Quoted Swingline Rate definition
Examples of Quoted Swingline Rate in a sentence
Each Quoted Swingline Loan shall be made only by the Swingline Lender furnishing the relevant Quoted Swingline Rate.
In the event that a Swingline Borrower accepts a Quoted Swingline Rate in respect of a proposed Quoted Swingline Loan, it shall notify the Administrative Agent (which shall in turn notify the relevant Swingline Lender) of such acceptance no later than 2:30 p.m., New York City time, on the relevant borrowing date.
Each Swingline Loan shall be an ABR Loan or a Quoted Swingline Rate Loan, as the Company may request in accordance herewith.
Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day), whether such Swingline Loan shall be an ABR Loan or Quoted Swingline Rate Loan, and the amount of the requested Swingline Loan.
Subject to the provisions of this Section 5.1, at the election of the Domestic Borrower, each Swingline Loan shall bear interest at (A) the Base Rate plus the Applicable Margin as set forth in Section 5.1(c) or (B) the Quoted Swingline Rate (if agreed upon by the Swingline Lender and the Domestic Borrower).
The Borrower and each Swingline Lender shall promptly notify the Administrative Agent of the date and amount of any Swingline Loan made to it or by it, as the case may be, and the Quoted Swingline Rate applicable thereto.
Swingline Loans shall, at the election of the Company, bear interest at (i) the Alternate Base Rate plus the Applicable Rate or (ii) the Quoted Swingline Rate (if agreed upon by the Swingline Lender and the Company).
Each Swingline Loan shall be made as an ABR Loan or shall be made subject to a Quoted Swingline Rate, and shall be repaid with all interest accrued thereon at the expiration of the Quoted Swingline Rate Interest Period applicable thereto, if any, but in no event later than seven days after the date such Swingline Loan is advanced to the Company.
Upon receipt of any such request, each Swingline Lender may in its discretion quote to the Borrower the interest rate (the "Quoted Swingline Rate") at which such Swingline Lender is willing to lend the requested Swingline Loan, and the Borrower may in its discretion accept or reject any such quote by notice to the relevant Swingline Lender (which notice shall be received no later than a time reasonably acceptable to the Swingline Lender).
The Company, on behalf of the Borrowers, shall select the rate of interest applicable to any Swingline Loan at the time a Notice of Revolving Credit/Swingline Borrowing is given pursuant to Section 2.3. Each Swingline Loan or portion thereof bearing interest based on the Quoted Swingline Rate shall be a "Quoted Swingline Rate Loan".