Automatic Swingline Borrowing definition
Examples of Automatic Swingline Borrowing in a sentence
Each Swingline Loan (other than as an Automatic Swingline Borrowing, which shall be in the amount set forth in Section 2.5(b)(ii)) shall be in the minimum amount of $1,000,000 and integral multiples of $250,000 in excess thereof, or such other minimum amounts agreed to by the Swingline Lender and the Borrower.
The Borrower hereby agrees to indemnify and hold harmless the Administrative Agent and the Swingline Lender for any losses, claims, damages, liabilities and related expenses incurred by any Administrative Agent and/or the Swingline Lender or asserted against Administrative Agent and/or the Swingline Lender by any Person in connection with any Automatic Swingline Borrowing.
Each Swingline Loan made as an Automatic Swingline Borrowing shall be made in an amount equal to the greater of (i) $1,000,000 and (ii) the actual amount necessary to clear all such overdrafts for a given day, provided in no event greater than the Swingline Availability but in no event more than the Swingline Commitment.