Common use of Autoborrow Arrangement Clause in Contracts

Autoborrow Arrangement. In order to facilitate the borrowing of Swing Line Loans, the Revolving Borrower and the Swing Line Lender may mutually agree to, and are hereby authorized to, in each case with notice to the Administrative Agent, enter into an Autoborrow Agreement providing for the automatic advance by the Swing Line Lender of Swing Line Loans subject to the conditions set forth therein. At any time an Autoborrow Agreement is in effect, Borrowings of Swing Line Loans under such Autoborrow Agreement shall be made in accordance with the terms of such Autoborrow Agreement. For purposes of determining the Total Outstandings at any time during which an Autoborrow Agreement is in effect, the Outstanding Amount of all Swing Line Loans shall be deemed to be the sum of the Outstanding Amount of Swing Line Loans at such time plus the maximum amount available to be borrowed under such Autoborrow Agreement at such time. For purposes of any borrowing of Swing Line Loans pursuant to the Autoborrow Agreement, all references to Bank of America shall be deemed to be a reference to Bank of America, in its capacity as Swing Line Lender hereunder.

Appears in 2 contracts

Samples: Credit Agreement (Carmax Inc), Credit Agreement (Carmax Inc)

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Autoborrow Arrangement. In order to facilitate the borrowing of Swing Line Loans, the Revolving Borrower and the Swing Line Lender may mutually agree to, and are hereby authorized to, in each case with notice to the Administrative Agent, enter into an Autoborrow Agreement providing for the automatic advance by the Swing Line Lender of Swing Line Loans subject to the conditions set forth therein. At any time an Autoborrow Agreement is in effect, Borrowings of Swing Line Loans under such Autoborrow Agreement shall be made in accordance with the terms of such Autoborrow Agreement. For purposes of determining the Total Outstandings at any time during which an Autoborrow Agreement is in effect, the Outstanding Amount of all Swing Line Loans shall be deemed to be the sum of the Outstanding Amount of Swing Line Loans at such time plus the maximum amount available to be borrowed under such Autoborrow Agreement at such time. For purposes of any borrowing of Swing Line Loans pursuant to the Autoborrow Agreement, all references to Bank of America shall be deemed to be a reference to Bank of America, in its capacity as Swing Line Lender hereunder.. 2.05

Appears in 1 contract

Samples: Credit Agreement (Carmax Inc)

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Autoborrow Arrangement. In order to facilitate the borrowing of Swing Line Loans, the Revolving Borrower and the Swing Line Lender may mutually agree to, and are hereby authorized to, in each case with notice to the Administrative Agent, enter into an Autoborrow Agreement providing for the automatic advance by the Swing Line Lender of Swing Line Loans subject to the conditions set forth therein. At any time an Autoborrow Agreement is in effect, Borrowings of Swing Line Loans under such Autoborrow Agreement shall be made in accordance with the terms of such Autoborrow Agreement. For purposes of determining the Total Outstandings at any time during which an Autoborrow Agreement is in effect, the Outstanding Amount of all Swing Line Loans shall be deemed to be the sum of the Outstanding Amount of Swing Line Loans at such time plus the maximum amount available to be borrowed under such Autoborrow Agreement at such time. For purposes of any borrowing of Swing Line Loans pursuant to the Autoborrow Agreement, all references to Bank of America shall be deemed to be a reference to Bank of America, in its capacity as Swing Line Lender hereunder.

Appears in 1 contract

Samples: Credit Agreement (Carmax Inc)

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