Common use of Borrowings to Repay Swingline Loans Clause in Contracts

Borrowings to Repay Swingline Loans. (i) PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swingline Loans, and each Lender shall make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share of the aggregate principal amount of the outstanding Swingline 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 Swingline Loans not so being repaid. 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 2.5(a) 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(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 2.5(a) or in Section 7.3 are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. Eastern Time on the Business Day next after the date the Lenders receive such notice from PNC.

Appears in 3 contracts

Samples: Credit Agreement (Cadre Holdings, Inc.), Credit Agreement (Cadre Holdings, Inc.), Credit Agreement (Cadre Holdings, Inc.)

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Borrowings to Repay Swingline Loans. (i) PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swingline Loans, and each Lender shall make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share of the aggregate principal amount of the outstanding Swingline 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 Swingline Loans not so being repaid. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Daily SOFR Option and shall be deemed to have been properly requested in accordance with Section 2.5(a) 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(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 2.5(a) or in Section 7.3 7.2 are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. Eastern Time on the Business Day next after the date the Lenders receive such notice from PNC.

Appears in 3 contracts

Samples: Credit Agreement (TWFG, Inc.), Credit Agreement (TWFG, Inc.), Credit Agreement (TWFG, Inc.)

Borrowings to Repay Swingline Loans. (i) PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swingline Loans, and each Lender shall make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share of the aggregate principal amount of the outstanding Swingline 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 Swingline Loans not so being repaid. 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 2.5(a) [Revolving Credit Loan Requests; 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(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 2.5(a) [Revolving Credit Loan Requests; Conversions and Renewals] or in Section 7.3 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. Eastern Time on the Business Day next after the date the Lenders receive such notice from PNC.

Appears in 3 contracts

Samples: Credit Agreement (Aimco OP L.P.), Credit Agreement (Erie Indemnity Co), Credit Agreement (EPAM Systems, Inc.)

Borrowings to Repay Swingline Loans. (i) PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swingline Loans, and each Lender shall make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share of the aggregate principal amount of the outstanding Swingline 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 Swingline Loans not so being repaid. 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 2.5(a) [Revolving Credit Loan Requests; 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 facsimile, telex or telexother electronic means) that such Revolving Credit Loans are to be made under this Section 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 2.5(a) [Revolving Credit Loan Requests; Conversions and Renewals] or in Section 7.3 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. Eastern Time on the Business Day next after the date the Lenders receive such notice from PNC.

Appears in 2 contracts

Samples: Credit Agreement (Stewart Information Services Corp), Credit Agreement (Stewart Information Services Corp)

Borrowings to Repay Swingline Loans. (i) PNC mayThe Co-Borrowers jointly and severally, at its optionabsolutely, exercisable irrevocably and unconditionally promise to pay on the Swingline Expiry Date the outstanding principal balance of all Swingline Loans. The Co-Borrowers may prepay the Swingline Loans at any time for without penalty or premium. In addition, the Swingline Lender may, on any reason whatsoeverBusiness Day, in its sole discretion, demand repayment of any or all of the Swingline Loans and the Administrative Agent shall give notice to the Lenders that the outstanding Swingline LoansLoans shall be funded with a borrowing of Revolving Credit Loans (provided that each such notice shall be deemed to have been automatically given upon the occurrence of a Default or Event of Default under Section 13.1(g) or (h) or upon the exercise of remedies provided in the last paragraph of Section 13.1), and in which case each Lender of the Lenders shall make a Revolving Credit Loan Loans constituting Base Rate Loans to the Co-Borrowers, on the next succeeding Business Day following such notice, in an amount equal to such Lender’s Ratable Share 's Commitment Percentage of the aggregate amount of all Swingline Loans outstanding to the Co-Borrowers. The proceeds thereof shall be applied directly to the Swingline Lender to repay the Swingline Lender for such outstanding Swingline Loans. Each Lender hereby absolutely, unconditionally and irrevocably agrees to make such Revolving Credit Loans upon one Business Day's notice as set forth above, notwithstanding (a) that the amount of such Revolving Credit Loan may not comply with the applicable minimums otherwise required hereunder, (b) the failure of the Co-Borrowers to meet the conditions set forth in Sections 11 or 12 hereof, (c) the occurrence or continuance of a Default or an Event of Default hereunder, (d) the date of such Revolving Credit Loan, and (e) the amount of, or termination of, the Total Commitment at such time. In the event that it is impracticable for such Revolving Credit Loan to be made for any reason on the date otherwise required above (including as a result of the commencement of a proceeding under the federal Bankruptcy Code in respect of any of the Co-Borrowers), then each Lender hereby agrees that it shall forthwith purchase (as of the date such Revolving Credit Loan would have been made, but adjusted for any payments received from the Co-Borrowers on or after such date and prior to such purchase) from the Swingline Lender, and the Swingline Lender shall sell to each Lender, such participations in the Swingline Loans (including all accrued and unpaid interest thereon) outstanding as shall be necessary to cause the Lenders to share in such Swingline Loans pro rata based on their respective Commitment Percentages (without regard to any termination of the Total Commitment hereunder) by making available to the Swingline Lender an amount equal to such Lender's participation in the Swingline Loans; provided that (x) all interest payable on the Swingline Loans shall be for the account of the Swingline Lender as a funding and administrative fee until the date as of which the respective participation is purchased, and (y) at the time any purchase of such participation is actually made, the purchasing Lender shall be required to pay the Swingline Lender interest on the principal amount of the outstanding Swingline Loans with respect to which repayment is demanded, plus, if PNC participation 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 purchased for each day from and minus its Ratable Share of any Swingline Loans not so being repaid. Revolving Credit Loans made pursuant to including the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.5(a) 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 date such Revolving Credit Loans are to be Loan would otherwise have been made under this Section 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 2.5(a) or in Section 7.3 are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. Eastern Time on the Business Day next after until the date of payment for such participation at the Lenders receive rate of interest in effect applicable to Base Rate Loans during such notice from PNCperiod.

Appears in 1 contract

Samples: Multicurrency Revolving Credit Agreement (Borders Group Inc)

Borrowings to Repay Swingline Loans. (i) PNC mayThe Co-Borrowers jointly and severally, at its optionabsolutely, exercisable irrevocably and unconditionally promise to pay on the Swingline Expiry Date the outstanding principal balance of all Swingline Loans. The Co-Borrowers may prepay the Swingline Loans at any time for without penalty or premium. In addition, the Swingline Lender may, on any reason whatsoeverBusiness Day, in its sole discretion, demand repayment of any or all of the Swingline Loans and the Administrative Agent shall give notice to the Lenders that the outstanding Swingline LoansLoans shall be funded with a borrowing of Revolving Credit Loans (provided that each such notice shall be deemed to have been automatically given upon the occurrence of a Default or Event of Default under ss. 13.1(g) or (h) or upon the exercise of remedies provided in the last paragraph of ss. 13.1), and in which case each Lender of the Lenders shall make a Revolving Credit Loan Loans constituting Base Rate Loans to the Co-Borrowers, on the next succeeding Business Day following such notice, in an amount equal to such Lender’s Ratable Share 's Commitment Percentage of the aggregate amount of all Swingline Loans outstanding to the Co-Borrowers. The proceeds thereof shall be applied directly to the Swingline Lender to repay the Swingline Lender for such outstanding Swingline Loans. Each Lender hereby absolutely, unconditionally and irrevocably agrees to make such Revolving Credit Loans upon one Business Day's notice as set forth above, notwithstanding (a) that the amount of such Revolving Credit Loan may not comply with the applicable minimums otherwise required hereunder, (b) the failure of the Co-Borrowers to meet the conditions set forth in ss. 11 or 12 hereof, (c) the occurrence or continuance of a Default or an Event of Default hereunder, (d) the date of such Revolving Credit Loan, and (e) the amount of, or termination of, the Total Commitment at such time. In the event that it is impracticable for such Revolving Credit Loan to be made for any reason on the date otherwise required above (including as a result of the commencement of a proceeding under the federal Bankruptcy Code in respect of any of the Co-Borrowers), then each Lender hereby agrees that it shall forthwith purchase (as of the date such Revolving Credit Loan would have been made, but adjusted for any payments received from the Co-Borrowers on or after such date and prior to such purchase) from the Swingline Lender, and the Swingline Lender shall sell to each Lender, such participations in the Swingline Loans (including all accrued and unpaid interest thereon) outstanding as shall be necessary to cause the Lenders to share in such Swingline Loans pro rata based on their respective Commitment Percentages (without regard to any termination of the Total Commitment hereunder) by making available to the Swingline Lender an amount equal to such Lender's participation in the Swingline Loans; provided that (x) all interest payable on the Swingline Loans shall be for the account of the Swingline Lender as a funding and administrative fee until the date as of which the respective participation is purchased, and (y) at the time any purchase of such participation is actually made, the purchasing Lender shall be required to pay the Swingline Lender interest on the principal amount of the outstanding Swingline Loans with respect to which repayment is demanded, plus, if PNC participation 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 purchased for each day from and minus its Ratable Share of any Swingline Loans not so being repaid. Revolving Credit Loans made pursuant to including the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.5(a) 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 date such Revolving Credit Loans are to be Loan would otherwise have been made under this Section 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 2.5(a) or in Section 7.3 are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. Eastern Time on the Business Day next after until the date of payment for such participation at the Lenders receive rate of interest in effect applicable to Base Rate Loans during such notice from PNCperiod.

Appears in 1 contract

Samples: Multicurrency Revolving Credit Agreement (Borders Group Inc)

Borrowings to Repay Swingline Loans. (i) PNC i)PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swingline Loans, and each Lender shall make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share of the aggregate principal amount of the outstanding Swingline 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 Swingline Loans not so being repaid. 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 2.5(a) 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(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 2.5(a) or in Section 7.3 are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. Eastern Time on the Business Day next after the date the Lenders receive such notice from PNC.

Appears in 1 contract

Samples: Credit Agreement (Cadre Holdings, Inc.)

Borrowings to Repay Swingline Loans. (i) PNC A Swingline Loan Lender may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swingline LoansLoans of such Swingline Loan Lender, and each Lender shall make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share of the aggregate principal amount of the outstanding Swingline Loans with respect to which repayment is demanded, plus, if PNC such Swingline 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 Swingline Loans not so being repaid. 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 2.5(a) [Revolving Credit Loan Requests; Conversions, Continuations and Renewals of Revolving Credit Loans and Term Loans] without regard to any of the requirements of that provision. PNC The applicable Swingline Loan Lender shall provide notice to the Administrative Agent and 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(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 2.5(a) [Revolving Credit Loan Requests; Conversions, Continuations and Renewals of Revolving Credit Loans and Term Loans] or in Section 7.3 7.2 [Each Loan or Letter of Credit] are then satisfied) by the time PNC the applicable Swingline Loan Lender so requests, which shall not be earlier than 3:00 p.m. Eastern Time on the Business Day next after the date the Lenders receive such notice from PNCthe applicable Swingline Loan Lender.

Appears in 1 contract

Samples: Credit Agreement (Aimco Properties L.P.)

Borrowings to Repay Swingline Loans. (i) PNC mayUnless the Company has already given a notice of borrowing of Revolving Credit Loans to repay a Swingline Loan, at its option, exercisable at any time from and including the Swingline Maturity Date for any reason whatsoeverSwingline Loan until the unpaid principal amount of such Swingline Loan shall have been paid in full, demand repayment of any or all the Swingline Bank may, and the Company hereby irrevocably authorizes and empowers (which power is coupled with an interest) the Swingline Bank to, deliver, on behalf of the outstanding Swingline LoansCompany, and each Lender shall make to the Administrative Agent under Section 2.02(a) hereof a notice of borrowing of Revolving Credit Loan Loans that are Base Rate Loans in an amount equal to such Lender’s Ratable Share of the aggregate then unpaid principal amount of such Swingline Loan. In the outstanding event that the power of the Swingline Loans Bank to give such notice of borrowing on behalf of the Company is terminated for any reason whatsoever (including, without limitation, a termination resulting from the occurrence of an event specified in clause (f) or (g) of Section 9 hereof with respect to which repayment the Company), or the Swingline Bank is demandedotherwise precluded for any reason whatsoever from giving a notice of borrowing on behalf of the Company as provided in the preceding sentence, pluseach Bank shall, upon notice from the Swingline Bank on or after the Swingline Maturity Date for such Swingline Loan, promptly purchase from the Swingline Bank a participation in (or, 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 Swingline Loans not so being repaid. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at extent specified by the Swingline Bank, an assignment of) such Swingline Loan in the amount of the Base Rate Option and shall be deemed to Loan it would have been properly requested in accordance with Section 2.5(a) 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(e) and of the apportionment among the Lenders, and the Lenders shall be unconditionally obligated to fund make pursuant to such Revolving Credit Loans (whether or notice of borrowing. Each Bank shall, not the conditions specified in Section 2.5(a) or in Section 7.3 are then satisfied) by the later than 4:00 p.m. Hartford time PNC so requests, which shall not be earlier than 3:00 p.m. Eastern Time on the Business Day next after the date the Lenders receive on which such notice from PNCis given (if such notice is given by 3:00 p.m. Hartford time) or 9:00 a.m. Hartford time on the next succeeding Business Day (if such notice is given after 3:00 p.m., but before 5:00 p.m., Hartford time), make available the amount of the Base Rate Loan to be made by it (or the amount of the participation or assignment to be purchased by it, as the case may be) to the Administrative Agent at the account specified in Section 2.02(a) hereof and the amount so received by the Administrative Agent shall promptly be made available to the Swingline Bank by remitting the same, in immediately available funds, to the Swingline Bank. Promptly following its receipt of any payment in respect of such Swingline Loan, the Swingline Bank shall pay to each Bank that has acquired a participation in such Swingline Loan such Bank's proportionate share of such payment. Anything in this Agreement to the contrary notwithstanding (including, without limitation, in Section 6.03 hereof), the obligation of each Bank to make its Base Rate Loan (or purchase its participation in or assignment of such Swingline Loan, as the case may be) pursuant to this Section 2.02(c) is unconditional under any and all circumstances whatsoever and shall not be subject to set-off, counterclaim or defense to payment that such Bank may have or have had against the Company, the Administrative Agent, the Swingline Bank or any other Bank and, without limiting any of the foregoing, shall be unconditional irrespective of (i) the occurrence of any Default, (ii) the financial condition of the Company, any Subsidiary, the Administrative Agent, the Swingline Bank or any other Bank or (iii) the termination or cancellation of the Commitments; PROVIDED that no Bank shall be obligated to make any such Base Rate Loan (or to purchase any such participation or direct interest in the Swingline Loan) if (i) before the making of such Swingline Loan, such Bank had notified the Swingline Bank that a Default had occurred and was continuing and that such Bank would not refinance such Swingline Loan or (ii) to the extent (and only to the extent) that such Swingline Loan, together with all Revolving Credit Loans and Competitive Loans then outstanding at the time of the making of such Swingline Loan, exceeded the then aggregate amount of the Commitments at the time of the making of such Swingline Loan. The Company agrees that any Bank so purchasing a participation (or assignment) in such Swingline Loan may exercise all rights of set-off, bankers' lien, counterclaim or similar rights with respect to such participation as fully as if such Bank were a direct holder of a Swingline Loan in the amount of such participation.

Appears in 1 contract

Samples: Credit Agreement (Enhance Financial Services Group Inc)

Borrowings to Repay Swingline Loans. The Borrower promises to pay each outstanding Swingline Loan on or prior to the date which is the earlier to occur of (ia) PNC may, the Revolving Credit Loan A Maturity Date; (b) the first date after such Swingline Loan is made that is the 15th or last day of a calendar month and is at its option, exercisable least three (3) Business Days after such Swingline Loan is made; and (c) the date on which any Revolving Credit A Loan or Competitive Bid Loan is made. The Borrower may prepay the Swingline Loans at any time for without penalty or premium. The Administrative Agent (a) may at any reason whatsoever, demand repayment of any or all time in the sole discretion of the Swingline Lender with respect to any outstanding Swingline LoansLoans or (ii) shall, and on any of the dates set forth in clauses (a) - (c) above, require each Lender shall (including the Swingline Lender) to make a Revolving Credit A Loan in the amount of such Lender's Revolver A Commitment Percentage of such Swingline Loan, for the purposes of repaying such Swingline Loan (provided that each such notice shall be deemed to have been automatically given upon the occurrence of a Default or Event of Default under Section 13.1(g) or (h) or upon the exercise of remedies provided in the last paragraph of Section 13.1). The proceeds thereof shall be applied directly to the Swingline Lender to repay the Swingline Lender for such outstanding Swingline Loans. Each Lender hereby absolutely, unconditionally and irrevocably agrees to make such Revolving Credit A Loans upon one Business Day's notice as set forth above, notwithstanding (a) that the amount of such Revolving Credit A Loan may not comply with the applicable minimums otherwise required hereunder, (b) the failure of the Borrower to meet the conditions set forth in Sections 11 or 12 hereof, (c) the occurrence or continuance of a Default or an Event of Default hereunder, (d) the date of such Revolving Credit A Loan, and (e) the amount of, or termination of, the Total Revolver A Commitment at such time. In the event that it is impracticable for such Revolving Credit A Loan to be made for any reason on the date otherwise required above (including as a result of the commencement of a proceeding under the federal Bankruptcy Code in respect of the Borrower), then each Lender hereby agrees that it shall forthwith purchase (as of the date such Revolving Credit A Loan would have been made, but adjusted for any payments received from the Borrower on or after such date and prior to such purchase) from the Swingline Lender, and the Swingline Lender shall sell to each Lender, such participations in the Swingline Loans (including all accrued and unpaid interest thereon) outstanding as shall be necessary to cause the Lenders to share in such Swingline Loans pro rata based on their respective Revolver A Commitment Percentages (without regard to any termination of the Total Revolver A Commitment hereunder) by making available to the Swingline Lender an amount equal to such Lender’s Ratable Share of 's participation in the aggregate principal amount of the outstanding Swingline Loans with respect to which repayment is demanded, plus, if PNC so requests, accrued interest thereonLoans; 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 Swingline Loans not so being repaid. 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 2.5(a) 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(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 2.5(a) or in Section 7.3 are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. Eastern Time on the Business Day next after the date the Lenders receive such notice from PNC.provided

Appears in 1 contract

Samples: Multicurrency Revolving Credit Agreement (Lexmark International Inc /Ky/)

Borrowings to Repay Swingline Loans. (i) PNC mayThe Co-Borrowers jointly and severally, at its optionabsolutely, exercisable irrevocably and unconditionally promise to pay on the Swingline Expiry Date the outstanding principal balance of all Swingline Loans. The Co-Borrowers may prepay the Swingline Loans at any time for without penalty or premium. In addition, the Swingline Lender may, on any reason whatsoeverBusiness Day, in its sole discretion, demand repayment of any or all of the Swingline Loans and the Administrative Agent shall give notice to the Revolving Lenders that the outstanding Swingline LoansLoans shall be funded with a borrowing of Revolving Credit Loans (provided that each such notice shall be deemed to have been automatically given upon the occurrence of a Default or Event of Default under Section 13.1(g) or (h) or upon the exercise of remedies provided in the last paragraph of Section 13.1), and in which case each Lender of the Revolving Lenders shall make a Revolving Credit Loan Loans constituting Base Rate Loans to the Co-Borrowers, on the next succeeding Business Day following such notice, in an amount equal to such Revolving Lender’s Ratable Share 's Commitment Percentage of the aggregate amount of all Swingline Loans outstanding to the Co-Borrowers. The proceeds thereof shall be applied directly to the Swingline Lender to repay the Swingline Lender for such outstanding Swingline Loans. Each Revolving Lender hereby absolutely, unconditionally and irrevocably agrees to make such Revolving Credit Loans upon one Business Day's notice as set forth above, notwithstanding (a) that the amount of such Revolving Credit Loan may not comply with the applicable minimums otherwise required hereunder, (b) the failure of the Co-Borrowers to meet the conditions set forth in Sections 11 or 12 hereof, (c) the occurrence or continuance of a Default or an Event of Default hereunder, (d) the date of such Revolving Credit Loan, and (e) the amount of, or termination of, the Total Commitment at such time. In the event that it is impracticable for such Revolving Credit Loan to be made for any reason on the date otherwise required above (including as a result of the commencement of a proceeding under the federal Bankruptcy Code in respect of any of the Co-Borrowers), then each Revolving Lender hereby agrees that it shall forthwith purchase (as of the date such Revolving Credit Loan would have been made, but adjusted for any payments received from the Co-Borrowers on or after such date and prior to such purchase) from the Swingline Lender, and the Swingline Lender shall sell to each Revolving Lender, such participations in the Swingline Loans (including all accrued and unpaid interest thereon) outstanding as shall be necessary to cause the Revolving Lenders to share in such Swingline Loans pro rata based on their respective Commitment Percentages (without regard to any termination of the Total Commitment hereunder) by making available to the Swingline Lender an amount equal to such Revolving Lender's participation in the Swingline Loans; provided that (x) all interest payable on the Swingline Loans shall be for the account of the Swingline Lender as a funding and administrative fee until the date as of which the respective participation is purchased, and (y) at the time any purchase of such participation is actually made, the purchasing Lender shall be required to pay the Swingline Lender interest on the principal amount of the outstanding Swingline Loans with respect to which repayment is demanded, plus, if PNC participation 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 purchased for each day from and minus its Ratable Share of any Swingline Loans not so being repaid. Revolving Credit Loans made pursuant to including the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.5(a) 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 date such Revolving Credit Loans are to be Loan would otherwise have been made under this Section 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 2.5(a) or in Section 7.3 are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. Eastern Time on the Business Day next after until the date of payment for such participation at the Lenders receive rate of interest in effect applicable to Base Rate Loans during such notice from PNCperiod.

Appears in 1 contract

Samples: Multicurrency Revolving Credit Agreement (Borders Group Inc)

Borrowings to Repay Swingline Loans. (i) PNC mayThe US Borrower, at its optionabsolutely, exercisable irrevocably and unconditionally promises to pay on the Swingline Expiry Date in full the outstanding principal balance of all Swingline Loans. The US Borrower may prepay the Swingline Loans at any time for without penalty or premium. In addition, the Swingline Lender may, on any reason whatsoeverUS Business Day, in its sole discretion, demand repayment of any or all of the Swingline Loans and the Administrative Agent shall give notice to the Lenders that the outstanding Swingline LoansLoans shall be funded with a borrowing of Revolving Credit Loans (provided that each such notice shall be deemed to have been automatically given upon the occurrence of a Default or Event of Default under (Section)14.1(g) or (h) or upon the exercise of remedies provided in the last paragraph of (Section)14.1), and in which case each Lender of the Lenders shall make a Revolving Credit Loan Loans constituting Base Rate Loans to the US Borrower, on the next succeeding US Business Day following such notice, in an amount equal to such Lender’s Ratable Share 's Commitment Percentage of the aggregate amount of all Swingline Loans outstanding to the US Borrower. The proceeds thereof shall be applied directly to the Swingline Lender to repay the Swingline Lender for such outstanding Swingline Loans. Each Lender hereby absolutely, unconditionally and irrevocably agrees to make such Revolving Credit Loans upon one US Business Day's notice as set forth above, notwithstanding (a) that the amount of such Revolving Credit Loan may not comply with the applicable minimums otherwise required hereunder, (b) the failure of the US Borrower to meet the conditions set forth in (Sections)12 or 13 hereof, (c) the occurrence or continuance of a Default or an Event of Default hereunder, (d) the date of such Revolving Credit Loan, and (e) the amount of, or termination of, the Total Commitment at such time. In the event that it is impracticable for such Revolving Credit Loan to be made for any reason on the date otherwise required above (including as a result of the commencement of a proceeding under the federal Bankruptcy Code in respect of either of the Borrowers or any of the Restricted Subsidiaries), then each Lender hereby agrees that it shall forthwith purchase (as of the date such Revolving Credit Loan would have been made, but adjusted for any payments received from the US Borrower on or after such date and prior to such purchase) from the Swingline Lender, and the Swingline Lender shall sell to each Lender, such participations in the Swingline Loans (including all accrued and unpaid interest thereon) outstanding as shall be necessary to cause the Lenders to share in such Swingline Loans pro rata based on their respective Commitment Percentages (without regard to any termination of the Total Commitment hereunder) by making available to the Swingline Lender an amount equal to such Lender's participation in the Swingline Loans; provided that (x) all interest payable on the Swingline Loans shall be for the account of the Swingline Lender as a funding and administrative fee until the date as of which the respective participation is purchased, and (y) at the time any purchase of such participation is actually made, the purchasing Lender shall be required to pay the Swingline Lender interest on the principal amount of the outstanding Swingline Loans with respect to which repayment is demanded, plus, if PNC participation 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 purchased for each day from and minus its Ratable Share of any Swingline Loans not so being repaid. Revolving Credit Loans made pursuant to including the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.5(a) 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 date such Revolving Credit Loans are to be Loan would otherwise have been made under this Section 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 2.5(a) or in Section 7.3 are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. Eastern Time on the Business Day next after until the date of payment for such participation at the Lenders receive rate of interest in effect applicable to Base Rate Loans during such notice from PNCperiod.

Appears in 1 contract

Samples: Credit and Term Loan Agreement (Genesee & Wyoming Inc)

Borrowings to Repay Swingline Loans. (i) PNC mayUnless the Company has already given a notice of borrowing of Revolving Credit Loans to repay a Swingline Loan, at its option, exercisable at any time from and including the Swingline Maturity Date for any reason whatsoeverSwingline Loan until the unpaid principal amount of such Swingline Loan shall have been paid in full, demand repayment of any or all the Swingline Bank may, and the Company hereby irrevocably authorizes and empowers (which power is coupled with an interest) the Swingline Bank to, deliver, on behalf of the outstanding Swingline LoansCompany, and each Lender shall make to the Administrative Agent under Section 2.02(a) hereof a notice of borrowing of Revolving Credit Loan Loans that are Base Rate Loans in an amount equal to such Lender’s Ratable Share of the aggregate then unpaid principal amount of such Swingline Loan. In the outstanding event that the power of the Swingline Loans Bank to give such notice of borrowing on behalf of the Company is terminated for any reason whatsoever (including, without limitation, a termination resulting from the occurrence of an event specified in clause (f) or (g) of Section 9 hereof with respect to which repayment the Company), or the Swingline Bank is demandedotherwise precluded for any reason whatsoever from giving a notice of borrowing on behalf of the Company as provided in the preceding sentence, pluseach Bank shall, upon notice from the Swingline Bank on or after the Swingline Maturity Date for such Swingline Loan, promptly purchase from the Swingline Bank a participation in (or, if PNC and to the extent specified by the Swingline Bank, an assignment of) such Swingline Loan in the amount of the Base Rate Loan it would have been obligated to make pursuant to such notice of borrowing. Each Bank shall, not later than 4:00 p.m. Hartford time on the Business Day on which such notice is given (if such notice is given by 3:00 p.m. Hartford time) or 9:00 a.m. Hartford time on the next succeeding Business Day (if such notice is given after 3:00 p.m., but before 5:00 p.m., Hartford time), make available the amount of the Base Rate Loan to be made by it (Or the amount of the participation or assignment to be purchased by it, as the case may be) to the Administrative Agent at the account specified in Section 2.02(a) hereof and the amount so requestsreceived by the Administrative Agent shall promptly be made available to the Swingline Bank by remitting the same, accrued interest thereonin immediately available funds, to the Swingline Bank. Promptly following its receipt of any payment in respect of such Swingline Loan, the Swingline Bank shall pay to each Bank that has acquired a participation in such Swingline Loan such Bank's proportionate share of such payment. Anything in this Agreement to the contrary notwithstanding (including, without limitation, in Section 6.03 hereof), the obligation of each Bank to make its Base Rate Loan (or purchase its participation in or assignment of such Swingline Loan, as the case may be) pursuant to this Section 2.02(c) is unconditional under any and all circumstances whatsoever and shall not be subject to set-off, counterclaim or defense to payment that such Bank may have or have had against the Company, the Administrative Agent, the Swingline Bank or any other Bank and, without limiting any of the foregoing, shall be unconditional irrespective of (i) the occurrence of any Default, (ii) the financial condition of the Company, any Subsidiary, the Administrative Agent, the Swingline Bank or any other Bank or (iii) the termination or cancellation of the Commitments; provided that no Lender Bank shall be obligated in any event to make any such Base Rate Loan (or to purchase any such participation or direct interest in the Swingline Loan) if (i) before the making of such Swingline Loan, such Bank had notified the Swingline Bank that a Default had occurred and was continuing and that such Bank would nor refinance such Swingline Loan or (ii) to the extent (and only to the extent) that such Swingline Loan, together with all 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 Swingline Competitive Loans not so being repaid. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest then outstanding at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.5(a) without regard to any time of the requirements making of that provision. PNC shall provide notice to such Swingline Loan, exceeded 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(e) and then aggregate amount 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 2.5(a) or in Section 7.3 are then satisfied) by Commitments at the time PNC of the making of such Swingline Loan. The Company agrees that any Bank so requestspurchasing a participation (or assignment) in such Swingline Loan may exercise all rights of set-off, which shall not be earlier than 3:00 p.m. Eastern Time on bankers' lien, counterclaim or similar rights with respect to such participation as fully as if such Bank were a direct holder of a Swingline Loan in the Business Day next after the date the Lenders receive amount of such notice from PNCparticipation.

Appears in 1 contract

Samples: Credit Agreement (Enhance Financial Services Group Inc)

Borrowings to Repay Swingline Loans. (i) PNC mayThe Borrowers jointly and severally, at its optionabsolutely, exercisable irrevocably and unconditionally promise to pay on the Swingline Expiry Date the outstanding principal balance of all Swingline Loans. The Borrowers may prepay the Swingline Loans at any time for without penalty or premium. In addition, the Swingline Lender may, on any reason whatsoeverBusiness Day, in its sole discretion, demand repayment of any or all of the Swingline Loans and the Administrative Agent shall give notice to the Lenders that the outstanding Swingline Loans shall be funded with a borrowing of Loans prior to the Commitment Termination Date (provided that each such notice shall be deemed to have been automatically given upon the occurrence of a Default or Event of Default under §13.1(g) or (h) or upon the exercise of remedies provided in the last paragraph of §13.1), in which case each of the Lenders shall make Loans constituting Base Rate Loans to the Borrowers, on the next succeeding Business Day following such notice, in an amount equal to such Revolving Lender’s Commitment Percentage of the aggregate amount of all Swingline Loans outstanding to the Borrowers. The proceeds thereof shall be applied directly to the Swingline Lender to repay the Swingline Lender for such outstanding Swingline Loans. Each Lender hereby absolutely, unconditionally and irrevocably agrees to make such Loans upon one Business Day’s notice as set forth above, notwithstanding (a) that the amount of such Loan may not comply with the applicable minimums otherwise required hereunder, (b) the failure of the Borrowers to meet the conditions set forth in §§11 or 12 hereof, (c) the occurrence or continuance of a Default or an Event of Default hereunder, (d) the date of such Loan, (e) the amount of, or termination of, the Total Commitment at such time, (f) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the Administrative Agent, the Borrowers or any other Person for any reason whatsoever or (g) any other occurrence, event or condition, whether or not similar to any of the foregoing. In the event that it is impracticable for such Loan to be made for any reason on the date otherwise required above (including as a result of the commencement of a proceeding under the federal Bankruptcy Code in respect of any of the Borrowers), then each Lender hereby agrees that it shall forthwith purchase (as of the date such Loan would have been made, but adjusted for any payments received from the Borrowers on or after such date and prior to such purchase) from the Swingline Lender, and each the Swingline Lender shall make a Revolving Credit Loan sell to each Lender, such participations in the Swingline Loans (including all accrued and unpaid interest thereon) outstanding as shall be necessary to cause the Lenders to share in such Swingline Loans pro rata based on their respective Commitment Percentages (without regard to any termination of the Total Commitment hereunder) by making available to the Swingline Lender an amount equal to such Lender’s Ratable Share participation in the Swingline Loans. No such funding of risk participations shall relieve or otherwise impair the obligation of the aggregate principal amount Borrowers to repay Swingline Loans, together with interest as provided herein. Notwithstanding anything in the foregoing to the contrary, following the termination of the outstanding Swingline Loans with respect to which repayment Commitments under the Existing Tranche (so long as no Default or Event of Default has occurred and is demandedcontinuing at the time of such termination), plus, if PNC so requests, accrued interest thereon; provided that no Lender the Extending Revolving Lenders shall be obligated responsible for funding any Loans or participations hereunder in any event accordance with their respective Commitment Percentages after giving effect to make Revolving Credit Loans in excess of such termination. Until each Lender funds its Revolving Credit applicable Loan or risk participation pursuant to this §2.5.3 to refinance such Lender’s Commitment minus its Ratable Share of Letter of Credit Obligations and minus its Ratable Share Percentage of any Swingline Loans not so being repaid. Revolving Credit Loans made pursuant to the preceding sentence shall bear Loan, interest at the Base Rate Option and in respect of such pro rata share shall be deemed to have been properly requested in accordance with Section 2.5(a) without regard to any solely for the account 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(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 2.5(a) or in Section 7.3 are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. Eastern Time on the Business Day next after the date the Lenders receive such notice from PNC.Swingline

Appears in 1 contract

Samples: Revolving Credit Agreement (Borders Group Inc)

Borrowings to Repay Swingline Loans. (i) PNC i)PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swingline Loans, and each Lender shall make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share of the aggregate principal amount of the outstanding Swingline 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 Swingline Loans not so being repaid. 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 2.5(a) 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(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 2.5(a) or in Section 7.3 are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. Eastern Time on the Business Day next after the date the Lenders receive such notice from PNC.

Appears in 1 contract

Samples: Credit Agreement (Cadre Holdings, Inc.)

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Borrowings to Repay Swingline Loans. (i) PNC mayUnless the Company has already given a notice of borrowing of Revolving Credit Loans to repay a Swingline Loan, at its optionif any Swingline Loan remains outstanding, exercisable at any time for any reason whatsoeveruntil the unpaid principal amount of such Swingline Loan shall have been paid in full, demand repayment of any or all the Swingline Lender may, and the Company hereby irrevocably authorizes and empowers (which power is coupled with an interest) the Swingline Lender to, deliver, on behalf of the outstanding Swingline LoansCompany, and each Lender shall make to the Administrative Agent under Section 2.02(a) hereof a notice of borrowing of Revolving Credit Loan Loans that are Base Rate Loans in an amount equal to such Lender’s Ratable Share of the aggregate then unpaid principal amount of such Swingline Loan. In the outstanding event that the power of the Swingline Loans Lender to give such notice of borrowing on behalf of the Company is terminated for any reason whatsoever (including, without limitation, a termination resulting from the occurrence of an event specified in clause (f) or (g) of Section 10 hereof with respect to which repayment the Company), or the Swingline Lender is demandedotherwise precluded for any reason whatsoever from giving a notice of borrowing on behalf of the Company as provided in the preceding sentence, pluseach Lender shall, upon notice from the Swingline Lender, promptly Credit Agreement purchase from the Swingline Lender a participation in (or, if PNC and to the extent specified by the Swingline Lender, an assignment of) such Swingline Loan in the amount of the Base Rate Loan it would have been obligated to make pursuant to such notice of borrowing. Each Lender shall, not later than 4:00 p.m. New York time on the Business Day on which such notice is given (if such notice is given by 12:00 noon New York time) or 11:00 a.m. New York time on the next succeeding Business Day (if such notice is given after 12:00 p.m., but before 5:00 p.m., New York time), make available the amount of the Base Rate Loan to be made by it (or the amount of the participation or assignment to be purchased by it, as the case may be) to the Administrative Agent at the account specified in Section 2.02(a) hereof and the amount so requestsreceived by the Administrative Agent shall promptly be made available to the Swingline Lender by remitting the same, accrued interest thereonin immediately available funds, to the Swingline Lender. Promptly following its receipt of any payment in respect of such Swingline Loans, the Swingline Lender shall pay to each Lender that has acquired a participation in such Swingline Loan such Lender's proportionate share of such payment. Anything in this Agreement to the contrary notwithstanding (including, without limitation, in Section 7.02 hereof), the obligation of each Lender to make its Base Rate Loan (or purchase its participation in or assignment of such Swingline Loan, as the case may be) pursuant to this Section 2.02(b) is unconditional under any and all circumstances whatsoever and shall not be subject to set-off, counterclaim or defense to payment that such Lender may have or have had against the Company, the Guarantor, the Administrative Agent, the Swingline Lender or any other Lender and, without limiting any of the foregoing, shall be unconditional irrespective of (i) the occurrence of any Default, (ii) the financial condition of the Company, any Subsidiary, the Guarantor, the Administrative Agent, the Swingline Lender or any other Lender or (iii) the termination or cancellation of the Commitments; provided that no Lender shall be obligated in any event to make any such Base Rate Loan (or to purchase any such participation or direct interest in the Swingline Loan) if (i) before the making of such Swingline Loan, such Lender had notified the Swingline Lender that a Default had occurred and was continuing and that such Lender would not refinance such Swingline Loan or (ii) to the extent (and only to the extent) that such Swingline Loan, together with all Revolving Credit Loans then outstanding at the time of the making of such Swingline Loan together with the aggregate amount of all outstanding Letter of Credit Liabilities exceeds the then aggregate amount of the Revolving Credit Commitments at the time of the making of such Swingline Loan. The Company agrees that any Lender so purchasing a participation (or assignment) in excess such Swingline Loan may exercise all rights of its set-off, bankers' lien, counterclaim or similar rights with respect to such participation as fully as if such Lender were a direct holder of a Swingline Loan in the amount of such participation. The Company hereby promises to pay the Administrative Agent for account of the Swingline Lender the entire outstanding principal amount of the Swingline Loans, and each such Swingline Loan shall mature, on the Revolving Credit Commitment minus its Ratable Share of Letter of Credit Obligations and minus its Ratable Share of any Swingline Loans not so being repaid. 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 2.5(a) 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(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 2.5(a) or in Section 7.3 are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. Eastern Time on the Business Day next after the date the Lenders receive such notice from PNCTermination Date.

Appears in 1 contract

Samples: Credit Agreement (United Stationers Supply Co)

Borrowings to Repay Swingline Loans. (i) PNC mayUnless the Company has already given a notice of borrowing of Revolving Credit Loans to repay a Swingline Loan, at its optionif any Swingline Loan remains outstanding, exercisable at any time for any reason whatsoeveruntil the unpaid principal amount of such Swingline Loan shall have been paid in full, demand repayment of any or all the Swingline Lender may, and the Company hereby irrevocably authorizes and empowers (which power is coupled with an interest) the Swingline Lender to, deliver, on behalf of the outstanding Swingline LoansCompany, and each Lender shall make to the Administrative Agent under Section 2.02(a) hereof a notice of borrowing of Revolving Credit Loan Loans that are Base Rate Loans in an amount equal to such Lender’s Ratable Share of the aggregate then unpaid principal amount of such Swingline Loan. In the outstanding event that the power of the Swingline Loans Lender to give such notice of borrowing on behalf of the Company is terminated for any reason whatsoever (including, without limitation, a termination resulting from the occurrence of an event specified in clause (f) or (g) of Section 10 hereof with respect to which repayment the Company), or the Swingline Lender is demandedotherwise precluded for any reason whatsoever from giving a notice of borrowing on behalf of the Company as provided in the preceding sentence, pluseach Lender shall, upon notice from the Swingline Lender, promptly purchase from the Swingline Lender a participation in (or, if PNC and to the extent specified by the Swingline Lender, an assignment of) such Swingline Loan in the amount of the Base Rate Loan it would have been obligated to make pursuant to such notice of borrowing. Each Lender shall, not later than 4:00 p.m. New York time on the Business Day on which such notice is given (if such notice is given by 12:00 noon New York time) or 11:00 a.m. New York time on the next succeeding Business Day (if such notice is given after 12:00 p.m., but before 5:00 p.m., New York time), make available the amount of the Base Rate Loan to be made by it (or the amount of the participation or assignment to be purchased by it, as the case may be) to the Administrative Agent at the account specified in Section 2.02(a) hereof and the amount so requestsreceived by the Administrative Agent shall promptly be made available to the Swingline Lender by remitting the same, accrued interest thereonin immediately available funds, to the Swingline Lender. Promptly following its receipt of any payment in respect of such Swingline Loans, the Swingline Lender shall pay to each Lender that has acquired a participation in such Swingline Loan such Lender's proportionate share of such payment. Anything in this Agreement to the contrary notwithstanding (including, without limitation, in Section 7.02 hereof), the obligation of each Lender to make its Base Rate Loan (or purchase its participation in or assignment of such Swingline Loan, as the case may be) pursuant to this Section 2.02(b) is unconditional under any and all circumstances whatsoever and shall not be subject to set-off, counterclaim or defense to payment that such Lender may have or have had against the Company, the Guarantor, the Administrative Agent, the Swingline Lender or any other Lender and, without limiting any of the foregoing, shall be unconditional irrespective of (i) the occurrence of any Default, (ii) the financial condition of the Company, any Subsidiary, the Guarantor, the Administrative Agent, the Swingline Lender or any other Lender or (iii) the termination or cancellation of the Commitments; provided PROVIDED that no Lender shall be obligated in any event to make any such Base Rate Loan (or to purchase any such participation or direct interest in the Swingline Loan) if (i) before the making of such Swingline Loan, such Lender had notified the Swingline Lender that a Default had occurred and was continuing and that such Lender would not refinance such Swingline Loan or (ii) to the extent (and only to the extent) that such CREDIT AGREEMENT Swingline Loan, together with all Revolving Credit Loans then outstanding at the time of the making of such Swingline Loan together with the aggregate amount of all outstanding Letter of Credit Liabilities exceeds the then aggregate amount of the Revolving Credit Commitments at the time of the making of such Swingline Loan. The Company agrees that any Lender so purchasing a participation (or assignment) in excess such Swingline Loan may exercise all rights of its set-off, bankers' lien, counterclaim or similar rights with respect to such participation as fully as if such Lender were a direct holder of a Swingline Loan in the amount of such participation. The Company hereby promises to pay the Administrative Agent for account of the Swingline Lender the entire outstanding principal amount of the Swingline Loans, and each such Swingline Loan shall mature, on the Revolving Credit Commitment minus its Ratable Share of Letter of Credit Obligations and minus its Ratable Share of any Swingline Loans not so being repaid. 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 2.5(a) 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(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 2.5(a) or in Section 7.3 are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. Eastern Time on the Business Day next after the date the Lenders receive such notice from PNCTermination Date.

Appears in 1 contract

Samples: Credit Agreement (United Stationers Supply Co)

Borrowings to Repay Swingline Loans. (i) PNC mayUnless the Company has already given a notice of borrowing of Revolving Credit Loans to repay a Swingline Loan, at its option, exercisable at any time from and including the Swingline Maturity Date for any reason whatsoeverSwingline Loan until the unpaid principal amount of such Swingline Loan shall have been paid in full, demand repayment of any or all the Swingline Bank may, and the Company hereby irrevocably authorizes and empowers (which power is coupled with an interest) the Swingline Bank to, deliver, on behalf of the outstanding Swingline LoansCompany, and each Lender shall make to the Administrative Agent under Section 2.02(a) hereof a notice of borrowing of Revolving Credit Loan Loans that are Base Rate Loans in an amount equal to such Lender’s Ratable Share of the aggregate then unpaid principal amount of such Swingline Loan. In the outstanding event that the power of the Swingline Loans Bank to give such notice of borrowing on behalf of the Company is terminated for any reason whatsoever (including, without limitation, a termination resulting from the occurrence of an event specified in clause (f) or (g) of Section 9 hereof with respect to which repayment the Company), or the Swingline Bank is demandedotherwise precluded for any reason whatsoever Credit Agreement from giving a notice of borrowing on behalf of the Company as provided in the preceding sentence, pluseach Bank shall, upon notice from the Swingline Bank on or after the Swingline Maturity Date for such Swingline Loan, promptly purchase from the Swingline Bank a participation in (or, if PNC and to the extent specified by the Swingline Bank, an assignment of) such Swingline Loan in the amount of the Base Rate Loan it would have been obligated to make pursuant to such notice of borrowing. Each Bank shall, not later than 4:00 p.m. New York time on the Business Day on which such notice is given (if such notice is given by 3:00 p.m. New York time) or 9:00 a.m. New York time on the next succeeding Business Day (if such notice is given after 3:00 p.m., but before 5:00 p.m., New York time), make available the amount of the Base Rate Loan to be made by it (or the amount of the participation or assignment to be purchased by it, as the case may be) to the Administrative Agent at the account specified in Section 2.02(a) hereof and the amount so requestsreceived by the Administrative Agent shall promptly be made available to the Swingline Bank by remitting the same, accrued interest thereonin immediately available funds, to the Swingline Bank. Promptly following its receipt of any payment in respect of such Swingline Loan, the Swingline Bank shall pay to each Bank that has acquired a participation in such Swingline Loan such Bank's proportionate share of such payment. Anything in this Agreement to the contrary notwithstanding (including, without limitation, in Section 6.03 hereof), the obligation of each Bank to make its Base Rate Loan (or purchase its participation in or assignment of such Swingline Loan, as the case may be) pursuant to this Section 2.02(c) is unconditional under any and all circumstances whatsoever and shall not be subject to set-off, counterclaim or defense to payment that such Bank may have or have had against the Company, the Administrative Agent, the Swingline Bank or any other Bank and, without limiting any of the foregoing, shall be unconditional irrespective of (i) the occurrence of any Default, (ii) the financial condition of the Company, any Subsidiary, the Administrative Agent, the Swingline Bank or any other Bank or (iii) the termination or cancellation of the Commitments; provided that no Lender Bank shall be obligated in any event to make any such Base Rate Loan (or to purchase any such participation or direct interest in the Swingline Loan) if (i) before the making of such Swingline Loan, such Bank had Credit Agreement notified the Swingline Bank that a Default had occurred and was continuing and that such Bank would not refinance such Swingline Loan or (ii) to the extent (and only to the extent) that such Swingline Loan, together with all 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 Swingline Term Loans not so being repaid. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest then outstanding at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.5(a) without regard to any time of the requirements making of that provision. PNC shall provide notice to such Swingline Loan, exceeded 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(e) and then aggregate amount 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 2.5(a) or in Section 7.3 are then satisfied) by Commitments at the time PNC of the making of such Swingline Loan. The Company agrees that any Bank so requestspurchasing a participation (or assignment) in such Swingline Loan may exercise all rights of set-off, which shall not be earlier than 3:00 p.m. Eastern Time on bankers' lien, counterclaim or similar rights with respect to such participation as fully as if such Bank were a direct holder of a Swingline Loan in the Business Day next after the date the Lenders receive amount of such notice from PNCparticipation.

Appears in 1 contract

Samples: Credit Agreement (Enhance Financial Services Group Inc)

Borrowings to Repay Swingline Loans. (i) Upon the making of a Swingline 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 Swingline 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 Swingline 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 Swingline Loans, and each Lender shall within one (1) Business Day thereof either (A) make a Revolving Credit Loan in an amount equal to such LenderLexxxx’s Ratable Share of the aggregate principal amount of the outstanding Swingline 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 Swingline Loans not so being repaidrepaid or (B) during the continuance of an Insolvency Proceeding or Relief Proceeding with respect to the Borrower, fund such Swingline Loan participations by paying to PNC such Lender’s Ratable Share of the outstanding Swingline 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 2.5(a) [Revolving Credit Loan Requests; 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(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 2.5(a) [Revolving Credit Loan Requests; Conversions and Renewals] or in Section 7.3 6.2 [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. Eastern Time on the Business Day next after the date the Lenders receive such notice from PNC.

Appears in 1 contract

Samples: Credit Agreement (Peabody Energy Corp)

Borrowings to Repay Swingline Loans. (i) PNC mayUnless the Company has already given a notice of borrowing of Revolving Credit Loans to repay a Swingline Loan, at its optionif any Swingline Loan remains outstanding, exercisable at any time for any reason whatsoeveruntil the unpaid principal amount of such Swingline Loan shall have been paid in full, demand repayment of any or all the Swingline Lender may, and the Company hereby irrevocably authorizes and empowers (which power is coupled with an interest) the Swingline Lender to, deliver, on behalf of the outstanding Swingline LoansCompany, and each Lender shall make to the Agent under Section 2.02(a) hereof a notice of borrowing of Revolving Credit Loan Loans that are Base Rate Loans in an amount equal to such Lender’s Ratable Share of the aggregate then unpaid principal amount of such Swingline Loan. In the outstanding event that the power of the Swingline Loans Lender to give such notice of borrowing on behalf of the Company is terminated for any reason whatsoever (including, without limitation, a termination resulting from the occurrence of an event specified in clause (f) or (g) of Section 10 hereof with respect to which repayment the Company), or the Swingline Lender is demandedotherwise precluded for any reason whatsoever from giving a notice of borrowing on behalf of the Company as provided in the preceding sentence, pluseach Lender shall, upon notice from the Swingline Lender, promptly purchase from the Swingline Lender a participation in (or, if PNC and to the extent specified by the Swingline Lender, an assignment of) such Swingline Loan in the amount of the Base Rate Loan it would have been obligated to make pursuant to such notice of borrowing. Each Lender shall, not later than 4:00 p.m. New York time on the Business Day on which such notice is given (if such notice is given by 12:00 noon New York time) or 11:00 a.m. New York time on the next succeeding Business Day (if such notice is given after 12:00 p.m., but before 5:00 p.m., New York time), make available the amount of the Base Rate Loan to be made by it (or the amount of the participation or assignment to be purchased by it, as the case may be) to the Agent at the account specified in Section 2.02(a) hereof and the amount so requestsreceived by the Agent shall promptly be made available to the Swingline Lender by remitting the same, accrued interest thereonin immediately available funds, to the Swingline Lender. Promptly following its receipt of any payment in respect of such Swingline Loans, the Swingline Lender shall pay to each Lender that has acquired a participation in such Swingline Loan such Lender's proportionate share of such payment. Anything in this Agreement to the contrary notwithstanding (including, without limitation, in Section 7.02 hereof), the obligation of each Lender to make its Base Rate Loan (or purchase its participation in or assignment of such Swingline Loan, as the case may be) pursuant to this Section 2.02(b) is unconditional under any and all circumstances whatsoever and shall not be subject to set-off, counterclaim or defense to payment that such Lender may have or have had against the Company, the Guarantor, the Agent, the Swingline Lender or any other Lender and, without limiting any of the foregoing, shall be unconditional irrespective of (i) the occurrence of any Default, (ii) the financial condition of the Company, any Subsidiary, the Guarantor, the Agent, the Swingline Lender or any other Lender or (iii) the termination or cancellation of the Commitments; provided that no Lender shall be obligated in any event to make any such Base Rate Loan (or to purchase any such participation or direct interest in the Swingline Loan) if (i) before the making of such Swingline Loan, such Lender had notified the Swingline Lender that a Default had occurred and was continuing and that such Lender would not refinance such Swingline Loan or (ii) to the extent (and only to the extent) that such Swingline Loan, together with all Revolving Credit Loans then outstanding at the time of the making of such Swingline Loan together with the aggregate amount of all outstanding Letter of Credit Liabilities exceeds the then aggregate amount of the Revolving Credit Commitments at the time of the making of such Swingline Loan. The Company agrees that any Lender so purchasing a participation (or assignment) in excess such Swingline Loan may exercise all rights of its set-off, bankers' lien, counterclaim or similar rights with respect to such participation as fully as if such Lender were a direct holder of a Swingline Loan in the amount of such participation. The Company hereby promises to pay the Agent for account of the Swingline Lender the entire outstanding principal amount of the Swingline Loans, and each such Swingline Loan shall mature, on the Revolving Credit Commitment minus its Ratable Share of Letter of Credit Obligations and minus its Ratable Share of any Swingline Loans not so being repaid. 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 2.5(a) 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(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 2.5(a) or in Section 7.3 are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. Eastern Time on the Business Day next after the date the Lenders receive such notice from PNCTermination Date.

Appears in 1 contract

Samples: Credit Agreement (United Stationers Supply Co)

Borrowings to Repay Swingline Loans. (i) PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swingline Loans, and each Lender shall make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share of the aggregate principal amount of the outstanding Swingline 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 Swingline Loans not so being repaid. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option Daily Simple SOFR rate and shall be deemed to have been properly requested in accordance with Section 2.5(a) [Revolving Credit Loan Requests; 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(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 2.5(a) [Revolving Credit Loan Requests; Conversions and Renewals] or in Section 7.3 [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. Eastern Time on the Business Day next after the date the Lenders receive such notice from PNC.

Appears in 1 contract

Samples: Credit Agreement (ICF International, Inc.)

Borrowings to Repay Swingline Loans. (i) PNC mayUpon the making of a Swingline Loan (whether before or after the occurrence of an Incipient Default or an Event of Default and regardless of whether a settlement has been requested with respect to such Swingline Loan), at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swingline Loans, and each Lender shall be deemed, without further action by any party hereto, to have unconditionally and irrevocably purchased from the Swingline Loan Lender, without recourse or warranty, an undivided interest and participation in such Swingline Loan in proportion to its Ratable Share. Each Lender hereby absolutely and unconditionally agrees, (A) upon receipt of notice from the Lead Agent, to make a Revolving Credit Loan in an amount equal to such LenderXxxxxx’s Ratable Share of the aggregate principal amount of the outstanding Swingline Loans with respect to which repayment is demanded, plus, if PNC the Lead Agent 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 the aggregate Risk Participation Exposure and minus its Ratable Share of any Swingline Loans not so being repaidrepaid or (B) during the continuance of an insolvency Proceeding with respect to the Borrowers, fund such Swingline Loan participations by paying to the Lead Agent such Xxxxxx’s Ratable Share of the outstanding Swingline Loans. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at Daily Simple SOFR plus the Base Rate Option SOFR Adjustment and shall be deemed to have been properly requested in accordance with Section 2.5(a3.1(e) without regard to any of the requirements of that provision. PNC The Lead Agent 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(e3.1(j) 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 2.5(a3.1(e) or in Section 7.3 Article 7 are then satisfied) by the time PNC the Lead Agent so requests, which shall not be earlier than 3:00 p.m. Eastern Time (Pittsburgh, Pennsylvania time) on the Business Banking Day next after the date the Lenders receive such notice from PNCthe Lead Agent.

Appears in 1 contract

Samples: Credit Agreement (Lincoln Electric Holdings Inc)

Borrowings to Repay Swingline Loans. (i) PNC may, at its option, exercisable at any time for any reason whatsoever, demand repayment of any or all of the outstanding Swingline Loans, and each Lender shall make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share of the aggregate principal amount of the outstanding Swingline 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 Swingline Loans not so being repaid. 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 2.5(a) 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(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 2.5(a) or in Section 7.3 7.2 are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. Eastern Time on the Business Day next after the date the Lenders receive such notice from PNC.

Appears in 1 contract

Samples: Credit Agreement (Richardson Electronics, Ltd.)

Borrowings to Repay Swingline Loans. (i) PNC mayThe US Borrower, at its optionabsolutely, exercisable irrevocably and unconditionally promises to pay on the Swingline Expiry Date in full the outstanding principal balance of all Swingline Loans. The US Borrower may prepay the Swingline Loans at any time for without penalty or premium. In addition, the Swingline Lender may, on any reason whatsoeverUS Business Day, in its sole discretion, demand repayment of any or all of the Swingline Loans and the Administrative Agent shall give notice to the Lenders that the outstanding Swingline LoansLoans shall be funded with a borrowing of Revolving Credit Loans (provided that each such notice shall be deemed to have been automatically given upon the occurrence of a Default or Event of Default under Section 14.1(g) or (h) or upon the exercise of remedies provided in the last paragraph of Section 14.1), and in which case each Lender of the Lenders shall make a Revolving Credit Loan Loans constituting Base Rate Loans to the US Borrower, on the next succeeding US Business Day following such notice, in an amount equal to such Lender’s Ratable Share 's Commitment Percentage of the aggregate amount of all Swingline Loans outstanding to the US Borrower. The proceeds thereof shall be applied directly to the Swingline Lender to repay the Swingline Lender for such outstanding Swingline Loans. Each Lender hereby absolutely, unconditionally and irrevocably agrees to make such Revolving Credit Loans upon one US Business Day's notice as set forth above, notwithstanding (a) that the amount of such Revolving Credit Loan may not comply with the applicable minimums otherwise required hereunder, (b) the failure of the US Borrower to meet the conditions set forth in Sections 12 or 13 hereof, (c) the occurrence or continuance of a Default or an Event of Default hereunder, (d) the date of such Revolving Credit Loan, and (e) the amount of, or termination of, the Total Commitment at such time. In the event that it is impracticable for such Revolving Credit Loan to be made for any reason on the date otherwise required above (including as a result of the commencement of a proceeding under the federal Bankruptcy Code in respect of either of the Borrowers or any of the Restricted Subsidiaries), then each Lender hereby agrees that it shall forthwith purchase (as of the date such Revolving Credit Loan would have been made, but adjusted for any payments received from the US Borrower on or after such date and prior to such purchase) from the Swingline Lender, and the Swingline Lender shall sell to each Lender, such participations in the Swingline Loans (including all accrued and unpaid interest thereon) outstanding as shall be necessary to cause the Lenders to share in such Swingline Loans pro rata based on their respective Commitment Percentages (without regard to any termination of the Total Commitment hereunder) by making available to the Swingline Lender an amount equal to such Lender's participation in the Swingline Loans; provided that (x) all interest payable on the Swingline Loans shall be for the account of the Swingline Lender as a funding and administrative fee until the date as of which the respective participation is purchased, and (y) at the time any purchase of such participation is actually made, the purchasing Lender shall be required to pay the Swingline Lender interest on the principal amount of the outstanding Swingline Loans with respect to which repayment is demanded, plus, if PNC participation 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 purchased for each day from and minus its Ratable Share of any Swingline Loans not so being repaid. Revolving Credit Loans made pursuant to including the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance with Section 2.5(a) 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 date such Revolving Credit Loans are to be Loan would otherwise have been made under this Section 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 2.5(a) or in Section 7.3 are then satisfied) by the time PNC so requests, which shall not be earlier than 3:00 p.m. Eastern Time on the Business Day next after until the date of payment for such participation at the Lenders receive rate of interest in effect applicable to Base Rate Loans during such notice from PNCperiod.

Appears in 1 contract

Samples: Credit and Term Loan Agreement (Genesee & Wyoming Inc)

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