Common use of Swing Line Clause in Contracts

Swing Line. Notwithstanding the notice and minimum amount requirements set forth in Section 2.6.1 but otherwise in accordance with the terms and conditions of this Credit Agreement, the Administrative Agent may, in its sole discretion and without conferring with the Lenders, make Revolving Credit Loans to the Borrowers (a) by entry of credits to the Borrowers' operating account (the "Operating Account") with the Administrative Agent to cover checks or other charges which the Borrowers have drawn or made against such account or (b) in an amount as otherwise requested by a Borrower, in each case up to an aggregate amount outstanding (after giving effect to all amounts requested) at any one time not to exceed the Swing Line Sublimit. The Borrowers hereby request and authorize the Administrative Agent to make from time to time such Revolving Credit Loans by means of appropriate entries of such credits sufficient to cover checks and other charges then presented for payment from the Operating Account or as otherwise so requested. The Borrowers acknowledge and agree that the making of such Revolving Credit Loans shall, in each case, be subject in all respects to the provisions of this Credit Agreement as if they were Revolving Credit Loans covered by a Loan Request including, without limitation, the limitations set forth in Section 2.1 and the requirements that the applicable provisions of Section 13 (in the case of Revolving Credit Loans made on the Closing Date) and Section 14 be satisfied. All actions taken by the Administrative Agent pursuant to the provisions of this Section 2.6.2 shall be conclusive and binding on the Borrowers and the Lenders absent the Administrative Agent's gross negligence or willful misconduct. Revolving Credit Loans made pursuant to this Section 2.6.2 shall be Base Rate Loans until converted in accordance with the provisions of the Credit Agreement and, prior to a Settlement, such interest shall be for the account of the Administrative Agent. Each Revolving Credit Loan made by the Administrative Agent to the Borrowers under this Section 2.6 shall be in a minimum aggregate amount of $100,000. Each Lender severally agrees that it shall be absolutely liable, without regard to the occurrence of any Default or Event of Default or any other condition precedent whatsoever, to the extent of such Lender's Commitment Percentage of any Revolving Credit Loan made by the Administrative Agent under this Section 2.6.2.

Appears in 1 contract

Samples: Credit Agreement (Vermont Pure Holdings LTD/De)

AutoNDA by SimpleDocs

Swing Line. Notwithstanding the notice and minimum amount requirements set forth in Section 2.6.1 ss.2.6 but otherwise in accordance with the terms and conditions of this Credit Agreement, the Administrative Agent may, in its sole discretion and without conferring with the LendersBanks, make Revolving Credit Loans to the Borrowers Borrower (ai) by entry of credits to the Borrowers' operating account (the "Borrower's Operating Account") Account with the Administrative Agent to cover checks or other charges which the Borrowers have Borrower has drawn or made against such account or (bii) in an amount as otherwise requested by a the Borrower. The aggregate principal amount of Revolving Credit Loans made pursuant to this ss.2.8 shall not, in each case up to an aggregate amount outstanding (after giving effect to all amounts requested) at any one time not to time, exceed the Swing Line Sublimit$10,000,000. The Borrowers Borrower hereby request requests and authorize authorizes the Administrative Agent to make from time to time such Revolving Credit Loans by means of appropriate entries of such credits sufficient to cover checks and other charges then presented for payment from the Operating Account or as otherwise so requested. The Borrowers acknowledge Borrower acknowledges and agree agrees that the making of such Revolving Credit Loans shall, in each case, be subject in all respects to the provisions of this Credit Agreement as if they were Revolving Credit Loans covered by a Loan Request including, without limitation, the limitations set forth in Section 2.1 ss.2.1 and the requirements that the applicable provisions of Section 13 (in the case of Revolving Credit Loans made on the Closing Date) and Section 14 ss.15 be satisfied. All actions taken by the Administrative Agent pursuant to the provisions of this Section 2.6.2 ss.2.8 shall be conclusive and binding on the Borrowers Borrower and the Lenders absent the Administrative Agent's gross negligence or willful misconductBanks. Interest on Revolving Credit Loans made pursuant to this Section 2.6.2 shall be Base Rate Loans until converted in accordance with the provisions of the Credit Agreement andss.2.8 shall, prior to a Settlement, such interest shall be for the account of the Administrative Agent. Each Revolving Credit Loan made by the Administrative Agent to the Borrowers under this Section 2.6 shall be in a minimum aggregate amount of $100,000. Each Lender severally agrees that it shall be absolutely liable, without regard to the occurrence of any Default or Event of Default or any other condition precedent whatsoever, to the extent of such Lender's Commitment Percentage of any Revolving Credit Loan made by the Administrative Agent under this Section 2.6.2.

Appears in 1 contract

Samples: Credit and Term Loan Agreement (Hvide Marine Inc)

Swing Line. Notwithstanding the notice and minimum amount requirements set forth in Section 2.6.1 but otherwise in accordance with the terms and conditions of this Credit Agreement, the Administrative Agent may, in its sole discretion and without conferring with the LendersBanks, make Revolving Credit Loans to the Borrowers (a) by entry of credits to the Borrowers' operating account (the "Operating Account") with the Administrative Agent to cover checks or other charges which the Borrowers have drawn or made against such account or (b) in an amount as otherwise requested by a Borrower, in each case Borrower up to an a maximum aggregate amount outstanding (after giving effect to all amounts requestedborrowed under this Section 2.6.2) at any one time not equal to exceed $30,000,000 (i) by entry of credits to the Swing Line SublimitBorrower's Operating Account with the Agent to cover checks or other charges which the Borrower has drawn or made against such account or (ii) in an amount as otherwise requested by the Borrower. The Borrowers Borrower hereby request requests and authorize authorizes the Administrative Agent to make from time to time such Revolving Credit Loans by means of appropriate entries of such credits sufficient to cover checks and other charges then presented for payment from the Operating Account or as otherwise so requested. The Borrowers acknowledge Borrower acknowledges and agree agrees that the making of such Revolving Credit Loans shall, in each case, be subject in all respects to the provisions of this Credit Agreement as if they were Revolving Credit Loans covered by a Loan Request including, without limitation, the limitations set forth in Section 2.1 and the requirements that the applicable provisions of Section 13 11 (in the case of Revolving Credit Loans made on the Closing Effective Date) and Section 14 12 be satisfied. All actions taken by the Administrative Agent pursuant to the provisions of this Section 2.6.2 shall be conclusive and binding on the Borrowers Borrower and the Lenders Banks absent the Administrative Agent's gross negligence or willful misconduct. Revolving Credit Loans made pursuant to this Section 2.6.2 shall be Base Rate Loans until converted in accordance with the provisions of the Credit this Agreement and, prior to a Settlement, such interest shall be for the account of the Administrative Agent. Each The Banks shall pay the Agent their pro rata share of Revolving Credit Loan Loans made by the Administrative Agent pursuant to this Section 2.6.2 pursuant to the Borrowers under this Settlement provisions of Section 2.6 shall be in a minimum aggregate amount of $100,000. Each Lender severally agrees that it shall be absolutely liable, without regard to the occurrence of any Default or Event of Default or any other condition precedent whatsoever, to the extent of such Lender's Commitment Percentage of any Revolving Credit Loan made by the Administrative Agent under this Section 2.6.22.8.3.

Appears in 1 contract

Samples: Revolving Credit Agreement (Rti Capital Corp)

Swing Line. Notwithstanding the notice and minimum amount requirements set forth in Section 2.6.1 2.9.1 but otherwise in accordance with the terms and conditions of this Credit AgreementAgreement (except with respect to Protective OverAdvances), the Administrative Agent may, in its sole discretion and without conferring with the Lenders, make Revolving Credit Loans to the Borrowers (a) by entry of credits to the Borrowers' operating account or such other account (the "Operating Account"“OPERATING ACCOUNT”) with the Administrative Agent to cover checks or other charges which the Borrowers have drawn or made against such account or account, (b) in an amount as otherwise requested by a Borrower, in each case up to an aggregate amount outstanding the Borrowers or (after giving effect to all amounts requestedc) at any one time not to exceed the Swing Line Sublimitas Protective OverAdvances. The Borrowers hereby request and authorize the Administrative Agent to make from time to time such Revolving Credit Loans by means of appropriate entries of such credits sufficient to cover checks and other charges then presented for payment from the Operating Account or as otherwise so requested. The Borrowers acknowledge and agree that the making of such Revolving Credit Loans shall, in each case, be subject in all respects to the provisions of this Credit Agreement as if they were Revolving Credit Loans covered by a Loan Request including, without limitation, the limitations set forth in Section 2.1 and the requirements that the applicable provisions of Section 13 11 (in the case of Revolving Credit Loans made on the Closing Date) and Section 14 12 be satisfiedsatisfied (except in the case of Protective OverAdvances). All actions taken by the Administrative Agent pursuant to the provisions of this Section 2.6.2 2.9.2 shall be conclusive and binding on the Borrowers and the Revolving Credit Lenders absent the Administrative Agent's ’s gross negligence or willful misconduct. Revolving Credit Loans made pursuant to this Section 2.6.2 2.9.2 shall be Base Rate Loans until converted in accordance with the provisions of the Credit this Agreement and, prior to a Settlement, such interest shall be for the account of the Administrative Agent. Each Revolving Credit Loan made by the Administrative Agent to the Borrowers under this Section 2.6 shall be in a minimum aggregate amount of $100,000. Each Lender severally agrees that it shall be absolutely liable, without regard to the occurrence of any Default or Event of Default or any other condition precedent whatsoever, to the extent of such Lender's Commitment Percentage of any Revolving Credit Loan made by the Administrative Agent under this Section 2.6.2.

Appears in 1 contract

Samples: Loan and Security Agreement (Fao Inc)

Swing Line. Notwithstanding the notice and minimum amount requirements set forth in Section 2.6.1 §2.9.1 but otherwise in accordance with the terms and conditions of this Credit AgreementAgreement (except with respect to Protective OverAdvances), the Administrative Agent may, in its sole discretion and without conferring with the Lenders, make Revolving Credit Loans to the Borrowers (a) by entry of credits to the Borrowers' operating account or such other account (the "Operating Account") with the Administrative Agent to cover checks or other charges which the Borrowers have drawn or made against such account or account, (b) in an amount as otherwise requested by a Borrower, in each case up to an aggregate amount outstanding the Borrowers or (after giving effect to all amounts requestedc) at any one time not to exceed the Swing Line Sublimitas Protective OverAdvances. The Borrowers hereby request and authorize the Administrative Agent to make from time to time such Revolving Credit Loans by means of appropriate entries of such credits sufficient to cover checks and other charges then presented for payment from the Operating Account or as otherwise so requested. The Borrowers acknowledge and agree that the making of such Revolving Credit Loans shall, in each case, be subject in all respects to the provisions of this Credit Agreement as if they were Revolving Credit Loans covered by a Loan Request including, without limitation, the limitations set forth in Section §2.1 and the requirements that the applicable provisions of Section 13 §11 (in the case of Revolving Credit Loans made on the Closing Date) and Section 14 §12 be satisfiedsatisfied (except in the case of Protective OverAdvances). All actions taken by the Administrative Agent pursuant to the provisions of this Section 2.6.2 §2.9.2 shall be conclusive and binding on the Borrowers and the Revolving Credit Lenders absent the Administrative Agent's ’s gross negligence or willful misconduct. Revolving Credit Loans made pursuant to this Section 2.6.2 §2.9.2 shall be Base Rate Loans until converted in accordance with the provisions of the Credit Agreement and, prior to a Settlement, such interest shall be for the account of the Administrative Agent. Each Revolving Credit Loan made by the Administrative Agent to the Borrowers under this Section 2.6 shall be in a minimum aggregate amount of $100,000. Each Lender severally agrees that it shall be absolutely liable, without regard to the occurrence of any Default or Event of Default or any other condition precedent whatsoever, to the extent of such Lender's Commitment Percentage of any Revolving Credit Loan made by the Administrative Agent under this Section 2.6.2.

Appears in 1 contract

Samples: Loan and Security Agreement (Mayors Jewelers Inc/De)

AutoNDA by SimpleDocs

Swing Line. Notwithstanding the notice and minimum amount requirements set forth in Section 2.6.1 ss.2.9.1 but otherwise in accordance with the terms and conditions of this Credit AgreementAgreement (except with respect to Protective OverAdvances), the Administrative Agent may, in its sole discretion and without conferring with the Lenders, make Revolving Credit Loans to the Borrowers (a) by entry of credits to the Borrowers' operating account or such other account (the "Operating AccountOPERATING ACCOUNT") with the Administrative Agent to cover checks or other charges which the Borrowers have drawn or made against such account or account, (b) in an amount as otherwise requested by a Borrower, in each case up to an aggregate amount outstanding the Borrowers or (after giving effect to all amounts requestedc) at any one time not to exceed the Swing Line Sublimitas Protective OverAdvances. The Borrowers hereby request and authorize the Administrative Agent to make from time to time such Revolving Credit Loans by means of appropriate entries of such credits sufficient to cover checks and other charges then presented for payment from the Operating Account or as otherwise so requested. The Borrowers acknowledge and agree that the making of such Revolving Credit Loans shall, in each case, be subject in all respects to the provisions of this Credit Agreement as if they were Revolving Credit Loans covered by a Loan Request including, without limitation, the limitations set forth in Section 2.1 ss.2.1 and the requirements that the applicable provisions of Section 13 ss.11 (in the case of Revolving Credit Loans made on the Closing Date) and Section 14 ss.12 be satisfiedsatisfied (except in the case of Protective OverAdvances). All actions taken by the Administrative Agent pursuant to the provisions of this Section 2.6.2 ss.2.9.2 shall be conclusive and binding on the Borrowers and the Revolving Credit Lenders absent the Administrative Agent's gross negligence or willful misconduct. Revolving Credit Loans made pursuant to this Section 2.6.2 ss.2.9.2 shall be Base Rate Loans until converted in accordance with the provisions of the Credit Agreement and, prior to a Settlement, such interest shall be for the account of the Administrative Agent. Each Revolving Credit Loan made by the Administrative Agent to the Borrowers under this Section 2.6 shall be in a minimum aggregate amount of $100,000. Each Lender severally agrees that it shall be absolutely liable, without regard to the occurrence of any Default or Event of Default or any other condition precedent whatsoever, to the extent of such Lender's Commitment Percentage of any Revolving Credit Loan made by the Administrative Agent under this Section 2.6.2.

Appears in 1 contract

Samples: Mayors Jewelers Inc/De

Swing Line. Notwithstanding the notice and minimum amount requirements set forth in Section 2.6.1 ss.2.6.1 but otherwise in accordance with the terms and conditions of this Credit Agreement, the Administrative Agent Swing Line Bank may, in its sole discretion and without conferring with the LendersBanks, make Revolving Credit Loans to the Domestic Borrowers (a) by entry of credits to the Domestic Borrowers' operating account (the "Operating Account"') maintained with the Administrative Agent to cover checks or other charges which the Domestic Borrowers have drawn or made against such account or (b) in an amount as otherwise requested by a Borrowerany of the Domestic Borrowers, in each case up to an provided, however, that the aggregate amount of all advances made pursuant to this ss.2.6.2 shall not exceed $10,000,000 at any time outstanding (after giving effect to all amounts requested) at any one time not to exceed each a "Swing Line Loan"). Each Domestic Borrower hereby requests and authorizes the Swing Line Sublimit. The Borrowers hereby request and authorize the Administrative Agent Bank to make from time to time such Revolving Credit Swing Line Loans by means of appropriate entries of such credits sufficient to cover checks and other charges then presented for payment from the Operating Account or as otherwise so requested. The Borrowers acknowledge Each Domestic Borrower acknowledges and agree agrees that the making of such Revolving Credit Swing Line Loans shall, in each case, be subject in all respects to the provisions of this Credit Agreement as if they were Revolving Credit Loans covered by a Loan Request including, without limitation, the limitations set forth in Section 2.1 ss.2.1 and the requirements that the applicable provisions of Section 13 ss.11 (in the case of Revolving Credit Swing Line Loans made on the Closing Date) and Section 14 ss.12 be satisfied. All actions taken by the Administrative Agent Swing Line Bank pursuant to the provisions of this Section 2.6.2 ss.2.6.2 shall be conclusive and binding on the Domestic Borrowers and the Lenders Banks absent the Administrative AgentSwing Line Bank's gross negligence or willful misconduct. Revolving Credit Swing Line Loans made pursuant to this Section 2.6.2 ss.2.6.2 shall be Base Rate Loans denominated in Dollars until converted in accordance with the provisions of the Credit Agreement and, prior to a Settlement, such interest shall be for the account of the Administrative Agent. Each Revolving Credit Loan made by the Administrative Agent to the Borrowers under this Section 2.6 shall be in a minimum aggregate amount of $100,000. Each Lender severally agrees that it shall be absolutely liable, without regard to the occurrence of any Default or Event of Default or any other condition precedent whatsoever, to the extent of such Lender's Commitment Percentage of any Revolving Credit Loan made by the Administrative Agent under this Section 2.6.2Swing Line Bank.

Appears in 1 contract

Samples: And Term Loan Agreement (Holmes Products Corp)

Time is Money Join Law Insider Premium to draft better contracts faster.