Common use of Repayment of Swing Line Loans Clause in Contracts

Repayment of Swing Line Loans. (a) Each Borrower hereby absolutely and unconditionally, severally and not jointly, promises to pay to the Swing Line Lender, and each Swing Line Loan made to such Borrower shall mature and the principal amount thereof become due and payable in full, on the earlier to occur of (i) seven (7) Banking Days after the date such Swing Line Loan is made and (ii) the Expiration Date. (b) Subject to the foregoing provisions of this Section 3.04, a Borrower may apply all or any portion of the proceeds of any Swing Line Loan made to such Borrower to the repayment of any unpaid principal amount of any other Loan then outstanding to such Borrower; PROVIDED that no Borrower shall have Loans outstanding hereunder on more than sixty (60) consecutive calendar days.