Swing Line Bank definition
Examples of Swing Line Bank 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.
Each Swing Line Bank severally agrees, on the terms and conditions hereinafter set forth, to make Swing Line Advances in Dollars to any Borrower from time to time on any Business Day during the period from the Initial Availability Date until the Termination Date in an aggregate amount outstanding not to exceed at any time the lesser of (i) such Swing Line Bank’s Swing Line Commitment or Unused Commitment at such time and (ii) the Unused Commitments of the Lenders at such time.
The rights and remedies against a Defaulting Lender under this Section 2.20 are in addition to any other rights and remedies which the Borrowers, any Agent, any Swing Line Bank, any Issuing Bank or any other Lender may have against such Defaulting Lender.
Each Lender’s proposed increased Revolving Credit Commitment shall be subject to the prior written approval of each Issuing Bank and each Swing Line Bank, which consent shall not be unreasonably withheld or delayed.
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.