lender a Swing Line Loan Participation Certificate dated the date of receipt of such funds and in such amount.
Participation in Swing Line Loans. If, prior to refunding a Swing Line Loan with a Revolving Credit Advance pursuant to Section l.l(d)(iii), one of the events described in Sections 8.1(h) or 8.1(i) shall have occurred, then, subject to the provisions of Section 1.1 (d)(v) below, each Revolving Lender will, on the date such Revolving Credit Advance was to have been made, purchase from the Swing Line Lender an undivided participation interest in the Swing Line Loan in an amount equal to its Pro Rata Share of such Swing Line Loan. Upon request, each Revolving Lender will promptly transfer to the Swing Line Lender, in immediately available funds, the amount of its participation and upon receipt thereof the Swing Line Lender will deliver to such Revolving Lender a certificate evidencing such participation, dated the date of receipt of such funds and in such amount.
Participation in Swing Line Loans. If, prior to refunding a Swing Line Loan with a Revolving Credit Advance pursuant to Section 1.1(c)(iii), one of the events described in Sections 8.1 (h) or 8.1(i) shall have occurred with respect to Borrower, then, subject to the provisions of Section 1.1(c)(v) below, each Lender will, on the date such Revolving Credit Advance was to have been made to Borrower, purchase from the Swing Line Lender an undivided participation interest in the Swing Line Loan in an amount equal to its Pro Rata Share of such Swing Line Loan. Upon request, each Lender will promptly transfer to the Swing Line Lender, in immediately available funds, the amount of its participation and upon receipt thereof the Swing Line Lender will deliver to such Lender a Swing Line Loan participation certificate, in form and substance reasonably satisfactory to Agent, dated the date of receipt of such funds and in such amount.
Participation in Swing Line Loans. If, prior to refunding a Swing Line Loan with a Tranche A Revolving Credit Advance pursuant to Section 1.1(b)(iii), one of the events described in Sections 8.1(h) or 8.1(i) shall have occurred, then, subject to the provisions of Section 1.1(b)(v) below, each Tranche A Revolving Lender will, on the date such Tranche A Revolving Credit Advance was to have been made for the benefit of Borrower, purchase from the Swing Line Lender an undivided participation interest in the Swing Line Loan in an amount equal to its Pro Rata Share of such Swing Line Loan. Upon request, each Tranche A Revolving Lender will promptly transfer to the Swing Line Lender, in immediately available funds, the amount of its participation.
Participation in Swing Line Loans. If, prior to refunding a Swing Line Loan with a Revolving Credit Loan pursuant to Section 2.2.3, a Bankruptcy Default exists, then each Lender shall, on the date such Revolving Credit Loan was to have been made for the benefit of the applicable Borrower, purchase from the Swing Line Lender an undivided participation interest in such Swing Line Loan. Upon request, each Lender shall promptly transfer to the Swing Line Lender, in immediately available funds, the amount of its participation.
Participation in Swing Line Loans. If, prior to the making of a Revolving Loan pursuant to SECTION 2.2(d), a Bankruptcy Event of Default shall have occurred or if for any other reason a Revolving Loan cannot be made pursuant to SECTION 2.2(d), then, subject to the provisions of SECTION 2.2(f) below, each Lender will, on the date such Revolving Loan was to have been made, purchase (without recourse or warranty) from the Swing Line Lender an undivided participating interest in the Refunded Swing Line Loan in an amount equal to its Commitment Percentage of such Refunded Swing Line Loan. Upon request, each Lender will immediately transfer to the Swing Line Lender, in immediately available funds, the amount of its participation and upon receipt thereof the Swing Line Lender will deliver to such Lender a Swing Line Loan Participation Certificate dated the date of receipt of such funds and in such amount.
Participation in Swing Line Loans. If, prior to refunding a --------------------------------- Swing Line Loan with a Revolving Credit Advance pursuant to Section 1.1(b)(iii), ------------------- one of the events described in Sections 8.1(f), 8.1(g), 8.1(h) shall have ------------------------------- occurred, then, subject to the provisions of Section 1.1(b)(v) below, each ----------------- Revolving Lender will, on the date such Revolving Credit Advance was to have been made for the benefit of the applicable Borrower, purchase from the Swing Line Lender an undivided participation interest in the Swing Line Loan to such Borrower in an amount equal to its Pro Rata Share of such Swing Line Loan. Upon request, each Revolving Lender will promptly transfer to the Swing Line Lender, in immediately available funds, the amount of its participation.
Participation in Swing Line Loans. Upon written demand by a Swing Line Lender that has made an Advance under its Swing Line Commitment, with a copy of such demand to the relevant Administrative Agent, each other relevant Revolving Lender will purchase from such Swing Line Lender, and such Swing Line Lender shall sell and assign to each such other Revolving Lender, such other Revolving Lender's Pro Rata Share of such outstanding Advance, by making available to the relevant Administrative Agent for the account of the Swing Line Lender, by deposit to such Administrative Agent's Account, in same day funds, an amount equal to the portion of the outstanding principal amount of such Advance to be purchased by such Revolving Lender. Each Borrower hereby agrees to each such sale and assignment. Each Revolving Lender agrees to purchase its Pro Rata Share of such outstanding Advance on (i) the Business Day on which demand therefor is made by the Swing Line Lender which made such Advance, provided that notice of such demand is given not later than 11:00 p.m. (Charlotte, North Carolina time) on such Business Day or (ii) the first Business Day next succeeding such demand if notice of such demand is given after such time. Upon any such assignment by a Swing Line Lender to any other Revolving Lender of the Pro Rata Share of an Advance under this Section 2.2(i), such Swing Line Lender represents and warrants to such other Revolving Lender that such Swing Line Lender is the legal and beneficial owner of such interest being assigned by it, but makes no other representation or warranty and assumes no responsibility with respect to such Advance, this Agreement, the Notes or any Lender Party and such assignment shall be made without recourse. If and to the extent that any Revolving Lender shall not have so made the amount of such Pro Rata Share of such Advance available to the relevant Administrative Agent, such Revolving Lender agrees to pay to such Administrative Agent forthwith on demand such Pro Rata Share together with interest thereon, for each day from the date such Revolving Lender is required to have made such amount available to such Administrative Agent until the date such amount is paid to such Administrative Agent, at the Federal Funds Rate. If such Revolving Lender shall pay to such Administrative Agent such Pro Rata Share for the account of the relevant Swing Line Lender on any Business Day, such amount so paid in respect of principal shall constitute an advance of a Swing Line Loan made by such R...