Refinancing Swing Loans. (A) The Swing Lender may at any time (and shall no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)). (B) Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Lender from Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Lender with respect to such portion.
Appears in 7 contracts
Samples: Credit Agreement (Addus HomeCare Corp), Credit Agreement (Rimini Street, Inc.), Credit Agreement (Iteris, Inc.)
Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii1.11(e)(iv)).
(B) Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 12:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 5 contracts
Samples: Credit Agreement (R1 RCM Inc. /DE), Credit Agreement (R1 RCM Inc. /DE), Credit Agreement (R1 RCM Inc.)
Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) forward a demand to the Administrative Agent (which the Administrative Agent shall, upon receipt, forward to each Revolving Credit Lender) that each Revolving Credit Lender pay to the Administrative Agent, for the account of the Swing Swingline Lender, such Revolving Credit Lender’s Commitment Percentage Pro Rata Share of all or a portion of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)).
(B) Loans. Each Revolving Credit Lender shall pay such Pro Rata Share to the amount owing by it to Administrative Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business DaySwingline Lender. Upon receipt by the Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g9.1(e)), such Revolving Credit Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from the Administrative Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g9.1(e), each Revolving Credit Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage Pro Rata Share of such Swing Loan. If any payment made by any Revolving Credit Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Credit Lender pursuant to this clause (iiic) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Credit Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 5 contracts
Samples: Credit Agreement (Alere Inc.), Credit Agreement (Assisted Living Concepts Inc), Credit Agreement (SXC Health Solutions Corp.)
Refinancing Swing Loans. (A1) The Swing Swingline Lender may at any time (and shall shall, no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(iisubsection 1.11(e)(ii)).
(B2) Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. (New York time) may, in the Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 3 contracts
Samples: Credit Agreement (Unisys Corp), Credit Agreement (WII Components, Inc.), Credit Agreement (Essex Rental Corp.)
Refinancing Swing Loans. (A1) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii1.11(e)(ii)).
(B2) Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 12:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 3 contracts
Samples: Credit Agreement (Spinal Elements Holdings, Inc.), Credit Agreement (Spinal Elements Holdings, Inc.), Credit Agreement (Spinal Elements Holdings, Inc.)
Refinancing Swing Loans. (A1) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(iisubsection 1.11(e)(ii)).
(B2) Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. Chicago time may, in Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Revolving Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 3 contracts
Samples: First Lien Revolving Credit Agreement (GSE Holding, Inc.), First Lien Revolving Credit Agreement (GSE Holding, Inc.), First Lien Credit Agreement (GSE Holding, Inc.)
Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) or, subject to subsection 1.5(a), the Borrower Representative, may at any time forward a demand to the Agent (which the Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to the Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of all or a portion of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(iisubsection 1.11(e)(ii)).
(B) . Each Revolving Lender shall pay such Commitment Percentage to the amount owing by it to Agent for the account of the Swing Swingline Lender (A) if the notice or demand therefor was received by such Lender prior to 12:00 p.m. (New York time) on any Business Day, on such Business Day and (B) otherwise, on the Business Day following receipt of the notice or demand thereforsuch receipt. Payments received by the Agent after 1:00 2:00 p.m. may, in Agent’s discretion, (New York time) shall be deemed to be received on the next Business Day. Upon receipt by the Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the BorrowerBorrowers, which, upon receipt of such payment by the Swing Swingline Lender from the Agent, the Borrower Borrowers shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender from any Borrower with respect to such portion.
Appears in 2 contracts
Samples: Credit Agreement (International Textile Group Inc), Credit Agreement (International Textile Group Inc)
Refinancing Swing Loans. (Ai) The Swing Lender may at any time (and shall no less frequently than once each week) forward a demand to Administrative Agent (which Administrative Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Administrative Agent, for the account of the Swing Lender, such Revolving Lender’s Commitment Revolving Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)2.21).
(Bii) Each Revolving Lender shall pay the amount owing by it to Administrative Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Administrative Agent after 1:00 p.m. may, in Administrative Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Lender from Administrative Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Revolving Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Lender of any payment from any Revolving Lender pursuant to this clause (iiic) with respect to any portion of any Swing Loan, the Swing Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Lender with respect to such portion.
Appears in 2 contracts
Samples: Amendment and Restatement Agreement (DoubleVerify Holdings, Inc.), Amendment and Restatement Agreement (DoubleVerify Holdings, Inc.)
Refinancing Swing Loans. The Swingline Lender (Ai) The Swing Lender may at any time may, and (and shall no less frequently than once ii) at any time that the outstanding Swing Loans exceed the Peg Balance, at least one Business Day prior to each week) Settlement Date shall, forward a demand to the Administrative Agent (which the Administrative Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to the Administrative Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage Pro Rata Share of the outstanding Swing Loans to be refinanced pursuant to this Section 2.3(a) (as such Revolving Lender’s Pro Rata Share of the outstanding amount of the Swing Loans may be increased pursuant to Section 2.11(e)(ii2.2(f)(ii)).
(B) ; provided, that the Swingline Lender may retain at any time Swing Loans in an aggregate amount up to and including the Peg Balance. Each Revolving Lender shall pay such Pro Rata Share of the amount owing by it of outstanding Swing Loans to be refinanced to the Administrative Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business DaySwingline Lender. Upon receipt by the Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g9.1(e)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrowerapplicable Borrowers, which, upon receipt of such payment by the Swing Swingline Lender from the Administrative Agent, the Borrower applicable Borrowers shall be deemed to have used in whole to refinance such portion of the Swing LoanLoans. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g9.1(e), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Revolving Lender’s Commitment Percentage Pro Rata Share of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Revolving Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iiia) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Revolving Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion. The Swingline Lender shall be entitled to offset amounts owed by the Revolving Lenders pursuant to this Section 2.3(a) against payments to be made to the Revolving Lenders on such Settlement Date. Notwithstanding anything set forth above, to the extent that there is insufficient availability under the applicable Commitment of any Revolving Lender to fund its entire Pro Rata Share of any requested new Revolving Loan or any requested purchase in any Swing Loan, such Revolving Lender’s Pro Rata Share of such requested new Revolving Loan and its interest in any Swing Loan that cannot be funded shall be reduced to the extent such Revolving Loan or purchase of an interest in Swing Loans will result in such Revolving Lender’s Revolving Exposure being equal to (and not in excess of) its Commitment, and the remaining portion of such Revolving Loan or purchase of an interest in such Swing Loans shall be funded ratably by the other Revolving Lenders to the extent of availability under the Commitments of such Revolving Lenders.
Appears in 2 contracts
Samples: Credit Agreement (Rush Enterprises Inc \Tx\), Credit Agreement (Rush Enterprises Inc \Tx\)
Refinancing Swing Loans. (A) The Swing Lender may Swingline Lender, at any time (and shall from time to time no less frequently than once each week) weekly, may forward a demand to the Agent (which the Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to the Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of all or a portion of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)).
(B) Loans. Each Revolving Lender shall pay such Commitment Percentage to the amount owing by it to Agent for the account of the Swing Swingline Lender if the notice or demand therefor was received by such Lender prior to 12:00 p.m. (New York time) on any Business Day, on such Business Day and otherwise, on the Business Day following receipt of the notice or demand thereforsuch receipt. Payments received by the Administrative Agent after 1:00 12:00 p.m. may, in Agent’s discretion, (New York time) shall be deemed to be received on the next Business Day. Upon receipt by the Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from the Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 2 contracts
Samples: Credit Agreement (Banctec Inc), Credit Agreement (Banctec Inc)
Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) forward a demand to the Administrative Agent (which the Administrative Agent shall, upon receipt, forward to each Revolving Credit Lender) that each Revolving Credit Lender pay to the Administrative Agent, for the account of the Swing Swingline Lender, such Revolving Credit Lender’s Commitment Percentage Pro Rata Share of all or a portion of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)).
(B) Loans. Each Revolving Credit Lender shall pay such Pro Rata Share to the amount owing by it to Administrative Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business Daybut not less frequently than bi-weekly. Upon receipt by the Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g9.1(e)), such Revolving Credit Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from the Administrative Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g9.1(e)(ii), each Revolving Credit Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage Pro Rata Share of such Swing Loan. If any payment made by any Revolving Credit Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Credit Lender pursuant to this clause (iiic) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Credit Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 2 contracts
Samples: Credit Agreement (Duff & Phelps CORP), Credit Agreement (Duff & Phelps Corp)
Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) forward a demand to the Revolver Agent (which the Revolver Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to the Revolver Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii1.11(e)(ii)).
(B) Each Revolving Lender shall pay the amount owing by it to the Revolver Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by the Revolver Agent after 1:00 p.m. may, in the Revolver Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by the Revolver Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from the Revolver Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 2 contracts
Samples: Credit Agreement (Truck Hero, Inc.), Credit Agreement (TA THI Parent, Inc.)
Refinancing Swing Loans. (A) The Swing If no Revolving Lender is a Non-Funding Lender, the Swingline Lender may at any time (and shall shall, no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans. If any Revolving Lender is a Non-Funding Lender, that Non-Funding Lender’s reimbursement obligations with respect to the Swing Loans shall be reallocated to and assumed by the other Revolving Lenders pro rata in accordance with their Commitment Percentages of the Revolving Loans (calculated as such if the Non-Funding Lender’s Commitment Percentage was reduced to zero and each other Revolving Lender’s Commitment Percentage had been increased proportionately). If any Revolving Lender is a Non-Funding Lender, upon receipt of the demand described above, each Revolving Lender that is not a Non-Funding Lender will be obligated to pay to Agent for the account of the Swingline Lender its pro rata share of the outstanding Swing Loans (increased as described above); provided, that no Revolving Lender shall be required to fund any amount may be increased pursuant which would result in the sum of its outstanding Revolving Loans, outstanding Letter of Credit Obligations, amounts of its participations in Swing Loans and its pro rata share of unparticipated amounts in Swing Loans to Section 2.11(e)(ii)).
(B) exceed its Revolving Loan Commitment. Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. (New York time) may, in Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any an automatic acceleration under Section 7.2 resulting from an Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the BorrowerBorrowers of the relevant Borrower Group, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower such Borrowers shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any an automatic acceleration under Section 7.2 resulting from an Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 2 contracts
Samples: Credit Agreement (Evraz North America PLC), Credit Agreement (Evraz North America LTD)
Refinancing Swing Loans. (A1) The Swing Swingline Lender may at any time (and shall shall, no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(iisubsection 1.11(e)(ii)).
(B2) Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. (New York time) may, in the Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the BorrowerBorrowers, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower Borrowers shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each outstanding Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 2 contracts
Samples: Credit Agreement (Victor Technologies Group, Inc.), Credit Agreement (Thermadyne Australia Pty Ltd.)
Refinancing Swing Loans. (A) The Swing If no Revolving Lender is a Non-Funding Lender, the Swingline Lender may at any time (and shall shall, no less frequently than once each week) forward a demand to Administrative Agent (which Administrative Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Administrative Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans. If any Revolving Lender is a Non-Funding Lender, that Non-Funding Lender’s reimbursement obligations with respect to the Swing Loans shall be reallocated to and assumed by the other Revolving Lenders pro rata in accordance with their Commitment Percentages of the Revolving Loans (calculated as such if the Non-Funding Lender’s Commitment Percentage was reduced to zero and each other Revolving Lender’s Commitment Percentage had been increased proportionately). If any Revolving Lender is a Non-Funding Lender, upon receipt of the demand described above, each Revolving Lender that is not a Non-Funding Lender will be obligated to pay to Administrative Agent for the account of the Swingline Lender its pro rata share of the outstanding Swing Loans (increased as described above); provided, that no Revolving Lender shall be required to fund any amount may be increased pursuant which would result in the sum of its outstanding Revolving Loans, outstanding Letter of Credit Obligations, amounts of its participations in Swing Loans and its pro rata share of unparticipated amounts in Swing Loans to Section 2.11(e)(ii)).
(B) exceed its Revolving Loan Commitment. Each Revolving Lender shall pay the amount owing by it to Administrative Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Administrative Agent after 1:00 p.m. (New York time) may, in Administrative Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Applicable Borrower, which, upon receipt of such payment by the Swing Swingline Lender from Administrative Agent, the such Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 2 contracts
Samples: Credit Agreement (Axiall Corp/De/), Credit Agreement (Axiall Corp/De/)
Refinancing Swing Loans. (A1) The Swing Swingline Lender may at any time (and shall shall, no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(iisubsection 1.11(e)(ii)).
(B2) Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. (New York time) may, in Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 2 contracts
Samples: Credit Agreement (Radioshack Corp), Credit Agreement (Radioshack Corp)
Refinancing Swing Loans. (A1) The Swing Swingline Lender may at any time (and shall shall, no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii1.10(e)(ii)).
(B2) Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f6.1(f) or 8.1(g6.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f6.1(f) or 8.1(g6.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 2 contracts
Samples: Credit Agreement (Constellium N.V.), Credit Agreement (Constellium N.V.)
Refinancing Swing Loans. (A1) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(iisubsection 1.11(e)(ii)).
(B2) Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. (New York time) may, in Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 2 contracts
Samples: Credit Agreement (Ignite Restaurant Group, Inc.), Credit Agreement (Metropolitan Health Networks Inc)
Refinancing Swing Loans. (A) The Swing If no Lender is a Non-Funding Lender, the Swingline Lender may at any time (and shall shall, no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Revolving Loan Commitment Percentage of the outstanding Swing Loans. If any Lender is a Non-Funding Lender, that Non-Funding Lender’s reimbursement obligations with respect to the Swing Loans shall be reallocated to and assumed by the other Lenders pro rata in accordance with their Revolving Loan Commitment Percentages of the Revolving Loans (calculated as such if the Non-Funding Lender’s Revolving Loan Commitment Percentage was reduced to zero and each other Lender’s Revolving Loan Commitment Percentage had been increased proportionately). If any Lender is a Non-Funding Lender, upon receipt of the demand described above, each Lender that is not a Non-Funding Lender will be obligated to pay to Agent for the account of the Swingline Lender its pro rata share of the outstanding Swing Loans (increased as described above); provided that no Lender shall be required to fund any amount may be increased pursuant to Section 2.11(e)(ii)).
(B) which would result in its Revolving Exposure exceeding its Revolving Loan Commitment. Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in the Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the BorrowerBorrowers, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower Borrowers shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Revolving Loan Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 2 contracts
Samples: Credit Agreement (Talbots Inc), Credit Agreement (Talbots Inc)
Refinancing Swing Loans. (A1) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(iisubsection 1.11(e)(ii)).
(B2) Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. (New York time) may, in Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the BorrowerBorrowers, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower Borrowers shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 2 contracts
Samples: Credit Agreement (Cryolife Inc), Credit Agreement (Cryolife Inc)
Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall shall, no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii1.18(b)).
(B) . Each Revolving Lender shall pay the such amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f8.01(f) or 8.1(g)(g), such Revolving Lender shall be deemed to have made a Revolving Loan to the BorrowerBorrowers, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower Borrowers shall be deemed to have used such payment in whole full to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon Upon the occurrence of any Event of Default under Section 8.1(f8.01(f) or 8.1(g(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) Section with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 2 contracts
Samples: Credit Agreement (Jakks Pacific Inc), Credit Agreement (Jakks Pacific Inc)
Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) forward a demand to the Administrative Agent (which the Administrative Agent shall, upon receipt, forward to each Revolving Credit Lender) that each Revolving Credit Lender pay to the Administrative Agent, for the account of the Swing Swingline Lender, such Revolving Credit Lender’s Commitment Percentage 's Pro Rata Share of all or a portion of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)).
(B) Loans. Each Revolving Credit Lender shall pay such Pro Rata Share to the amount owing by it to Administrative Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business DaySwingline Lender. Upon receipt by the Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g9.1(e)), such Revolving Credit Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from the Administrative Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g9.1(e), each Revolving Credit Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage 's Pro Rata Share of such Swing Loan. If any payment made by any Revolving Credit Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Revolving Credit Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Credit Lender pursuant to this clause (iiic) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Credit Lender all payments of principal (to the extent received after such payment by such Revolving Credit Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 1 contract
Samples: Credit Agreement (Goamerica Inc)
Refinancing Swing Loans. (A1) The Swing Swingline Lender may at any time (and shall shall, no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii1.11(e)(ii)).
(B2) Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. (New York time) may, in Agent’s discretion, discretion be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 1 contract
Refinancing Swing Loans. The Swingline Lender may, on a weekly basis (A) The Swing Lender may or, at any time (and shall no less frequently than once each week) the request of the Administrative Agent, more frequently), forward a demand to the Administrative Agent (which the Administrative Agent shall, upon receipt, forward to each Revolving Credit Lender) that each Revolving Credit Lender pay to the Administrative Agent, for the account of the Swing Swingline Lender, such Revolving Credit Lender’s Commitment Percentage Pro Rata Share of all or a portion of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)).
(B) Loans. Each Revolving Credit Lender shall pay such Pro Rata Share to the amount owing by it to Administrative Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business DaySwingline Lender. Upon receipt by the Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g9.1(e)), such Revolving Credit Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from the Administrative Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g9.1(e), each Revolving Credit Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage Pro Rata Share of such Swing Loan. If any payment made by any Revolving Credit Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Credit Lender pursuant to this clause (iiic) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Credit Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 1 contract
Samples: First Lien Credit Agreement (Danka Business Systems PLC)
Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) forward a demand to the Administrative Agent (which the Administrative Agent shall, upon receipt, forward to each Revolving Credit Lender) that each Revolving Credit Lender pay to the Administrative Agent, for the account of the Swing Swingline Lender, such Revolving Credit Lender’s Commitment Percentage Pro Rata Share of all or a portion of the outstanding Swing Loans (as such amount amounts may be increased pursuant to Section 2.11(e)(ii2.2(c)(ii)).
(B) . Each Revolving Credit Lender shall pay such Pro Rata Share to the amount owing by it to Administrative Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business DaySwingline Lender. Upon receipt by the Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g9.1(e)), such Revolving Credit Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from the Administrative Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g9.1(e), each Revolving Credit Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage Pro Rata Share of such Swing Loan. If any payment made by any Revolving Credit Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Credit Lender pursuant to this clause (iiic) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Credit Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
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Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall shall, no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(iisubsection 1.11(e)(ii)).
(B) Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. (Toronto time) may, in the Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(fsubsection 7.1(g) or 8.1(g7.1(h)), such Revolving Lender shall be deemed to have made a Revolving Loan to the BorrowerBorrowers, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower Borrowers shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(fsubsection 7.1(g) or 8.1(g7.1(h), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
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Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) forward a demand to the Applicable Administrative Agent (which the Applicable Administrative Agent shall, upon receipt, forward to each Revolving Credit Lender) that each Revolving Credit Lender pay to the Applicable Administrative Agent, for the account of the Swing Swingline Lender, such Revolving Credit Lender’s Commitment Percentage Pro Rata Share of all or a portion of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)).
(B) Loans. Each Revolving Credit Lender shall pay such Pro Rata Share to the amount owing by it to Applicable Administrative Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business DaySwingline Lender. Upon receipt by the Applicable Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g9.1(e)), such Revolving Credit Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from the Applicable Administrative Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g9.1(e), each Revolving Credit Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage Pro Rata Share of such Swing Loan. If any payment made by any Revolving Credit Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Credit Lender pursuant to this clause (iiic) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Credit Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 1 contract
Samples: Credit Agreement (Alere Inc.)
Refinancing Swing Loans. (A) The Swing Lender may at any time (and shall no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)).
(B) Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the BorrowerBorrowers, which, upon receipt of such payment by the Swing Lender from Agent, the Borrower Borrowers shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Lender with respect to such portion.funding
Appears in 1 contract
Samples: Credit Agreement (Phreesia, Inc.)
Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) forward a demand to the Administrative Agent (which the Administrative Agent shall, upon receipt, forward to each Revolving Credit Lender) that each Revolving Credit Lender pay to the Administrative Agent, for the account of the Swing Swingline Lender, such Revolving Credit Lender’s Commitment Percentage Pro Rata Share of all or a portion of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii2.2(c)(ii)).
(B) . Each Revolving Credit Lender shall pay such Pro Rata Share to the amount owing by it to Administrative Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business DaySwingline Lender. Upon receipt by the Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g9.1(e)), such Revolving Credit Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from the Administrative Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g9.1(e), each Revolving Credit Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage Pro Rata Share of such Swing Loan. If any payment made by any Revolving Credit Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Credit Lender pursuant to this clause (iiic) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Credit Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 1 contract
Samples: Credit Agreement (PGT, Inc.)
Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) forward a demand to the Administrative Agent (which the Administrative Agent shall, upon receipt, forward to each Revolving Credit Lender) that each Lender with a Revolving Lender Credit Commitment pay to the Administrative Agent, for the account of the Swing Swingline Lender, such Xxxxxx’s Revolving Lender’s Credit Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii2.01(c)).
(B) Each Lender with a Revolving Lender Credit Commitment shall pay the amount owing by it to the Administrative Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by the Administrative Agent after 1:00 12:00 p.m. (New York time) may, in the Administrative Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by the Administrative Agent of such payment (other than during the continuation of any Specified Event of Default under Section 8.1(f) or 8.1(g)Default), such Revolving Lender shall be deemed to have made a Revolving Credit Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from the Administrative Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Specified Event of Default under Section 8.1(f) or 8.1(g)Default, each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such LenderXxxxxx’s Revolving Credit Commitment Percentage of such Swing Loan. If any payment made by any Lender with a Revolving Lender Credit Commitment as a result of any such demand is not deemed a Revolving Credit Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 1 contract
Samples: Credit Agreement
Refinancing Swing Loans. (Aa) The Swing Swingline Lender may at any time (time, and shall no less frequently than once at least one Business Day prior to each week) Settlement Date, forward a demand to the Administrative Agent (which the Administrative Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to the Administrative Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage Pro Rata Share of the outstanding Swing Loans to be refinanced pursuant to this Section 2.3(a) (as such Revolving Lender’s Pro Rata Share of the outstanding amount of the Swing Loans may be increased pursuant to Section 2.11(e)(ii2.2(f)(ii)).
(B) ; provided, that on each Settlement Date the amount of Swing Loans to be refinanced shall be equal to the excess of the aggregate outstanding principal amount of the Swing Loans over the Peg Balance. Each Revolving Lender shall pay such Pro Rata Share of the amount owing by it of outstanding Swing Loans to be refinanced to the Administrative Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business DaySwingline Lender. Upon receipt by the Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g9.1(e)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrowerapplicable Borrowers, which, upon receipt of such payment by the Swing Swingline Lender from the Administrative Agent, the Borrower applicable Borrowers shall be deemed to have used in whole to refinance such portion of the Swing LoanLoans. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g9.1(e), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Revolving Lender’s Commitment Percentage Pro Rata Share of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Revolving Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iiia) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Revolving Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion. The Swingline Lender shall be entitled to offset amounts owed by the Revolving Lenders pursuant to this Section 2.3(a) against payments to be made to the Revolving Lenders on such Settlement Date. Notwithstanding anything set forth above, to the extent that there is insufficient availability under the applicable Commitment of any Revolving Lender to fund its entire Pro Rata Share of any requested new Revolving Loan or any requested purchase in any Swing Loan, such Revolving Lender’s Pro Rata Share of such requested new Revolving Loan and its interest in any Swing Loan that cannot be funded shall be reduced to the extent such Revolving Loan or purchase of an interest in Swing Loans will result in such Revolving Lender’s Revolving A Exposure being equal to (and not in excess of) its Commitment A or such Revolving Lender’s Revolving B Exposure being equal to (and not in excess of) its Commitment B, as applicable, and the remaining portion of such Revolving Loan or purchase of an interest in such Swing Loans shall be funded ratably by the Working Capital Lenders.
(b) Swing Loans refinanced pursuant to Section 2.3(a) shall be funded first from Revolving A Loans unless and until the aggregate Total Equipment Loans funded under the Commitments A equals the aggregate Commitments A and thereafter from Revolving B Loans.
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Refinancing Swing Loans. (Aa) The Swing Swingline Lender may at any time (time, and shall no less frequently than once at least one Business Day prior to each week) Settlement Date, forward a demand to the Administrative Agent (which the Administrative Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to the Administrative Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage Pro Rata Share of all of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii2.2(f)(ii)).
(B) . Each Revolving Lender shall pay such Pro Rata Share of the amount owing by it outstanding Swing Loans to the Administrative Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business DaySwingline Lender. Upon receipt by the Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g9.1(e)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrowerapplicable Borrowers, which, upon receipt of such payment by the Swing Swingline Lender from the Administrative Agent, the Borrower applicable Borrowers shall be deemed to have used in whole to refinance such Swing LoanLoans. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g9.1(e), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Revolving Lender’s Commitment Percentage Pro Rata Share of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Revolving Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iiia) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Revolving Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion. The Swingline Lender shall be entitled to offset amounts owed by the Revolving Lenders pursuant to this Section 2.3(a) against payments to be made to the Revolving Lenders on such Settlement Date. Notwithstanding anything set forth above, to the extent that there is insufficient availability under the applicable Commitment of any Revolving Lender to fund its entire Pro Rata Share of any requested new Revolving Loan or any requested purchase in any Swing Loan, such Revolving Lender’s Pro Rata Share of such requested new Revolving Loan and its interest in any Swing Loan that cannot be funded shall be reduced to the extent such Revolving Loan or purchase of an interest in Swing Loans will result in such Revolving Lender’s Revolving A Exposure being equal to (and not in excess of) its Commitment A, such Revolving Lender’s Revolving B Exposure being equal to (and not in excess of) its Commitment B or such Revolving Lender’s Revolving C Exposure being equal to (and not in excess of) its Commitment C, as applicable, and the remaining portion of such Revolving Loan or purchase of an interest in such Swing Loans shall be funded ratably by the Working Capital Lenders.
(b) Swing Loans refinanced pursuant to Section 2.3(a) shall be funded first from Revolving A Loans unless and until the aggregate Total Equipment Loans funded under the Commitments A equals the aggregate Commitments A, second, from Revolving B Loans unless and until the aggregate Total Equipment Loans funded under the Commitments B equals the aggregate Commitments B and thereafter from Revolving C Loans.
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Refinancing Swing Loans. (A) The Swing If no Revolving Credit Lender is a Non-Funding Lender, the Swingline Lender may at any time (and shall shall, no less frequently than once each week) forward a demand to the Administrative Agent (which the Administrative Agent shall, upon receipt, forward to each Revolving Credit Lender) that each Revolving Credit Lender pay to the Administrative Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage Pro Rata Share of the outstanding Swing Loans. If any Revolving Credit Lender is a Non-Funding Lender, that Non-Funding Lender’s reimbursement obligations with respect to the Swing Loans shall be allocated to and assumed by the other Revolving Credit Lenders pro rata in accordance with their Pro Rata Share of the Revolving Credit Loans (calculated as if the Non-Funding Lender’s Pro Rata Share was reduced to zero and each other Revolving Credit Lender’s Pro Rata had been increased proportionately). If any Revolving Credit Lender is a Non-Funding Lender, upon receipt of the demand described above, each Revolving Credit Lender that is not a Non-Funding Lender will be obligated to pay to the Administrative Agent for the account of the Swingline Lender its pro rata share of the outstanding Swing Loans (increased as such described above); provided that no Revolving Credit Lender shall be required to fund any amount may be which would result in the sum of its outstanding Revolving Credit Loans, outstanding L/C Obligations (increased pursuant to as described in Section 2.11(e)(ii2.4(f)).
, amount of its participation in Swing Loans and its Pro Rata Share of unparticipated amounts in Swing Loans (Bincreased as described above) to exceed its Revolving Credit Commitment. Each Revolving Credit Lender shall pay the amount owing by it to the Administrative Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by the Administrative Agent after 1:00 2:00 p.m. (New York time) may, in the Administrative Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by the Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f9.1(e) or 8.1(g)), such Revolving Credit Lender shall be deemed to have made a Revolving Credit Loan to the BorrowerBorrowers, which, upon receipt of such payment by the Swing Swingline Lender from the Administrative Agent, the Borrower Borrowers shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g9.1(e), each Revolving Credit Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage Pro Rata Share of such Swing Loan. If any payment made by any Revolving Credit Lender as a result of any such demand is not deemed a Revolving Credit Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Credit Lender pursuant to this clause (iiic) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Credit Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
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Refinancing Swing Loans. (A) The Swing Lender Swingline Lender, or, subject to subsection 1.5(a), Borrower, may at any time (and shall no less frequently than once each week) forward a demand to the Agent (which the Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to the Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s 's Commitment Percentage of all or a portion of the outstanding Swing Loans (as such amount may be increased pursuant including Swing Loans made under the borrowing procedures referred to Section 2.11(e)(iiin subsection 1.3(e)(ii) and those in subsection 1.3(e)(v)).
(B) . Each Revolving Lender shall pay such Commitment Percentage to the amount owing by it to Agent for the account of the Swing Swingline Lender if the notice or demand therefor was received by such Lender prior to 12:00 p.m. (New York time) on any Business Day, on such Business Day and (B) otherwise, on the Business Day following receipt of the notice or demand thereforsuch receipt. Payments received by the Agent after 1:00 12:00 p.m. may, in Agent’s discretion, (New York time) shall be deemed to be received on the next Business Day. Upon receipt by the Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from the Agent, the Borrower shall be deemed to have used in whole to refinance repay such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s 's Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 1 contract
Refinancing Swing Loans. (A) The Swing Lender may Swingline Lender, at any time (and shall from time to time no less frequently than once each week) weekly, may forward a demand to the Agent (which the Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to the Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s 's Commitment Percentage of all or a portion of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)).
(B) Loans. Each Revolving Lender shall pay such Commitment Percentage to the amount owing by it to Agent for the account of the Swing Swingline Lender if the notice or demand therefor was received by such Lender prior to 12:00 p.m. (New York time) on any Business Day, on such Business Day and (B) otherwise, on the Business Day following receipt of the notice or demand thereforsuch receipt. Payments received by the Administrative Agent after 1:00 12:00 p.m. may, in Agent’s discretion, (New York time) shall be deemed to be received on the next Business Day. Upon receipt by the Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from the Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s 's Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 1 contract
Samples: Credit Agreement (Banctec Inc)
Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) forward a demand to the Administrative Agent (which the Administrative Agent shall, upon receipt, forward to each Revolving U.S. Lender) that each Revolving U.S. Lender pay to the Administrative Agent, for the account of the Swing Swingline Lender, such Revolving U.S. Lender’s Commitment Percentage Pro Rata Share of all or a portion of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)).
(B) Loans. Each Revolving U.S. Lender shall pay such Pro Rata Share to the amount owing by it to Administrative Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business DaySwingline Lender. Upon receipt by the Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g8.1(e)), such Revolving U.S. Lender shall be deemed to have made a U.S. Revolving Loan to the BorrowerU.S. Borrowers, which, upon receipt of such payment by the Swing Swingline Lender from the Administrative Agent, the Borrower U.S. Borrowers shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g8.1(e), each Revolving U.S. Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such U.S. Lender’s Commitment Percentage Pro Rata Share of such Swing Loan. If any payment made by any Revolving U.S. Lender as a result of any such demand is not deemed a U.S. Revolving Loan, such payment shall be deemed a funding by such U.S. Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender as a U.S. Lender of any payment from any Revolving U.S. Lender pursuant to this clause (iiic) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall as a U.S. Lender promptly pay over to such Revolving U.S. Lender all payments of principal (to the extent received after such payment by such U.S. Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender as a U.S. Lender with respect to such portion.
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Refinancing Swing Loans. (Ai) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) after making a Swing Loan forward a demand to Administrative Agent (which Administrative Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Administrative Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s 's Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii))Loans.
(Bii) Each Revolving Lender shall pay the amount owing by it to Administrative Agent for the account of the Swing Swingline Lender on the Second Business Day following receipt of the notice or demand therefor. Payments received by Administrative Agent after 1:00 p.m. (Chicago time) may, in Administrative Agent’s 's discretion, be deemed to be received on the next Business Day. Upon receipt by Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g)Default), such Revolving Lender shall be deemed to have made a Revolving Loan to the BorrowerBorrowers, which, upon receipt of such payment by the Swing Swingline Lender from Administrative Agent, the Borrower Borrowers shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g)Default, each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Revolving Lender’s 's Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Revolving Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iiic) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to the periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
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Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) forward a demand to the Administrative Agent (which the Administrative Agent shall, upon receipt, forward to each Revolving Credit Lender) that each Revolving Credit Lender pay to the Administrative Agent, for the account of the Swing Swingline Lender, such Revolving Credit Lender’s Commitment Percentage Pro Rata Share of all or a portion of the outstanding Swing Loans (as such amount amounts may be increased pursuant to Section 2.11(e)(ii2.2 (c)(ii)).
(B) . Each Revolving Credit Lender shall pay such Pro Rata Share to the amount owing by it to Administrative Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business DaySwingline Lender. Upon receipt by the Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g9.1(e)), such Revolving Credit Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from the Administrative Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g9.1(e), each Revolving Credit Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage Pro Rata Share of such Swing Loan. If any payment made by any Revolving Credit Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Credit Lender pursuant to this clause (iiic) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Credit Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
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Refinancing Swing Loans. (A) The Swing If no Lender is a Non-Funding Lender, the Swingline Lender may at any time (and shall shall, no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans. If any Lender is a Non-Funding Lender, that Non-Funding Lender’s reimbursement obligations with respect to the Swing Loans shall be reallocated to and assumed by the other Lenders pro rata in accordance with their Commitment Percentages of the Revolving Loans (calculated as such if the Non-Funding Lender’s Commitment Percentage was reduced to zero and each other Lender’s Commitment Percentage had been increased proportionately). If any Lender is a Non-Funding Lender, upon receipt of the demand described above, each Lender that is not a Non-Funding Lender will be obligated to pay to Agent for the account of the Swingline Lender its pro rata share of the outstanding Swing Loans (increased as described above); provided that no Lender shall be required to fund any amount may be increased pursuant which would result in the sum of its outstanding Revolving Loans, outstanding Letter of Credit Obligations, amounts of its participations in Swing Loans and its pro rata share of unparticipated amounts in Swing Loans to Section 2.11(e)(ii)).
(B) exceed its Revolving Loan Commitment. Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. (New York time) may, in the Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
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Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) or, subject to subsection 1.5(a), the Borrower Representative, may at any time forward a demand to the Agent (which the Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to the Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of all or a portion of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)).
(B) Loans. Each Revolving Lender shall pay such Commitment Percentage to the amount owing by it to Agent for the account of the Swing Swingline Lender (A) if the notice or demand therefor was received by such Lender prior to 12:00 p.m. (New York time) on any Business Day, on such Business Day and (B) otherwise, on the Business Day following receipt of the notice or demand thereforsuch receipt. Payments received by the Agent after 1:00 2:00 p.m. may, in Agent’s discretion, (New York time) shall be deemed to be received on the next Business Day. Upon receipt by the Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the BorrowerUS Borrowers, which, upon receipt of such payment by the Swing Swingline Lender from the Agent, the Borrower US Borrowers shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender from any Borrower with respect to such portion.
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Refinancing Swing Loans. (A) The Swing Lender may at any time (and shall no less frequently than once each week) forward a demand to the Administrative Agent (which the Administrative Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to the Administrative Agent, for the account of the Swing Lender, such Revolving Lender’s Commitment Percentage Pro Rata Share of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii2.17(a)).
(B) . Each Revolving Lender shall pay the amount owing by it to the Administrative Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by the Administrative Agent after 1:00 p.m. may, in the Administrative Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by the Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f8.01(f) or 8.1(g8.01(g)), such Revolving Lender shall be deemed to have made a Revolving Credit Loan to the BorrowerBorrowers, which, upon receipt of such payment by the Swing Lender from the Administrative Agent, the Borrower Borrowers shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f8.01(f) or 8.1(g8.01(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage Pro Rata Share of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Credit Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Lender with respect to such portion.such
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Samples: Asset Based Revolving Credit Agreement (Vista Outdoor Inc.)
Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) forward a demand to the Administrative Agent (which the Administrative Agent shall, upon receipt, forward to each Revolving Credit Lender) that each Revolving Credit Lender pay to the Administrative Agent, for the account of the Swing Swingline Lender, such Revolving Credit Lender’s Commitment Percentage 's Pro Rata Share of all or a portion of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)).
(B) Loans. Each Revolving Credit Lender shall pay such Pro Rata Share to the amount owing by it to Administrative Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business DaySwingline Lender. Upon receipt by the Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g9.1(e)), such Revolving Credit Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from the Administrative Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g9.1(e), each Revolving Credit Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage 's Pro Rata Share of such Swing Loan. If any payment made by any Revolving Credit Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Credit Lender pursuant to this clause (iiic) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Credit Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
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Samples: First Lien Credit Agreement (Inverness Medical Innovations Inc)
Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (time, and shall no less frequently than once each week) weekly, forward a demand to Administrative Agent (which Administrative Agent shall, upon receipt, forward to each Revolving LenderCredit Lender - Tranche A) that each Revolving Credit Lender — Tranche A pay to Administrative Agent, for the account of the Swing Swingline Lender, such Revolving Credit Lender’s Commitment Percentage Pro Rata Share of all or a portion of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)).
(B) Loans. Each Revolving Credit Lender — Tranche A shall pay the amount owing by it such Pro Rata Share to Administrative Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business DaySwingline Lender. Upon receipt by Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f9.1(g) or 8.1(g(h)), such Revolving Credit Lender — Tranche A shall be deemed to have made a Revolving Loan — Tranche A-1 to the BorrowerBorrowers, which, upon receipt of such payment by the Swing Swingline Lender from Administrative Agent, the Borrower Borrowers shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f9.1(g) or 8.1(g(h), each Revolving Credit Lender - Tranche A shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage Pro Rata Share of such Swing Loan. If any payment made by any Revolving Credit Lender - Tranche A as a result of any such demand is not deemed a Revolving LoanLoan — Tranche A-1, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Credit Lender - Tranche A pursuant to this clause (iiic) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Credit Lender - Tranche A all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
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Refinancing Swing Loans. (Aa) The Swing Swingline Lender may at any time (time, and shall no less frequently than once at least one Business Day prior to each week) Settlement Date, forward a demand to the Administrative Agent (which the Administrative Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to the Administrative Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage Pro Rata Share of all of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii2.2(f)(ii)).
(B) . Each Revolving Lender shall pay such Pro Rata Share of the amount owing by it outstanding Swing Loans to the Administrative Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business DaySwingline Lender. Upon receipt by the Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g9.1(e)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from the Administrative Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g9.1(e), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage Pro Rata Share of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iiia) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion. The Swingline Lender shall be entitled to offset amounts owed by the Lenders pursuant to this Section 2.3(a) against payments to be made to the Lenders on such Settlement Date. Notwithstanding anything set forth above, to the extent that the outstanding Revolving Loans are not held ratably among the Lenders and there is insufficient availability under the Commitments of any Lender to fund its entire Pro Rata Share of any requested new Revolving Loan, such Lender’s Pro Rata Share of such requested new Revolving Loan and its interest in any Swing Loan that cannot be funded shall be reduced to the extent such Revolving Loan or purchase of an interest in Swing Loans will result in such Lender’s Credit Exposure being equal to (and not in excess of) its Commitment, and the remaining portion of such Revolving Loan or purchase of an interest in such Swing Loans shall be funded ratably by the Working Capital Lenders.
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Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)).
(B) Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the BorrowerBorrowers, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower Borrowers shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 1 contract
Samples: Credit Agreement (Cryolife Inc)
Refinancing Swing Loans. (A1) The Swing Swingline Lender may at any time (and shall shall, no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s 's Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii1.11(e)(ii)).
(B2) Each Revolving Lender shall pay such Lender's Commitment Percentage of the amount owing by it outstanding Swing Loans to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. (New York time) may, in Agent’s 's discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the BorrowerBorrowers, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower Borrowers shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s 's Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 1 contract
Samples: Credit Agreement (Furniture Brands International Inc)
Refinancing Swing Loans. (A) The Swing If no Revolving Credit Lender is a Non-Funding Lender, the Swingline Lender may at any time (and shall shall, no less frequently than once each week) forward a demand to the Administrative Agent (which the Administrative Agent shall, upon receipt, forward to each Revolving Credit Lender) that each Revolving Credit Lender pay to the Administrative Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage Pro Rata Share of the outstanding Swing Loans. If any Revolving Credit Lender is a Non-Funding Lender, that Non-Funding Lender’s reimbursement obligations with respect to the Swing Loans shall be allocated to and assumed by the other Revolving Credit Lenders pro rata in accordance with their Pro Rata Share of the Revolving Credit Loans (calculated as if the Non-Funding Lender’s Pro Rata Share was reduced to zero and each other Revolving Credit Lender’s Pro Rata had been increased proportionately). If any Revolving Credit Lender is a Non-Funding Lender, upon receipt of the demand described above, each Revolving Credit Lender that is not a Non-Funding Lender will be obligated to pay to the Administrative Agent for the account of the Swingline Lender its pro rata share of the outstanding Swing Loans (increased as such described above); provided that no Revolving Credit Lender shall be required to fund any amount may be which would result in the sum of its outstanding Revolving Credit Loans, outstanding L/C Obligations (increased pursuant to as described in Section 2.11(e)(ii2.4(f)).
, amount of its participation in Swing Loans and its Pro Rata Share of unparticipated amounts in Swing Loans (Bincreased as described above) to exceed its Revolving Credit Commitment. Each Revolving Credit Lender shall pay the amount owing by it to the Administrative Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by the Administrative Agent after 1:00 2:00 p.m. (New York time) may, in the Administrative Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by the Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f9.1(e) or 8.1(g)), such Revolving Credit Lender shall be deemed to have made a Revolving Credit Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from the Administrative Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g9.1(e), each Revolving Credit Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage Pro Rata Share of such Swing Loan. If any payment made by any Revolving Credit Lender as a result of any such demand is not deemed a Revolving Credit Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Credit Lender pursuant to this clause (iiic) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Credit Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
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Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii1.11(e)(ii)).
(B) Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 12:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f7.1(f) or 8.1(gSection 7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f7.1(f) or 8.1(gSection 7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
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Refinancing Swing Loans. (A1) The Swing Swingline Lender may at any time (and shall shall, no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each US Revolving Lender) that each US Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such US Revolving Lender’s US Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(iisubsection 1.11(e)(ii)).
(B2) Each US Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. (New York time) may, in the Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g)), such US Revolving Lender shall be deemed to have made a US Revolving Loan to the US Borrower, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the US Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g), each US Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such US Revolving Lender’s US Commitment Percentage of such Swing Loan. If any payment made by any US Revolving Lender as a result of any such demand is not deemed a US Revolving Loan, such payment shall be deemed a funding by such US Revolving Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any US Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such US Revolving Lender all payments of principal (to the extent received after such payment by such US Revolving Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
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Refinancing Swing Loans. (Ai) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) after making a Swing Loan forward a demand to Administrative Agent (which Administrative Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Administrative Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii))Loans.
(Bii) Each Revolving Lender shall pay the amount owing by it to Administrative Agent for the account of the Swing Swingline Lender on the Second Business Day following receipt of the notice or demand therefor. Payments received by Administrative Agent after 1:00 p.m. (Chicago time) may, in Administrative Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g)Default), such Revolving Lender shall be deemed to have made a Revolving Loan to the BorrowerBorrowers, which, upon receipt of such payment by the Swing Swingline Lender from Administrative Agent, the Borrower Borrowers shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g)Default, each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Revolving Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Revolving Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iiic) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to the periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
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Refinancing Swing Loans. (A) The Swing Swingline Lender or, subject to subsection 1.5(a), Borrower Representative, may at any time (and shall no less frequently than once each week) forward a demand to the Agent (which the Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to the Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of all or a portion of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)).
(B) Loans. Each Revolving Lender shall pay such Commitment Percentage to the amount owing by it to Agent for the account of the Swing Swingline Lender if the notice or demand therefor was received by such Lender prior to 12:00 p.m. (New York time) on any Business Day, on such Business Day and (B) otherwise, on the Business Day following receipt of the notice or demand thereforsuch receipt. Payments received by the Administrative Agent after 1:00 2:00 p.m. may, in Agent’s discretion, (New York time) shall be deemed to be received on the next Business Day. Upon receipt by the Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the BorrowerBorrowers, which, upon receipt of such payment by the Swing Swingline Lender from the Agent, the Borrower Borrowers shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Lender with respect to such portion.Swing
Appears in 1 contract
Samples: Credit Agreement (Akorn Inc)
Refinancing Swing Loans. (A) The Swing Lender may at any time (and shall no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)).
(B) Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the BorrowerBorrowers, which, upon receipt of such payment by the Swing Lender from Agent, the Borrower Borrowers shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Lender with respect to such portion..
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Refinancing Swing Loans. (Ai) The Swing Lender may at any time (and shall no less frequently than once each week) forward a demand to Administrative Agent (which Administrative Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Administrative Agent, for the account of the Swing Lender, such Revolving Lender’s Commitment Revolving Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii2.21))..
(Bii) Each Revolving Lender shall pay the amount owing by it to Administrative Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Administrative Agent after 1:00 p.m. may, in Administrative Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Lender from Administrative Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such LenderXxxxxx’s Commitment Revolving Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Lender of any payment from any Revolving Lender pursuant to this clause (iiic) with respect to any portion of any Swing Loan, the Swing Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Lender with respect to such portion.
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Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall shall, no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii1.11(e)(ii)).
(B) Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. (New York time) may, in Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the BorrowerBorrowers, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower Borrowers shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iiiSection 1.1(c)(iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 1 contract
Samples: Credit Agreement (Landec Corp \Ca\)
Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) forward a demand to Agent request, on behalf of the applicable Borrower (which Agent shallhereby irrevocably authorizes the Swingline Lender to so request on its behalf), upon receipt, forward to each Revolving Lender) that each Revolving Lender pay make a Base Rate Loan in an amount equal to Agent, for the account of the Swing Lender, such Revolving Lender’s Commitment Percentage of the outstanding amount of Swing Loans then outstanding. Such request shall be made in writing (as which written request shall be deemed to be a Notice of Borrowing for purposes hereof) and in accordance with the requirements of Section 1.5, without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized portion of the Revolving Loan Commitments and the conditions set forth in Section 2.2. The Swingline Lender shall furnish the applicable Borrower with a copy of the applicable Notice of Borrowing promptly after delivering such amount may be increased pursuant notice to Section 2.11(e)(ii)).
(B) the Agent. Each Revolving Lender shall pay make an amount equal to its Commitment Percentage of the amount owing by it specified in such Notice of Borrowing available to the Agent in Same Day Funds (and the Agent may apply cash collateral available with respect to the applicable Swing Loan) for the account of the Swing Swingline Lender at the Agent’s Office for Dollar-denominated payments not later than 1:00 p.m. on the Business Day following receipt day specified in such Notice of the notice or demand therefor. Payments received by Agent after 1:00 p.m. mayBorrowing, in Agent’s discretionwhereupon, be deemed subject to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g)1.1(e)(iii)(B), such each Revolving Lender that so makes funds available shall be deemed to have made a Revolving Base Rate Loan to the Borrowerapplicable Borrower in such amount. The Agent shall remit the funds so received to the Swingline Lender.
(B) If for any reason any Swing Loan cannot be refinanced by such a Borrowing in accordance with Section 1.1(e)(iii)(A), which, upon receipt of such payment the request for Base Rate Loans submitted by the Swing Swingline Lender from Agent, the Borrower as set forth herein shall be deemed to have used be a request by the Swingline Lender that each of the Revolving Lenders fund its risk participation in whole the relevant Swing Loan and each Revolving Lender’s payment to refinance the Agent for the account of the Swingline Lender pursuant to Section 1.1(e)(iii)(A) shall be deemed payment in respect of such Swing Loan. In addition, regardless participation.
(C) If any Revolving Lender fails to make available to the Agent for the account of whether the Swingline Lender any amount required to be paid by such demand is made, upon Swingline Lender pursuant to the occurrence foregoing provisions of any Event of Default under this Section 8.1(f1.1(e)(iii) or 8.1(gby the time specified in Section 1.1(e)(iii)(A), each Revolving the Swingline Lender shall be deemed entitled to have acquiredrecover from such Revolving Lender (acting through the Agent), without recourse on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Swingline Lender at a rate per annum equal to the greater of the applicable Overnight Rate from time to time in effect and a rate determined by the Swingline Lender in accordance with banking industry rules on interbank compensation, plus any administrative, processing or warranty, an undivided similar fees customarily charged by the Swingline Lender in connection with the foregoing. If such Revolving Lender pays such amount (with interest and participation in each Swing Loan in an fees as aforesaid), the amount equal to so paid shall constitute such Lender’s Commitment Percentage of such Loan included in the relevant Borrowing or funded participation in the relevant Swing Loan, as the case may be. If any payment made by A certificate of the Swingline Lender submitted to any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by (through the Swing Lender of any payment from any Revolving Lender pursuant to this clause (iiiAgent) with respect to any portion of any Swing Loan, the Swing Lender amounts owing under this clause (C) shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Lender with respect to such portionbe conclusive absent manifest error.
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Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (time, and shall no less frequently than once each week) , forward a demand to the Administrative Agent (which the Administrative Agent shall, upon receipt, forward to each Revolving Credit Lender) that each Revolving Credit Lender pay to the Administrative Agent, for the account of the Swing Swingline Lender, such Revolving Credit Lender’s Commitment Percentage 's Pro Rata Share of all or a portion of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)).
(B) Loans. Each Revolving Credit Lender shall pay such Pro Rata Share to the amount owing by it to Administrative Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business DaySwingline Lender. Upon receipt by the Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g9.1(e)), such Revolving Credit Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from the Administrative Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g9.1(e), each Revolving Credit Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage 's Pro Rata Share of such Swing Loan. If any payment made by any Revolving Credit Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Credit Lender pursuant to this clause (iiic) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Credit Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (PROS Holdings, Inc.)
Refinancing Swing Loans. (Aa) The Swing Swingline Lender may at any time (time, and shall no less frequently than once at least one Business Day prior to each week) Settlement Date, forward a demand to the Administrative Agent (which the Administrative Agent shall, upon receipt, forward to each Revolving A Lender) that each Revolving A Lender pay to the Administrative Agent, for the account of the Swing Swingline Lender, such Revolving A Lender’s Commitment Percentage Pro Rata Share of all of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii2.2(f)(ii)).
(B) . Each Revolving A Lender shall pay such Pro Rata Share of the amount owing by it outstanding Swing Loans to the Administrative Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business DaySwingline Lender. Upon receipt by the Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g9.1(e)), such Revolving A Lender shall be deemed to have made a Revolving A Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from the Administrative Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g9.1(e), each Revolving A Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Revolving A Lender’s Commitment Percentage Pro Rata Share of such Swing Loan. If any payment made by any Revolving A Lender as a result of any such demand is not deemed a Revolving A Loan, such payment shall be deemed a funding by such Revolving A Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving A Lender pursuant to this clause (iiia) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving A Lender all payments of principal (to the extent received after such payment by such Revolving A Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion. The Swingline Lender shall be entitled to offset amounts owed by the Revolving A Lenders pursuant to this Section 2.3(a) against payments to be made to the Revolving A Lenders on such Settlement Date. Notwithstanding anything set forth above, to the extent that the outstanding Revolving A Loans are not held ratably among the Revolving A Lenders and there is insufficient availability under the Commitment A of any Revolving Lender to fund its entire Pro Rata Share of any requested new Revolving A Loan, such Revolving A Lender’s Pro Rata Share of such requested new Revolving A Loan and its interest in any Swing Loan that cannot be funded shall be reduced to the extent such Revolving A Loan or purchase of an interest in Swing Loans will result in such Revolving A Lender’s Revolving A Exposure being equal to (and not in excess of) its Commitment A, and the remaining portion of such Revolving A Loan or purchase of an interest in such Swing Loans shall be funded ratably by the Working Capital Lenders.
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Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) forward a demand to the Administrative Agent (which the Administrative Agent shall, upon receipt, forward to each Revolving Credit Lender) that each Revolving Credit Lender pay to the Administrative Agent, for the account of the Swing Swingline Lender, such Revolving Credit Lender’s Commitment Percentage Pro Rata Share of all or a portion of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)).
(B) Loans. Each Revolving Credit Lender shall pay such Pro Rata Share to the amount owing by it to AMENDED AND RESTATED CREDIT AGREEMENT MEDICAL STAFFING NETWORK, INC. Administrative Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business DaySwingline Lender. Upon receipt by the Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g9.1(e)), such Revolving Credit Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from the Administrative Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g9.1(e), each Revolving Credit Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage Pro Rata Share of such Swing Loan. If any payment made by any Revolving Credit Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Credit Lender pursuant to this clause (iiic) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Credit Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 1 contract
Samples: Credit Agreement (Medical Staffing Network Holdings Inc)
Refinancing Swing Loans. (A) The Swing Swingline Lender or, subject to Sections 1.2 and 1.3, Borrower, may at any time (and shall no less frequently than once each week) forward a demand to the Agent (which the Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to the Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage Pro Rata Share of all or a portion of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)).
(B) Loans. Each Revolving Lender shall pay such Pro Rata Share to the amount owing by it to Agent for the account of the Swing Swingline Lender if the notice or demand therefor was received by such Lender prior to 12:00 p.m. (New York time) on any Business Day, on such Business Day and (B) otherwise, on the Business Day following receipt of the notice or demand thereforsuch receipt. Payments received by the Agent after 1:00 2:00 p.m. may, in Agent’s discretion, (New York time) shall be deemed to be received on the next Business Day. Upon receipt by the Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f7.1(g) or 8.1(g7.1(h)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from the Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f7.1(g) or 8.1(g7.1(h), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage Pro Rata Share of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
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Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) or, subject to subsection 1.5(a), the Borrower Representative, may at any time forward a demand to the Agent (which the Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to the Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of all or a portion of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)).
(B) Loans. Each Revolving Lender shall pay such Commitment Percentage to the amount owing by it to Agent for the account of the Swing Swingline Lender (A) if the notice or demand therefor was received by such Lender prior to 12:00 p.m. (New York time) on any Business Day, on such Business Day and (B) otherwise, on the Business Day following receipt of the notice or demand thereforsuch receipt. Payments received by the Agent after 1:00 2:00 p.m. may, in Agent’s discretion, (New York time) shall be deemed to be received on the next Business Day. Upon receipt by the Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the BorrowerBorrowers, which, upon receipt of such payment by the Swing Swingline Lender from the Agent, the Borrower Borrowers shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender from any Borrower with respect to such portion.
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Refinancing Swing Loans. (Ai) The Swing Lender may at any time (and shall no less frequently than once each week) forward a demand to Administrative Agent (which Administrative Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Administrative Agent, for the account of the Swing Lender, such Revolving Lender’s Commitment Revolving Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)2.21).
(Bii) Each Revolving Lender shall pay the amount owing by it to Administrative Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Administrative Agent after 1:00 p.m. may, in Administrative Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Lender from Administrative Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such LenderLxxxxx’s Commitment Revolving Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Lender of any payment from any Revolving Lender pursuant to this clause (iiic) with respect to any portion of any Swing Loan, the Swing Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Lender with respect to such portion.
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Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) forward a demand to the Administrative Agent (which the Administrative Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to the Administrative Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage 's Pro Rata Share of all or a portion of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)).
(B) Loans. Each Revolving Lender shall pay such Pro Rata Share to the amount owing by it to Administrative Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business DaySwingline Lender. Upon receipt by the Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g9.1(e)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from the Administrative Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. Any such Revolving Loan that is deemed to have been made pursuant to this clause (c) prior to the date that is 24 months after the Closing Date and is made in respect of a Swing Loan that constitutes an Overadvance shall constitute a Special Overadvance. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g9.1(e), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage 's Pro Rata Share of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iiic) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
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Refinancing Swing Loans. (A1) The Swing Swingline Lender may at any time (and shall shall, no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii1.11(e)(ii)).
(B2) Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. (New York time) may, in Agent’s discretion, discretion be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
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Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Loan Lender) that each Revolving Loan Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Loan Lender’s Commitment Percentage Pro Rata Share of all or a portion of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)).
(B) Loans. Each Revolving Loan Lender shall pay the amount owing by it such Pro Rata Share to Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business DaySwingline Lender. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g(g)), such Revolving Loan Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g(g), each Revolving Loan Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage Pro Rata Share of such Swing Loan. If any payment made by any Revolving Loan Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Loan Lender pursuant to this clause (iiic) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Loan Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
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Samples: Credit Agreement (DynaVox Inc.)
Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall no less frequently than once each a week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(iisubsection 1.12(e)(ii)).
(B) Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefortherefore. Payments received by Agent after 1:00 p.m. (New York time) may, in Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
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Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii1.11(e)(iv)).
(B) Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 12:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such US-DOCS\99983253.20 payment by the Swing Swingline Lender from Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
Appears in 1 contract
Samples: Credit Agreement (R1 RCM Inc.)
Refinancing Swing Loans. (A1) The Swing Swingline Lender may at any time (and shall shall, no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii1.11(e)(ii)).
(B2) Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the BorrowerBorrowers, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower Borrowers shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence and during the continuation of any Event of Default under Section 8.1(f7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
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Refinancing Swing Loans. (A) The Swing If no Revolving Lender is a Non-Funding Lender, the Swingline Lender may at any time (and shall shall, no less frequently than once each week) forward a demand to Administrative Agent (which Administrative Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Administrative Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans. If any Revolving Lender is a Non-Funding Lender, that Non-Funding Lender’s reimbursement obligations with respect to the Swing Loans shall be reallocated to and assumed by the other Revolving Lenders pro rata in accordance with their Commitment Percentages of the Revolving Loans (calculated as such if the Non-Funding Lender’s Commitment Percentage was reduced to zero and each other Revolving Lender’s Commitment Percentage had been increased proportionately). If any Revolving Lender is a Non-Funding Lender, upon receipt of the demand described above, each Revolving Lender that is not a Non-Funding Lender will be obligated to pay to Administrative Agent for the account of the Swingline Lender its pro rata share of the outstanding Swing Loans (increased as described above); provided that no Revolving Lender shall be required to fund any amount may be increased pursuant which would result in the sum of its outstanding Revolving Loans, outstanding Letter of Credit Obligations, amounts of its participations in Swing Loans and its pro rata share of unparticipated amounts in Swing Loans to Section 2.11(e)(ii)).
(B) exceed its Revolving Loan Commitment. Each Revolving Lender shall pay the amount owing by it to Administrative Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Administrative Agent after 1:00 p.m. (New York time) may, in Administrative Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the Applicable Borrower, which, upon receipt of such payment by the Swing Swingline Lender from Administrative Agent, the such Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(fsubsection 7.1(f) or 8.1(g7.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
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Refinancing Swing Loans. (Ai) The Swing Lender may Swingline Lender, at any time (and shall no less frequently than once each week) forward a demand from time to Agent time in its sole and absolute discretion may, on behalf of the Borrower (which Agent shallhereby irrevocably directs the Swingline Lender to act on its behalf), upon receipton one Business Day’s notice given by the Swingline Lender no later than 12:00 Noon, forward to New York City time, request each Revolving Lender) that Credit Lender to make, and each Revolving Credit Lender pay hereby agrees to Agentmake, for the account of the Swing Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii)).
(B) Each Revolving Lender shall pay the amount owing by it to Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f) or 8.1(g)), such Revolving Lender shall be deemed to have made a Revolving Loan to the BorrowerLoan, which, upon receipt of such payment by the Swing Lender from Agent, the Borrower shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f) or 8.1(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Revolving Credit Lender’s Commitment Revolving Percentage of the aggregate amount of the Swing Loans (the “Refunded Swing Loans”) outstanding on the date of such notice, to repay the Swingline Lender. Each Revolving Credit Lender shall make the amount of such Revolving Loan available to the Administrative Agent at the Funding Office in immediately available funds, not later than 10:00 A.M., New York City time, one Business Day after the date of such notice. The proceeds of such Revolving Loans shall be immediately made available by the Administrative Agent to the Swingline Lender for application by the Swingline Lender to the repayment of the Refunded Swing LoanLoans. The Borrower irrevocably authorizes the Swingline Lender to charge the Borrower’s accounts with the Administrative Agent (up to the amount available in each such account) in order to immediately pay the amount of such Refunded Swing Loans to the extent amounts received from the Revolving Credit Lenders are not sufficient to repay in full such Refunded Swing Loans.
(ii) If prior to the time a Revolving Loan would have otherwise been made pursuant to Section 2.3(c)(i), one of the events described in Section 9.1(e) shall have occurred and be continuing with respect to the Borrower or if for any other reason, as determined by the Swingline Lender in its sole discretion, Revolving Loans may not be made as contemplated by Section 2.3(c)(i), each Revolving Credit Lender shall, on the date such Revolving Loan was to have been made pursuant to the notice referred to in Section 2.3(c)(i), purchase for cash an undivided participating interest in the then outstanding Swing Loans by paying to the Swingline Lender an amount (the “Swingline Participation Amount”) equal to (i) such Revolving Credit Lender’s Revolving Percentage times (ii) the sum of the aggregate principal amount of Swing Loans then outstanding that were to have been repaid with such Revolving Loans.
(iii) Whenever, at any time after the Swingline Lender has received from any Revolving Credit Lender such Lender’s Swingline Participation Amount, the Swingline Lender receives any payment made by any Revolving on account of the Swing Loans, the Swingline Lender as a result will distribute to such Lender its Swingline Participation Amount (appropriately adjusted, in the case of any interest payments, to reflect the period of time during which such demand Lender’s participating interest was outstanding and funded and, in the case of principal and interest payments, to reflect such Lender’s pro rata portion of such payment if such payment is not deemed a Revolving Loansufficient to pay the principal of and interest on all Swing Loans then due); provided, however, that in the event that such payment shall be deemed a funding received by such the Swingline Lender of such participation. Such participation shall not be otherwise is required to be funded. Upon receipt returned, such Revolving Credit Lender will return to the Swingline Lender any portion thereof previously distributed to it by the Swing Lender of any payment from any Revolving Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swing Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Swingline Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Lender with respect to such portion.
Appears in 1 contract
Samples: First Lien Credit Agreement (SRAM International Corp)
Refinancing Swing Loans. (A) The Swing Swingline Lender may at any time (and shall shall, no less frequently than once each week) forward a demand to Agent (which Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to Agent, for the account of the Swing Swingline Lender, such Revolving Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii1.18(b)).
(B) . Each Revolving Lender shall pay the such amount owing by it to Agent for the account of the Swing Swingline Lender on the Business Day following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f8.01(f) or 8.1(g)(g), such Revolving Lender shall be deemed to have made a Revolving Loan to the BorrowerBorrowers, which, upon receipt of such payment by the Swing Swingline Lender from Agent, the Borrower Borrowers shall be deemed to have used such payment in whole full to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon Upon the occurrence of any Event of Default under Section 8.1(f8.01(f) or 8.1(g(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Swingline Lender of any payment from any Revolving Lender pursuant to this clause (iii) Section with respect to any portion of any Swing Loan, the Swing Swingline Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Swingline Lender with respect to such portion.
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Refinancing Swing Loans. (A) The Swing Lender may at any time (and shall no less frequently than once each week) forward a demand to the Administrative Agent (which the Administrative Agent shall, upon receipt, forward to each Revolving Lender) that each Revolving Lender pay to the Administrative Agent, for the account of the Swing Lender, such Revolving Lender’s Commitment Percentage Pro Rata Share of the outstanding Swing Loans (as such amount may be increased pursuant to Section 2.11(e)(ii2.17(a)).
(B) . Each Revolving Lender shall pay the amount owing by it to the Administrative Agent for the account of the Swing Lender on the Business Day following receipt of the notice or demand therefor. Payments received by the Administrative Agent after 1:00 p.m. may, in the Administrative Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by the Administrative Agent of such payment (other than during the continuation of any Event of Default under Section 8.1(f8.01(f) or 8.1(g8.01(g)), such Revolving Lender shall be deemed to have made a Revolving Credit Loan to the BorrowerBorrowers, which, upon receipt of such payment by the Swing Lender from the Administrative Agent, the Borrower Borrowers shall be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 8.1(f8.01(f) or 8.1(g8.01(g), each Revolving Lender shall be deemed to have acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage Pro Rata Share of such Swing Loan. If any payment made by any Revolving Lender as a result of any such demand is not deemed a Revolving Credit Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swing Lender of any payment from any Revolving Lender pursuant to this clause (iiiii) with respect to any portion of any Swing Loan, the Swing Lender shall promptly pay over to such Revolving Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the Swing Lender with respect to such portion.
(a) In the event of a Notice of Borrowing for a SOFR Loan or a Base Rate Loan (unless in the case of a Base Rate Loan the Swing Lender has determined to make a Swing Loan in lieu of such Base Rate Loan), then following receipt of such a Notice of Borrowing, the Administrative Agent shall promptly notify each Lender of the amount of its Pro Rata Share of the Revolving Credit Loans, and if no timely notice of a conversion or continuation is provided by the applicable Borrower, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans described in Section 2.02(c). Each Lender shall make the amount of its Revolving Credit Loan available to the Administrative Agent in immediately available funds to the Administrative Agent’s Account not later than (x) 10:00 a.m., in the case of SOFR Loans, and (y) 11:00 a.m., in the case of Base Rate Loans, on the Business Day specified in the applicable Notice of Borrowing. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the Initial Credit Extension, Section 4.01), the Administrative Agent shall make all funds so received available to the applicable Borrower in like funds as received by the Administrative Agent either by (i) crediting the account of such Borrower on the books of the Administrative Agent with the amount of such funds or (ii) wire transfer of such funds to the Designated Account or to such other Deposit Account or Securities Account of the applicable Borrower identified by the Parent Borrower.
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Samples: Asset Based Revolving Credit Agreement (Vista Outdoor Inc.)
