Swingline Facility. Subject to the terms and conditions set forth herein, the Swingline Lender, in reliance upon the agreements of the other Lenders set forth in this Section, may in its sole discretion, make Swingline Advances to the Borrowers from time to time on any Business Day during the period from the Effective Date until the Termination Date, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Advances exceeding $15,000,000 (notwithstanding the fact that such Swingline Advances, when aggregated with the Pro Rata Share of the Revolving Credit Exposure of the Lender acting as Swingline Lender may exceed the amount of such Lender’s Revolving Credit Commitment) or (ii) the total Revolving Credit Exposures of all Lenders exceeding the total Revolving Credit CommitmentsAvailability at such time; provided that (A) the Swingline Lender shall not be required to make a Swingline Advance to refinance an outstanding Swingline Advance and (B) the Swingline Lender shall not be under any obligation to make any Swingline Advance if it shall determine (which determination shall be conclusive and binding absent manifest error) that it has, or by such Advance may have, Fronting Exposure. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow,
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Sources: Credit Agreement (Scholastic Corp)
Swingline Facility. (a) Subject to the terms and conditions set forth hereinhereof, the Swingline LenderFirstar, in reliance upon the agreements of the other Lenders set forth in this Sectionfor itself alone, may in its sole discretion, make Swingline Advances to the Borrowers agrees from time to time on any Business Day Day, commencing on the Restatement Effective Date and thereafter during the period from Term of this Agreement but prior to the Effective Date until the Termination Swingline Expiry Date, in an to make such loans (individually, a "SWINGLINE LOAN" and collectively, the "SWINGLINE LOANS") to the Borrowers as the Borrowers may from time to time request pursuant to Section 3.4(b). The aggregate principal -------------- amount of Swingline Loans outstanding at any one time outstanding that will shall not result in exceed the Maximum Swingline Amount and the Total Revolving Credit Usage shall not at any one time exceed the lesser of (i) the aggregate principal amount of outstanding Swingline Advances exceeding $15,000,000 (notwithstanding the fact that such Swingline Advances, when aggregated with the Pro Rata Share of the Revolving Credit Exposure of the Lender acting as Swingline Lender may exceed the amount of such Lender’s Revolving Credit Commitment) Borrowing Base or (ii) the total Revolving Credit Exposures of all Lenders exceeding Commitment. The Swingline Loans from Firstar to the total Revolving Credit CommitmentsAvailability at such time; provided that (A) the Swingline Lender shall not be required to make a Swingline Advance to refinance an outstanding Swingline Advance and (B) the Swingline Lender shall not be under any obligation to make any Swingline Advance if it shall determine (which determination Borrowers shall be conclusive evidenced by a single Swingline Note of the Borrowers dated the Restatement Effective Date and binding absent manifest error) that it has, or by such Advance may have, Fronting Exposure. Within the foregoing limits and subject payable to the terms order of Firstar in the amount of the Maximum Swingline Amount and conditions set forth hereinin the form attached hereto as Exhibit B and incorporated herein by reference (as --------- the same may from time to time be amended, modified, extended or renewed, the Borrowers may borrow,"SWINGLINE NOTE"
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