Swing Line. (a) The Swing Line Bank agrees, on the terms and conditions hereinafter set forth, to make loans ("Swing Line Loans") to the Borrower from time to time during the period from the date of this Agreement, up to but not including the Termination Date, in an aggregate principal amount not to exceed at any time outstanding the lesser of (i) the Swing Line Commitment or (ii) the amount by which the Swing Line Bank's Commitment under Section 2.01 exceeds the outstanding principal amount of the Loans made by the Swing Line Bank pursuant to Section 2.01, subject to the limitations set forth in Section 2.01(b). (b) Each Swing Line Loan which shall not utilize the Swing Line Commitment in full shall be in an amount not less than One Million Dollars ($1,000,000) and, if in excess thereof, in integral multiples of One Million Dollars ($1,000,000). Within the limits of the Swing Line Commitment, the Borrower may borrow, repay and reborrow under this Section 2.21. (c) The Borrower shall give the Swing Line Bank notice of any request for a Swing Line Loan not later than 2:00 p.m. Chicago time on the Business Day of such Swing Line Loan, specifying the amount of such requested Swing Line Loan. Each such notice shall be accompanied by a Borrowing Base Certificate dated as of the date of such notice (and by the notice provided for in Section 2.21(d)). All notices given by the Borrower under this Section 2.21(c) shall be irrevocable. Upon fulfillment of the applicable conditions set forth in Article III, the Swing Line Bank will make the Swing Line Loan available to the Borrower in immediately available funds by crediting the amount thereof to the Borrower's account with the Swing Line Bank. (d) On the first Business Day following the making of a Swing Line Loan, such Swing Line Loan shall be paid in full from the proceeds of a Loan made pursuant to Section 2.01. Each notice given by the Borrower under Section 2.21(c) shall include, or, if it does not include, shall be deemed to include an irrevocable notice under Section 2.03 requesting the Banks to make an ABR Loan on the next succeeding Business Day in the full amount of such Swing Line Loan.
Appears in 2 contracts
Sources: Credit Agreement (Beazer Homes Usa Inc), Credit Agreement (Beazer Homes Usa Inc)
Swing Line. (a) The Swing Line Bank agrees, on the terms and conditions hereinafter set forth, to make loans ("Swing Line Loans") to the Borrower from time to time during the period from the date of this Agreement, up to but not including the Termination Date, in an aggregate principal amount not to exceed at any time outstanding the lesser of (i) the Swing Line Commitment or (ii) the amount by which the Swing Line Bank's Commitment under Section 2.01 exceeds the outstanding principal amount of the Loans made by the Swing Line Bank pursuant to Section 2.01, subject to the limitations set forth in Section 2.01(b).
(b) Each Swing Line Loan which shall not utilize the Swing Line Commitment in full shall be in an amount not less than One Million Dollars ($1,000,000) and, if in excess thereof, in integral multiples of One Million Dollars ($1,000,000). Within the limits of the Swing Line Commitment, the Borrower may borrow, repay and reborrow under this Section 2.21.
(c) The Borrower shall give the Swing Line Bank notice of any request for a Swing Line Loan not later than 2:00 p.m. Chicago time on the Business Day of such Swing Line Loan, specifying the amount of such requested Swing Line Loan. Each such notice shall be accompanied by a Borrowing Base Certificate dated as of the date of such notice (and by the notice provided for in Section 2.21(d)). All notices given by the Borrower under this Section 2.21(c) shall be irrevocable. Upon fulfillment of the applicable conditions set forth in Article III, the Swing Line Bank will make the Swing Line Loan available to the Borrower in immediately available funds by crediting the amount thereof to the Borrower's account with the Swing Line Bank.
(d) On the first Business Day following the making of a Swing Line Loan, such Swing Line Loan shall be paid in full from the proceeds of a Loan made pursuant to Section
Section 2.01. Each notice given by the Borrower under Section 2.21(c) shall include, or, if it does not include, shall be deemed to include an irrevocable notice under Section 2.03 requesting the Banks to make an ABR Loan on the next succeeding Business Day in the full amount of such Swing Line Loan.
Appears in 2 contracts
Sources: Annual Report, Credit Agreement (Beazer Homes Usa Inc)
Swing Line. (a) The Swing Line Bank agrees2.2.1 Upon Borrower's request, on and subject to the terms and conditions hereinafter set forth, to make loans ("Swing Line Loans") to the Borrower from time to time during the period from the date of this Agreement, the Swing Line Lender may, in its sole and absolute discretion, on and after the Closing Date and prior to the Maturity Date, provide to Borrower a swing line credit facility (the "Swing Line") of up to but Twenty-five Million Dollars ($25,000,000.00); provided that the Swing Line Lender shall not including in any event make any Loan under the Termination DateSwing Line (each a "Swing Loan" and collectively, in an aggregate principal amount not to exceed at any time outstanding the lesser of "Swing Loans") if, after giving effect thereto, (i) the sum of the aggregate principal amount of all then-outstanding Loans (including Swing Line Commitment Loans) plus the aggregate amount of all then-outstanding but undrawn Letters of Credit would exceed the Availability at such time, or (ii) the amount by which the Swing Line Bank's Commitment under Section 2.01 exceeds the outstanding aggregate principal amount of the all then-outstanding Swing Loans made by the Swing Line Bank pursuant to Section 2.01, subject to the limitations set forth in Section 2.01(b).
(b) Each Swing Line Loan which shall not utilize Lender would exceed the Swing Line Commitment in full shall be in an amount not less than One Million Dollars ($1,000,000) and, if in excess thereof, in integral multiples of One Million Dollars ($1,000,000)Availability at such time. Within the limits of the Swing Line CommitmentAvailability, the Borrower may borrowborrow under this subsection 2.2.1 at any time prior to the Maturity Date, repay pursuant to subsections 2.2.3 or 2.2.4 and reborrow under pursuant to this subsection 2.2.1 prior to the Maturity Date. Notwithstanding any contrary provision of this Section 2.21.
(c) The Borrower shall give the Swing Line Bank notice of any request for a Swing Line Loan not later than 2:00 p.m. Chicago time on the Business Day of such Swing Line Loan, specifying the amount of such requested Swing Line Loan. Each such notice shall be accompanied by a Borrowing Base Certificate dated as of the date of such notice (and by the notice provided for in Section 2.21(d)). All notices given by the Borrower under this Section 2.21(c) shall be irrevocable. Upon fulfillment of the applicable conditions set forth in Article III2.2, the Swing Line Bank will Lender shall not at any time be obligated to make any Swing Loan.
2.2.2 Notwithstanding the provisions of subsections 2.9.1 and 2.9.2, each Swing Loan outstanding under the Swing Line Loan available shall accrue interest at a rate per annum equal to the Borrower interest rate applicable to a Reference Rate Loan, computed on the basis of a three hundred sixty (360) day year and actual days elapsed (which results in immediately available funds by crediting higher interest than if a three hundred sixty-five (365) day year were used), which interest shall be payable in arrears on each Interest Payment Date and on the amount thereof due date for Swing Loans set forth in subsection 2.2.3, and shall be payable to the Borrower's Administrative Agent for the account with of the Swing Line BankLender; provided that, notwithstanding any other provision of this Agreement, each Swing Loan shall bear interest for a minimum of one (1) day.
2.2.3 Notwithstanding the provisions of Section 2.7, the principal outstanding under the Swing Line shall be due and payable:
(di) On at or before 10:00 a.m., San Francisco time, on the first third Business Day immediately following the making of any date on which a Swing Line LoanLoan is made under the Swing Line; and
(ii) in any event on the Maturity Date; provided that, if no Event of Default has occurred and remains uncured, and Borrower is permitted to borrow under the terms of this Agreement (the Availability being determined for such purpose without giving effect to any reduction thereof occasioned by such Swing Loans due and payable) at the time such Swing Loans are due, then unless Borrower notifies the Swing Line Loan shall be paid in full from the proceeds of a Loan made pursuant to Section
2.01. Each notice given by the Lender that it will repay such Swing Loans on their due date, Borrower under Section 2.21(c) shall include, or, if it does not include, shall be deemed to include have submitted a Borrowing Notice for Reference Rate Loans in an irrevocable amount necessary to repay such Swing Loans on their due date, and the provisions of Section 2.4 concerning (i) the minimum principal amounts required for Borrowings and (ii) the funding of requested Borrowings as Swing Loans shall not apply to Loans made pursuant to this subsection 2.2.3.
2.2.4 Notwithstanding the provisions of subsection 2.7.1, Borrower may, from time to time on any Business Day, make a voluntary prepayment, in whole or in part, of the outstanding principal amount of any Swing Loans, without incurring any premium or penalty; provided that:
(i) each such voluntary prepayment shall require prior written notice under Section 2.03 requesting given to the Banks Administrative Agent and Swing Line Lender no later than 10:00 a.m., San Francisco time, on the day on which Borrower intends to make an ABR Loan on a voluntary prepayment, and
(ii) each such voluntary prepayment shall be in a minimum amount of $500,000 (or, if less, the next succeeding Business Day aggregate outstanding principal amount of all Swing Loans then outstanding).
2.2.5 Each Lender shall, upon the request of the Swing Line Lender, purchase a pro rata risk participation from the Swing Line Lender in the full Swing Loans then outstanding, without recourse or warranty, in an amount equal to such Lender's Pro Rata Share of such Swing Loans, within three (3) Business Days after such Swing Loans are made. In addition, from and after the date that any Lender funds such participation, such Lender shall, to the extent of its Pro Rata Share, be entitled to receive a ratable portion of any payment of principal and/or interest received by the Swing Line LoanLender on account of such Swing Loans, payable to such Lender promptly upon such receipt.
2.2.6 At any time during the continuance of an Event of Default, the Swing Line Lender may, without Borrower's consent, upon one (1) Business Day's notice to Borrower, terminate the Swing Line and cause Reference Rate Loans to be made by the Lenders in an aggregate amount equal to the amount of principal and interest outstanding under the Swing Line (the Availability being determined for such purpose without giving effect to any reduction thereof occasioned by such Swing Loans), and the conditions precedent set forth in Section 2.4 and Section 5.2, and any requirement of
Appears in 2 contracts
Sources: Revolving Credit Agreement (Essex Property Trust Inc), Revolving Credit Agreement (Essex Portfolio Lp)
Swing Line. (a) The Swing Line Bank agrees, on Subject to the terms and conditions hereinafter hereof, Swing Line Lender, in its discretion and in reliance upon the agreements of the other Lenders set forthforth in this §2.16, to may make loans ("herein called “Swing Line Loans"”) to the Borrower from time to time during between the period from Closing Date and the date of this Agreement, up to but not including the Termination Date, Maturity Date in an aggregate principal amount not to exceed at any time outstanding the lesser amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated with Swing Line Lender’s Percentage of the outstanding principal balance of Swing Line Lender’s Revolving Loans and LC Obligations, may exceed the amount of Swing Line Lender’s Revolving Commitment, provided that after giving effect to any Swing Line Loan, (i) the aggregate outstanding principal balance of all Swing Line Commitment or Loans does not exceed the Swing Line Sublimit, and (ii) the aggregate amount by which of the Outstanding Revolving Loans, Swing Line Bank's Commitment under Section 2.01 exceeds Loans and Letters of Credit does not exceed the lesser of (A) the aggregate Revolving Commitments of all of Lenders and (B)(1) the Borrowing Base at such time minus (2) the outstanding principal amount of the loans under the MGP/UPS Credit Facility. Borrower shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, Borrower may borrow under this §2.16, prepay under §§3.2 and 3.3, and reborrow under this §2.16. The obligation of Borrower to repay to Swing Line Lender the aggregate amount of all Swing Line Loans made by the Swing Line Bank pursuant Lender, together with interest accruing in connection therewith, shall be evidenced by a Note made by Borrower payable to Section 2.01Swing Line Lender in substantially the form of Exhibit A-1 hereto (such notes and any substitute or replacement notes therefor, subject to the limitations set forth in Section 2.01(b“Swing Line Notes”).
(b) . Each Swing Line Loan which shall not utilize the Swing Line Commitment in full shall be in an amount not less than One Million Dollars ($1,000,000) and, if in excess thereof, in integral multiples of One Million Dollars ($1,000,000). Within the limits of the Swing Line Commitment, the Borrower may borrow, repay and reborrow under this Section 2.21.
(c) The Borrower shall give the Swing Line Bank notice of any request for bear interest on each day outstanding at a Swing Line Loan not later than 2:00 p.m. Chicago time on the Business Day of such Swing Line Loan, specifying the amount of such requested Swing Line Loan. Each such notice shall be accompanied by a Borrowing Base Certificate dated as of the date of such notice (and by the notice provided for in Section 2.21(d)). All notices given by the Borrower under this Section 2.21(c) shall be irrevocable. Upon fulfillment of the applicable conditions set forth in Article III, the Swing Line Bank will make the Swing Line Loan available rate equal to the Borrower Base Rate plus the Base Rate Spread applicable to Revolving Loans in immediately available funds by crediting the amount thereof to the Borrower's account with the Swing Line Bank.
(d) On the first Business Day following effect on such day. Immediately upon the making of a Swing Line Loan, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from Swing Line Lender a risk participation in such Swing Line Loan shall be paid in full from an amount equal to the proceeds product of a Loan made pursuant to Section
2.01. Each notice given by such Lender’s Percentage times the Borrower under Section 2.21(c) shall include, or, if it does not include, shall be deemed to include an irrevocable notice under Section 2.03 requesting the Banks to make an ABR Loan on the next succeeding Business Day in the full amount of such Swing Line Loan.
Appears in 1 contract
Sources: Revolving Credit Agreement (CorEnergy Infrastructure Trust, Inc.)
Swing Line. (a) The Swing Line Bank agrees2.2.1 Upon the Company's request, on and subject to the terms and conditions hereinafter set forth, to make loans ("Swing Line Loans") to the Borrower from time to time during the period from the date of this Agreement, the Swing Line Lender may, in its sole and absolute discretion, on and after the Closing Date and prior to the initial Maturity Date, provide to the Company a swing line credit facility (the "Swing Line") of up to but $25,000,000.00; provided that the Swing Line Lender shall not including in any event be permitted to make any Loan under the Termination DateSwing Line (each a "Swing Loan") if, in an aggregate principal amount not to exceed at any time outstanding the lesser of after giving effect thereto, (i) the sum of the aggregate principal amount of all then-outstanding Loans other than Swing Line Commitment Loans plus the aggregate amount of all then-outstanding but undrawn Letters of Credit would exceed the Availability at such time, or (ii) the amount by which the Swing Line Bank's Commitment under Section 2.01 exceeds the outstanding aggregate principal amount of the all then-outstanding Swing Loans made by the Swing Line Bank pursuant to Section 2.01, subject to the limitations set forth in Section 2.01(b).
(b) Each Swing Line Loan which shall not utilize Lender would exceed the Swing Line Commitment in full shall be in an amount not less than One Million Dollars ($1,000,000) and, if in excess thereof, in integral multiples of One Million Dollars ($1,000,000)Availability at such time. Within the limits of the Swing Line CommitmentAvailability, the Borrower Company may borrowborrow under this subsection 2.2.1 prior to the initial Maturity Date, repay pursuant to subsections 2.2.3 or 2.2.4 and reborrow under pursuant to this subsection 2.2.1 prior to the initial Maturity Date. Notwithstanding any contrary provision of this Section 2.21.
(c) The Borrower shall give the Swing Line Bank notice of any request for a Swing Line Loan not later than 2:00 p.m. Chicago time on the Business Day of such Swing Line Loan, specifying the amount of such requested Swing Line Loan. Each such notice shall be accompanied by a Borrowing Base Certificate dated as of the date of such notice (and by the notice provided for in Section 2.21(d)). All notices given by the Borrower under this Section 2.21(c) shall be irrevocable. Upon fulfillment of the applicable conditions set forth in Article III2.2, the Swing Line Bank will Lender shall not at any time be obligated to make any Swing Loan.
2.2.2 Notwithstanding the provisions of subsections 2.9.1 and 2.9.2, each Swing Loan outstanding under the Swing Line Loan available shall accrue interest at a rate per annum equal to the Borrower interest rate applicable to a Reference Rate Loan, which interest shall be payable in immediately available funds by crediting arrears on each Interest Payment Date and on the amount thereof due date for Swing Loans set forth in subsection 2.2.3, and shall be payable to the Borrower's Administrative Agent for the account with of the Swing Line BankLender; provided that, notwithstanding any other provision of this Agreement, each Swing Loan shall bear interest for a minimum of one (1) day.
2.2.3 Notwithstanding the provisions of Section 2.7, the principal outstanding under the Swing Line shall be due and payable: (di) On at or before 10:00 a.m., San Francisco time, on the first fifth Business Day immediately following the making of any date on which a Swing Line LoanLoan is made under the Swing Line; and (ii) in any event on the initial Maturity Date; provided that, if no Event of Default has occurred and remains uncured, and the Company is permitted to borrow Loans under the terms of this Agreement (the Availability being determined for such purpose without giving effect to any reduction thereof occasioned by such Swing Loans due and payable) at the time such Swing Loans are due, then unless the Company notifies the Swing Line Loan shall be paid in full from Lender that it will repay such Swing Loans on their due date, the proceeds of a Loan made pursuant to Section
2.01. Each notice given by the Borrower under Section 2.21(c) shall include, or, if it does not include, Company shall be deemed to include have submitted a Borrowing Notice for Reference Rate Loans in an irrevocable notice under Section 2.03 requesting the Banks amount necessary to make an ABR Loan on the next succeeding Business Day in the full amount of repay such Swing Line LoanLoans on their due date, and the provisions of Section 2.4 concerning (i) the minimum principal amounts required for Borrowings and (ii) the funding of requested Borrowings as Swing Loans shall not apply to Loans made pursuant to this subsection 2.
Appears in 1 contract
Sources: Credit Agreement (Bedford Property Investors Inc/Md)
Swing Line. (a) The Swing Line Bank agrees2.2.1 Upon the Company's request, on and subject to the terms and conditions hereinafter set forth, to make loans ("Swing Line Loans") to the Borrower from time to time during the period from the date of this Agreement, the Swing Line Lender may, in its sole discretion, on and after the Closing Date and prior to the initial Maturity Date, provide to the Company a swing line credit facility (the "Swing Line") of up to but $25,000,000.00; provided that the Swing Line Lender shall not including in any event be permitted to make any Loan under the Termination DateSwing Line (each a "Swing Loan") if, in an aggregate principal amount not to exceed at any time outstanding the lesser of after giving effect thereto, (i) the sum of the aggregate principal amount of all then-outstanding Loans other than Swing Line Commitment Loans plus the aggregate amount of all then-outstanding but undrawn Letters of Credit would exceed the Availability at such time, or (ii) the amount by which the Swing Line Bank's Commitment under Section 2.01 exceeds the outstanding aggregate principal amount of the all then-outstanding Swing Loans made by the Swing Line Bank pursuant to Section 2.01, subject to the limitations set forth in Section 2.01(b).
(b) Each Swing Line Loan which shall not utilize Lender would exceed the Swing Line Commitment in full shall be in an amount not less than One Million Dollars ($1,000,000) and, if in excess thereof, in integral multiples of One Million Dollars ($1,000,000)Availability at such time. Within the limits of the Swing Line CommitmentAvailability, the Borrower Company may borrowborrow under this subsection 2.2.1 prior to the initial Maturity Date, repay pursuant to subsections 2.2.3 or 2.2.4 and reborrow under pursuant to this subsection 2.2.1 prior to the initial Maturity Date. Notwithstanding any contrary provision of this Section 2.21.
(c) The Borrower shall give the Swing Line Bank notice of any request for a Swing Line Loan not later than 2:00 p.m. Chicago time on the Business Day of such Swing Line Loan, specifying the amount of such requested Swing Line Loan. Each such notice shall be accompanied by a Borrowing Base Certificate dated as of the date of such notice (and by the notice provided for in Section 2.21(d)). All notices given by the Borrower under this Section 2.21(c) shall be irrevocable. Upon fulfillment of the applicable conditions set forth in Article III2.2, the Swing Line Bank will Lender shall not at any time be obligated to make any Swing Loan.
2.2.2 Notwithstanding the provisions of subsections 2.9.1 and 2.9.2, each Swing Loan outstanding under the Swing Line Loan available shall accrue interest at a rate per annum equal to the Borrower interest rate applicable to a Reference Rate Loan, which interest shall be payable in immediately available funds by crediting arrears on each Interest Payment Date and on the amount thereof due date for Swing Loans set forth in subsection 2.2.3, and shall be payable to the Borrower's Administrative Agent for the account with of the Swing Line BankLender; provided that, notwithstanding any other provision of this Agreement, each Swing Loan shall bear interest for a minimum of one (1) day.
2.2.3 Notwithstanding the provisions of Section 2.7, the principal outstanding under the Swing Line shall be due and payable: (di) On at or before 10:00 a.m., San Francisco time, on the first fifth Business Day immediately following the making of any date on which a Swing Line LoanLoan is made under the Swing Line; and (ii) in any event on the initial Maturity Date; provided that, if no Event of Default has occurred and remains uncured, and the Company is permitted to borrow Loans under the terms of this Agreement (the Availability being determined for such purpose without giving effect to any reduction thereof occasioned by such Swing Loans due and payable) at the time such Swing Loans are due, then unless the Company notifies the Swing Line Loan shall be paid in full from Lender that it will repay such Swing Loans on their due date, the proceeds of a Loan made pursuant to Section
2.01. Each notice given by the Borrower under Section 2.21(c) shall include, or, if it does not include, Company shall be deemed to include have submitted a Borrowing Notice for Reference Rate Loans in an irrevocable notice under Section 2.03 requesting the Banks amount necessary to make an ABR Loan on the next succeeding Business Day in the full amount of repay such Swing Line LoanLoans on their due date, and the provisions of Section 2.4 concerning (i) the minimum principal amounts required for Borrowings and (ii) the funding of requested Borrowings as Swing Loans shall not apply to Loans made pursuant to this subsection 2.
Appears in 1 contract
Sources: Credit Agreement (Bedford Property Investors Inc/Md)
Swing Line. (a) The Swing Line Bank agrees, on the terms and conditions hereinafter set forth, to make loans ("Swing Line Loans") to the Borrower from time to time during the period from the date of this Agreement, up to but not including the Termination Date, in an aggregate principal amount not to exceed at any time outstanding the lesser of (i) the Swing Line Commitment or (ii) the amount by which the Swing Line Bank's Commitment under Section 2.01 exceeds the outstanding principal amount of the Loans made by the Swing Line Bank pursuant to Section 2.01, subject to the limitations set forth in Section 2.01(b).
(b) Each Swing Line Loan which shall not utilize the Swing Line Commitment in full shall be in an amount not less than One Million Dollars ($1,000,000) and, if in excess thereof, in integral multiples of One Million Dollars ($1,000,000). Within the limits of the Swing Line Commitment, the Borrower may borrow, repay and reborrow under this Section 2.21.
(c) The Borrower shall give the Swing Line Bank notice of any request for a Swing Line Loan not later than 2:00 p.m. Chicago time on the Business Day of such Swing Line Loan, specifying the amount of such requested Swing Line Loan. Each such notice shall be accompanied by a Borrowing Base Certificate dated as of the date of such notice (and by the notice provided for in Section 2.21(d)). All notices given by the Borrower under this Section 2.21(c) shall be irrevocable. Upon fulfillment of the applicable conditions set forth in Article III, the Swing Line Bank will make the Swing Line Loan available to the Borrower in immediately available funds by crediting the amount thereof to the Borrower's account with the Swing Line Bank.
(d) On the first Business Day following the making of a Swing Line Loan, such Swing Line Loan shall be paid in full from the proceeds of a Loan made pursuant to Section
2.01. Each notice given by the Borrower under Section 2.21(c) shall include, or, if it does not include, shall be deemed to include an irrevocable notice under Section 2.03 requesting the Banks to make an ABR Loan on the next succeeding Business Day in the full amount of such Swing Line Loan.
Appears in 1 contract
Swing Line. (a) The Swing Line Bank Lender agrees, on the terms and conditions hereinafter set forth, to make loans ("“Swing Line Loans"”) to the Borrower from time to time during the period from the date of this Agreement, up to but not including the Termination Date, in an aggregate principal amount not to exceed at any time outstanding the lesser of (i) the Swing Line Commitment or (ii) the amount by which the Swing Line Bank's Lender’s Commitment under Section 2.01 exceeds the sum of (A) the outstanding principal amount of the Loans made by the Swing Line Bank Lender pursuant to Section 2.012.01.1 and (B) the Swing Line Lender’s Pro Rata Share of the outstanding Facility Letter of Credit Obligations, subject in each case to the limitations set forth in Section 2.01(b)2.01.3.
(b) Each Swing Line Loan which shall not utilize the Swing Line Commitment in full shall be in an amount not less than One Million Dollars ($1,000,000) and, if in excess thereof, in integral multiples of One Million Dollars ($1,000,000). Within the limits of the Swing Line Commitment, the Borrower may borrow, repay and reborrow under this Section 2.212.22.
(c) The Borrower shall give the Swing Line Bank Lender notice of any request for a Swing Line Loan not later than 2:00 p.m. Chicago time on the Business Day of such Swing Line Loan, specifying the amount of such requested Swing Line Loan. Each such notice shall be accompanied by a Borrowing Base Certificate dated as of the date of such notice (and by the notice provided for in Section 2.21(d2.22(d)). All notices given by the Borrower under this Section 2.21(c2.22(c) shall be irrevocable. Upon fulfillment of the applicable conditions set forth in Article III, the Swing Line Bank Lender will make the Swing Line Loan available to the Borrower in immediately available funds by crediting the amount thereof to the Borrower's ’s account with the Swing Line BankLender.
(d) On the first Business Day following the making of a Swing Line Loan, such Swing Line Loan shall be paid in full from the proceeds of a Loan made pursuant to SectionSection 2.01.
2.011. Each notice given by the Borrower under Section 2.21(c2.22(c) shall include, or, if it does not include, shall be deemed to include include, an irrevocable notice under Section 2.03 requesting the Banks Lenders to make an ABR Loan on the next succeeding Business Day in the full amount of such Swing Line Loan.
Appears in 1 contract
Swing Line. (a) The Swing Line Bank agrees2.2.1 Upon the Company's request, on and subject to the terms and conditions hereinafter set forth, to make loans ("Swing Line Loans") to the Borrower from time to time during the period from the date of this Agreement, the Swing Line Lender may, in its sole and absolute discretion, on and after the Closing Date and prior to the Maturity Date, provide to the Company a swing line credit facility (the "Swing Line") of up to but $25,000,000.00; provided that the Swing Line Lender shall not including in any event be permitted to make any Loan under the Termination DateSwing Line (each a "Swing Loan") if, in an aggregate principal amount not to exceed at any time outstanding the lesser of after giving effect thereto, (i) the sum of the aggregate principal amount of all then-outstanding Loans (including Swing Line Commitment Loans) plus the aggregate amount of all then-outstanding but undrawn Letters of Credit would exceed the Availability at such time, or (ii) the amount by which the Swing Line Bank's Commitment under Section 2.01 exceeds the outstanding aggregate principal amount of the all then-outstanding Swing Loans made by the Swing Line Bank pursuant to Section 2.01, subject to the limitations set forth in Section 2.01(b).
(b) Each Swing Line Loan which shall not utilize Lender would exceed the Swing Line Commitment in full shall be in an amount not less than One Million Dollars ($1,000,000) and, if in excess thereof, in integral multiples of One Million Dollars ($1,000,000)Availability at such time. Within the limits of the Swing Line CommitmentAvailability, the Borrower Company may borrowborrow under this subsection 2.2.1 prior to the Maturity Date, repay pursuant to subsections 2.2.3 or 2.2.4 and reborrow under pursuant to this subsection 2.2.1 prior to the Maturity Date. Notwithstanding any contrary provision of this Section 2.21.
(c) The Borrower shall give the Swing Line Bank notice of any request for a Swing Line Loan not later than 2:00 p.m. Chicago time on the Business Day of such Swing Line Loan, specifying the amount of such requested Swing Line Loan. Each such notice shall be accompanied by a Borrowing Base Certificate dated as of the date of such notice (and by the notice provided for in Section 2.21(d)). All notices given by the Borrower under this Section 2.21(c) shall be irrevocable. Upon fulfillment of the applicable conditions set forth in Article III2.2, the Swing Line Bank will Lender shall not at any time be obligated to make any Swing Loan.
2.2.2 Notwithstanding the provisions of subsections 2.8.1 and 2.8.2, each Swing Loan outstanding under the Swing Line Loan available shall accrue interest at a rate per annum equal to the Borrower interest rate applicable to a Prime Rate Loan, which interest shall be payable in immediately available funds by crediting arrears on each Interest Payment Date and on the amount thereof due date for Swing Loans set forth in subsection 2.2.3, and shall be payable to the Borrower's Administrative Agent for the account with of the Swing Line BankLender; provided that, notwithstanding any other provision of this Agreement, each Swing Loan shall bear interest for a minimum of one (1) day.
2.2.3 Notwithstanding the provisions of Section 2.7, the principal outstanding under the Swing Line shall be due and payable: (di) On at or before 10:00 a.m., San Francisco time, on the first third Business Day immediately following the making of any date on which a Swing Line LoanLoan is made under the Swing Line; and (ii) in any event on the Maturity Date; provided that, if no Event of Default has occurred and remains uncured, and the Company is permitted to borrow Loans under the terms of this Agreement (the Availability being determined for such purpose without giving effect to any reduction thereof occasioned by such Swing Loans due and payable) at the time such Swing Loans are due, then unless the Company notifies the Swing Line Loan shall be paid in full from Lender that it will repay such Swing Loans on their due date, the proceeds of a Loan made pursuant to Section
2.01. Each notice given by the Borrower under Section 2.21(c) shall include, or, if it does not include, Company shall be deemed to include have submitted a Borrowing Notice for Prime Rate Loans in an irrevocable notice under Section 2.03 requesting the Banks amount necessary to make an ABR Loan on the next succeeding Business Day in the full amount of repay such Swing Line LoanLoans on their due date, and the provisions of Section 2.4 concerning (i) the minimum principal amounts required for Borrowings and (ii) the funding of requested Borrowings as Swing Loans shall not apply to Loans made pursuant to this subsection 2.
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Sources: Credit Agreement (Bedford Property Investors Inc/Md)