Swing Line Agent definition
Examples of Swing Line Agent in a sentence
Each Swing Line Bank hereby irrevocably appoints Bank of America to act on its behalf as the Swing Line Agent hereunder and authorizes the Swing Line Agent to take such actions on its behalf and to exercise such powers as are delegated to the Swing Line Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto.
Without limitation of the foregoing, each Lender agrees to reimburse the Swing Line Agent promptly upon demand for its ratable share of any out-of-pocket expenses (including counsel fees) payable by the Borrowers under Section 9.04, to the extent that the Swing Line Agent is not reimbursed for such expenses by the Borrowers.
Each determination by the Administrative Agent or Swing Line Agent, as the case may be, of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error.
The Company shall pay to the Administrative Agent and Swing Line Agent for its own account such fees, and at such times, as the Company and such Agent may separately agree.
After receipt of such funds by the Swing Line Agent and upon fulfillment of the applicable conditions set forth in Article III, the Swing Line Agent will make such funds available to the relevant Borrower as specified in the applicable Notice of Swing Line Borrowing.
Each Lender hereby acknowledges that none of the syndication agent or any documentation agent nor any other Lender designated as any “Agent” on the cover or the signature pages hereof (other than the Administrative Agent and the Swing Line Agent) has any liability hereunder other than in its capacity as a Lender, if applicable.
Each Swing Line Bank shall, before 11:00 A.M. (London time) on the date of such Swing Line Borrowing, make available for the account of its Applicable Lending Office to the Swing Line Agent, in same day funds, such Swing Line Bank’s ratable portion of such Swing Line Borrowing.
If such Swing Line Bank shall repay to the Swing Line Agent such corresponding amount, such amount so repaid shall constitute such Swing Line Bank’s Swing Line Advance as part of such Swing Line Borrowing for purposes of this Agreement.
This Agreement shall become effective on the Effective Date and thereafter shall be binding upon and inure to the benefit of each Borrower, the Administrative Agent, the Swing Line Agent and each Lender and their respective successors and permitted assigns, except that no Borrower shall have the right to assign its rights hereunder or any interest herein without the prior written consent of each Lender (and any other attempted assignment or transfer by any party hereto shall be null and void).
Each Borrower shall make each payment hereunder and under any Notes with respect to principal of, interest on, and other amounts relating to Swing Line Advances not later than 12:00 Noon (London time) on the day when due in the currency of such Swing Line Advance to the Swing Line Agent in same day funds by deposit of such funds to the account at the applicable Agent’s Office without set-off, counterclaim or deduction of any kind.