Common use of Borrowings to Repay Swing Loans Clause in Contracts

Borrowings to Repay Swing Loans. PNC Bank may, at its option, exercisable at any time for any reason whatsoever, demand repayment of the Swing Loans, and each Bank shall make a Revolving Credit Loan in an amount equal to such Bank's Revolving Credit Ratable Share of the aggregate principal amount of the outstanding Swing Loans, plus, if PNC Bank so requests, accrued interest thereon, provided that no Bank shall be obligated in any event to make any Revolving Credit Loan if after giving effect thereto, the sum of the Dollar Equivalent amount of its Revolving Credit Loans plus such Bank's Revolving Credit Ratable Share of the Dollar Equivalent amount of Letters of Credit Outstanding exceeds its Revolving 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 2.4.1 without regard to any of the requirements of that provision. PNC Bank shall provide notice to the 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 2.8 and of the apportionment among the Banks, and the Banks shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 7.2 are then satisfied) by the time PNC Bank so requests, which shall not be earlier than 3:00 p.m. Pittsburgh time on the next Business Day after the date the Banks receive such notice from PNC Bank.

Appears in 2 contracts

Samples: Credit Agreement (Glatfelter P H Co), Credit Agreement (Glatfelter P H Co)

AutoNDA by SimpleDocs

Borrowings to Repay Swing Loans. PNC Bank may, at its option, exercisable at any time for any reason whatsoever, demand repayment of the Swing Loans, and each Bank Lender shall make a Revolving Credit Loan in an amount equal to such BankLender's Revolving Credit Ratable Share of the aggregate principal amount of the outstanding Swing Loans, plus, if PNC Bank so requests, accrued interest thereon, provided that no Bank Lender shall be obligated in any event to make any Revolving Credit Loan if after giving effect thereto, the sum of the Dollar Equivalent amount of its Revolving Credit Loans plus such BankLender's Revolving Credit Ratable Share of the Dollar Equivalent amount of Letters of Credit Outstanding exceeds its Revolving 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 2.4.1 without regard to any of the requirements of that provision. PNC Bank shall provide notice to the Banks 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 2.8 and of the apportionment among the BanksLenders, and the Banks Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 7.2 6.2 are then satisfied) by the time PNC Bank so requests, which shall not be earlier than 3:00 p.m. Pittsburgh time on the next Business Day after the date the Banks Lenders receive such notice from PNC Bank.

Appears in 2 contracts

Samples: Credit Agreement (Glatfelter P H Co), Credit Agreement (Glatfelter P H Co)

Borrowings to Repay Swing Loans. PNC Bank may, at its option, exercisable at any time for any reason whatsoever, demand repayment of the Swing Loans, and each Bank Lender shall make a Revolving Credit Loan in an amount equal to such Bank's Revolving Credit Lender’s Ratable Share of the aggregate principal amount of the outstanding Swing Loans, plus, if PNC Bank so requests, accrued interest thereon, provided that no Bank Lender shall be obligated in any event to make any Revolving Credit Loan if after giving effect thereto, the sum of the Dollar Equivalent amount Loans in excess of its Revolving Credit Loans plus such Bank's Revolving Credit Commitment, minus its Ratable Share of the Dollar Equivalent amount of Letters Letter of Credit Outstanding exceeds its Revolving Credit CommitmentObligations. 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 2.4.1 2.5.1 [Revolving Credit Loan Requests] without regard to any of the requirements of that provision. PNC Bank shall provide notice to the Banks (which may be telephonic or written notice by letter, facsimile or telex) Lenders that such Revolving Credit Loans are to be made under this Section 2.8 2.9 and of the apportionment among the BanksLenders, and the Banks Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 7.2 2.5.1 [Revolving Credit Loan Requests] or Section 7 [Conditions of Lending and Issuance of Letters of Credit] are then satisfied) by the time PNC Bank so requests, which shall not be earlier than 3:00 p.m. Pittsburgh time on the next Business Day next after the date the Banks Lenders receive such notice from PNC Bank.

Appears in 2 contracts

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

Borrowings to Repay Swing Loans. PNC Bank may, may at its option, exercisable at any time for any reason whatsoever, demand repayment of the Swing Loans, and each Bank shall make a Revolving Credit Loan in an amount equal sufficient to such Bank's Revolving Credit result in each Bank having its Ratable Share of the aggregate principal amount all outstanding Revolving Credit Loans after repayment of the outstanding Swing Loans, plus, if PNC Bank so requests, accrued interest thereonLoans under this Section D, provided that no Bank shall be obligated in any event to make any Revolving Credit Loan if after giving effect thereto, the sum of the Dollar Equivalent amount of its Revolving Credit Loans plus such Bank's Revolving Credit Ratable Share in excess of the Dollar Equivalent amount of Letters of Credit Outstanding exceeds its Revolving Credit Commitment. Revolving Credit Loans made pursuant to the preceding sentence under this Section shall bear interest at the Base Rate Option or Federal Funds Rate Option as applicable to the Swing Loan being repaid and shall be deemed to have been properly requested in accordance with Section 2.4.1 2.4(c) without regard to any of the requirements of that provision. PNC Bank shall provide notice to the 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 2.8 D and of the apportionment among the Banks, and the Banks shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 7.2 are then satisfied) by the time PNC Bank so requests, which shall not be earlier than 3:00 p.m. Pittsburgh time on the next Business Day on which the Banks receive PNC's notice provided that PNC has delivered such notice by 12:00 noon on such Business Day, and if PNC delivers such notice after 12:00 noon on such Business Day, then by 3:00 p.m. Pittsburgh time on the Business Day next succeeding the date on which the Banks receive such notice from PNC BankPNC."

Appears in 1 contract

Samples: Credit Agreement (Chase Industries Inc)

Borrowings to Repay Swing Loans. PNC Bank may, at its option, exercisable at any time for any reason whatsoever, demand repayment of the Swing Loans, and each Bank Lender shall make a Revolving Credit Loan in an amount equal to such Bank's Revolving Credit Lender’s Ratable Share of the aggregate principal amount of the outstanding Swing Loans, plus, if PNC Bank so requests, accrued interest thereon, provided that no Bank Lender shall be obligated in any event to make any Revolving Credit Loan if after giving effect thereto, the sum of the Dollar Equivalent amount of its Revolving Credit Loans plus such Bank's Revolving Credit in excess of its Commitment minus its Ratable Share of the Dollar Equivalent amount of Letters of Credit Outstanding exceeds its Revolving Credit CommitmentLC Exposure. 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 2.4.1 2.5.1 [Revolving Credit Loan Requests] without regard to any of the requirements of that provision. The Paying Agent on behalf of PNC Bank shall provide notice to the Banks Lenders (which may be telephonic or written notice by letter, facsimile or telex) no later than 10:00 a.m. on any Business Day that such Revolving Credit Loans are to be made under this Section 2.8 2.11 and of the apportionment among the BanksLenders, and the Banks Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 2.5 or Section 7.2 are then satisfied) by to the time Paying Agent on behalf of PNC Bank so requestsBank, which shall not be earlier no later than 3:00 p.m. p.m., Pittsburgh time time, on the next Business Day after (the date the Banks receive such notice from PNC Bank“Settlement Date”).

Appears in 1 contract

Samples: Credit Agreement (Consol Energy Inc)

Borrowings to Repay Swing Loans. PNC Bank (i) The Swing Loan Lender may, at its option, exercisable at any time for any reason whatsoever, demand repayment of the Swing Loans, and each Bank Lender shall make a Revolving Credit Loan in an amount equal to such Bank's Revolving Credit Lender’s Ratable Share of the aggregate principal amount of the outstanding Swing Loans, plus, if PNC Bank the Swing Loan Lender so requests, accrued interest thereon, provided that no Bank Lender shall be obligated in any event to make any Revolving Credit Loan if after giving effect thereto, the sum of the Dollar Equivalent amount of its Revolving Credit Loans plus such Bank's Revolving Credit Lender’s Ratable Share of the Dollar Equivalent amount of Letters Letter of Credit Outstanding Obligations exceeds its Revolving 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 2.4.1 without regard to any of the requirements of that provision. PNC Bank The Swing Loan Lender shall provide notice to the Banks Lenders (which may be telephonic or written notice by letter, facsimile or telexe-mail notice) that such Revolving Credit Loans are to be made under this Section 2.8 2.5.5 and of the apportionment among the BanksLenders, and the Banks Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 7.2 6.2 are then satisfied) by the time PNC Bank the Swing Loan Lender so requests, which shall not be earlier than 3:00 p.m. Pittsburgh time on the next Business Day after the date the Banks Lenders receive such notice from PNC Bankthe Swing Loan Lender.

Appears in 1 contract

Samples: Credit Agreement (Glatfelter Corp)

Borrowings to Repay Swing Loans. PNC Bank The Swing Loan Lender may, at its option, exercisable at any time for any reason whatsoever, demand repayment of the Swing Loans, and each Bank Lender shall make a Revolving Credit Loan in an amount equal to such BankLender's Revolving Credit Ratable Share of the aggregate principal amount of the outstanding Swing Loans, plus, if PNC Bank the Swing Loan Lender so requests, accrued interest thereon, provided that no Bank Lender shall be obligated in any event to make any Revolving Credit Loan if after giving effect thereto, the sum of the Dollar Equivalent amount of its Revolving Credit Loans plus such BankLender's Revolving Credit Ratable Share of the Dollar Equivalent amount of Letters Letter of Credit Outstanding Obligations exceeds its Revolving 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 2.4.1 without regard to any of the requirements of that provision. PNC Bank The Swing Loan Lender shall provide notice to the Banks 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 2.8 2.5.5 and of the apportionment among the BanksLenders, and the Banks Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 7.2 6.2 are then satisfied) by the time PNC Bank the Swing Loan Lender so requests, which shall not be earlier than 3:00 p.m. Pittsburgh time on the next Business Day after the date the Banks Lenders receive such notice from PNC Bankthe Swing Loan Lender.

Appears in 1 contract

Samples: Credit Agreement (Glatfelter P H Co)

Borrowings to Repay Swing Loans. PNC Bank may, at its option, exercisable at any time for any reason whatsoever, demand repayment of the Swing Loans, and each Bank Lender shall make a Revolving Credit Loan in an amount equal to such Bank's Revolving Credit Lender’s Ratable Share of the aggregate principal amount of the outstanding Swing Loans, plus, if PNC Bank so requests, accrued interest thereon, provided that no Bank Lender shall be obligated in any event to make any Revolving Credit Loan if after giving effect thereto, the sum of the Dollar Equivalent amount of its Revolving Credit Loans plus such Bank's Revolving Credit Lender’s Ratable Share of the Dollar Equivalent amount of Letters Letter of Credit Outstanding Obligations exceeds its Revolving 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 2.4.1 without regard to any of the requirements of that provision. PNC Bank shall provide notice to the Banks 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 2.8 2.5.5 and of the apportionment among the BanksLenders, and the Banks Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 7.2 6.2 are then satisfied) by the time PNC Bank so requests, which shall not be earlier than 3:00 p.m. Pittsburgh time on the next Business Day after the date the Banks Lenders receive such notice from PNC BankPNC.

Appears in 1 contract

Samples: Credit Agreement (Glatfelter P H Co)

Borrowings to Repay Swing Loans. PNC Bank may, at its option, exercisable at any time for any reason whatsoever, demand repayment of the Swing Loans, and each Bank Lender shall make a Revolving Credit Loan in an amount equal to such Bank's Lender’s Revolving Credit Ratable Share of the aggregate principal amount of the outstanding Swing Loans, plus, if PNC Bank so requests, accrued interest thereon, provided that no Bank Lender shall be obligated in any event to make any Revolving Credit Loan if after giving effect thereto, the sum of the Dollar Equivalent amount Loans in excess of its Revolving Credit Loans plus such Bank's Commitment and that the Revolving Credit Ratable Share of Facility Usage shall not exceed the Dollar Equivalent amount of Letters of Credit Outstanding exceeds its Revolving 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 2.4.1 without regard to any of the requirements of that provision. PNC Bank shall provide notice to the Banks 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 2.8 and of the apportionment among the BanksLenders, and the Banks Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 7.2 2.4.1 are then satisfiedsatisfied and whether or not an Event of Default or Potential Default (including any Event of Default specified in Section 9.1.15 or 9.1.16) by exists at the time PNC Bank so requests, which shall ) not be earlier later than 3:00 p.m. Pittsburgh time on the next Business Day after the date the Banks Lenders receive such notice from PNC Bank.

Appears in 1 contract

Samples: Credit Agreement (Blair Corp)

Borrowings to Repay Swing Loans. PNC Bank may, at its option, exercisable at any time for any reason whatsoever, demand repayment of the Swing Loans, and each Bank shall make a Revolving Credit Loan in an amount equal to such Bank's Revolving Credit Ratable Share of the aggregate principal amount of the outstanding Swing Loans, plus, if PNC Bank so requests, accrued interest thereon, provided that no Bank shall be obligated in any event to make any Revolving Credit Loan if after giving effect thereto, the sum of the Dollar Equivalent amount Loans in excess of its Revolving Credit Loans plus such Bank's Revolving Credit Ratable Share of Commitment and that the Dollar Equivalent amount of Letters of Credit Outstanding exceeds its Facility Usage shall not exceed the Revolving 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 2.4.1 without regard to any of the requirements of that provision. PNC Bank shall provide notice to the 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 2.8 2.9 and of the apportionment among the Banks, and the Banks shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 7.2 2.4.1 are then satisfiedsatisfied and whether or not an Event of Default or Potential Default (including any Event of Default specified in Section 8.1.13 or 8.1.14) by exists at the time PNC Bank so requests, which shall ) not be earlier later than 3:00 p.m. Pittsburgh time on the next Business Day next after the date the Banks receive such notice from PNC Bank.

Appears in 1 contract

Samples: Credit Agreement (KPMG Consulting Inc)

AutoNDA by SimpleDocs

Borrowings to Repay Swing Loans. PNC Bank may, at its option, exercisable at any time for any reason whatsoever, demand repayment of the Swing Loans, and each Bank shall make a Revolving Credit Loan in an amount equal to such Bank's Revolving Credit Ratable Share of the aggregate principal amount of the outstanding Swing Loans, plus, if PNC Bank so requests, accrued interest thereon, provided PROVIDED that no Bank shall be obligated in any event to make any Revolving Credit Loan if after giving effect thereto, the sum of the Dollar Equivalent amount Loans in excess of its Revolving Credit Loans plus such Bank's Commitment and that the Revolving Credit Ratable Share of Facility Usage shall not exceed the Dollar Equivalent amount of Letters of Credit Outstanding exceeds its Revolving 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 2.4.1 without regard to any of the requirements of that provision. PNC Bank shall provide notice to the 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 2.8 and of the apportionment among the Banks, and the Banks shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 7.2 2.4.1 are then satisfiedsatisfied and whether or not an Event of Default or Potential Default (including any Event of Default specified in Section 8.1.14 or 8.1.15) by exists at the time PNC Bank so requests, which shall ) not be earlier later than 3:00 p.m. Pittsburgh time on the next Business Day next after the date the Banks receive such notice from PNC Bank.

Appears in 1 contract

Samples: Credit Agreement (Blair Corp)

Borrowings to Repay Swing Loans. PNC Bank may, at its option, exercisable at any time for any reason whatsoever, demand repayment of the Swing Loans, and each Bank Lender shall make a Revolving Credit Loan in an amount equal to such Bank's Revolving Credit Lender’s Ratable Share of the aggregate principal amount of the outstanding Swing Loans, plus, if PNC Bank so requests, accrued interest thereon, provided that no Bank Lender shall be obligated in any event to make any Revolving Credit Loan if after giving effect thereto, the sum of the Dollar Equivalent amount of its Revolving Credit Loans plus such Bank's Revolving Credit in excess of its Commitment minus its Ratable Share of the Dollar Equivalent amount of Letters of Credit Outstanding exceeds its Revolving Credit CommitmentLC Exposure. 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 2.4.1 2.5.1 [Revolving Credit Loan Requests] without regard to any of the requirements of that provision. The Paying Agent on behalf of PNC Bank shall provide notice to the Banks Lenders (which may be telephonic or written notice by letter, facsimile or telex) no later than 10:00 a.m. on any Business Day that such Revolving Credit Loans are to be made under this Section 2.8 2.10 and of the apportionment among the BanksLenders, and the Banks Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 2.5 or Section 7.2 are then satisfied) by to the time Paying Agent on behalf of PNC Bank so requestsBank, which shall not be earlier no later than 3:00 p.m. p.m., Pittsburgh time time, on the next Business Day after (the date the Banks receive such notice from PNC Bank“Settlement Date”).

Appears in 1 contract

Samples: Security Agreement (Consol Energy Inc)

Borrowings to Repay Swing Loans. PNC Bank may, at its option, exercisable at any time for any reason whatsoever, demand repayment of the Swing Loans, and each Bank shall make a Revolving Credit Loan in an amount equal to such Bank's Revolving Credit Ratable Share of the aggregate principal amount of the outstanding Swing Loans, plus, if PNC Bank so requests, accrued interest thereon, provided that no Bank shall be obligated in -------- any event to make any Revolving Credit Loan if after giving effect thereto, the sum of the Dollar Equivalent amount Loans in excess of its Revolving Credit Loans plus such Bank's Commitment and that the Revolving Facility Usage shall not exceed the Revolving Credit Ratable Share of the Dollar Equivalent amount of Letters of Credit Outstanding exceeds its Revolving Credit Commitment. 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 2.4.1 without regard to any of the requirements of that provision. PNC Bank shall provide notice to the 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 2.8 2.9 and of the apportionment among the Banks, and the Banks shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 7.2 Error! Reference source not found. are then satisfiedsatisfied and whether or not an Event of Default or Potential Default (including any Event of Default specified in Section 9.1.13 or 9.1.14) by exists at the time PNC Bank so requests, which shall ) not be earlier later than 3:00 p.m. Pittsburgh time on the next Business Day next after the date the Banks receive such notice from PNC Bank.

Appears in 1 contract

Samples: Credit Agreement (KPMG Consulting Inc)

Borrowings to Repay Swing Loans. PNC Bank may, at its option, exercisable at any time for any reason whatsoever, demand repayment of the Swing Loans, and each Bank Revolving Lender shall make a Revolving Credit Loan in an amount equal to such Bank's Revolving Credit Lenders’ Ratable Share of the aggregate principal amount of the outstanding Swing Loans, plus, if PNC Bank so requests, accrued interest thereon, provided that no Bank Revolving Lender shall be obligated in any event to make any Revolving Credit Loan if after giving effect thereto, the sum of the Dollar Equivalent amount Loans in excess of its Revolving Credit Loans plus such Bank's Revolving Credit Commitment minus its Ratable Share of the Dollar Equivalent amount of Letters Letter of Credit Outstanding exceeds its Revolving Credit CommitmentObligations. 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 2.4.1 2.5.1 [Revolving Credit Loan Requests] without regard to any of the requirements of that provision. PNC Bank shall provide notice to the Banks Revolving 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 2.8 2.6.5 and of the apportionment among the BanksRevolving Lenders, and the Banks Revolving Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 7.2 2.5.1 [Revolving Credit Loan Requests] are then satisfied) by the time PNC Bank so requests, which shall not be earlier than 3:00 p.m. Pittsburgh time on the next Business Day next after the date the Banks Revolving Lenders receive such notice from PNC Bank.

Appears in 1 contract

Samples: Credit Agreement (Hallador Energy Co)

Borrowings to Repay Swing Loans. PNC Bank The Swing Loan Lender may, at its option, exercisable at any time for any reason whatsoever, demand repayment of the Swing Loans, and each Bank Lender shall make a Revolving Credit Loan in an amount equal to such Bank's Revolving Credit Lender’s Ratable Share of the aggregate principal amount of the outstanding Swing Loans, plus, if PNC Bank the Swing Loan Lender so requests, accrued interest thereon, provided that no Bank Lender shall be obligated in any event to make any Revolving Credit Loan if after giving effect thereto, the sum of the Dollar Equivalent amount of its Revolving Credit Loans plus such Bank's Revolving Credit Lender’s Ratable Share of the Dollar Equivalent amount of Letters Letter of Credit Outstanding Obligations exceeds its Revolving 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 2.4.1 without regard to any of the requirements of that provision. PNC Bank The Swing Loan Lender shall provide notice to the Banks 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 2.8 2.5.5 and of the apportionment among the BanksLenders, and the Banks Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 7.2 6.2 are then satisfied) by the time PNC Bank the Swing Loan Lender so requests, which shall not be earlier than 3:00 p.m. Pittsburgh time on the next Business Day after the date the Banks Lenders receive such notice from PNC Bankthe Swing Loan Lender.

Appears in 1 contract

Samples: Credit Agreement (Glatfelter P H Co)

Borrowings to Repay Swing Loans. PNC Bank The Swing Loan Lender may, at its option, exercisable at any time for any reason whatsoever, demand repayment of the Swing Loans, and each Bank Lender shall make a Revolving Credit Loan in an amount equal to such Bank's Revolving Credit Lender’s Ratable Share of the aggregate principal amount of the outstanding Swing Loans, plus, if PNC Bank the Swing Loan Lender so requests, accrued interest thereon, provided that no Bank Lender shall be obligated in any event to make any Revolving Credit Loan if after giving effect thereto, the sum of the Dollar Equivalent amount of its Revolving Credit Loans plus such Bank's Revolving Credit Lender’s Ratable Share of the Dollar Equivalent amount of Letters Letter of Credit Outstanding Obligations exceeds its Revolving 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 2.4.1 without regard to any of the requirements of that provision. PNC Bank The Swing Loan Lender shall provide notice to the Banks Lenders (which may be telephonic or written notice by letter, facsimile or telexe-mail notice) that such Revolving Credit Loans are to be made under this Section 2.8 2.5.5 and of the apportionment among the BanksLenders, and the Banks Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in Section 7.2 6.2 are then satisfied) by the time PNC Bank the Swing Loan Lender so requests, which shall not be earlier than 3:00 p.m. Pittsburgh time on the next Business Day after the date the Banks Lenders receive such notice from PNC Bankthe Swing Loan Lender.

Appears in 1 contract

Samples: Fourth Restatement Agreement (Glatfelter Corp)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!