Common use of Refunding Revolving Credit Loans Clause in Contracts

Refunding Revolving Credit Loans. In its sole and absolute discretion, the Swingline Lender may at any time after the occurrence and during the continuance of a Default or Event of Default, on behalf of the Company (which hereby irrevocably authorizes the Swingline Lender to act on its behalf for such purpose), request each Bank to make a Revolving Credit Loan in an amount equal to such Bank's Percentage Interest of the Swingline Loans outstanding on the date such notice is given. Each Bank shall make the proceeds of its requested Revolving Credit Loan available to the Swingline Lender, in immediately available funds, at the office of the Swingline Lender specified herein before 11:00 a.m. (Milwaukee time) on the Business Day following the day such notice is given. The proceeds of such Revolving Credit Loans shall be immediately applied to repay the outstanding Swingline Loans.