Common use of Discretionary Swingline Commitment Clause in Contracts

Discretionary Swingline Commitment. Upon the terms and subject to the conditions of this Agreement, until the Drawdown Termination Date, U.S. Bank, in its sole discretion, may lend to the Borrowers loans (each such loan, a "Swingline Loan") at such times and in such amounts as the Company shall request, up to an aggregate principal amount at any time outstanding equal to the amount by which U.S. Bank's Commitment Amount exceeds the principal amount outstanding under U.S. Bank's Note; provided, that U.S. Bank will not make a Swingline Loan if (i) after giving effect thereto, any of the limitations set forth in Section 2.01(a) would be exceeded or (ii) U.S. Bank has received written notice from the Company or any Lender that one or more of the conditions precedent set forth in Article III for the making of a Loan have not been satisfied.

Appears in 1 contract

Samples: Credit Agreement (Horton D R Inc /De/)

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Discretionary Swingline Commitment. Upon the terms and subject to the conditions of this Agreement, until the Drawdown Termination Date, U.S. Bank, in its sole discretion, may lend to the Borrowers loans (each such loan, a "Swingline Loan") at such times and in such amounts as the Company shall request, up to an aggregate principal amount at any time outstanding equal to the amount by which U.S. Bank's Commitment ’s Approval Amount exceeds the principal amount outstanding under U.S. Bank's ’s Note; provided, that U.S. Bank will not make a Swingline Loan if (i) after giving effect thereto, any the total principal amount of outstanding Loans and Swingline Loans would exceed the lesser of the limitations set forth in Section 2.01(a) would be exceeded Aggregate Commitment Amounts at such time or the Borrowing Base, or (ii) U.S. Bank has received written notice from the Company or any Lender that one or more of the conditions precedent set forth in Article III for the making of a Loan have not been satisfied.

Appears in 1 contract

Samples: Credit Agreement (Horton D R Inc /De/)

Discretionary Swingline Commitment. Upon the terms and subject to the conditions of this Agreement, until the Drawdown Termination Date, U.S. Bank, in its sole discretion, may lend to the Borrowers Borrower loans (each such loan, a "Swingline Loan") at such times and in such amounts as the Company Borrower shall request, up to an aggregate principal amount at any time outstanding equal to the amount by which U.S. Bank's Commitment Amount exceeds the principal amount outstanding under U.S. Bank's Note; providedPROVIDED, that U.S. Bank will not make a Swingline Loan if (i) after giving effect thereto, any of the limitations set forth in Section 2.01(a) would be exceeded or (ii) U.S. Bank has received written notice from the Company Borrower or any Lender that one or more of the conditions precedent set forth in Article III for the making of a Loan have not been satisfied.

Appears in 1 contract

Samples: Credit Agreement (Horton D R Inc /De/)

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Discretionary Swingline Commitment. Upon the terms and subject to the conditions of this Agreement, until the Drawdown Termination Date, U.S. Bank, in its sole discretion, may lend to the Borrowers loans (each such loan, a "Swingline Loan") at such times and in such amounts as the Company shall request, up to an aggregate principal amount at any time outstanding equal to the amount by which U.S. Bank's Commitment Approval Amount exceeds the principal amount outstanding under U.S. Bank's Note; provided, that U.S. Bank will not make a Swingline Loan if (i) after giving effect thereto, any the total principal amount of outstanding Loans and Swingline Loans would exceed the lesser of the limitations set forth in Section 2.01(a) would be exceeded Aggregate Commitment Amounts at such time or the Borrowing Base, or (ii) U.S. Bank has received written notice from the Company or any Lender that one or more of the conditions precedent set forth in Article III for the making of a Loan have not been satisfied.

Appears in 1 contract

Samples: Credit Agreement (Horton D R Inc /De/)

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