Common use of Refunding of Swing Loans Clause in Contracts

Refunding of Swing Loans. In its sole and absolute discretion, the Swing Line Lender may at any time, on behalf of the applicable Borrower (which each Borrower hereby irrevocably authorizes the Swing Line Lender to act on its behalf for such purpose) and with notice to such Borrower and the Administrative Agent, request each Lender to make a SBAC Revolving Loan or a SBF Revolving Loan, as applicable, in the form of a Base Rate Loan in an amount equal to such Lender’s Pro Rata Share of the amount of the Swing Loans outstanding on the date such notice is given. Unless an Event of Default described in Section 9.1(i) or 9.1(j) exists with respect to either Borrower, regardless of the existence of any other Event of Default, each Lender shall make the proceeds of its requested SBAC Revolving Loan and/or SBF Revolving Loan, as applicable, available to the Administrative Agent, in immediately available funds, at the Administrative Agent’s principal office in Cincinnati, Ohio, before 2:00 p.m. (Cincinnati time) on the Business Day such notice is given. The proceeds of such Borrowing of SBAC Revolving Loans and/or SBF Revolving Loans, as applicable, shall be immediately applied to repay the outstanding Swing Loans.

Refunding of Swing Loans. In its sole and absolute discretion, the Swing Line Lender may at any time, on behalf of the applicable Borrower Borrowers (which each Borrower the Borrowers hereby irrevocably authorizes authorize the Swing Line Lender to act on its their behalf for such purpose) and with notice to such Borrower the Borrowers and the Administrative Agent, request each U.S. Revolving Lender to make a SBAC U.S. Revolving Loan or a SBF Revolving Loan, as applicable, in the form of a Base Rate Loan in an amount equal to such LenderXxxxxx’s Pro Rata Share of the amount of the Swing Loans outstanding on the date such notice is given. Unless an Event of Default described in Section 9.1(i8.1(g) or 9.1(j8.1(h) exists with respect to either any Borrower, regardless of the existence of any other Event of Default, each U.S. Revolving Lender shall make the proceeds of its requested SBAC U.S. Revolving Loan and/or SBF Revolving Loan, as applicable, available to the Administrative Agent, in immediately available funds, at the Administrative Agent’s principal office in Cincinnati, Ohio, before 2:00 p.m. 12:00 noon (Cincinnati time) on the Business Day such notice is givengiven if such notice is provided to the U.S. Revolving Lenders by 11:00 a.m. (Cincinnati time) on such day. The proceeds of such Borrowing of SBAC U.S. Revolving Loans and/or SBF Revolving Loans, as applicable, shall be immediately applied to repay the outstanding Swing Loans.