Canadian Swing Line Commitment Clause Samples
The Canadian Swing Line Commitment clause defines the lender's obligation to provide short-term, revolving credit advances—known as swing line loans—to the borrower in Canada. Typically, this clause outlines the maximum amount available under the swing line, the process for requesting advances, and the repayment terms, which are usually on a very short-term basis, such as overnight or within a few days. Its core practical function is to ensure the borrower has quick access to immediate funds for short-term liquidity needs, thereby providing financial flexibility and addressing temporary cash flow gaps.
Canadian Swing Line Commitment. (a) Subject to the terms ------------------------------ and conditions hereof, the Canadian Swing Line Lender agrees that, during the Canadian Revolving Credit Commitment Period, it will make available to the Canadian Borrower in the form of swing line loans ("Canadian Swing Line ------------------- Loans") a portion of the credit otherwise available to the Canadian ----- Borrower under the Canadian Revolving Credit Commitments; provided that (i) -------- the aggregate principal amount of Canadian Swing Line Loans outstanding at any time shall not exceed the Canadian Swing Line Commitment then in effect (notwithstanding that the Canadian Swing Line Loans outstanding at any time, when aggregated with the Canadian Swing Line Lender's other outstanding Canadian Revolving Credit Loans hereunder, may exceed the Canadian Swing Line Commitment then in effect or such Canadian Swing Line Lender's Canadian Revolving Credit Commitment then in effect) and (ii) the Canadian Borrower shall not request, and the Canadian Swing Line Lender shall not make, any Canadian Swing Line Loan unless, after giving effect to the making of such Canadian Swing Line Loan, (A) the Available Canadian Revolving Credit Commitment of each Canadian Revolving Credit Lender would be equal to or greater than zero, and (B) the Aggregate Canadian Revolving Extensions of Credit would not exceed the Borrowing Base of the Canadian Borrower. During the Canadian Revolving Credit Commitment Period, the Canadian Borrower may use the Canadian Swing Line Commitment by borrowing, repaying and reborrowing, all in accordance with the terms and conditions hereof. The Canadian Swing Line Loans may be denominated in U.S. Dollars or Canadian Dollars, at the option of the Canadian Borrower. The Canadian Swing Line Loans denominated in Canadian Dollars shall be Canadian Dollar Prime Rate Loans, and the Canadian Swing Line Loans denominated in U.S. Dollars shall be Canadian Base Rate Loans.
(b) The Canadian Borrower shall repay all outstanding Canadian Swing Line Loans on the Canadian Revolving Credit Termination Date. The Canadian Borrower shall also prepay all Canadian Swing Line Loans then outstanding simultaneously with each borrowing of Canadian Revolving Credit Loans.
Canadian Swing Line Commitment. Except for temporary excesses arising from foreign exchange fluctuations permitted under Section 10.6, Cognos shall repay Advances made available to it to the extent required so as to ensure that the aggregate Credit Amount of all Advances outstanding under the Canadian Swing Line shall not exceed the Canadian Swing Line Commitment at any time.
Canadian Swing Line Commitment. The Canadian Borrower may, upon notice to the Canadian Administrative Agent and the Canadian Swing Line Lender, terminate the Canadian Swing Line Commitment, or from time to time permanently reduce the Canadian Swing Line Commitment; provided that (i) any such notice shall be received by the Canadian Administrative Agent and the Canadian Swing Line Lender not later than 11:00 a.m. (Toronto time) five Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of US$5,000,000 or any whole multiple of US$1,000,000 in excess thereof and (iii) the Canadian Borrower shall not terminate or reduce the Canadian Swing Line Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Canadian Swing Line Loans outstanding would exceed the Canadian Swing Line Commitment.
Canadian Swing Line Commitment. If, at any time, the Canadian Swing Line Exposure shall exceed the Canadian Swing Line Commitment, Canadian Borrower shall, as promptly as practicable, but in no event later than the next Business Day, prepay an aggregate principal amount of the Canadian Swing Loans sufficient to bring the Canadian Swing Line Exposure within the Canadian Swing Line Commitment.