Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Agent and the Lenders, NationsBank shall make available Swing Line Loans to BREED in Dollars prior to the Revolving Credit Termination Date. NationsBank shall not make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers are not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed $20,000,000, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, Revolving Credit Outstandings and Letter of Credit Outstandings exceeds the Total Revolving Credit Commitment. Swing Line Loans shall be limited to Base Rate Loans. BREED may borrow, repay and reborrow under this Section 3.14. Borrowings under the Swing Line shall be made in the ------------ minimum amount of $500,000 or, if greater, in amounts which are integral multiples of $100,000, or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receipt, by an Authorized Representative made to NationsBank not later than 2:00 P.M. on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2, with appropriate ----------- insertions. Each repayment of a Swing Line Loan shall be in an amount which is an integral multiple of $100,000 or the aggregate amount of all Swing Line Outstandings. (b) Swing Line Loans shall be in Dollars and shall bear interest at the Base Rate, the interest payable on Swing Line Loans is solely for the account of NationsBank, and all accrued and unpaid interest on Swing Line Loans shall be payable on the dates and in the manner provided in Sections 3.2(b) and 3.4 with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a Swing Line Note delivered to NationsBank. (c) Upon the making of a Swing Line Loan, each Lender with a Revolving Credit Commitment shall be deemed to have purchased from NationsBank a Participation therein in an amount equal to that Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation shall be deemed (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 until BREED Converts ----------- such Base Rate Loan in accordance with the terms of Section 3.8, and (ii) in all ----------- cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREED, at its option and subject to the terms hereof, may request an Advance pursuant to Section 3.1 in an amount sufficient to repay Swing Line ----------- Outstandings on any date and the Agent shall provide from the proceeds of such Advance to NationsBank the amount necessary to repay such Swing Line Outstandings (which NationsBank shall then apply to such repayment) and credit any balance of the Advance in immediately available funds in the manner directed by the Borrower pursuant to Section 3.1(c)(ii). The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Loans in the amount of such Advances. The Swing Line shall continue in effect until the Revolving Credit Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full.
Appears in 1 contract
Swing Line. (a) Notwithstanding any other provision of this ---------- Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Agent and the Lenders, NationsBank shall make available Swing Line Loans to BREED in Dollars the Borrower prior to the Revolving Credit Termination Date. NationsBank shall not make any Swing Line Loan pursuant hereto (i) if if, to the actual knowledge of NationsBank NationsBank, the Borrowers are Borrower is not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed $20,000,000, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, Revolving Outstanding Credit Outstandings and Letter of Credit Outstandings exceeds Obligations exceed the Total Revolving Credit Commitment. Swing Line Loans shall be limited to Base Rate LoansLoans bearing interest at the Adjusted CD Rate. BREED The Borrower may borrow, repay and reborrow under this Section 3.142.15. Borrowings Unless notified to the contrary by NationsBank, borrowings under the Swing Line shall be made in the ------------ minimum amount of $500,000 or, if greater, in amounts which are integral multiples of $100,00050,000, or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receipt, by an Authorized Representative of the Borrower made to NationsBank not later than 2:00 12:30 P.M. on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2, with appropriate ----------- insertions. Each Unless notified to the ----------- contrary by NationsBank, each repayment of a Swing Line Loan shall be in an amount which is an integral multiple of $100,000 50,000 or the aggregate amount of all Swing Line Outstandings. If the Borrower instructs NationsBank to debit any demand deposit account of the Borrower in the amount of any payment with respect to a Swing Line Loan, or NationsBank otherwise receives repayment, after 2:00 P.M. Charlotte, North Carolina time on a Business Day, such payment shall be deemed received on the next Business Day.
(b) Swing Line Loans shall be in Dollars and shall bear interest at the Base Adjusted CD Rate, the interest payable on Swing Line Loans is solely for the account of NationsBank, and all accrued and unpaid interest on Swing Line Loans shall be payable on the dates and in the manner provided in Sections 3.2(b2.01(b) and 3.4 2.03 with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a Swing Line the Note delivered to NationsBankNationsBank pursuant to Section 2.07.
(c) Upon the making of a Swing Line Loan, each Lender with a Revolving Credit Commitment shall be deemed to have purchased from NationsBank a Participation therein in an amount equal to that Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation shall be deemed (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 2.01 until BREED the Borrower Converts ----------- such Base Rate Loan in accordance with the terms of Section 3.82.09, and (ii) in all ----------- other cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREEDThe Borrower, at its option and subject to the terms hereof, may request an Advance pursuant to Section 3.1 2.01 in an amount sufficient to repay Swing Line ----------- Outstandings on any date and the Agent shall provide from the proceeds of such Advance to NationsBank the amount necessary to repay such Swing Line Outstandings (which NationsBank shall then apply to such repayment) and credit any balance of the Advance in immediately available funds in the manner directed by the Borrower pursuant to Section 3.1(c)(ii2.01(c)(ii). The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Loans in the amount of such Advances. The Swing Line shall continue in effect until the Revolving Credit Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full.
Appears in 1 contract
Samples: Revolving Credit and Reimbursement Agreement (Accustaff Inc)
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Agent and the Lenders, NationsBank shall make available Swing Line Loans to BREED in Dollars the Borrower prior to the Revolving Credit Termination Date. NationsBank shall not make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers are Borrower is not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed $20,000,0005,000,000, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, the Revolving Credit Outstandings and Letter of Credit Outstandings exceeds the Total Revolving Credit Commitment. Swing Line Loans shall be limited to Base CD Rate Loans. BREED The Company may borrow, repay and reborrow under this Section 3.142.14. Borrowings Unless notified to the contrary by NationsBank, borrowings under the Swing Line shall be made in the ------------ minimum amount of $500,000 or, if greater, in amounts which are integral multiples of $100,000, 200,000 or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receipt, by an Authorized Representative of the Borrower made to NationsBank not later than 2:00 12:30 P.M. on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2, with appropriate ----------- insertions. Each repayment If the Borrower instructs NationsBank to debit any demand deposit account of the Borrower in the amount of any payment with respect to a Swing Line Loan Loan, or NationsBank otherwise receives repayment, after 1:00 P.M. on a Business Day, such payment shall be in an amount which is an integral multiple of $100,000 or deemed received on the aggregate amount of all Swing Line Outstandingsnext Business Day.
(b) Swing Line Loans shall be in Dollars and shall bear interest at the Base CD Rate, the interest payable on Swing Line Loans is solely for the account of NationsBank, and all accrued and unpaid interest on Swing Line Loans shall be payable on the dates and in the manner time provided in Sections 3.2(b2.2(b) and 3.4 2.4 with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a Swing Line the Note delivered to NationsBankNationsBank pursuant to Section 2.5.
(c) Upon the making of a Swing Line Loan, each Lender with a Revolving Credit Commitment shall be deemed to have purchased from NationsBank a Participation therein in an amount equal to that Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation shall be deemed (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 2.1 until BREED the Borrower Converts ----------- such Base Rate Loan in accordance with the terms of Section 3.82.8, and (ii) in all ----------- other cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREED, at its option and subject to the terms hereof, may request an Advance pursuant to Section 3.1 in an amount sufficient to repay Swing Line ----------- Outstandings on any date and the Agent shall provide from the proceeds of such Advance to NationsBank the amount necessary to repay such Swing Line Outstandings (which NationsBank shall then apply to such repayment) and credit any balance of the Advance in immediately available funds in the manner directed by the Borrower pursuant to Section 3.1(c)(ii). The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Loans in the amount of such Advances. The Swing Line shall continue in effect until the Revolving Credit Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full.each
Appears in 1 contract
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Agent and the Lenders, NationsBank shall make available Swing Line Loans to BREED in Dollars the Borrower prior to the Revolving Credit Termination Date. Each provision of Section 2.01(c) hereof applicable to Base Rate Loans shall be applicable in all respects to each Swing Line Loan.
(a) NationsBank shall not make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers are Borrower is not in compliance with all the conditions to the making of Revolving Credit Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed $20,000,000the Total Swing Line Commitment, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, Revolving Credit Outstandings and Letter of Credit all Outstandings exceeds the lesser of the Borrowing Base or the Total Revolving Credit Commitment. Swing Line Loans shall be limited to Base Rate Loans. BREED may borrow, repay and reborrow under this Section 3.14. Borrowings .
(b) All Advances made by NationsBank under the Swing Line pursuant to this Section 2.02 outstanding on any day shall be bear interest at the rate agreed to between the Borrower and NationsBank and, unless made in the ------------ minimum amount of $500,000 oraccordance with Section 2.01(c)(iv), if greater, in amounts which are integral multiples of $100,000, or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receipt, by an Authorized Representative made to NationsBank not later than 2:00 P.M. on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form minimum principal amount of Exhibit D-2, with appropriate ----------- insertions. Each repayment $1,000,000 and any increment of a $100,000 in excess thereof.
(c) The principal amount of each Swing Line Loan shall be in an amount which is an integral multiple of $100,000 or the aggregate amount of all Swing Line Outstandings.
(b) Swing Line Loans shall be in Dollars and shall bear interest at the Base Rate, the interest payable on Swing Line Loans is solely for the account of NationsBank, and all accrued and unpaid interest on Swing Line Loans shall be payable on the dates and in earlier to occur of (i) the manner provided in Sections 3.2(b) and 3.4 with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a Swing Line Note delivered to NationsBank.
(c) Upon the making of a Swing Line Loan, each Lender repayment thereof with a Revolving Credit Commitment Loan pursuant to Section 2.02(e) below and (ii) the Swing Line Termination Date.
(d) The Borrower and each Lender which is or may become a party hereto acknowledge that all Swing Line Loans are to be made solely by NationsBank to the Borrower but that such Lender shall be deemed share the risk of loss with respect to have purchased from NationsBank a Participation therein such Advances by making an Advance under the Revolving Credit Facility to repay such Swing Line Loan in an amount equal to that such Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation shall be deemed (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 until BREED Converts ----------- such Base Rate Loan in accordance with the terms of Section 3.8, and (ii) in all ----------- cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide pay its purchase price ratable share of the principal amount of outstanding Swing Line Loans by making such Advances under the Revolving Credit Facility up to NationsBank but not exceeding the Revolving Credit Commitment of such Lender shall be absolute and unconditional and shall be made without counterclaim, deduction or set-off by such Lender. Without limiting the generality of the foregoing, each Lender's obligation to pay its ratable share of the principal amount of all outstanding Swing Line Loans by making such Revolving Credit Loans as set forth above in this Section 2.02(d) shall not be affected by by:
(i) any failure or inability of the Borrower to satisfy the applicable conditions to borrowing set forth in Section 5.02,
(ii) any lack of validity or enforceability of this Agreement or any of the other Loan Documents, or
(iii) the occurrence of a any Default or an Event of Default or any other occurrence or event. BREEDDefault.
(e) NationsBank may, at any time, in its option and subject sole discretion, by written notice to the terms hereofBorrower, may request an Advance the Agent and the Lenders, demand repayment of its Swing Line Loans. Any such demand for repayment of the Swing Line Loans, and the occurrence of the Swing Line Termination Date, shall be deemed to constitute a Borrowing Notice pursuant to Section 3.1 2.01(c)(i) and (ii), effective on the date of such demand or occurrence, respectively, with respect to a Base Rate Loan advanced under the Revolving Credit Facility on the date of such Borrowing Notice in the aggregate principal amount of all outstanding Swing Line Loans. Each Lender shall pay to the Agent, for the account of NationsBank, an amount of such Base Rate Loan equal to its Applicable Commitment Percentage (determined before giving effect to any termination of the Revolving Credit Commitments pursuant to Section 9.01) in the manner described in Section 2.01(c)(iii).
(f) The Agent shall upon the receipt of an Advance as a Revolving Credit Loan pursuant to Section 2.02(e) in an amount sufficient to repay any or all Swing Line ----------- Outstandings on any date and the Agent shall Loans then outstanding, provide from the proceeds of such Advance to NationsBank the amount necessary to repay such Swing Line Outstandings Loan or Loans (which NationsBank shall then apply to such repayment) and credit any balance of the Advance Revolving Loan in immediately available funds in the manner directed by the Borrower pursuant to Section 3.1(c)(ii). The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Loans in the amount of such Advances. Borrower's Account.
(g) The Swing Line shall continue in effect until the earlier of (i) occurrence and continuation of a Default, or (ii) the Revolving Credit Termination Date, at which time all Date (the "Swing Line Outstandings and accrued interest thereon shall be due and payable in fullTermination Date").
Appears in 1 contract
Samples: Credit Facilities and Reimbursement Agreement (Proffitts Inc)
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Agent and the Lenders, NationsBank shall make available Swing Line Loans to BREED in Dollars the Borrower prior to the Revolving Credit Termination Date. NationsBank shall not make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers are Borrower is not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed $20,000,00025,000,000, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, Revolving Credit Outstandings and Outstandings, Letter of Credit Outstandings and Reserve Amount exceeds the Total Revolving Credit Commitment. Swing Line Loans shall be limited to Base Rate Loans. BREED The Company may borrow, repay and reborrow under this Section 3.143.13. Borrowings Unless notified to the contrary by NationsBank, borrowings under the Swing Line shall be made in the ------------ minimum amount of $500,000 or, if greater, in amounts which are integral multiples of $100,000, or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receipt, by an Authorized Representative of the Borrower made to NationsBank not later than 2:00 3:00 P.M. on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2, with appropriate ----------- insertions. Each Unless notified to the contrary by NationsBank, each repayment of a Swing Line Loan shall be in an amount which is an integral multiple of $100,000 or the aggregate amount of all Swing Line Outstandings. If the Borrower instructs NationsBank to debit any demand deposit account of the Borrower in the amount of any payment with respect to a Swing Line Loan, or NationsBank otherwise receives repayment, after 3:00 P.M. on a Business Day, such payment shall be deemed received on the next Business Day.
(b) Swing Line Loans shall be in Dollars and shall bear interest at the Base Rate, the interest payable on Swing Line Loans is solely for the account of NationsBank, and all accrued and unpaid interest on Swing Line Loans shall be payable on the dates and in the manner provided in Sections 3.2(b) and 3.4 with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a Swing Line the Note delivered to NationsBankNationsBank pursuant to Section 3.5.
(c) Upon the making of a Swing Line Loan, each Lender with a Revolving Credit Commitment shall be deemed to have purchased from NationsBank a Participation therein in an amount equal to that Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation shall be deemed (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 until BREED Converts ----------- the Borrower converts such Base Rate Loan in accordance with the terms of Section 3.8, and (ii) in all ----------- other cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREEDThe Borrower, at its option and subject to the terms hereof, may request an Advance pursuant to Section 3.1 in an amount sufficient to repay Swing Line ----------- Outstandings on any date and the Agent shall provide from the proceeds of such Advance to NationsBank the amount necessary to repay such Swing Line Outstandings (which NationsBank shall then apply to such repayment) and credit any balance of the Advance in immediately available funds in the manner directed by the Borrower pursuant to Section 3.1(c)(ii). The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Loans in the amount of such Advances. The Swing Line shall continue in effect until the Revolving Credit Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full.
Appears in 1 contract
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Revolving Credit Three Year Facility in an efficient manner and to minimize the transfer of funds between the Administrative Agent and the Lenders, NationsBank Bank of America shall make available Swing Line Loans to BREED in Dollars the Borrower prior to the Revolving Credit Three Year Termination Date. NationsBank Bank of America shall not be obligated to make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank Bank of America the Borrowers are Borrower is not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed $20,000,0005,000,000, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, Revolving Credit Three Year Outstandings and Letter of Credit Outstandings exceeds the Total Revolving Credit Three Year Commitment. Swing Line Loans shall be limited The Company may, subject to Base Rate Loans. BREED may the conditions set forth in the preceding sentence, borrow, repay and reborrow under this Section 3.142.4. Borrowings Unless notified to the contrary by Bank of America, borrowings under the Swing Line shall be made in the ------------ minimum amount of $500,000 100,000 or, if greater, in amounts which are integral multiples of $100,000, or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receipt, by an Authorized Representative of the Borrower made to NationsBank Bank of America not later than 2:00 12:30 P.M. on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2, with appropriate ----------- insertions. Each Unless notified to the contrary by Bank of America, each repayment of a Swing Line Loan shall be in an amount which is an integral multiple of $100,000 or the aggregate amount of all Swing Line Outstandings.
(b) Swing Line Loans shall be in Dollars and shall bear interest at the Base Rate, the The interest payable on Swing Line Loans is solely for the account of NationsBankBank of America. Swing Line Loans shall bear interest solely at the Base Rate. Swing Line Loans shall accrue interest (including interest at the Default Rate on certain conditions), and all accrued and unpaid interest on Swing Line Loans shall be payable payable, on the dates and in the manner provided in Sections 3.2(b) and 3.4 4.3 with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a Swing Line Note delivered to NationsBank.
(c) Upon the making of a Swing Line Loan, each Lender with a Revolving Credit Commitment shall be deemed to have purchased from NationsBank Bank of America a Participation therein in an amount equal to that Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBankBank of America, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank Bank of America its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank Bank of America of the purchase price of its Participation shall when made be deemed to be (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 until BREED Converts ----------- such Base Rate Loan in accordance with the terms of Section 3.82.1(b), and (ii) in all ----------- other cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price to NationsBank Bank of America shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREEDThe Borrower, at its option and subject to the terms hereof, may request an Advance pursuant to Section 3.1 2.1(b) in an amount sufficient to repay Swing Line ----------- Outstandings on any date and the Administrative Agent shall provide from the proceeds of such Advance to NationsBank Bank of America the amount necessary to repay such Swing Line Outstandings (which NationsBank Bank of America shall then apply to such repayment) and credit any balance of the Advance in immediately available funds in the manner directed by the Borrower pursuant to Section 3.1(c)(ii2.1(d)(ii). The proceeds of such Advances ------------------ shall be paid to NationsBank Bank of America for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Loans in the amount of such Advances. The Swing Line shall continue in effect until the Revolving Credit Three Year Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full.
Appears in 1 contract
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Agent and the Lenders, NationsBank shall make available Swing Line Loans to BREED in Dollars the Borrower prior to the Revolving Credit Termination Date. NationsBank shall not be obligated to make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers are Borrower is not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed $20,000,0002,000,000, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, Revolving Credit Outstandings and Letter of Credit Outstandings exceeds the Total Revolving Credit Commitment. Swing Line Loans shall be limited The Company may, subject to Base Rate Loans. BREED may the conditions set forth in the preceding sentence, borrow, repay and reborrow under this Section 3.142.13. Borrowings Unless notified to the contrary by NationsBank, borrowings under the Swing Line shall be made in the ------------ minimum amount of $500,000 10,000 or, if greater, in amounts which are integral multiples of $100,00010,000, or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receipt, by an Authorized Representative of the Borrower made to NationsBank not later than 2:00 12:30 P.M. on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2, with appropriate ----------- insertions. Each Unless notified to the contrary by NationsBank, each repayment of a Swing Line Loan shall be in an amount which is an integral multiple of $100,000 10,000 or the aggregate amount of all Swing Line Outstandings.
(b) Swing Line Loans shall be in Dollars and shall bear interest at the Base Rate, the The interest payable on Swing Line Loans is solely for the account of NationsBank. Swing Line Loans shall bear interest solely at the Base Rate. Upon the occurrence of an Event of Default Swing Line Loans shall accrue interest at the Default Rate, and all accrued and unpaid interest on Swing Line Loans shall be payable payable, on the dates and in the manner provided in Sections 3.2(b) and 3.4 2.2 with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a Swing Line Note delivered to NationsBank.
(c) Upon the making of a Swing Line Loan, each Lender with a Revolving Credit Commitment shall be deemed to have purchased from NationsBank a Participation therein in an amount equal to that Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation shall when made be deemed to be (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 until BREED Converts ----------- such Base Rate Loan in accordance with the terms of Section 3.82.1, and (ii) in all ----------- other cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREEDThe Borrower, at its option and subject to the terms hereof, may request an Advance pursuant to Section 3.1 2.1 in an amount sufficient to repay Swing Line ----------- Outstandings on any date and the Agent shall provide from the proceeds of such Advance to NationsBank the amount necessary to repay such Swing Line Outstandings (which NationsBank shall then apply to such repayment) and credit any balance of the Advance in immediately available funds in the manner directed by the Borrower pursuant to Section 3.1(c)(ii2.1(c)(ii). The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Loans in the amount of such Advances. The Swing Line shall continue in effect until the Revolving Credit Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full.
Appears in 1 contract
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Revolving Credit 5 Year Facility in an efficient manner and to minimize the transfer of funds between the Agent and the Lenders, NationsBank shall make available Swing Line Loans to BREED in Dollars to the Borrower prior to the Revolving Credit 5 Year Termination Date. NationsBank shall not make any Swing Line Loan pursuant hereto (i) if if, to the actual knowledge of NationsBank NationsBank, the Borrowers are Borrower is not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed $20,000,000, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, Revolving Credit Outstandings and Letter of Credit Outstandings exceeds Outstanding 5 Year Obligations exceed the Total Revolving Credit 5 Year Commitment. Swing Line Loans shall be limited to Base Rate LoansLoans bearing interest at the Adjusted CD Rate. BREED The Borrower may borrow, repay and reborrow under this Section 3.142.15. Borrowings Unless notified to the contrary by NationsBank, borrowings under the Swing Line shall be made in the ------------ minimum amount of $500,000 or, if greater, in amounts which are integral multiples of $100,00050,000, or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receipt, by an Authorized Representative of the Borrower made to NationsBank not later than 2:00 12:30 P.M. on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2, with appropriate ----------- insertions. Each Unless notified to the contrary by NationsBank, each repayment of a Swing Line Loan shall be in an amount which is an integral multiple of $100,000 50,000 or the aggregate amount of all Swing Line Outstandings. If the Borrower instructs NationsBank to debit any demand deposit account of the Borrower in the amount of any payment with respect to a Swing Line Loan, or NationsBank otherwise receives repayment, after 2:00 P.M. on a Business Day, such payment shall be deemed received on the next Business Day.
(b) Swing Line Loans shall be in Dollars and shall bear interest at the Base Adjusted CD Rate, the interest payable on Swing Line Loans is solely for the account of NationsBank, and all accrued and unpaid interest on Swing Line Loans shall be payable on the dates and in the manner provided in Sections 3.2(b2.01(c) and 3.4 2.03 with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a Swing Line the Note delivered to NationsBankNationsBank pursuant to Section 2.07(d).
(c) Upon the making of a Swing Line Loan, each Lender with a Revolving Credit Commitment shall be deemed to have purchased from NationsBank a Participation therein in an amount equal to that Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation shall be deemed (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 2.01(b) until BREED the Borrower Converts ----------- such Base Rate Loan in accordance with the terms of Section 3.82.09, and (ii) in all ----------- other cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREEDThe Borrower, at its option and subject to the terms hereof, may request an Advance pursuant to Section 3.1 2.01(b) in an amount sufficient to repay Swing Line ----------- Outstandings on any date and the Agent shall provide from the proceeds of such Advance to NationsBank the amount necessary to repay such Swing Line Outstandings (which NationsBank shall then apply to such repayment) and credit any balance of the Advance in immediately available funds in the manner directed by the Borrower pursuant to Section 3.1(c)(ii2.01(d)(ii). The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Loans in the amount of such Advances. The Swing Line shall continue in effect until the Revolving Credit Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full.
Appears in 1 contract
Samples: Revolving Credit and Reimbursement Agreement (Modis Professional Services Inc)
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Agent and the Lenders, NationsBank shall make available Swing Line Loans to BREED in Dollars the Borrower prior to the Revolving Credit Termination Date. NationsBank shall not make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers are Borrower is not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed $20,000,0002,500,000, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, Revolving Credit Outstandings and Letter of Credit Outstandings exceeds the lesser of the Total Revolving Credit CommitmentCommitment or the Borrowing Base. Swing Line Loans shall be limited to either Base Rate LoansLoans or to Loans bearing interest at an otherwise mutually agreed upon rate of interest. BREED The Company may borrow, repay and reborrow under this Section 3.14SECTION 2.13. Borrowings under the Swing Line shall be made in the ------------ minimum amount of $500,000 50,000 or, if greater, in amounts which are integral multiples of $100,00010,000, or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receipt, by an Authorized Representative of the Borrower made to NationsBank not later than 2:00 P.M. on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit EXHIBIT D-2, with appropriate ----------- insertions. Each repayment of a Swing Line Loan shall be in an amount which is an integral multiple of $100,000 10,000 or the aggregate amount of all Swing Line Outstandings. If the Borrower instructs NationsBank to debit any demand deposit account of the Borrower in the amount of any payment with respect to a Swing Line Loan, or NationsBank otherwise receives repayment, after 2:00 P.M. on a Business Day, such payment shall be deemed received on the next Business Day.
(b) Swing Line Loans shall be in Dollars and shall bear interest at either the Base RateRate or at an otherwise mutually agreed upon rate of interest, the interest payable on Swing Line Loans is solely for the account of NationsBank, and all accrued and unpaid interest on Swing Line Loans shall be payable on the dates and in the manner provided in Sections 3.2(bSECTIONS 2.2(b) and 3.4 AND 2.4 with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings Loans made by NationsBank shall be evidenced by a Note payable to the order of NationsBank in the amount of the Swing Line Commitment, which Note shall be dated the Closing Date or a later date pursuant to an Assignment and Acceptance and shall be duly completed, executed and delivered to NationsBankby the Borrower.
(c) Upon the making of a Swing Line Loan, each Lender with a Revolving Credit Commitment shall be deemed to have purchased from NationsBank a Participation therein in an amount equal to that Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation shall be deemed (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 SECTION 2.1 until BREED Converts ----------- the Borrower converts such Base Rate Loan in accordance with the terms of Section 3.8SECTION 2.8, and (ii) in all ----------- other cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREEDThe Borrower, at its option and subject to the terms hereof, may request an Advance pursuant to Section 3.1 SECTION 2.1 in an amount sufficient to repay Swing Line ----------- Outstandings on any date and the Agent shall provide from the proceeds of such Advance to NationsBank the amount necessary to repay such Swing Line Outstandings Out- standings (which NationsBank shall then apply to such repayment) and credit any balance of the Advance in immediately available funds in the manner directed by the Borrower pursuant to Section 3.1(c)(iiSECTION 2.1(c)(ii). The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Loans in the amount of such Advances. The Swing Line shall continue in effect until the Revolving Credit Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full. Upon the occurrence and during the continuation of a Default or Event of Default, NationsBank shall not be required to make any Swing Line Loans.
Appears in 1 contract
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Domestic Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Agent and the Multicurrency Facilities Lenders, NationsBank shall make available Swing Line Loans to BREED TDC in Dollars prior to the Revolving Credit Termination Date. NationsBank shall not make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers are not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings Loans outstanding exceed $20,000,00015,000,000, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, Revolving Credit Outstandings and Letter of Credit Outstandings Total Domestic Utilization exceeds the Total Domestic Revolving Credit Commitment. Swing Line Loans made pursuant to this Section 2.15 shall be limited to Base Rate Floating CD Loans. BREED .
(i) TDC may borrow, repay and reborrow under this Section 3.142.15. Borrowings under the Swing Line shall may be made in the ------------ minimum amount amounts of $500,000 or, if greater, in amounts which are integral 250,000 and multiples of $100,000, or 250,000 in the amount necessary to effect a Base Rate Refunding Loanexcess thereof, upon written telephonic (confirmed in writing) or telefacsimile request by telefacsimile transmission, effective upon receipt, by an Authorized Representative of TDC made to NationsBank not later than 2:00 P.M. 12:00 noon Charlotte, North Carolina time on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2, with appropriate ----------- insertions. Each repayment of a Swing Line Loan shall be in an amount which is an integral multiple multiples of $100,000 or the aggregate 250,000 with a minimum amount of all Swing Line Outstandings$250,000.
(bii) If TDC instructs NationsBank to debit its demand deposit account in an amount of any payment with respect to a Swing Line Loans Loan, or NationsBank otherwise receives repayment after 2:00 P.M. Charlotte, North Carolina time, on a Business Day, such payment shall be in Dollars and deemed received on the next Business Day. TDC shall bear interest at the Base Rate, the interest payable on Swing Line Loans is solely for the account of NationsBank, and all accrued and unpaid pay interest on Swing Line Loans quarterly on the last Business Day of each quarter, commencing July 31, 1996 and continuing on each October, January, April and July thereafter. Interest shall be payable calculated on the dates basis of a year of 360 days and in calculated for the manner provided in Sections 3.2(b) and 3.4 with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a Swing Line Note delivered to NationsBankactual number of days elapsed.
(ciii) Upon the making of The Multicurrency Facilities Borrowers and each Multicurrency Facilities Lender which is or may become a party hereto acknowledge that all Swing Line Loan, each Loans are to be made solely by NationsBank to TDC but that such Multicurrency Facilities Lender shall share the risk of loss with a Revolving Credit Commitment shall be deemed respect to have purchased from NationsBank a Participation therein such Advances in an amount equal to that such Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, each Multicurrency Facilities Lender shall promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation , in which case such Swing Line Loan shall be deemed from and after such date (ito the extent TDC has not converted such loan pursuant to Section 2.09) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Syndicated Loan under Section 3.1 until BREED Converts ----------- such Base Rate Loan made in accordance with the terms of Section 3.8, and (ii) in all ----------- cases, the funding by each Lender of the purchase price of its Participation in such Swing Line LoanAgreement. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREED, .
(iv) TDC at its option and subject to the terms hereof, may request an Advance as a Domestic Revolving Loan pursuant to Section 3.1 2.01 in an amount sufficient to repay any or all Swing Line ----------- Outstandings Loans on any date (subject to three (3) Business Days prior notice in the case of Eurodollar Loans or (5) Business Days prior notice in the case of Loans in an Alternative Currency) and the Agent shall provide from upon the proceeds receipt of such Advance Advance, provide to NationsBank the amount necessary to repay such Swing Line Outstandings Loan or Loans (which NationsBank shall then apply to such repayment) and credit any balance of the Advance Domestic Revolving Loan in immediately available funds in to an account of TDC at the manner Principal Office or as otherwise directed by the Borrower pursuant to Section 3.1(c)(ii)TDC. The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the outstanding Swing Line Outstandings Loans and the Lenders shall then be deemed to have made Domestic Revolving Loans in the amount of such Advances. The obligation of NationsBank to fund the Swing Line shall continue in effect until cease upon the earliest of (i) the occurrence of a Default or Event of Default, or (ii) the Revolving Credit Termination Date, at which time all or (iii) the date of resignation by NationsBank as Agent; provided that when a Default is no longer continuing NationsBank shall be obligated to provide Swing Line Outstandings and accrued interest thereon shall be due and payable in fullLoans unless payment of the Obligations has been accelerated.
Appears in 1 contract
Samples: Revolving Credit and Reimbursement Agreement (Tech Data Corp)
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Agent and the Lenders, NationsBank shall make available Swing Line Loans to BREED in Dollars the Borrower prior to the Revolving Credit Termination Date. NationsBank shall not make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers are Borrower is not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed $20,000,0005,000,000, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, the Revolving Credit Outstandings and Letter of Credit Outstandings exceeds the Total Revolving Credit Commitment. Swing Line Loans shall be limited to Base CD Rate Loans. BREED The Company may borrow, repay and reborrow under this Section 3.142.14. Borrowings Unless notified to the contrary by NationsBank, borrowings under the Swing Line shall be made in the ------------ minimum amount of $500,000 or, if greater, in amounts which are integral multiples of $100,000, 200,000 or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receipt, by an Authorized Representative of the Borrower made to NationsBank not later than 2:00 12:30 P.M. on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2, with appropriate ----------- insertions. Each repayment If the Borrower instructs NationsBank to debit any demand deposit account of the Borrower in the amount of any payment with respect to a Swing Line Loan Loan, or NationsBank otherwise receives repayment, after 1:00 P.M. on a Business Day, such payment shall be in an amount which is an integral multiple of $100,000 or deemed received on the aggregate amount of all Swing Line Outstandingsnext Business Day.
(b) Swing Line Loans shall be in Dollars and shall bear interest at the Base CD Rate, the interest payable on Swing Line Loans is solely for the account of NationsBank, and all accrued and unpaid interest on Swing Line Loans shall be payable on the dates and in the manner time provided in Sections 3.2(b2.2(b) and 3.4 2.4 with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a Swing Line the Note delivered to NationsBankNationsBank pursuant to Section 2.5.
(c) Upon the making of a Swing Line Loan, each Lender with a Revolving Credit Commitment shall be deemed to have purchased from NationsBank a Participation therein in an amount equal to that Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation shall be deemed (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 2.1 until BREED the Borrower Converts ----------- such Base Rate Loan in accordance with the terms of Section 3.82.8, and (ii) in all ----------- other cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREEDThe Borrower, at its option and subject to the terms hereof, may request an Advance pursuant to Section 3.1 2.1 in an amount sufficient to repay Swing Line ----------- Outstandings on any date and the Agent shall provide from the proceeds of such Advance to NationsBank the amount necessary to repay such Swing Line Outstandings (which NationsBank shall then apply to such repayment) and credit any balance of the Advance in immediately available funds in the manner directed by the Borrower pursuant to Section 3.1(c)(ii2.1(c)(ii). The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Loans in the amount of such Advances. The Swing Line shall continue in effect until the Revolving Credit Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full.
Appears in 1 contract
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Agent and the Lenders, NationsBank shall make available Swing Line Loans to BREED in Dollars the Borrower prior to the Revolving Credit Termination Date. NationsBank shall not make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers are Borrower is not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed $20,000,00010,000,000, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, Revolving Credit Outstandings and Letter of Credit Outstandings exceeds the Total Revolving Credit Commitment. Swing Line Loans shall be limited to Base Rate Loans. BREED The Borrower may borrow, repay and reborrow under this Section 3.142.14. Borrowings Unless notified to the contrary by NationsBank, borrowings under the Swing Line shall be made in the ------------ minimum amount of $500,000 100,000 or, if greater, in amounts which are integral multiples of $100,00050,000, or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receipt, by an Authorized Representative of the Borrower made to NationsBank not later than 2:00 12:30 P.M. on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2, with appropriate ----------- insertions. Each Unless notified to the contrary by NationsBank, each repayment of a Swing Line Loan shall be in an a minimum amount which is of $100,000 and an integral multiple of $100,000 50,000 in excess thereof or the aggregate amount of all Swing Line Outstandings. If the Borrower instructs NationsBank to debit any demand deposit account of the Borrower in the amount of any payment with respect to a Swing Line Loan, or NationsBank otherwise receives repayment, after 12:30 P.M. on a Business Day, such payment shall be deemed received on the next Business Day.
(b) Swing Line Loans shall be in Dollars and shall bear interest at the Base Rate, the interest payable on Swing Line Loans is solely for the account of NationsBank, and all accrued and unpaid interest on Swing Line Loans shall be payable on the dates and in the manner provided in Sections 3.2(b2.2(b) and 3.4 2.4 with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a Swing Line the Note delivered to NationsBankNationsBank pursuant to Section 2.5(c).
(c) Upon the making of a Swing Line Loan, each Lender with a Revolving Credit Commitment shall be deemed to have purchased from NationsBank a Participation therein in an amount equal to that Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation shall be deemed (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 2.1 until BREED the Borrower Converts ----------- such Base Rate Loan in accordance with the terms of Section 3.82.8, and (ii) in all ----------- other cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREEDThe Borrower, at its option and subject to the terms hereof, may request an Advance pursuant to Section 3.1 2.1 in an amount sufficient to repay Swing Line ----------- Outstandings on any date and the Agent shall provide from the proceeds of such Advance to NationsBank the amount necessary to repay such Swing Line Outstandings (which NationsBank shall then apply to such repayment) and credit any balance of the Advance in immediately available funds in the manner directed by the Borrower pursuant to Section 3.1(c)(ii2.1(d)(ii). The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Loans in the amount of such Advances. The Swing Line shall continue in effect until the Revolving Credit Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full.
Appears in 1 contract
Swing Line. (a) Notwithstanding any other provision of this ---------- Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Agent and the Lenders, NationsBank shall make available Swing Line Loans to BREED in Dollars the Borrower prior to the Revolving Credit Termination Date. NationsBank shall not make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers are Borrower is not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed $20,000,00015,000,000, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, Revolving Credit Outstandings and Outstandings, Letter of Credit Outstandings and Reserve Amount exceeds the Total Revolving Credit Commitment. Swing Line Loans shall be limited to Base Rate Loans. BREED The Company may borrow, repay and reborrow under this Section 3.143.13. Borrowings Unless notified to the ------------ contrary by NationsBank, borrowings under the Swing Line shall be made in the ------------ minimum amount of $500,000 or, if greater, in amounts which are integral multiples of $100,000, or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receipt, by an Authorized Representative of the Borrower made to NationsBank not later than 2:00 3:00 P.M. on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2, with appropriate ----------- insertions. Each Unless notified to the contrary ----------- by NationsBank, each repayment of a Swing Line Loan shall be in an amount which is an integral multiple of $100,000 or the aggregate amount of all Swing Line Outstandings. If the Borrower instructs NationsBank to debit any demand deposit account of the Borrower in the amount of any payment with respect to a Swing Line Loan, or NationsBank otherwise receives repayment, after 3:00 P.M. on a Business Day, such payment shall be deemed received on the next Business Day.
(b) Swing Line Loans shall be in Dollars and shall bear interest at the Base Rate, the interest payable on Swing Line Loans is solely for the account of NationsBank, and all accrued and unpaid interest on Swing Line Loans shall be payable on the dates and in the manner provided in Sections 3.2(b) and ------------------- 3.4 with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line --- Outstandings shall be evidenced by a Swing Line the Note delivered to NationsBank.NationsBank pursuant to Section 3.5. -----------
(c) Upon the making of a Swing Line Loan, each Lender with a Revolving Credit Commitment shall be deemed to have purchased from NationsBank a Participation therein in an amount equal to that Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation shall be deemed (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 until BREED Converts ----------- the Borrower converts such Base Rate ----------- Loan in accordance with the terms of Section 3.8, and (ii) in all other ----------- cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREEDThe Borrower, at its option and subject to the terms hereof, may request an Advance pursuant to Section 3.1 in an amount sufficient to repay ----------- Swing Line ----------- Outstandings on any date and the Agent shall provide from the proceeds of such Advance to NationsBank the amount necessary to repay such Swing Line Outstandings (which NationsBank shall then apply to such repayment) and credit any balance of the Advance in immediately available funds in the manner directed by the Borrower pursuant to Section ------- 3.1(c)(ii). The proceeds of such Advances ------------------ shall be paid to NationsBank for ---------- application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Loans in the amount of such Advances. The Swing Line shall continue in effect until the Revolving Credit Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full.
Appears in 1 contract
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Domestic Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Agent and the Multicurrency Facilities Lenders, NationsBank shall make available Swing Line Loans to BREED TDC in Dollars prior to the Revolving Credit Termination Date. NationsBank shall not make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers are not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings Loans outstanding exceed $20,000,00025,000,000, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, Revolving Credit Outstandings and Letter of Credit Outstandings Total Domestic Utilization exceeds the Total Domestic Revolving Credit Commitment. Swing Line Loans made pursuant to this Section 2.15 shall be limited to Base Rate Floating CD Loans. BREED .
(i) TDC may borrow, repay and reborrow under this Section 3.142.15. Borrowings under the Swing Line shall may be made in the ------------ minimum amount amounts of $500,000 or, if greater, in amounts which are integral 250,000 and multiples of $100,000, or 250,000 in the amount necessary to effect a Base Rate Refunding Loanexcess thereof, upon written telephonic (confirmed in writing) or telefacsimile request by telefacsimile transmission, effective upon receipt, by an Authorized Representative of TDC made to NationsBank not later than 2:00 P.M. 12:00 noon Charlotte, North Carolina time on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2, with appropriate ----------- insertions. Each repayment of a Swing Line Loan shall be in an amount which is an integral multiple multiples of $100,000 or the aggregate 250,000 with a minimum amount of all Swing Line Outstandings$250,000.
(bii) If TDC instructs NationsBank to debit its demand deposit account in an amount of any payment with respect to a Swing Line Loans Loan, or NationsBank otherwise receives repayment after 2:00 P.M. Charlotte, North Carolina time, on a Business Day, such payment shall be in Dollars and deemed received on the next Business Day. TDC shall bear interest at the Base Rate, the interest payable on Swing Line Loans is solely for the account of NationsBank, and all accrued and unpaid pay interest on Swing Line Loans quarterly on the last Business Day of each quarter, commencing October 31, 1997 and continuing on the last day of each January, April, July and October thereafter. Interest shall be payable calculated on the dates basis of a year of 360 days and in calculated for the manner provided in Sections 3.2(b) and 3.4 with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a Swing Line Note delivered to NationsBankactual number of days elapsed.
(ciii) Upon the making of The Multicurrency Facilities Borrowers and each Multicurrency Facilities Lender which is or may become a party hereto acknowledge that all Swing Line Loan, each Loans are to be made solely by NationsBank to TDC but that such Multicurrency Facilities Lender shall share the risk of loss with a Revolving Credit Commitment shall be deemed respect to have purchased from NationsBank a Participation therein such Loans in an amount equal to that such Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, each Multicurrency Facilities Lender shall promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation , in which case such Swing Line Loan shall be deemed from and after such date (ito the extent TDC has not Converted such loan pursuant to Section 2.09) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Syndicated Loan under Section 3.1 until BREED Converts ----------- such Base Rate Loan made in accordance with the terms of Section 3.8, and (ii) in all ----------- cases, the funding by each Lender of the purchase price of its Participation in such Swing Line LoanAgreement. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREED, .
(iv) TDC at its option and subject to the terms hereof, may request an Advance as a Domestic Revolving Loan pursuant to Section 3.1 2.01 in an amount sufficient to repay any or all Swing Line ----------- Outstandings Loans on any date (subject to three (3) Business Days prior notice in the case of Eurodollar Loans or (5) Business Days prior notice in the case of Loans in an Alternative Currency) and the Agent shall provide from upon the proceeds receipt of such Advance Advance, provide to NationsBank the amount necessary to repay such Swing Line Outstandings Loan or Loans (which NationsBank shall then apply to such repayment) and credit any balance of the Advance Domestic Revolving Loan in immediately available funds in to an account of TDC at the manner Principal Office or as otherwise directed by the Borrower pursuant to Section 3.1(c)(ii)TDC. The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the outstanding Swing Line Outstandings Loans and the Multicurrency Facilities Lenders shall then be deemed to have made Domestic Revolving Loans in the amount of such Advances. The obligation of NationsBank to fund the Swing Line shall continue in effect until cease upon the earliest of (i) the occurrence of a Default or Event of Default, or (ii) the Revolving Credit Termination Date, at which time all or (iii) the date of resignation by NationsBank as Agent; provided that when a Default is no longer continuing NationsBank shall be obligated to provide Swing Line Outstandings and accrued interest thereon shall be due and payable in fullLoans unless payment of the Obligations has been accelerated.
Appears in 1 contract
Samples: Revolving Credit and Reimbursement Agreement (Tech Data Corp)
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Administrative Agent and the Lenders, NationsBank NationsBank, in its individual capacity and not as Administrative Agent, and subject to the provisions of Section 2.15(c), shall make available Swing Line Loans to BREED in Dollars either Borrower prior to the Revolving Credit Termination Date. NationsBank shall not make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers are not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed $20,000,00050,000,000, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, Revolving Outstanding Credit Outstandings and Letter of Credit Outstandings Obligations exceeds the Total Revolving Credit Commitment. Swing Line Loans shall be limited to Base Rate LoansLoans unless NationsBank and the Borrowers shall agree otherwise. BREED The Borrowers may borrow, repay and reborrow under this Section 3.142.15. Borrowings Unless notified to the contrary by NationsBank, borrowings under the Swing Line shall be made in the ------------ minimum amount of $500,000 1,000,000 or, if greater, in amounts which are integral multiples of $100,000, or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receiptirrevocable telephonic notice, by an Authorized Representative of Borrowers made to NationsBank not later than 2:00 12:30 P.M. on the Business Day of the requested borrowing. If The applicable Borrower shall provide the Administrative Agent written confirmation of each such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon telephonic notice on the next succeeding Business Daysame day by telefacsimile transmission in the form of a Borrowing Notice. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2, with appropriate ----------- insertions. Each Unless notified to the contrary by NationsBank, each repayment of a Swing Line Loan shall be in an amount which is an integral multiple of $100,000 or the aggregate amount of all Swing Line Outstandings. If either Borrower instructs NationsBank to debit any demand deposit account of such Borrower in the amount of any payment with respect to a Swing Line Loan, or NationsBank otherwise receives repayment, after 12:30 P.M. on a Business Day, such payment shall be deemed received on the next Business Day.
(b) Swing Line Loans shall be in Dollars and shall bear interest at the Base Rate, Rate or at any rate otherwise mutually agreed upon by NationsBank and the Borrowers. The interest payable on Swing Line Loans is solely for the account of NationsBank, and all accrued and unpaid interest on Swing Line Loans shall be payable on the dates and in the manner provided in Sections 3.2(b) 2.03 and 3.4 2.04 with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a Swing Line the Note delivered to NationsBankNationsBank pursuant to Section 2.07(c).
(c) Upon the making of a Swing Line Loan, each Lender with a Revolving Credit Commitment shall be deemed to have purchased from NationsBank a Participation therein in an amount equal determined with reference to that Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation shall be deemed (i) provided that the conditions to making Revolving Credit Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 2.01 until BREED Converts ----------- the applicable Borrower converts such Base Rate Loan in accordance with the terms of Section 3.82.11, and (ii) in all ----------- other cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or Default, an Event of Default or any other occurrence or event. BREEDEither Borrower, at its option and subject to the terms hereof, may request an Advance pursuant to Section 3.1 2.01 in an amount sufficient to repay Swing Line ----------- Outstandings on any date and the Administrative Agent shall provide from the proceeds of such Advance to NationsBank the amount necessary to repay such Swing Line Outstandings (which NationsBank shall then apply to such repayment) and credit any balance of the Advance in immediately available funds in the manner directed by the Borrower Borrowers pursuant to Section 3.1(c)(ii2.01(c)(iii). The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Loans in the amount of such Advances. The Swing Line shall continue in effect until the Revolving Credit Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full.
Appears in 1 contract
Samples: Credit Facilities and Reimbursement Agreement (Autonation Inc /Fl)
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Agent and the Lenders, NationsBank shall make available Swing Line Loans to BREED in Dollars the Borrower prior to the Revolving Credit Facility Termination Date. NationsBank shall not make any Swing Line Loan pursuant hereto (i) if to NationsBank has received written notice from the actual knowledge of NationsBank Borrower or a Lender that the Borrowers are Borrower is not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed $20,000,000, 5,000,000 or (iii) if after giving effect to such Swing Line Loan, the sum of the principal aggregate amount of Swing Line Outstandings, Revolving Credit Outstandings and Letter of Credit all Outstandings exceeds the Total Revolving Credit Commitment. Swing Line Loans shall be limited to bear interest at the Base Rate LoansRate. BREED The Borrower may borrow, repay and reborrow under this Section 3.142.13. Borrowings Unless notified to the contrary by NationsBank, borrowings under the Swing Line shall be made in the ------------ minimum amount of $500,000 100,000 or, if greater, in amounts which are integral multiples of $100,000, or in the amount necessary to effect a Base Rate Refunding Loan50,000, upon written request by telefacsimile transmission, effective upon receipt, by an Authorized Representative made to NationsBank not later than 2:00 P.M. on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2, with appropriate ----------- insertions. Each Unless notified to the contrary by NationsBank, each repayment of a Swing Line Loan shall be in an the minimum amount which is of $500,000 or an integral multiple of $100,000 50,000 in excess thereof, or the aggregate amount of all Swing Line Outstandings.
(b) Swing Line Loans shall be in Dollars and shall bear interest at the Base Rate, the interest payable on Swing Line Loans is solely for the . If an Authorized Representative instructs NationsBank to debit any demand deposit account of NationsBank, and all accrued and unpaid interest on Swing Line Loans shall be payable on the dates and a Borrower in the manner provided in Sections 3.2(b) and 3.4 amount of any payment with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a Swing Line Note delivered to NationsBank.
(c) Upon the making of a Swing Line Loan, each Lender with or NationsBank otherwise receives repayment, after 2:00 P.M. on a Revolving Credit Commitment Business Day, such payment shall be deemed to have purchased from NationsBank a Participation therein in an amount equal to that Lender's Applicable Commitment Percentage of received on the next Business Day. Each Swing Line Loan shall be repaid by the Borrower on or before the tenth Business Day following the day such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation shall be deemed (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 until BREED Converts ----------- such Base Rate Loan in accordance with the terms of Section 3.8, and (ii) in all ----------- cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREED, at its option and subject to the terms hereof, may request an Advance pursuant to Section 3.1 in an amount sufficient to repay Swing Line ----------- Outstandings on any date and the Agent shall provide from the proceeds of such Advance to NationsBank the amount necessary to repay such Swing Line Outstandings (which NationsBank shall then apply to such repayment) and credit any balance of the Advance in immediately available funds in the manner directed by the Borrower pursuant to Section 3.1(c)(ii). The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Loans in the amount of such Advances. The Swing Line shall continue in effect until the Revolving Credit Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in fullis made.
Appears in 1 contract
Samples: Credit Agreement (Data General Corp)
Swing Line. (a) Notwithstanding any other provision of this ---------- Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Agent and the Lenders, NationsBank shall make available Swing Line Loans to BREED in Dollars the Borrower prior to the Revolving Credit Termination Date. NationsBank shall not make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers are Borrower is not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed $20,000,00010,000,000, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, the Revolving Credit Outstandings and Letter of Credit Outstandings exceeds the Total Revolving Credit Commitment. Swing Line Loans shall be limited to Base Rate Loans. BREED The Company may borrow, repay and reborrow under this Section 3.142.13. Borrowings Unless notified to the contrary by ------------ NationsBank, borrowings under the Swing Line shall be made in the ------------ minimum amount of $500,000 100,000 or, if greater, in amounts which are integral multiples of $100,00010,000, or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receipt, by an Authorized Representative of the Borrower made to NationsBank not later than 2:00 12:30 P.M. on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2, with appropriate ----------- insertions. Each Unless notified to the ----------- contrary by NationsBank, each repayment of a Swing Line Loan shall be in an amount which is an integral multiple of $100,000 or the aggregate amount of all Swing Line Outstandings. If the Borrower instructs NationsBank to debit any demand deposit account of the Borrower in the amount of any payment with respect to a Swing Line Loan, or NationsBank otherwise receives repayment, after 12:30 P.M. on a Business Day, such payment shall be deemed received on the next Business Day.
(b) Swing Line Loans shall be in Dollars and shall bear interest at the Base RateRate or such other rate as the Borrower and NationsBank shall agree, the interest payable on Swing Line Loans is solely for the account of NationsBank, and all accrued and unpaid interest on Swing Line Loans shall be payable on the dates and in the manner provided in Sections 3.2(b2.2(b) and 3.4 2.4 with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. ----------------------- The Swing Line Outstandings shall be evidenced by a Swing Line the Note delivered to NationsBankNationsBank pursuant to Section 2.5. Any amount of principal or interest which ----------- is not paid when due shall bear interest thereafter at the Default Rate.
(c) Upon the making of a Swing Line Loan, each Lender with a Revolving Credit Commitment shall be deemed to have purchased from NationsBank a Participation therein in an amount equal to that Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation shall be deemed (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 2.1 ----------- until BREED the Borrower Converts ----------- such Base Rate Loan in accordance with the terms of Section 3.82.8, and (ii) in all ----------- other cases, the funding by each Lender of the ----------- purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREEDThe Borrower, at its option and subject to the terms hereof, may request an Advance pursuant to Section 3.1 2.1 in an amount sufficient to repay Swing Line ----------- Outstandings on any date and the Agent shall provide from the proceeds of such Advance to NationsBank the amount necessary to repay such Swing Line Outstandings (which NationsBank shall then apply to such repayment) and credit any balance of the Advance in immediately available funds in the manner directed by the Borrower pursuant to Section 3.1(c)(ii2.1(c)(ii). The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Loans in the amount of such Advances. The Swing Line shall continue in effect until the Revolving Credit Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full.
Appears in 1 contract
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Agent and the Lenders, NationsBank shall make available Swing Line Loans to BREED in Dollars to Greenfield prior to the Revolving Credit Termination Date. NationsBank shall not make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers are not in compliance with all the conditions to the making of Revolving Credit Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed Outstanding exceeds $20,000,00010,000,000, or (iii) if after giving effect to such Swing Line Loan, the sum Dollar Value of the principal amount of Swing Line Outstandings, Revolving Outstanding Credit Outstandings and Letter of Credit Outstandings Obligations exceeds the Total Revolving Credit Commitment. Swing Line Loans made pursuant to this Section 2.16 shall be limited to Loans bearing interest at the Base Rate Loansunless NationsBank shall agree otherwise.
(i) On each Business Day, in the absence of contrary instructions from Greenfield (by telephone confirmed in writing), NationsBank shall make a Swing Line Loan by funding the Applicable Borrower's Account with NationsBank through credits to such account to the extent necessary based on the balance in the account on such day in order to fund that day's presentments for payment against the account. BREED may borrowUpon each Advance, repay Greenfield shall be indebted to NationsBank in the amount of the Advance, plus interest thereon, in accordance with the terms and reborrow under this Section 3.14. Borrowings conditions hereof.
(ii) Not later than 3:00 P.M. (Charlotte, North Carolina time) on each Business Day on which Advances under the Swing Line are to be made, NationsBank shall be made in the ------------ minimum amount inform Greenfield by telephone of $500,000 or, if greater, in amounts which are integral multiples of $100,000, or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receipt, by an Authorized Representative made to NationsBank not later than 2:00 P.M. on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of such Advances.
(iii) All Advances made by NationsBank under the Swing Line Loan requested will be made available pursuant to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. this Section 2.16 outstanding on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2, with appropriate ----------- insertions. Each repayment of a Swing Line Loan shall be in an amount which is an integral multiple of $100,000 or the aggregate amount of all Swing Line Outstandings.
(b) Swing Line Loans shall be in Dollars and day shall bear interest at the Base Rate, the interest payable on Rate unless NationsBank shall agree otherwise.
(iv) Greenfield and each Lender which is or may become a party hereto acknowledge that all Swing Line Loans is are to be made solely for by NationsBank to Greenfield but that such Lender shall share the account risk of NationsBank, and all accrued and unpaid interest on loss with respect to such Swing Line Loans shall be payable on the dates and in the manner provided in Sections 3.2(b) and 3.4 with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a Swing Line Note delivered to NationsBank.
(c) Upon the making of a Swing Line Loan, each Lender with a Revolving Credit Commitment shall be deemed to have purchased from NationsBank a Participation therein in an amount equal to that such Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Lender's Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation shall be deemed (iA) provided that the conditions to making Revolving Credit Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 ending on the next following Business Day, which shall be extended automatically until BREED Converts ----------- Greenfield converts such Base Rate Loan in accordance with the terms of Section 3.82.11 hereof, and (iiB) in all ----------- other cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREED, Greenfield at its option and subject to the terms hereof, may request an Advance as a Revolving Credit Loan pursuant to Section 3.1 2.01 in an amount sufficient to repay any or all Swing Line ----------- Outstandings Loans on any date and the Agent shall provide from upon the proceeds receipt of such Advance Advance, provide to NationsBank the amount necessary to repay such Swing Line Outstandings Loan or Loans (which NationsBank shall then apply to such repayment) and credit any balance of the Advance Revolving Credit Loan in immediately available funds in to the manner directed by the Borrower pursuant to Section 3.1(c)(ii)Applicable Borrower's Account. The proceeds of such Advances ------------------ shall 43 49 be paid to NationsBank for application to the Swing Line Outstandings Outstanding and the Lenders shall then be deemed to have made Revolving Credit Loans in the amount of such Advances. The Swing Line shall continue in effect until the earlier of (i) occurrence of a Default, or (ii) the Revolving Credit Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full.
Appears in 1 contract
Samples: Credit Facilities and Reimbursement Agreement (Greenfield Industries Inc /De/)
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility Commitments in an efficient manner and to minimize the transfer of funds between the Agent and the Lenderseach Bank, NationsBank shall make available Swing Line Loans to BREED in Dollars prior to each of the Companies, jointly and severally, from the Effective Date to the Termination Date (or such earlier date as the Revolving Credit Termination DateCommitments of all Banks shall have terminated in accordance with the terms hereof). NationsBank shall not make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers Companies are not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings would exceed $20,000,00025,000,000, or (iii) if after giving effect to such Swing Line Loan, to the sum actual knowledge of NationsBank the principal amount Dollar Equivalent Amount of Swing Line Outstandings, Revolving Credit Loan Outstandings and Letter of Credit Outstandings exceeds would exceed the Total aggregate Revolving Credit CommitmentCommitments. Swing Line Loans shall be limited to Base Rate Loans. BREED The Companies may borrow, repay and reborrow under this Section 3.142.19. Borrowings Unless notified to the contrary by NationsBank, borrowings under the Swing Line shall be made in the ------------ minimum amount of $500,000 or, if greater, in amounts which are integral multiples of $100,000, or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receipt, by an Authorized Representative a Responsible Officer made to NationsBank not later than 2:00 3:00 P.M. on the Business Day of the requested borrowing. If Each such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2L, with appropriate ----------- insertions. Each Unless notified to the contrary by NationsBank, each repayment of a Swing Line Loan shall be in an amount which is an integral multiple of $100,000 or the aggregate amount of all Swing Line Outstandings. If any Company instructs NationsBank to debit any demand deposit account of such Company in the amount of any payment with respect to a Swing Line Loan, or NationsBank otherwise receives repayment, after 3:00 P.M. on a Business Day, such payment shall be deemed received on the next Business Day.
(b) Swing Line Loans shall be in Dollars and shall bear interest at the Base RateRate or at such other rate or rates as the applicable Company and NationsBank may agree from time to time, the interest payable on Swing Line Loans is solely for the account of NationsBank, and all accrued and unpaid interest on Swing Line Loans shall be payable on the dates and in the manner provided in Sections 3.2(b) and 3.4 this Article II with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at Loans (except as NationsBank and the Default Rateapplicable Company may otherwise agree in connection with any particular Swing Line Loan). The Swing Line Outstandings Loans shall be evidenced by a the Swing Line Note delivered to NationsBankNote.
(c) Upon the making of a Swing Line LoanLoan in accordance with this Section 2.19, each Lender with a Revolving Credit Commitment Bank shall be deemed to have purchased from NationsBank a Swing Line Participation therein in an amount equal to that LenderBank's Applicable Commitment Percentage Pro Rata Share of such Swing Line Loan. For purposes of Section 2.1(a), each Swing Line Loan shall be deemed to utilize the Revolving Commitment of each Bank by an amount equal to its Pro Rata Share of such Loan. Upon demand made by NationsBank, each Lender Bank shall, according to its Applicable Commitment Percentage Pro Rata Share of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Swing Line Participation thereinand, upon any such demand by NationsBank, such Swing Line Loan shall without further action be converted to a Base Rate Loan. Any Advance such payment made by a Lender Bank pursuant to demand of NationsBank of the purchase price of its Swing Line Participation shall be deemed (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 2.1(a) until BREED Converts ----------- the Companies convert such Base Rate Loan in accordance with the terms of Section 3.82.4, and (ii) in all ----------- other cases, the funding by each Lender Bank of the purchase price of its Swing Line Participation in such Swing Line Loan. The obligation of each Lender Bank to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREEDUpon (and only upon) receipt by NationsBank of funds from the Companies in repayment of principal of or interest on Swing Line Loans with respect to which any Bank has funded the purchase of its participation in accordance with clause (ii) of the fourth sentence of Section 2.19(c), NationsBank will promptly pay over to the Agent (in the kind of funds so received or applied) for the account of each such Bank (other than NationsBank) in accordance with their Pro Rata Shares the aggregate amount of such payment as shall equal the aggregate amount of the Pro Rata Shares of such payment of each such Bank (other than NationsBank). The Companies, at its their option and subject to the terms hereof, may request an Advance a Revolving Borrowing pursuant to and of a denomination permitted under Section 3.1 2.1(a) in an amount sufficient to repay Swing Line ----------- Outstandings on any date and the Agent shall provide from the proceeds of such Advance Borrowing to NationsBank the amount necessary to repay such Swing Line Outstandings (which NationsBank shall then apply to such repayment) and credit any balance of the Advance such Borrowing in immediately available funds in the manner directed by the Borrower pursuant to Section 3.1(c)(ii). The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Loans in the amount of such AdvancesCompanies. The Swing Line shall continue in effect until the Termination Date (or such earlier date as the Revolving Credit Termination DateCommitments of all Banks shall have terminated in accordance with the terms hereof), at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full.
Appears in 1 contract
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Administrative Agent and the Lenders, NationsBank NationsBank, in its individual capacity and not as Administrative Agent, and subject to the provisions of Section 2.15(c), shall make available Swing Line Loans to BREED in Dollars either Borrower prior to the Revolving Credit Termination Date. NationsBank shall not make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers are not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed $20,000,00050,000,000, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, Revolving Outstanding Credit Outstandings and Letter of Credit Outstandings Obligations exceeds the Total Revolving Credit Commitment. Swing Line Loans shall be limited to Base Rate LoansLoans unless NationsBank and the Borrowers shall agree otherwise. BREED The Borrowers may borrow, repay and reborrow under this Section 3.142.15. Borrowings Unless notified to the contrary by NationsBank, borrowings under the Swing Line shall be made in the ------------ minimum amount of $500,000 1,000,000 or, if greater, in amounts which are integral multiples of $100,000, or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receiptirrevocable telephonic notice, by an Authorized Representative of 44 Borrowers made to NationsBank not later than 2:00 12:30 P.M. on the Business Day of the requested borrowing. If The applicable Borrower shall provide the Administrative Agent written confirmation of each such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon telephonic notice on the next succeeding Business Daysame day by telefacsimile transmission in the form of a Borrowing Notice. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2, with appropriate ----------- insertions. Each Unless notified to the contrary by NationsBank, each repayment of a Swing Line Loan shall be in an amount which is an integral multiple of $100,000 or the aggregate amount of all Swing Line Outstandings.
(b) Swing Line Loans shall be in Dollars and shall bear interest at the Base Rate, the interest payable on Swing Line Loans is solely for the . If either Borrower instructs NationsBank to debit any demand deposit account of NationsBank, and all accrued and unpaid interest on Swing Line Loans shall be payable on the dates and such Borrower in the manner provided in Sections 3.2(b) and 3.4 amount of any payment with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a Swing Line Note delivered to NationsBank.
(c) Upon the making of a Swing Line Loan, each Lender with or NationsBank otherwise receives repayment, after 12:30 P.M. on a Revolving Credit Commitment Business Day, such payment shall be deemed to have purchased from NationsBank a Participation therein in an amount equal to that Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of received on the purchase price of its Participation shall be deemed (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 until BREED Converts ----------- such Base Rate Loan in accordance with the terms of Section 3.8, and (ii) in all ----------- cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREED, at its option and subject to the terms hereof, may request an Advance pursuant to Section 3.1 in an amount sufficient to repay Swing Line ----------- Outstandings on any date and the Agent shall provide from the proceeds of such Advance to NationsBank the amount necessary to repay such Swing Line Outstandings (which NationsBank shall then apply to such repayment) and credit any balance of the Advance in immediately available funds in the manner directed by the Borrower pursuant to Section 3.1(c)(ii). The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Loans in the amount of such Advances. The Swing Line shall continue in effect until the Revolving Credit Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in fullnext Business Day.
Appears in 1 contract
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Agent and the Lenders, NationsBank shall make available Swing Line Loans to BREED in Dollars the Borrower prior to the Revolving Credit Termination Date. NationsBank shall not be obligated to make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers are Borrower is not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed $20,000,0005,000,000, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, Revolving Credit Outstandings and Letter of Credit Outstandings exceeds the lesser of (A) the Total Revolving Credit CommitmentCommitment or (B) the Borrowing Base. Swing Line Loans shall be limited to bear interest at the Base Rate Loansor Adjusted CD Rate, as selected by the Borrower in a Borrowing Notice. BREED The Borrower may borrow, repay and reborrow under this Section 3.14SECTION 2.14. Borrowings Unless notified to the contrary by NationsBank, borrowings under the Swing Line shall be made in the ------------ minimum amount of $500,000 or, if greater, in amounts which are integral multiples of $100,000, 200,000 or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receipt, by an Authorized Representative of the Borrower made to NationsBank not later than 2:00 12:30 P.M. on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing borrowing, the interest rate selected (Base Rate or Adjusted CD Rate) and the date of borrowing, and shall be in the form of Exhibit EXHIBIT D-2, with appropriate ----------- insertionsinsert ions. Each Unless notified to the contrary by NationsBank, each repayment of a Swing Line Loan shall be in an amount which is an integral multiple of $100,000 200,000 or the aggregate amount of all Swing Line Outstandings. If the Borrower instructs NationsBank to debit any demand deposit account of the Borrower in the amount of any payment with respect to a Swing Line Loan, or NationsBank otherwise receives repayment, after 12:30 P.M. on a Business Day, such payment shall be deemed received on the next Business Day.
(b) Swing Line Loans shall be in Dollars and shall bear interest at the Base Rate or the Adjusted CD Rate, the interest payable on Swing Line Loans is solely for the account of NationsBank, and all accrued and unpaid interest on Swing Line Loans shall be payable on the dates and in the manner provided in Sections 3.2(bSECTIONS 2.2(B) and 3.4 AND 2.4 with ----------------------- respect to interest on Base Rate Revolving Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a the Swing Line Note delivered to NationsBankNote.
(c) Upon the making of a Swing Line Loan, each Lender with a Revolving Credit Commitment shall be deemed to have purchased from NationsBank a Participation therein in an amount equal to that Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation shall be deemed (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 SECTION 2.1 until BREED the Borrower Converts ----------- such Base Rate Loan in accordance with the terms of Section 3.8SECTION 2.8, and (ii) in all ----------- other cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREEDThe Borrower, at its option and subject to the terms hereof, may request an Advance pursuant to Section 3.1 SECTION 2.1 in an amount sufficient to repay Swing Line ----------- Outstandings on any date and the Agent shall provide from the proceeds of such Advance to NationsBank the amount necessary to repay such Swing Line Outstandings (which NationsBank shall then apply to such repayment) and credit any balance of the Advance in immediately available funds in the manner directed by the Borrower pursuant to Section 3.1(c)(iiSECTION 2.1(C)(II). The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Revolving Loans in the amount of such Advances. The Swing Line shall continue in effect until the Revolving Credit Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full.
Appears in 1 contract
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Agent and the Lenders, NationsBank shall make available Swing Line Loans to BREED in Dollars the Borrower prior to the Revolving Credit Termination Date. NationsBank shall not make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers are Borrower is not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed $20,000,00015,000,000, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, Revolving Credit Outstandings and Letter of Credit Outstandings exceeds the Total Revolving Credit Commitment. Swing Line Loans made pursuant to this Section 2.17 shall be limited to Base Rate Loans. BREED Loans bearing interest at a Floating Rate.
(i) the Borrower may borrow, repay and reborrow under this Section 3.142.17. Borrowings under the Swing Line shall may be made in the ------------ minimum amount amounts of $500,000 or50,000, if greater, in amounts which are integral multiples with a minimum outstanding amount at all times of $100,000, upon telephonic (confirmed in writing) or in the amount necessary to effect a Base Rate Refunding Loan, upon written telefacsimile request by telefacsimile transmission, effective upon receipt, by an Authorized Representative authorized officer of the Borrower made to NationsBank not later than 2:00 P.M. 12:00 noon Charlotte, North Carolina time on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business DaySwing Line Loans shall bear interest, at the amount election of the Borrower as designated to NationsBank, at either the Reference Rate in the case of a Reference Loan or the CD Rate in the case of a Floating CD Loan or the Money Market Rate in the case of a Money Market Loan. If the Borrower fails to designate the interest rate for a Swing Line Loan, then such Swing Line Loan requested will be made available to shall bear interest at the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2, with appropriate ----------- insertionsReference Rate. Each repayment of a Swing Line Loan shall be in an amount which is an integral multiple multiples of $100,000 or the aggregate 50,000 with a minimum outstanding amount of all Swing Line Outstandings$100,000.
(bii) Swing Line Loans shall be If the Borrower instructs NationsBank to debit its demand deposit account in Dollars and shall bear interest at the Base Rate, the interest payable on Swing Line Loans is solely for the account an amount of NationsBank, and all accrued and unpaid interest on Swing Line Loans shall be payable on the dates and in the manner provided in Sections 3.2(b) and 3.4 any payment with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a Swing Line Note delivered to NationsBank.
(c) Upon the making of a Swing Line Loan, each Lender with or NationsBank otherwise receives repayment after 2:00 P.M. Charlotte, North Carolina time, on a Revolving Credit Commitment Business Day, such payment shall be deemed to have purchased from NationsBank a Participation therein in an amount equal to that Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of received on the purchase price of its Participation shall be deemed next Business Day.
(iiv) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 until BREED Converts ----------- such Base Rate Loan in accordance with the terms of Section 3.8, and (ii) in all ----------- cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREED, Borrower at its option and subject to the terms hereof, may request an Advance as a Revolving Loan pursuant to Section 3.1 2.01 in an amount sufficient to repay any or all Swing Line ----------- Outstandings Loans on any date and the Agent shall provide from upon the proceeds receipt of such Advance Advance, provide to NationsBank the amount necessary to repay such Swing Line Outstandings Loan or Loans (which NationsBank shall then apply to such repayment) and credit any balance of the Advance Revolving Loan in immediately available funds in to the manner directed by the Borrower pursuant to Section 3.1(c)(ii)Borrower's Account. The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Revolving Loans in the amount of such Advances. The obligation of NationsBank to fund the Swing Line shall continue in effect until cease upon the earlier of (i) the occurrence of a Default, or (ii) the Revolving Credit Termination Date, at which time all ; provided that when a Default is no longer continuing NationsBank shall be obligated to provide Swing Line Outstandings and accrued interest thereon shall be due and payable in fullLoans.
Appears in 1 contract
Samples: Revolving Credit and Reimbursement Agreement (Willcox & Gibbs Inc)
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility Commitments in an efficient manner and to minimize the transfer of funds between the Agent and the Lenderseach Bank, NationsBank shall make available Swing Line Loans to BREED in Dollars prior to each of the Companies, jointly and severally, from the Effective Date to the Termination Date (or such earlier date as the Revolving Credit Termination DateCommitments of all Banks shall have terminated in accordance with the terms hereof). NationsBank shall not make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers Companies are not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings would exceed $20,000,00040,000,000, or (iii) if after giving effect to such Swing Line Loan, to the sum actual knowledge of NationsBank the principal amount Dollar Equivalent Amount of Swing Line Outstandings, Revolving Credit Loan Outstandings and Letter of Credit Outstandings exceeds would exceed the Total aggregate Revolving Credit CommitmentCommitments. Swing Line Loans shall be limited to Base Rate Loans. BREED The Companies may borrow, repay and reborrow under this Section 3.142.19. Borrowings Unless notified to the contrary by NationsBank, borrowings under the Swing Line shall be made in the ------------ minimum amount of $500,000 or, if greater, in amounts which are integral multiples of $100,000, or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receipt, by an Authorized Representative a Responsible Officer made to NationsBank not later than 2:00 1:00 P.M. on the Business Day of the requested borrowing. If Each such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2L, with appropriate ----------- insertions. Each Unless notified to the contrary by NationsBank, each repayment of a Swing Line Loan shall be in an amount which is an integral multiple of $100,000 or the aggregate amount of all Swing Line Outstandings.
(b) Swing Line Loans shall be in Dollars and shall bear interest at the Base Rate, the interest payable on Swing Line Loans is solely for the account of NationsBank, and all accrued and unpaid interest on Swing Line Loans shall be payable on the dates and in the manner provided in Sections 3.2(b) and 3.4 with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a Swing Line Note delivered to NationsBank.
(c) Upon the making of a Swing Line Loan, each Lender with a Revolving Credit Commitment shall be deemed to have purchased from NationsBank a Participation therein in an amount equal to that Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation shall be deemed (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 until BREED Converts ----------- such Base Rate Loan in accordance with the terms of Section 3.8, and (ii) in all ----------- cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREED, at its option and subject to the terms hereof, may request an Advance pursuant to Section 3.1 in an amount sufficient to repay Swing Line ----------- Outstandings on any date and the Agent shall provide from the proceeds of such Advance to NationsBank the amount necessary to repay such Swing Line Outstandings (which NationsBank shall then apply to such repayment) and credit any balance of the Advance in immediately available funds in the manner directed by the Borrower pursuant to Section 3.1(c)(ii). The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Loans in the amount of such Advances. The Swing Line shall continue in effect until the Revolving Credit Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full.Line
Appears in 1 contract
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Administrative Agent and the Lenders, NationsBank Bank of America shall make available Swing Line Loans to BREED in Dollars the Borrowers prior to the Revolving Credit Termination Date. NationsBank Bank of America shall not be obligated to make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank Bank of America the Borrowers are not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed $20,000,0005,000,000, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, Revolving Credit Outstandings and Letter of Credit Outstandings exceeds the Total Revolving Credit Commitment. Swing Line Loans shall be limited The Borrowers may, subject to Base Rate Loans. BREED may the conditions set forth in the preceding sentence, borrow, repay and reborrow under this Section 3.142.5. Borrowings Unless notified to the contrary by Bank of America, borrowings under the Swing Line shall be made in the ------------ minimum amount of $500,000 100,000 or, if greater, in amounts which are integral multiples of $100,000, or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receipt, by an Authorized Representative made to NationsBank Bank of America not later than 2:00 12:30 P.M. on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2, with appropriate ----------- insertions. Each Unless notified to the contrary by Bank of America, each repayment of a Swing Line Loan shall be in an amount which is an integral multiple of $100,000 or the aggregate amount of all Swing Line Outstandings.
(b) Swing Line Loans shall be in Dollars and shall bear interest at the Base Rate, the The interest payable on Swing Line Loans is solely for the account of NationsBankBank of America. Swing Line Loans shall bear interest solely at the Base Rate or such other rate as the Borrowers and Bank of America shall agree. Swing Line Loans shall accrue interest from and after the occurrence of an Event of Default at the Default Rate, and all accrued and unpaid interest on Swing Line Loans shall be payable payable, on the dates and in the manner provided in Sections 3.2(b) and 3.4 4.3 with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a Swing Line Note delivered to NationsBank.
(c) Upon the making of a Swing Line Loan, each Lender with a Revolving Credit Commitment shall be deemed to have purchased from NationsBank Bank of America a Participation therein in an amount equal to that Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBankBank of America, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank Bank of America its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank Bank of America of the purchase price of its Participation shall when made be deemed to be (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 until BREED Converts ----------- such Base Rate Loan in accordance with the terms of Section 3.82.2, and (ii) in all ----------- other cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price to NationsBank Bank of America shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREEDThe Borrowers, at its their option and subject to the terms hereof, may request an Advance pursuant to Section 3.1 2.2 in an amount sufficient to repay Swing Line ----------- Outstandings on any date and the Administrative Agent shall provide from the proceeds of such Advance to NationsBank Bank of America the amount necessary to repay such Swing Line Outstandings (which NationsBank Bank of America shall then apply to such repayment) and credit any balance of the Advance in immediately available funds in the manner directed by the Borrower Borrowers pursuant to Section 3.1(c)(ii2.2(c)(ii). The proceeds of such Advances ------------------ shall be paid to NationsBank Bank of America for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Revolving Loans in the amount of such Advances. The Swing Line shall continue in effect until the Revolving Credit Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full.
Appears in 1 contract
Samples: Credit Agreement (Pepsiamericas Inc)
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Agent and the Lenders, NationsBank shall make available Swing Line Loans to BREED in Dollars the Borrower prior to the Revolving Credit Termination Date. NationsBank shall not be obligated to make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers are Borrower is not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings Out standings exceed $20,000,000, 15,000,000 or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, Revolving Credit Outstandings and Letter of Credit Outstandings exceeds the Total Revolving Credit Commitment. Swing Line Loans shall be limited to Base Rate Loans. BREED The Company may borrow, repay and reborrow under this Section 3.142.13. Borrowings Unless notified to the contrary by NationsBank, borrowings under the Swing Line shall be made in the ------------ minimum amount of $500,000 or, if greater, in amounts which are integral multiples of $100,000, or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receipt, by an Authorized Representative of the Borrower made to NationsBank not later than 2:00 12:30 P.M. on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, the use of the proceeds of such Swing Line Loan and shall be in the form of Exhibit D-2, with appropriate ----------- insertions. Each Unless notified to the contrary by NationsBank, each repayment of a Swing Line Loan shall be in an amount which is an integral multiple of $100,000 or the aggregate amount of all Swing Line Outstandings. If the Borrower instructs NationsBank to debit any demand deposit account of the Borrower in the amount of any payment with respect to a Swing Line Loan, or NationsBank otherwise receives repayment, after 12:30 P.M. on a Business Day, such payment shall be deemed received on the next Business Day.
(b) Swing Line Loans shall be in Dollars and shall bear interest at the Base Rate, the interest payable on Swing Line Loans is solely for the account of NationsBank, and all accrued and unpaid interest on Swing Line Loans shall be payable on the dates and in the manner provided in Sections 3.2(b2.2(b) and 3.4 2.4 with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a Swing Line Note delivered to NationsBankNationsBank pursuant to this Section 2.13(b) on the Closing Date in the original principal amount of $15,000,000.
(c) Upon the making of a Swing Line Loan, each Lender with a Revolving Credit Commitment shall be deemed to have purchased from NationsBank a Participation therein in an amount equal to that Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance such provision made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation shall be deemed (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 2.1 until BREED the Borrower Converts ----------- such Base Rate Loan in accordance with the terms of Section 3.82.8, and (ii) in all ----------- other cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price such amount to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence occurrence, event or eventcircumstance whatsoever, including without limitation non-compliance with the restrictions set forth in Section 2.1(b) and shall be made without any offset, abatement, withholding or reduction whatsoever. BREEDThe Borrower, at its option and subject to the terms hereof, may request an Advance pursuant to Section 3.1 2.1 in an amount sufficient to repay Swing Line ----------- Outstandings on any date and the Agent shall provide from the proceeds of such Advance to NationsBank the amount necessary to repay such Swing Line Outstandings (which NationsBank shall then apply to such repayment) and credit any balance of the Advance in immediately available funds in the manner directed by the Borrower pursuant to Section 3.1(c)(ii2.1(c)(ii). The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Loans in the amount of such Advances. The Swing Line shall continue in effect until the Revolving Credit Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full.
Appears in 1 contract
Samples: Credit Agreement (Unicapital Corp)
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, if and when there shall be more than one Lender under this Agreement, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Agent and the Lenders, NationsBank shall may make available Swing Line Loans to BREED in Dollars the Borrower prior to the Revolving Credit Termination Date. NationsBank shall not make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers are Borrower is not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed $20,000,0005,000,000, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, Revolving Credit Outstandings and Letter of Credit Outstandings exceeds the Total Revolving Credit CommitmentCommitment or (iv) if the number of Lenders is less than two. Swing Line Loans shall be limited to Base Rate Loans. BREED The Borrower may borrow, repay and reborrow under this Section 3.142.14. Borrowings Unless notified to the contrary by NationsBank, borrowings under the Swing Line shall be made in the ------------ minimum amount of $500,000 100,000 or, if greater, in amounts which are integral multiples of $100,00050,000, or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile 40 transmission, effective upon receipt, by an Authorized Representative of the Borrower made to NationsBank not later than 2:00 12:30 P.M. on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2, with appropriate ----------- insertions. Each Unless notified to the contrary by NationsBank, each repayment of a Swing Line Loan shall be in an a minimum amount which is of $100,000 and an integral multiple of $100,000 50,000 in excess thereof or the aggregate amount of all Swing Line Outstandings. If the Borrower instructs NationsBank to debit any demand deposit account of the Borrower in the amount of any payment with respect to a Swing Line Loan, or NationsBank otherwise receives repayment, after 12:30 P.M. on a Business Day, such payment shall be deemed received on the next Business Day.
(b) Swing Line Loans shall be in Dollars and shall bear interest at the Base Rate, the interest payable on Swing Line Loans is solely for the account of NationsBank, and all accrued and unpaid interest on Swing Line Loans shall be payable on the dates and in the manner provided in Sections 3.2(b2.2(b) and 3.4 2.4 with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a Swing Line the Note delivered to NationsBankNationsBank pursuant to Section 2.5(c).
(c) Upon the making of a Swing Line Loan, each Lender with a Revolving Credit Commitment shall be deemed to have purchased from NationsBank a Participation therein in an amount equal to that Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation shall be deemed (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 2.1 until BREED the Borrower Converts ----------- such Base Rate Loan in accordance with the terms of Section 3.82.8, and (ii) in all ----------- other cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREEDThe Borrower, at its option and subject to the terms hereof, may request an Advance pursuant to Section 3.1 2.1 in an amount sufficient to repay Swing Line ----------- Outstandings on any date and the Agent shall provide from the proceeds of such Advance to NationsBank the amount necessary to repay such Swing Line Outstandings (which NationsBank shall then apply to such repayment) and credit any balance of the Advance in immediately available funds in the manner directed by the Borrower pursuant to Section 3.1(c)(ii2.1(d)(ii). The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Loans in the amount of such Advances. The Swing Line shall continue in effect until the Revolving Credit Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full.
Appears in 1 contract
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Administrative Agent and the Lenders, NationsBank shall make available Swing Line Loans to BREED in Dollars the Borrower from the Closing Date and prior to the Revolving Credit Termination Date. NationsBank shall not make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers are Borrower is not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed $20,000,00025,000,000, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, Revolving Credit Outstandings and Outstandings, Letter of Credit Outstandings and outstanding Competitive Bid Loans exceeds the Total Revolving Credit Commitment. Swing Line Loans shall be limited to Base Rate Loans. BREED The Company may borrow, repay and reborrow under this Section 3.142.14. Borrowings Unless notified to the contrary by NationsBank, borrowings under the Swing Line shall be made in the ------------ minimum amount of $500,000 1,000,000 or, if greater, in amounts which are integral multiples of $100,000, or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receipt, by an Authorized Representative of the Borrower made to NationsBank not later than 2:00 12:30 P.M. on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2, with appropriate ----------- insertions. Each Unless notified to the contrary by NationsBank, each repayment of a Swing Line Loan shall be in an amount which is an integral multiple of $100,000 or the aggregate amount of all Swing Line Outstandings. If the Borrower instructs NationsBank to debit any demand deposit account of the Borrower in the amount of any payment with respect to a Swing Line Loan, or NationsBank otherwise receives repayment, after 12:30 P.M. on a Business Day, such payment shall be deemed received on the next Business Day.
(b) Swing Line Loans shall be in Dollars and shall bear interest at the Base RateRate or at such other rate or rates as the Borrower and NationsBank may agree from time to time, the interest payable on Swing Line Loans is solely for the account of NationsBank, and all accrued and unpaid interest on Swing Line Loans shall be payable on the dates and in the manner provided in Sections 3.2(b) and 3.4 2.3 with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at Loans (except as NationsBank and the Default RateBorrower may otherwise agree in connection with any particular Swing Line Loan). The Swing Line Outstandings Loans shall be evidenced by a the Swing Line Note delivered to NationsBankNote.
(c) Upon the making of a Swing Line Loan, each Lender with a Revolving Credit Commitment shall be deemed to have purchased from NationsBank a Participation therein in an amount equal to that Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation thereintherein and, upon any such demand by NationsBank, such Swing Line Loan shall without further action be converted to a Base Rate Loan. Any Advance made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation shall be deemed (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 2.1 until BREED Converts ----------- the Borrower converts such Base Rate Loan in accordance with the terms of Section 3.82.9, and (ii) in all ----------- other cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREEDThe Borrower, at its option and subject to the terms hereof, may request an Advance pursuant to and of a denomination permitted under Section 3.1 2.1 in an amount sufficient to repay Swing Line ----------- Outstandings on any date and the Administrative Agent shall provide from the proceeds of such Advance to NationsBank the amount necessary to repay such Swing Line Outstandings (which NationsBank shall then apply to such repayment) and credit any balance of the Advance in immediately available funds in the manner directed by the Borrower pursuant to Section 3.1(c)(ii2.1(c)(ii). The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Loans in the amount of such Advances. The Swing Line shall continue in effect until the Revolving Credit Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full.
Appears in 1 contract
Samples: Credit Agreement (Medpartners Inc)
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Agent and the Lenders, NationsBank shall make available Swing Line Loans to BREED in Dollars the Borrower prior to the Revolving Credit Termination Date. NationsBank shall not make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers are Borrower is not in compliance with all the conditions to the making of Revolving Credit Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed Outstanding exceeds $20,000,00010,000,000, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, Revolving Outstanding Credit Outstandings and Letter of Credit Outstandings exceeds Obligations exceed the Total Revolving Credit Commitment. Swing Line Loans made pursuant to this Section 2.16 shall be limited to Loans bearing interest at the Base Rate Loansunless NationsBank and Borrower shall agree otherwise.
(i) On each Business Day, in the absence of contrary instructions from the Borrower (by telephone confirmed in writing), NationsBank shall make a Swing Line Loan by funding the Borrower's Account with NationsBank through credits to such account to the extent necessary based on the balance in the account on such day in order to fund that day's presentments for payment against the account. BREED may borrowUpon each Advance, repay the Borrower shall be indebted to NationsBank in the amount of the Advance, plus interest thereon, in accordance with the terms and reborrow under this Section 3.14. Borrowings conditions hereof.
(ii) Not later than 3:00 P.M. (Charlotte, North Carolina time) on each Business Day on which Advances under the Swing Line are to be made, NationsBank shall be made in inform the ------------ minimum amount Borrower by telephone of $500,000 or, if greater, in amounts which are integral multiples of $100,000, or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receipt, by an Authorized Representative made to NationsBank not later than 2:00 P.M. on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of such Advances.
(iii) All Advances made by NationsBank under the Swing Line Loan requested will be made available pursuant to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. this Section 2.16 outstanding on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and the date of borrowing, and shall be in the form of Exhibit D-2, with appropriate ----------- insertions. Each repayment of a Swing Line Loan shall be in an amount which is an integral multiple of $100,000 or the aggregate amount of all Swing Line Outstandings.
(b) Swing Line Loans shall be in Dollars and day shall bear interest at the Base Rate, the interest payable on Rate unless NationsBank shall agree otherwise.
(iv) The Borrower and each Lender which is or may become a party hereto acknowledge that all Swing Line Loans is are to be made solely for by NationsBank to the account Borrower but that such Lender shall share the risk of NationsBank, and all accrued and unpaid interest on Swing Line Loans shall be payable on the dates and in the manner provided in Sections 3.2(b) and 3.4 loss with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a Swing Line Note delivered to NationsBank.
(c) Upon the making of a Swing Line Loan, each Lender with a Revolving Credit Commitment shall be deemed to have purchased from NationsBank a Participation therein such Advances in an amount equal to that such Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Lender's Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation shall be deemed (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 ending on the next following Business Day, which shall be extended automatically until BREED Converts ----------- the Borrower converts such Base Rate Loan in accordance with the terms of Section 3.8, and (ii) in all ----------- cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan2.11 hereof. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREED, Borrower at its option and subject to the terms hereof, may request an Advance as a Revolving Credit Loan pursuant to Section 3.1 2.01 in an amount sufficient to repay any or all Swing Line ----------- Outstandings Loans on any date and the Agent shall provide from upon the proceeds receipt of such Advance Advance, provide to NationsBank the amount necessary to repay such Swing Line Outstandings Loan or Loans (which NationsBank shall then apply to such repayment) and credit any balance of the Advance Revolving Credit Loan in immediately available funds in to the manner directed by the Borrower pursuant to Section 3.1(c)(ii)Borrower's Account. The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the Swing Line Outstandings Outstanding and the Lenders shall then be deemed to have made Revolving Credit Loans in the amount of such Advances. The Swing Line shall continue in effect to be available until the earlier of (i) occurrence of a Default or an Event of Default, or (ii) the Revolving Credit Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full.
Appears in 1 contract
Samples: Credit Facilities and Reimbursement Agreement (Republic Industries Inc)
Swing Line. (a) Notwithstanding any other provision of this Agreement ---------- to the contrary, in order to administer the Revolving Credit Facility in an efficient manner and to minimize the transfer of funds between the Administrative Agent and the Lenders, NationsBank shall make available Swing Line Loans to BREED in Dollars the Borrower prior to the Revolving Credit Termination Date. NationsBank shall not be obligated to make any Swing Line Loan pursuant hereto (i) if to the actual knowledge of NationsBank the Borrowers are Borrower is not in compliance with all the conditions to the making of Revolving Loans set forth in this Agreement, (ii) if after giving effect to such Swing Line Loan, the Swing Line Outstandings exceed $20,000,00015,000,000, or (iii) if after giving effect to such Swing Line Loan, the sum of the principal amount of Swing Line Outstandings, Revolving Credit Outstandings and Letter of Credit Outstandings exceeds the Total Revolving Credit Commitment. Swing Line Loans shall be limited to Base Rate Loans. BREED The Company may borrow, repay and reborrow under this Section 3.142.13. Borrowings Unless notified to the contrary by NationsBank, borrowings under the Swing Line shall be made in the ------------ minimum amount of $500,000 100,000 or, if greater, in amounts which are integral multiples of $100,00010,000, or in the amount necessary to effect a Base Rate Refunding Loan, upon written request by telefacsimile transmission, effective upon receipt, by an Authorized Representative of the Borrower made to NationsBank not later than 2:00 3:00 P.M. on the Business Day of the requested borrowing. If such Borrowing Notice is received by 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be made available to the Borrower by a credit to the Borrower's Account or as otherwise specified by the Borrower at or prior to 5:00 P.M. on such Business Day. If such Borrowing Notice is received later than 2:00 P.M. on any Business Day, the amount of the Swing Line Loan requested will be so made available to the Borrower by 12:00 noon on the next succeeding Business Day. Each such Borrowing Notice shall specify the amount of the borrowing and borrowing, the date of borrowing, and the election of either the Base Rate or the Adjusted Federal Funds Rate with respect to such borrowing, and shall be in the form of Exhibit D-2, with appropriate ----------- insertions. Each Unless notified to the contrary by NationsBank, each repayment of a Swing Line Loan shall be in an amount which is an integral multiple of $100,000 10,000 or the aggregate amount of all Swing Line Outstandings. If the Borrower instructs NationsBank to debit any demand deposit account of the Borrower in the amount of any payment with respect to a Swing Line Loan, or NationsBank otherwise receives repayment, after 3:00 P.M. on a Business Day, such payment shall be deemed received on the next Business Day.
(b) Swing Line Loans shall be in Dollars and bear interest, at the Borrower's option, at either (i) the Base Rate, or (ii) the Adjusted Federal Funds Rate; provided, however, that if the Borrowing Notice received by the Administrative Agent with respect to a Swing Line Loan fails to designate either the Base Rate or the Adjusted Federal Funds Rate for such Swing Line Loan, such Swing Line Loan shall bear interest at the Base Rate, the . The interest payable on Swing Line Loans is solely for the account of NationsBank, and all accrued and unpaid interest on Swing Line Loans shall be payable on the dates and in the manner provided in Sections 3.2(b2.2(b) and 3.4 2.4 with ----------------------- respect to interest on Base Rate Loans. Amounts not paid when due shall bear interest at the Default Rate. The Swing Line Outstandings shall be evidenced by a Swing Line Note delivered to NationsBankNationsBank pursuant to this Section 2.13(b) on the Closing Date in the original principal amount of $15,000,000 and substantially in the form of Exhibit F-2.
(c) Upon the making of a Swing Line Loan, each Lender with a Revolving Credit Commitment shall be deemed to have purchased from NationsBank a Participation therein in an amount equal to that Lender's Applicable Commitment Percentage of such Swing Line Loan. Upon demand made by NationsBank, each Lender shall, according to its Applicable Commitment Percentage of such Swing Line Loan, promptly provide to NationsBank its purchase price therefor in an amount equal to its Participation therein. Any Advance made by a Lender pursuant to demand of NationsBank of the purchase price of its Participation shall be deemed (i) provided that the conditions to making Revolving Loans shall be satisfied, a Base Rate Refunding Loan under Section 3.1 2.1 until BREED the Borrower Converts ----------- such Base Rate Loan in accordance with the terms of Section 3.82.8, and (ii) in all ----------- other cases, the funding by each Lender of the purchase price of its Participation in such Swing Line Loan. The obligation of each Lender to so provide its purchase price to NationsBank shall be absolute and unconditional and shall not be affected by the occurrence of a Default or an Event of Default or any other occurrence or event. BREEDThe Borrower, at its option and subject to the terms hereof, may request an Advance pursuant to Section 3.1 2.1 in an amount sufficient to repay Swing Line ----------- Outstandings on any date and the Administrative Agent shall provide from the proceeds of such Advance to NationsBank the amount necessary to repay such Swing Line Outstandings (which NationsBank shall then apply to such repayment) and credit any balance of the Advance in immediately available funds in the manner directed by the Borrower pursuant to Section 3.1(c)(ii2.1(c)(ii). The proceeds of such Advances ------------------ shall be paid to NationsBank for application to the Swing Line Outstandings and the Lenders shall then be deemed to have made Loans in the amount of such Advances. The Swing Line shall continue in effect until the Revolving Credit Termination Date, at which time all Swing Line Outstandings and accrued interest thereon shall be due and payable in full.
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