Common use of Borrowings to Repay Swing Loans Clause in Contracts

Borrowings to Repay Swing Loans. 2.6.4.1 Upon the making of a Swing Loan (whether before or after the occurrence of a Potential Default or an Event of Default and regardless of whether a settlement has been requested with respect to such Swing Loan), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from PNC, without recourse or warranty, an undivided interest and participation in such Swing Loan in proportion to its Ratable Share. PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swing Loans, and each Lender shall immediately either (A) make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share of the aggregate principal amount of the outstanding Swing Loans with respect to which repayment is demanded, plus, if PNC so requests, accrued interest thereon, provided that no Lender shall be obligated in any event to make Revolving Credit Loans in excess of its Revolving Credit Commitment minus its Ratable Share of Letter of Credit Obligations and minus its Ratable Share of any Swing Loans not so being repaid or (B) during the continuance of an Insolvency Proceeding or Relief Proceeding with respect to the Borrower, fund such Swing Loan participations by paying to PNC such Lender’s Ratable Share of the outstanding Swing Loans. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.4 [Revolving Credit Loan Requests] without regard to any of the requirements of that provision. PNC shall provide notice to the Lenders (which may be telephonic or written notice by letter, facsimile or telex) that such Revolving Credit Loans are to be made under this Section 2.6.4 and of the apportionment among the Lenders, and the Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 2.4 [Revolving Credit Loan Requests] or in Section 7.2 [Each Loan or Letter of Credit] are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. on the Business Day next after the date the Lenders receive such notice from PNC.

Appears in 2 contracts

Samples: Credit Agreement (New Jersey Resources Corp), Credit Agreement (New Jersey Resources Corp)

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Borrowings to Repay Swing Loans. 2.6.4.1 Upon the making of a Swing Loan (whether before or after the occurrence of a Potential Default or an Event of Default and regardless of whether a settlement has been requested with respect to such Swing Loan), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from PNC, without recourse or warranty, an undivided interest and participation in such Swing Loan in proportion to its Ratable Share. PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding request that Swing Loans be refunded as Revolving Credit Loans, and each Lender shall immediately either (A) make a Revolving Credit Loan in an amount equal to such Lender’s 's Ratable Share of the aggregate principal amount of the outstanding Swing Loans with respect to which repayment is demandedLoans, plus, if PNC Swing Loan Lender so requests, accrued interest thereon, provided that no Lender shall be obligated in any event to make Revolving Credit Loans in excess of its Revolving Credit Commitment minus its (i) Ratable Share of Letter of Credit Obligations and minus its Ratable Share (ii) ratable share of any outstanding Swing Loans not so being repaid or (B) during that the continuance of an Insolvency Proceeding or Relief Proceeding with respect to the Borrower, fund such Swing Loan participations by paying to PNC such Lender’s Ratable Share of the outstanding Swing Lender has not requested be refunded as Revolving Credit Loans, if any. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option unless and until converted to a LIBOR Rate Option in accordance with this Agreement and shall be deemed to have been properly requested in accordance with Section 2.4 2.5.1 [Revolving Credit Loan Requests] without regard to any of the requirements of that provision. PNC Swing Loan Lender shall provide notice to the Lenders (which may be telephonic or written notice by letter, facsimile or telex) that such Revolving Credit Loans are to be made under this Section 2.6.4 2.6.5 and of the apportionment among the Lenders, and the Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 2.4 2.5.1 [Revolving Credit Loan Requests] or in Section 7.2 [Each Loan or Letter of Credit] are then satisfied) by the time PNC Swing Loan Lender so requests, which shall not be earlier than 3:00 p.m. on the Business Day next after the date the Lenders receive such notice from PNCSwing Loan Lender.

Appears in 2 contracts

Samples: Credit Agreement (Nacco Industries Inc), Credit Agreement (Nacco Industries Inc)

Borrowings to Repay Swing Loans. 2.6.4.1 Upon the making of a Swing Loan (whether before or after the occurrence of a Potential Default or an Event of Default and regardless of whether a settlement has been requested with respect to such Swing Loan), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from PNC, without recourse or warranty, an undivided interest and participation in such Swing Loan in proportion to its Ratable Share. PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swing Loans, and each Lender shall immediately either (A) make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share of the aggregate principal amount of the outstanding Swing Loans with respect to which repayment payment is demanded, plus, if PNC so requests, accrued interest thereon, provided that no Lender shall be obligated in any event to make Revolving Credit Loans in excess of its Revolving Credit Commitment minus its Ratable Share of Letter of Credit Obligations and minus its Ratable Share of any Swing Loans not so being repaid or (B) during the continuance of an Insolvency Proceeding or Relief Proceeding with respect to the Borrower, fund such Swing Loan participations by paying to PNC such Lender’s Ratable Share of the outstanding Swing Loansrepaid. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.4 2.6(a) [Revolving Credit Loan Requests; Loan Conversions and Renewals] without regard to any of the requirements of that provision. PNC shall provide notice to the Lenders (which may be telephonic or written notice by letter, facsimile or telex) that such Revolving Credit Loans are to be made under this Section 2.6.4 2.7(e) and of the apportionment among the Lenders, and the Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 2.4 2.6(a) [Revolving Credit Loan Requests] or in Section 7.2 [Each ; Loan or Letter of CreditConversions and Renewals] are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. on the Business Day next after the date the Lenders receive such notice from PNC.. 2.8

Appears in 2 contracts

Samples: Credit Agreement (Dayton Power & Light Co), Credit Agreement (Ipalco Enterprises, Inc.)

Borrowings to Repay Swing Loans. 2.6.4.1 Upon the making of a (i) The Swing Loan (whether before or after the occurrence of a Potential Default or an Event of Default and regardless of whether a settlement has been requested with respect to such Swing Loan), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from PNC, without recourse or warranty, an undivided interest and participation in such Swing Loan in proportion to its Ratable Share. PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swing Loans, and each Lender shall immediately either (A) make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share of the aggregate principal amount of the outstanding Swing Loans with respect to which repayment is demanded, plus, if PNC the Swing Loan Lender so requests, accrued interest thereon, provided that no Lender shall be obligated in any event to make Revolving Credit Loans in excess of its Revolving Credit Commitment minus its Ratable Share of Letter of Credit Obligations and minus its Ratable Share of any Swing Loans not so being repaid or (B) during the continuance of an Insolvency Proceeding or Relief Proceeding with respect to the Borrower, fund such Swing Loan participations by paying to PNC such Lender’s Ratable Share of the outstanding Swing Loansrepaid. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.4 2.5(a) [Revolving Credit Loan Requests; Conversions and Renewals] without regard to any of the requirements of that provision. PNC The Swing Loan Lender shall provide notice to the Lenders (which may be telephonic or written notice by letter, facsimile or telex) that such Revolving Credit Loans are to be made under this Section 2.6.4 2.6(e) and of the apportionment among the Lenders, and the Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 2.4 2.5(a) [Revolving Credit Loan Requests; Conversions and Renewals] or in Section 7.2 [Each Loan or Letter of Credit] are then satisfied) by the time PNC the Swing Loan Lender so requests, which shall not be earlier than 3:00 p.m. on the Business Day next after the date the Lenders receive such notice from PNCthe Swing Loan Lender.

Appears in 2 contracts

Samples: Credit Agreement (Factset Research Systems Inc), Credit Agreement (Factset Research Systems Inc)

Borrowings to Repay Swing Loans. 2.6.4.1 Upon Immediately upon the making advance of a Swing Loan (whether before or after the occurrence of a Potential Default or an Event of Default and regardless of whether a settlement has been requested with respect to such each Swing Loan), each Lender shall be deemeddeemed to, without further action by any party heretoand hereby irrevocably and unconditionally agrees to, to have unconditionally and irrevocably purchased purchase from PNC, without recourse or warranty, an undivided interest and the applicable Swing Loan Lender a participation in such Swing Loan in proportion a Dollar Equivalent amount equal to its such Lender’s Ratable ShareShare of such Swing Loan. PNC Each Swing Loan Lender may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swing LoansLoans advanced by it, and each Lender shall immediately either (A) make a Revolving Credit Loan in an amount (or Dollar Equivalent amount) equal to such Lender’s Ratable Share of the aggregate principal amount of the such Swing Loan Lender’s outstanding Swing Loans with respect to which repayment is demandedLoans, plus, if PNC such Swing Loan Lender so requests, accrued interest thereon, provided that no Lender shall be obligated in any event to make Revolving Credit Loans in excess of its Revolving Credit Commitment minus its Ratable Share of Letter of Credit Obligations and minus its Ratable Share of any the Swing Loans not so being repaid or (B) during of the continuance of an Insolvency Proceeding or Relief Proceeding with respect to the Borrower, fund such other Swing Loan participations by paying to PNC such Lender’s Ratable Share of the outstanding Swing Loans, if any. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.4 2.5.1 [Revolving Credit Loan Requests] without regard to any of the requirements of that provision. PNC Such Swing Loan Lender shall provide notice to the Lenders (which may be telephonic or written notice by letter, facsimile facsimile, electronic mail or telex) to the Administrative Agent (which shall promptly advise the Lenders of such notice) that such Revolving Credit Loans are to be made under this Section 2.6.4 2.6.5 and of the apportionment among the Lenders, and the Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 2.4 2.5.1 [Revolving Credit Loan Requests] or in Section 7.2 [Each Loan or Letter of Credit] are then satisfied) by the time PNC such Swing Loan Lender so requests, which shall not be earlier than 3:00 p.m. on the Business Day next after the date the Lenders receive such notice from PNCsuch Swing Loan Lender.

Appears in 1 contract

Samples: Credit Agreement (Om Group Inc)

Borrowings to Repay Swing Loans. 2.6.4.1 Upon the making of a Swing Loan (whether before or after the occurrence of a Potential Default or an Event of Default and regardless of whether a settlement has been requested with respect to such Swing Loan), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from PNC, without recourse or warranty, an undivided interest and participation in such Swing Loan in proportion to its Ratable Share. i) PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swing Loans, and each 5- Year Revolver Lender shall immediately either (A) make a 5-Year Revolving Credit Loan in an amount equal to such LenderXxxxxx’s 5-Year Revolver Ratable Share of the aggregate principal amount of the outstanding Swing Loans with respect to which repayment is demanded, plus, if PNC so requests, accrued interest thereon, provided that no 5-Year Revolver Lender shall be obligated in any event to make 5-Year Revolving Credit Loans in excess of its 5-Year Revolving Credit Commitment minus its 5-Year Revolver Ratable Share of Letter of Credit Obligations and minus its 5-Year Revolver Ratable Share of any Swing Loans not so being repaid or (B) during the continuance of an Insolvency Proceeding or Relief Proceeding with respect to the Borrower, fund such Swing Loan participations by paying to PNC such Lender’s Ratable Share of the outstanding Swing Loansrepaid. 5-Year Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.4 2.5(a) [Revolving Credit Loan Requests] without regard to any of the requirements of that provision. PNC shall provide notice to the 5- Year Revolver Lenders (which may be telephonic or written notice by letter, facsimile or telex) that such 5-Year Revolving Credit Loans are to be made under this Section 2.6.4 2.6(e) and of the apportionment among the 5-Year Revolver Lenders, and the 5-Year Revolver Lenders shall be unconditionally obligated to fund such 5-Year Revolving Credit Loans (whether or not the conditions specified in Section 2.4 2.5(a) [Revolving Credit Loan Requests] or in Section 7.2 [Each Loan or Letter of Credit] are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. on the next succeeding Business Day next after following the date the 5-Year Revolver Lenders receive such notice from PNC.

Appears in 1 contract

Samples: Credit Agreement (Chesapeake Utilities Corp)

Borrowings to Repay Swing Loans. 2.6.4.1 Upon the making of a Swing Loan (whether before or after the occurrence of a Potential Default or an Event of Default and regardless of whether a settlement has been requested with respect to such Swing Loan), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from PNC, without recourse or warranty, an undivided interest and participation in such Swing Loan in proportion to its Ratable Share1. PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swing Loans, and each 5- Year Revolver Lender shall immediately either (A) make a 5-Year Revolving Credit Loan in an amount equal to such Lender’s 5-Year Revolver Ratable Share of the aggregate principal amount of the outstanding Swing Loans with respect to which repayment is demanded, plus, if PNC so requests, accrued interest thereon, provided that no 5-Year Revolver Lender shall be obligated in any event to make 5-Year Revolving Credit Loans in excess of its 5-Year Revolving Credit Commitment minus its 5-Year Revolver Ratable Share of Letter of Credit Obligations and minus its 5-Year Revolver Ratable Share of any Swing Loans not so being repaid or (B) during the continuance of an Insolvency Proceeding or Relief Proceeding with respect to the Borrower, fund such Swing Loan participations by paying to PNC such Lender’s Ratable Share of the outstanding Swing Loansrepaid. 5-Year Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.4 2.5(a) [Revolving Credit Loan Requests] without regard to any of the requirements of that provision. PNC shall provide notice to the 5- Year Revolver Lenders (which may be telephonic or written notice by letter, facsimile or telex) that such 5-Year Revolving Credit Loans are to be made under this Section 2.6.4 2.6(e) and of the apportionment among the 5-Year Revolver Lenders, and the 5-Year Revolver Lenders shall be unconditionally obligated to fund such 5-Year Revolving Credit Loans (whether or not the conditions specified in Section 2.4 2.5(a) [Revolving Credit Loan Requests] or in Section 7.2 [Each Loan or Letter of Credit] are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. on the next succeeding Business Day next after following the date the 5-Year Revolver Lenders receive such notice from PNC.

Appears in 1 contract

Samples: Credit Agreement (Chesapeake Utilities Corp)

Borrowings to Repay Swing Loans. 2.6.4.1 Upon the making of a The Swing Loan (whether before or after the occurrence of a Potential Default or an Event of Default and regardless of whether a settlement has been requested with respect to such Swing Loan), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from PNC, without recourse or warranty, an undivided interest and participation in such Swing Loan in proportion to its Ratable Share. PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swing Loans, and each Revolving Credit Lender shall immediately either (A) make a Revolving Credit Loan in an amount equal to such Revolving Credit Lender’s Ratable Share Applicable Revolving Credit Percentage of the aggregate principal amount of the outstanding Swing Loans with respect to which repayment is demandedLoans, plus, if PNC the Swing Loan Lender so requests, accrued interest thereon, provided that no Revolving Credit Lender shall be obligated in any event to make Revolving Credit Loans in excess if after giving effect thereto, the sum of the aggregate amount of its Revolving Credit Commitment minus its Ratable Share Loans (including, for the avoidance of doubt, Revolving Credit Loans made pursuant to this Section 2.5(e)) plus such Revolving Credit Lender’s Applicable Revolving Credit Percentage of the Dollar Equivalent amount of Letter of Credit Obligations and minus exceeds its Ratable Share of any Swing Loans not so being repaid or (B) during the continuance of an Insolvency Proceeding or Relief Proceeding with respect to the Borrower, fund such Swing Loan participations by paying to PNC such Lender’s Ratable Share of the outstanding Swing LoansRevolving Credit Commitment. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.4 2.4(a) [Revolving Credit Loan Requests] without regard to any of the requirements of that provision. PNC The Swing Loan Lender shall provide notice to the Revolving Credit Lenders (which may be telephonic or written notice by letter, facsimile or telex) that such Revolving Credit Loans are to be made under this Section 2.6.4 2.5(e) and of the apportionment among the Revolving Credit Lenders, and the Revolving Credit Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 2.4 [Revolving Credit Loan Requests] or in Section 7.2 [Each Loan or Letter of Credit] are then satisfied) by the time PNC the Swing Loan Lender so requests, which shall not be earlier than 3:00 2:00 p.m. New York City time on the next Business Day next after the date the Revolving Credit Lenders receive such notice from PNCthe Swing Loan Lender. The funding of Revolving Credit Loans by each Revolving Credit Lender under Section 2.5(e) shall be deemed to be a payment in respect of its participation in such Swing Loan in satisfaction of its participation obligation.

Appears in 1 contract

Samples: Master Lease Agreement (Gsi Commerce Inc)

Borrowings to Repay Swing Loans. 2.6.4.1 Upon the making of a The Swing Loan (whether before or after the occurrence of a Potential Default or an Event of Default and regardless of whether a settlement has been requested with respect to such Swing Loan), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from PNC, without recourse or warranty, an undivided interest and participation in such Swing Loan in proportion to its Ratable Share. PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swing Loans, and each Lender shall immediately either (A) make a Revolving Credit Loan in an amount equal to such Lender’s 's Ratable Share of the aggregate principal amount of the outstanding Swing Loans with respect to which repayment is demandedLoans, plus, if PNC the Swing Loan Lender so requests, accrued interest thereon, provided that no Lender shall be obligated in any event to make Revolving Credit Loans in excess of its Revolving Credit Commitment minus its Ratable Share of Letter of Credit Obligations and minus its Ratable Share of any Swing Loans not so being repaid or (B) during the continuance of an Insolvency Proceeding or Relief Proceeding with respect to the Borrower, fund such Swing Loan participations by paying to PNC such Lender’s Ratable Share of the outstanding Swing LoansObligations. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.4 2.4.1 [Revolving Credit Loan Requests] without regard to any of the requirements of that provision. PNC The Swing Loan Lender shall provide notice to the Lenders (which may be telephonic or written notice by letter, facsimile letter or telexfacsimile) that such Revolving Credit Loans are to be made under this Section 2.6.4 2.5.5 [Borrowings to Repay Swing Loans] and of the apportionment among the Lenders, and the Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 2.4 2.4.1 [Revolving Credit Loan Requests] or in Section 7.2 [Each Loan or Letter of Credit] are then satisfied) by the time PNC the Swing Loan Lender so requests, which shall not be earlier than 3:00 p.m. on the Business Day next after the date the Lenders receive such notice from PNCthe Swing Loan Lender.

Appears in 1 contract

Samples: Credit Agreement (DSW Inc.)

Borrowings to Repay Swing Loans. 2.6.4.1 Upon the making of a Swing Loan (whether before or after the occurrence of a Potential Default or an Event of Default and regardless of whether a settlement has been requested with respect to such Swing Loan), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from PNC, without recourse or warranty, an undivided interest and participation in such Swing Loan in proportion to its Ratable Share. i) PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swing Loans, and each Lender shall immediately either (A) make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share of the aggregate principal amount of the outstanding Swing Loans with respect to which repayment is demanded, plus, if PNC so requests, accrued interest thereon, provided that no Lender shall be obligated in any event to make Revolving Credit Loans in excess of its Revolving Credit Commitment minus its Ratable Share of Letter of Credit Obligations and minus its Ratable Share of any Swing Loans not so being repaid or (B) during the continuance of an Insolvency Proceeding or Relief Proceeding with respect to the Borrower, fund such Swing Loan participations by paying to PNC such Lender’s Ratable Share of the outstanding Swing Loansrepaid. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.4 2.5(a) [Revolving Credit Loan Requests] without regard to any of the requirements of that provision. PNC shall provide notice to the Lenders (which may be telephonic or written notice by letter, facsimile or telex) that such Revolving Credit Loans are to be made under this Section 2.6.4 2.6(e) and of the apportionment among the Lenders, and the Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 2.4 2.5(a) [Revolving Credit Loan Requests] or in Section 7.2 [Each Loan or Letter of Credit] are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. on the next succeeding Business Day next after following the date the Lenders receive such notice from PNC.. (ii) With respect to any Swing Loan that is not refinanced into Revolving Credit Loans in whole or in part as contemplated by Section 2.6(e)(i), because of the Borrower’s failure to satisfy the conditions set forth in Section 7.2 [Each Loan or Letter of Credit] other than any notice requirements, or for any other reason, each Lender shall fund its risk participation in the applicable Swing Loan. Each Lender’s payment to the Swing Loan Lender pursuant to this Section 2.6(e)(ii) shall be deemed to be a payment in respect of its risk participation in such Swing Loan from such Lender in satisfaction of its risk participation obligation under Section 2.6(c) [Making Swing Loans]. (iii) If any Lender fails to make available to the Administrative Agent for the account of PNC (as the Swing Loan Lender) any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.6(e) by the time specified in Section 2.6(e)(i), the Swing Loan Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Swing Loan Lender at a rate per annum equal to the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Swing Loan Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such 35 135035202_4

Appears in 1 contract

Samples: Credit Agreement (Chesapeake Utilities Corp)

Borrowings to Repay Swing Loans. 2.6.4.1 Upon the making of a Swing Loan (whether before or after the occurrence of a Potential Default or an Event of Default and regardless of whether a settlement has been requested with respect to such Swing Loan), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from PNC, without recourse or warranty, an undivided interest and participation in such Swing Loan in proportion to its Ratable Share. PNC National City Bank may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swing LoansLoans from the Revolving Credit Banks, and each Lender Bank shall immediately either (A) make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share Bank's Commitment Percentage of Revolving Credit Loans of the aggregate principal amount of the outstanding Swing Loans with respect to which repayment is demandedLoans, plus, if PNC National City Bank so requests, accrued interest thereon, provided that no Lender Bank shall be obligated in any event to make Revolving Credit Loans in excess of its Revolving Credit Commitment minus its Ratable Share of such Bank's outstanding Revolving Credit Loans, Supplemental Swing Loans, Term Loans, Letter of Credit Obligations Exposure and minus its Ratable Share pro rata share of unreimbursed draws of any Swing Loans not so being repaid or (B) during the continuance Letter of an Insolvency Proceeding or Relief Proceeding with respect to the Borrower, fund such Swing Loan participations by paying to PNC such Lender’s Ratable Share of the outstanding Swing LoansCredit. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.4 [Revolving Credit Loan Requests] 2.1 without regard to any of the requirements of that provisionprovision pertaining to Loan Requests and each Revolving Credit Bank acknowledges and agrees that its obligation to make Revolving Credit Loans in accordance with the terms of this Section 2.2A(e) is absolute and unconditional and shall not be affected by any circumstance whatsoever, including without limitation non-satisfaction of the conditions set forth in Section 7. PNC National City Bank shall provide notice to the Lenders Banks (which may be telephonic or written notice by letter, facsimile or telex) that such Revolving Credit Loans are to be made under this Section 2.6.4 2.2A and of the apportionment among the LendersBanks, and the Lenders Banks shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 2.4 [Revolving Credit Loan Requests] or in Section 7.2 [Each Loan or Letter of Credit] 2.1 are then satisfied) by the time PNC National City Bank so requests, which shall not be earlier than 3:00 p.m. P.M. (Pittsburgh, Pennsylvania time) on the Business Day next after the date the Lenders Banks receive such notice from PNCNational City Bank.

Appears in 1 contract

Samples: Credit Agreement (Education Management Corporation)

Borrowings to Repay Swing Loans. 2.6.4.1 Upon the making of a (i) Each Swing Loan (whether before or after the occurrence of a Potential Default or an Event of Default and regardless of whether a settlement has been requested with respect to such Swing Loan)Lender, each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from PNC, without recourse or warranty, an undivided interest and participation in such Swing Loan in proportion to its Ratable Share. PNC may, may at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swing LoansLoans made by it, and each Lender shall immediately either (A) make a Revolving Credit Loan in the applicable Currency in an amount equal to such Lender’s Ratable Share of the aggregate principal amount of the outstanding Swing Loans with respect to which repayment is demandedLoans, plus, if PNC such Swing Loan Lender so requests, accrued interest thereon, provided that no Lender shall be obligated in any event to make Revolving Credit Loans in excess of its Revolving Credit Commitment minus its Ratable Share of Letter of Credit Obligations and minus its Ratable Share of any Swing Loans not so being repaid or (B) during the continuance of an Insolvency Proceeding or Relief Proceeding with respect to the Borrower, fund such Swing Loan participations by paying to PNC such Lender’s Ratable Share of the outstanding Swing LoansObligations. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option or, in the case of Revolving Credit Loans in Alternative Currencies, the Daily Rate Loan Option, and shall be deemed to have been properly requested in accordance with Section 2.4 2.4.1 [Revolving Credit Loan Requests] without regard to any of the requirements of that provision. PNC Such Swing Loan Lender shall provide notice to the Lenders (which may be telephonic or written notice by letter, email, facsimile or telex) that such Revolving Credit Loans are to be made under this Section 2.6.4 2.5.5 and of the apportionment among the Lenders, and the Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 2.4 2.4.1 [Revolving Credit Loan Requests] or in Section 7.2 [Each Loan or Letter of Credit] are then satisfied) by the time PNC such Swing Loan Lender so requests, which shall not be earlier later than 3:00 p.m. on the Business Day next after the date the Lenders receive such notice from PNCsuch Swing Loan Lender. In addition, the Administrative Agent may deliver any such notice at any time on behalf of a Swing Line Lender for the repayment of all Alternative Currency Swing Loans and/or all U.S. Dollar Swing Loans.

Appears in 1 contract

Samples: Credit Agreement (Crocs, Inc.)

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Borrowings to Repay Swing Loans. 2.6.4.1 Upon the making of a The Swing Loan (whether before or after the occurrence of a Potential Default or an Event of Default and regardless of whether a settlement has been requested with respect to such Swing Loan), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from PNC, without recourse or warranty, an undivided interest and participation in such Swing Loan in proportion to its Ratable Share. PNC may, Lenders may at its their option, exercisable at any time for any reason whatsoevertime, demand repayment of any or all of the outstanding Swing Loans, Loans and each Lender shall immediately either (A) make a Revolving Credit Loan in an amount equal to such Lender’s 's Ratable Share of the aggregate principal amount of the outstanding Swing Loans with respect to which repayment is demandedLoans, plus, if PNC the Swing Lenders so requestsrequest, accrued interest thereon, provided that no Lender shall be obligated in any event to make Revolving Credit Loans in excess of its Revolving Credit Commitment minus its Ratable Share of the Dollar Equivalent amount of the Letter of Credit Obligations and minus its Ratable Share of Outstandings. In the event any Swing Loans not so being shall be repaid or (B) during the continuance of an Insolvency Proceeding or Relief Proceeding with respect to the BorrowerRevolving Credit Loans, fund such Swing Loan participations by paying to PNC such Lender’s Ratable Share of the outstanding Swing Loans. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.4 [Revolving Credit Loan Requests] 2.05(a) without regard to any of the requirements of that provision; provided, however, that Sterling Swing Loans shall be repaid in British Pounds Sterling if and to the extent that Revolving Credit Loans are requested for such purpose in accordance with the requirements of Section 2.05(a). PNC The Administrative Agent shall provide notice to the Lenders (which may be a telephonic or written notice by letter, facsimile or telex) that such Revolving Credit Loans are to be made under this Section 2.6.4 2.07 and of the apportionment among the Lenders, and the Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 2.4 [Revolving Credit Loan Requests] or in Section 7.2 [Each Loan or Letter of Credit] 7.02 are then satisfied) by the time PNC the Administrative Agent so requests, which shall not be earlier than 3:00 p.m. 12:00 noon Eastern time on the Business Day next after succeeding the date the Administrative Agent gives the demand notice to the Lenders receive or, with respect to Sterling Swing Loans made pursuant to Section 2.01(d)(ii), four (4) Business Days after the Administrative Agent gives the demand notice to the Lenders. Demand notice in respect of all outstanding Sterling Swing Loans shall be given no later than the tenth Business Day following the Effective Date. If for any reason a Lender is prohibited from funding its Ratable Share of Revolving Credit Loans to repay the principal amount of the Swing Loans outstanding, such notice from PNCLender shall purchase a participation in the Swing Loans equal to its Ratable Share of the principal amount of Swing Loans outstanding.

Appears in 1 contract

Samples: Credit Agreement (Borders Group Inc)

Borrowings to Repay Swing Loans. 2.6.4.1 Upon the making of a Swing Loan (whether before or after the occurrence of a Potential Default or an Event of Default and regardless of whether a settlement has been requested with respect to such Swing Loan), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from PNC, without recourse or warranty, an undivided interest and participation in such Swing Loan in proportion to its Ratable Share. i) PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swing Loans, and each 5- Year Revolver Lender shall immediately either (A) make a 5-Year Revolving Credit Loan in an amount equal to such LenderXxxxxx’s 5-Year Revolver Ratable Share of the aggregate principal amount of the outstanding Swing Loans with respect to which repayment is demanded, plus, if PNC so requests, accrued interest thereon, provided that no 5-Year Revolver Lender shall be obligated in any event to make 5-Year Revolving Credit Loans in excess of its 5-Year Revolving Credit Commitment minus its 5-Year Revolver Ratable Share of Letter of Credit Obligations and minus its 5-Year Revolver Ratable Share of any Swing Loans not so being repaid or (B) during the continuance of an Insolvency Proceeding or Relief Proceeding with respect to the Borrower, fund such Swing Loan participations by paying to PNC such Lender’s Ratable Share of the outstanding Swing Loansrepaid. 5-Year Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.4 2.5(a) [Revolving Credit Loan Requests] without regard to any of the requirements of that provision. PNC shall provide notice to the 5-Year Revolver Lenders (which may be telephonic or written notice by letter, facsimile or telex) that such 5-Year Revolving Credit Loans are to be made under this Section 2.6.4 2.6(e) and of the apportionment among the 5-Year Revolver Lenders, and the 5-Year Revolver Lenders shall be unconditionally obligated to fund such 5-Year Revolving Credit Loans (whether or not the conditions specified in Section 2.4 2.5(a) [Revolving Credit Loan Requests] or in Section 7.2 [Each Loan or Letter of Credit] are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. on the Business Day next after the date the Lenders receive such notice from PNC.Section

Appears in 1 contract

Samples: Credit Agreement (Chesapeake Utilities Corp)

Borrowings to Repay Swing Loans. 2.6.4.1 Upon the making of a The Swing Loan (whether before or after the occurrence of a Potential Default or an Event of Default and regardless of whether a settlement has been requested with respect to such Swing Loan), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from PNC, without recourse or warranty, an undivided interest and participation in such Swing Loan in proportion to its Ratable Share. PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swing Loans, and each Lender shall immediately either (A) make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share of the aggregate principal amount of the outstanding Swing Loans with respect to which repayment is demandedLoans, plus, if PNC the Swing Lender so requests, accrued interest thereon, provided that no Lender shall be obligated in any event to make Revolving Credit Loans in excess of its Revolving Credit Commitment minus its Ratable Share of Letter of Credit Obligations and minus its Ratable Share of any Swing Loans not so being repaid or (B) during the continuance of an Insolvency Proceeding or Relief Proceeding with respect to the Borrower, fund such Swing Loan participations by paying to PNC such Lender’s Ratable Share of the outstanding Swing LoansObligations. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.4 [Revolving Credit Loan Requests] 2.4.1 without regard to any of the requirements of that provision. PNC The Swing Lender shall provide notice to the Lenders (which may be telephonic or written notice by letter, facsimile or telexemail) that such Revolving Credit Loans are to be made under this Section 2.6.4 2.5.5 and of the apportionment among the Lenders, and the Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 2.4 [Revolving Credit Loan Requests] or in Section 7.2 [Each Loan or Letter of Credit] 2.4.1 are then satisfied) by the time PNC the Swing Lender so requests, which shall not be earlier than 3:00 p.m. on the Business Day next after the date the Lenders receive such notice from PNCthe Swing Lender; provided that if the conditions precedent to a borrowing of Revolving Credit Loans are not then satisfied or for any other reason the Lenders may not then make Revolving Credit Loans under the Base Rate Option to the applicable Borrower in whole or in part as contemplated by this Section, because of such Borrower’s failure to satisfy the conditions set forth in Section 6.2 other than any notice requirements, or for any other reason, then instead of making Revolving Credit Loans, each Lender (other than the Swing Lender) shall become immediately obligated to fund its participation in the outstanding Swing Loans and shall pay to the Swing Lender an amount equal to such Lender’s Ratable Share of all outstanding Swing Loans. If and to the extent any Revolving Lender shall not have made such amount available to the Administrative Agent by 8:00 p.m. on the Business Day next after the date the Lenders receive notice from the Swing Lender of its obligation to fund its participation in Swing Loans, such Lender agrees to pay interest on such amount to the Swing Lender forthwith on demand, for each day from the date such amount was to have been delivered to the Swing Lender to the date such amount is paid, (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three (3) days following such demand and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the date of such demand. Any Lender’s failure to make available to the Swing Lender its Ratable Share of the amount of all outstanding Swing Loans shall not relieve any other Lender of its obligation hereunder to make available to the Swing Lender such other Lender’s Ratable Share of such amount, but no Lender shall be responsible for the failure of any other Lender to make available to the Swing Lender such other Lender’s Ratable Share of any such amount.

Appears in 1 contract

Samples: Credit Agreement (Cincinnati Financial Corp)

Borrowings to Repay Swing Loans. 2.6.4.1 Upon the making of a The Swing Loan (whether before or after the occurrence of a Potential Default or an Event of Default and regardless of whether a settlement has been requested with respect to such Swing Loan), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from PNC, without recourse or warranty, an undivided interest and participation in such Swing Loan in proportion to its Ratable Share. PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swing Loans, and each Lender shall immediately either (A) make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share of the aggregate principal amount of the outstanding Swing Loans with respect to which repayment is demandedLoans, plus, if PNC the Swing Lender so requests, accrued interest thereon, provided that no Lender shall be obligated in any event to make Revolving Credit Loans in excess of its Revolving Credit Commitment minus its Ratable Share of Letter of Credit Obligations and minus its Ratable Share of any Swing Loans not so being repaid or (B) during the continuance of an Insolvency Proceeding or Relief Proceeding with respect to the Borrower, fund such Swing Loan participations by paying to PNC such Lender’s Ratable Share of the outstanding Swing LoansCommitment. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.4 [Revolving Credit Loan Requests] 2.4.1 without regard to any of the requirements of that provision. PNC The Swing Lender shall provide notice to the Lenders (which may be telephonic or written notice by letter, facsimile or telexemail) that such Revolving Credit Loans are to be made under this Section 2.6.4 2.5.5 and of the apportionment among the Lenders, and the Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 2.4 [Revolving Credit Loan Requests] or in Section 7.2 [Each Loan or Letter of Credit] 2.4.1 are then satisfied) by the time PNC the Swing Lender so requests, which shall not be earlier than 3:00 p.m. on the Business Day next after the date the Lenders receive such notice from PNCthe Swing Lender; provided that if the conditions precedent to a borrowing of Revolving Credit Loans are not then satisfied or for any other reason the Lenders may not then make Revolving Credit Loans under the Base Rate Option to the applicable Borrower in whole or in part as contemplated by this Section, because of such Borrower’s failure to satisfy the conditions set forth in Section 6.2 other than any notice requirements, or for any other reason, then instead of making Revolving Credit Loans, each Lender (other than the Swing Lender) shall become immediately obligated to fund its participation in the outstanding Swing Loans and shall pay to the Swing Lender an amount equal to such Lender’s Ratable Share of all outstanding Swing Loans. If and to the extent any Revolving Lender shall not have made such amount available to the Administrative Agent by 8:00 p.m. on the Business Day next after the date the Lenders receive notice from the Swing Lender of its obligation to fund its participation in Swing Loans, such Lender agrees to pay interest on such amount to the Swing Lender forthwith on demand, for each day from the date such amount was to have been delivered to the Swing Lender to the date such amount is paid, (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three (3) days following such demand and (ii) at a rate per annum equal to the rate applicable to Loans under the Revolving Credit Base Rate Option on and after the fourth day following the date of such demand. Any Lender’s failure to make available to the Swing Lender its Ratable Share of the amount of all outstanding Swing Loans shall not relieve any other Lender of its obligation hereunder to make available to the Swing Lender such other Lender’s Ratable Share of such amount, but no Lender shall be responsible for the failure of any other Lender to make available to the Swing Lender such other Lender’s Ratable Share of any such amount.

Appears in 1 contract

Samples: Credit Agreement (Cincinnati Financial Corp)

Borrowings to Repay Swing Loans. 2.6.4.1 Upon (a) The Swing Lender, at its option exercisable at any time, may, and so long as there shall be at least $10,000,000 in aggregate principal amount of Swing Loans outstanding, on the last day of any Interest Period immediately following the making of a Swing Loan (whether before or after the occurrence of a Potential Default or an Event of Default and regardless of whether a settlement has been requested with respect to such Swing Loan), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from PNC, without recourse or warranty, an undivided interest and participation in such Swing Loan in proportion to its Ratable Share. PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swing Loans, and shall, on behalf of the Borrower (which hereby irrevocably directs the Swing Lender to act on its behalf) request each Lender shall immediately either (A) Lender, including the Swing Lender, to make a Revolving Credit Loan in an amount equal to such Revolving Credit Lender’s 's Ratable Share of the aggregate principal amount of the Swing Loans, (the "Refunded Swing Loans") outstanding Swing Loans with respect to which repayment on the date such notice is demanded, given plus, if PNC the Swing Lender so requests, accrued interest thereon, provided that no Lender shall be obligated in any event to make Revolving Credit Loans in excess of its Revolving Credit Commitment minus its Ratable Share of Letter of Credit Obligations and minus its Ratable Share of any . The Refunded Swing Loans not so being repaid or (B) during the continuance of an Insolvency Proceeding or Relief Proceeding with respect to the Borrower, fund such Swing Loan participations by paying to PNC such Lender’s Ratable Share of the outstanding Swing Loans. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.4 [Revolving Credit Loan Requests] 2.02 without regard to any of the requirements of that provision. PNC Unless any of the events described in paragraph (h) of Article IX shall have occurred (in which event the procedures of paragraph (b) of this Section 3.04 shall apply), the Swing Lender shall provide notice to the Administrative Agent and the Administrative Agent shall provide notice to the Lenders (which may be a telephonic or written notice by letter, facsimile or telex) that such Revolving Credit Loans are to be made under this Section 2.6.4 3.03 and of the apportionment among the Lenders, and the Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 2.4 [Revolving Credit Loan Requests] or in Section 7.2 [Each Loan or Letter of Credit] 7.02 are then satisfied) by the time PNC the Administrative Agent so requests, which shall not be earlier than 3:00 p.m. 12:00 noon Eastern time on the Business Day next after succeeding the date the Lenders receive Administrative Agent gives the demand notice to the Lenders. If for any reason a Lender is prohibited from funding its Ratable Share of Revolving Credit Loans to repay the principal amount of the Swing Loans outstanding, such notice from PNCLender shall purchase a participation in the Swing Loans equal to its Ratable Share of the principal amount of Swing Loans outstanding in accordance with paragraph (b) of this Section 3.04. The proceeds of such Revolving Credit Loans shall be immediately applied to repay the Refunded Swing Loans.

Appears in 1 contract

Samples: Credit Agreement (Borders Group Inc)

Borrowings to Repay Swing Loans. 2.6.4.1 Upon the making of a The Swing Loan (whether before or after the occurrence of a Potential Default or an Event of Default and regardless of whether a settlement has been requested with respect to such Swing Loan), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from PNC, without recourse or warranty, an undivided interest and participation in such Swing Loan in proportion to its Ratable Share. PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swing Loans, and each Lender Bank shall immediately either (A) make a Revolving Credit available to the Administrative Agent, on behalf of the Swing Loan in Lender, an amount equal to such LenderBank’s Revolving Credit Ratable Share of the aggregate principal amount of the outstanding Swing Loans with respect to which repayment is demandedLoans, plus, if PNC the Swing Loan Lender so requests, accrued interest thereonthereon (such amount to be automatically to be deemed a borrowing of Revolving Credit Loans hereunder), provided that no Lender Bank shall be obligated in any event to make Revolving Credit Loans in excess of its Revolving Credit Commitment minus its Ratable Share of Letter of Revolving Credit Obligations and minus its Ratable Share of any Swing Loans not so being repaid or (B) during the continuance of an Insolvency Proceeding or Relief Proceeding with respect to the Borrower, fund such Swing Loan participations by paying to PNC such Lender’s Ratable Share of the outstanding Swing LoansLetters of Credit Outstanding. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.4 2.4.1 [Revolving Credit Loan Requests] without regard to any of the requirements of that provision. PNC The Swing Loan Lender shall provide notice to all of the Lenders Banks (which may be telephonic or written notice by letter, facsimile or telex) that of the amount of such Bank’s Revolving Credit Loans are Ratable Share of the aggregate principal amount of the outstanding Swing Loans, plus accrued interest thereon, to be made available to the Administrative Agent on behalf of the Swing Loan Lender under this Section 2.6.4 and 2.8. The Administrative Agent shall promptly provide to each Bank notice of the apportionment thereof among the LendersBanks, and the Lenders Banks shall be unconditionally obligated to fund such Revolving Credit Loans amount (whether or not the conditions specified in Section 2.4 2.4.1 [Revolving Credit Loan Requests] or in Section 7.2 [Each Loan or Letter of Credit] are then satisfied) by the time PNC the Swing Loan Lender so requests, which shall not be earlier than 3:00 p.m. p.m., Pittsburgh time, on the next Business Day next after the date the Lenders Banks receive such notice of apportionment from PNCthe Administrative Agent.

Appears in 1 contract

Samples: Credit Agreement (Arch Coal Inc)

Borrowings to Repay Swing Loans. 2.6.4.1 Upon the making of a Swing Loan (whether before or after the occurrence of a Potential Default or an Event of Default and regardless of whether a settlement has been requested with respect to such Swing Loan), each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from PNC, without recourse or warranty, an undivided interest and participation in such Swing Loan in proportion to its Ratable Share. i) PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swing Loans, and each 5-Year Revolver Lender shall immediately either (A) make a 5-Year Revolving Credit Loan in an amount equal to such LenderXxxxxx’s 5-Year Revolver Ratable Share of the aggregate principal amount of the outstanding Swing Loans with respect to which repayment is demanded, plus, if PNC so requests, accrued interest thereon, provided that no 5-Year Revolver Lender shall be obligated in any event to make 5-Year Revolving Credit Loans in excess of its 5-Year Revolving Credit Commitment minus its 5-Year Revolver Ratable Share of Letter of Credit Obligations and minus its 5-Year Revolver Ratable Share of any Swing Loans not so being repaid or (B) during the continuance of an Insolvency Proceeding or Relief Proceeding with respect to the Borrower, fund such Swing Loan participations by paying to PNC such Lender’s Ratable Share of the outstanding Swing Loansrepaid. 5-Year Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.4 2.5(a) [Revolving Credit Loan Requests] without regard to any of the requirements of that provision. PNC shall provide notice to the 5-Year Revolver Lenders (which may be telephonic or written notice by letter, facsimile or telex) that such 5-Year Revolving Credit Loans are to be made under this Section 2.6.4 2.6(e) and of the apportionment among the 5-Year Revolver Lenders, and the 5-Year Revolver Lenders shall be unconditionally obligated to fund such 5-Year Revolving Credit Loans (whether or not the conditions specified in Section 2.4 2.5(a) [Revolving Credit Loan Requests] or in Section 7.2 [Each Loan or Letter of Credit] are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. on the next succeeding Business Day next after following the date the 5-Year Revolver Lenders receive such notice from PNC.

Appears in 1 contract

Samples: Credit Agreement (Chesapeake Utilities Corp)

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