Common use of Swing Line Clause in Contracts

Swing Line. The Agent may, but shall not be obligated, to make advances (“Swing Line Advances”) to Borrower from time to time on any one or more Business Days from and after the date of this Agreement, upon Borrower’s written (including facsimile) notice or oral notice followed by written (including facsimile) confirmation, given by Borrower to the Agent not later than 1:00 p.m. (local time in Denver) on the Business Day of any proposed Advance, through and including the Maturity Date, in amounts up to the lesser of: (a) the Swing Line Limit minus the outstanding Swing Line Advances; or (b) the Available Amount A (“Swing Line”). The Swing Line Advances shall be repayable in accordance with the terms of this Agreement (as further evidenced by Borrower’s Line of Credit A Note to the Agent). The Agent, upon the written approval of the Required Lenders, may, but shall not be obligated, to make Swing Line Advances to Borrower in excess of the dollar amount stated above (but not in excess of the Available Amount A), and any such Swing Line Advances shall also be governed by the terms hereof. Swing Line Advances shall be made, if at all, only in the sole and absolute discretion of the Agent, and in any event shall not be made if any Lender is a Defaulting Lender.

Appears in 2 contracts

Samples: Loan Agreement (Andersons Inc), Loan Agreement (Andersons Inc)

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Swing Line. The Agent may, but shall not be obligated, to make advances (“Swing Line Advances”) to Borrower from time to time on any one or more Business Days from and after the date of this Agreement, upon Borrower’s written (including facsimile) notice or oral notice followed by written (including facsimile) confirmation, given by Borrower to the Agent not later than 1:00 p.m. (local time in Denver, Colorado) on the Business Day of any proposed Advance, through and including the Maturity Date, in amounts up to the lesser of: (a) the Swing Line Limit minus the outstanding Swing Line Advances; or (b) the Available Amount A (“Swing Line”). The Swing Line Advances shall be repayable in accordance with the terms of this Agreement (as further evidenced by Borrower’s Line of Credit A Note to the Agent). The Agent, upon the written approval of the Required Lenders, may, but shall not be obligated, to make Swing Line Advances to Borrower in excess of the dollar amount stated above (but not in excess of the Available Amount AAmount), and any such Swing Line Advances shall also be governed by the terms hereof. Swing Line Advances shall be made, if at all, only in the sole and absolute discretion of the Agent, and in any event shall not be made if any Lender is a Defaulting Lender.

Appears in 1 contract

Samples: Loan Agreement (Andersons Inc)

Swing Line. The Agent may, but shall not be obligated, agrees to make advances (“Swing Line Advances”) to Borrower from time to time on any one or more Business Days from and after the date of this Agreement, upon Borrower’s written (including facsimile) notice or oral notice followed by written (including facsimile) confirmation, given by Borrower to the Agent not later than 1:00 p.m. 11:00 a.m. (local time in Denverof Agent) on the Business Day date of any proposed Advance, through and including the earlier of the Maturity Date or April 9, 2009 (“Termination Date”), in amounts up to the lesser of: (a) the Swing Line Limit Ten Million Dollars ($10,000,000) minus the outstanding Swing Line Advances; or (b) the Available Amount A or (c) the then current Borrowing Base Limit (“Swing Line”). The Swing Line Advances shall be evidenced by and repayable in accordance with the terms of this Agreement (as further evidenced by Borrower’s Line of Credit A Note to the Agent). The Agent, upon the written approval of the Required Lenders, may, but shall not be obligated, may elect to make Swing Line Advances to Borrower in excess of the dollar amount stated above (but not in excess of the Available Amount Aor the Borrowing Base Limit), and any such Swing Line Advances shall also be governed by the terms hereof. The Agent shall also have the option, in its sole discretion and without any obligation to do so, to extend the Termination Date for the making of Swing Line Advances, provided, however, any Lender that does not give its written approval of such extension of the Termination date shall have no obligation to make Equalization Transfers in respect of Swing Line Advances made after the original Termination Date. In the event that the Agent elects to extend such Termination Date, the Agent shall be made, if at all, only in the sole and absolute discretion of the Agent, and in any event shall not be made if any Lender is a Defaulting Lendergive notice to Borrower pursuant to Section 10.19.

Appears in 1 contract

Samples: Loan and Security Agreement (PSF Group Holdings Inc)

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Swing Line. The Agent may, but shall not be obligated, agrees to make advances (“Swing Line Advances”) to Borrower from time to time on any one or more Business Days from and after the date of this Agreement, upon Borrower’s written (including facsimile) notice or oral notice followed by written (including facsimile) confirmation, given by Borrower to the Agent not later than 1:00 p.m. 11:00 a.m. (local time in Denverof Agent) on the Business Day date of any proposed Advance, through and including the earlier of the Maturity Date or June 24, 2010 (“Termination Date”), in amounts up to the lesser of: (a) the Swing Line Limit Ten Million Dollars ($10,000,000) minus the outstanding Swing Line Advances; or (b) the Available Amount A or (c) the then current Borrowing Base Limit (“Swing Line”). The Swing Line Advances shall be evidenced by and repayable in accordance with the terms of this Agreement (as further evidenced by Borrower’s Line of Credit A Note to the Agent). The Agent, upon the written approval of the Required Lenders, may, but shall not be obligated, may elect to make Swing Line Advances to Borrower in excess of the dollar amount stated above (but not in excess of the Available Amount Aor the Borrowing Base Limit), and any such Swing Line Advances shall also be governed by the terms hereof. The Agent shall also have the option, in its sole discretion and without any obligation to do so, to extend the Termination Date for the making of Swing Line Advances, provided, however, any Lender that does not give its written approval of such extension of the Termination date shall have no obligation to make Equalization Transfers in respect of Swing Line Advances made after the original Termination Date. In the event that the Agent elects to extend such Termination Date, the Agent shall be made, if at all, only in the sole and absolute discretion of the Agent, and in any event shall not be made if any Lender is a Defaulting Lendergive notice to Borrower pursuant to Section 10.19.

Appears in 1 contract

Samples: Loan and Security Agreement (Premium Standard Farms, Inc.)

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