The Swing Line Advances. The Borrower may request the Swing Line Bank to make, and the Swing Line Bank shall make, on the terms and conditions hereinafter set forth, Swing Line Advances to the Borrower from time to time on any Business Day during the period from the date hereof until the Revolving Credit Termination Date (i) in an aggregate amount not to exceed at any time outstanding $5,000,000 (the "SWING LINE FACILITY") and (ii) in an amount for each such Swing Line Borrowing not to exceed the aggregate of the Unused Revolving Credit Commitments of the Revolving Credit Lenders at such time. Notwithstanding the foregoing, the Swing Line Bank can refuse to make Swing Line Advances to the Borrower by declaring that the Swing Line Facility shall not be available for Borrowings by giving notice to the Borrower not later than the fourth Business Day prior to the date on which such unavailability of the Swing Line Facility shall commence. No Swing Line Advance shall be used for the purpose of funding the payment of principal of any other Swing Line Advance. Each Swing Line Borrowing shall be made as a Prime Rate Advance. Within the limits of the Swing Line Facility and within the limits referred to in clause (ii) above, so long as the Swing Line Bank, in its discretion, elects to make Swing Line Advances, the Borrower may borrow and reborrow under this Section 2.1(b) and may repay or prepay the Swing Line Advances at such times prior to the Termination Date, and in such integral multiples, as the Borrower may elect.
Appears in 1 contract
Samples: Credit Agreement (Mosler Inc)
The Swing Line Advances. The Borrower may request the Swing Line Bank to make, and the Swing Line Bank shall may, if in its discretion it elects to do so, make, on the terms and conditions hereinafter set forthforth and in reliance upon the agreements of the other Lenders set forth in this Agreement, Swing Line Advances to the Borrower from time to time on any Business Day during the period from the date hereof Closing Date until the Revolving Credit Termination Date (i) in an aggregate amount not to exceed at any time outstanding the lesser of (i) $5,000,000 2,000,000 (the "SWING LINE FACILITY"“Swing Line Facility”) and (ii) in an amount for each such Swing Line Borrowing not (after giving effect to exceed the aggregate any immediate application of the Unused Revolving Credit Commitments of proceeds thereof) the Revolving Credit Lenders Availability at such time. Notwithstanding the foregoing, the Swing Line Bank can refuse to make Swing Line Advances to the Borrower by declaring that the Swing Line Facility shall not be available for Borrowings by giving notice to the Borrower not later than the fourth Business Day prior to the date on which such unavailability of the Swing Line Facility shall commence. No Swing Line Advance shall be used for the purpose of funding the payment of principal of any other Swing Line Advance. Each Swing Line Borrowing shall be made as a Prime Rate AdvanceAdvance and shall be in an aggregate amount of not less than $100,000. Within the limits of the Swing Line Facility and within the limits referred to in clause (ii) above, so long as the Swing Line Bank, in its discretion, elects to make Swing Line Advances, the Borrower may borrow and reborrow under this Section 2.1(b2.1(c) and may repay or prepay the Swing Line Advances at such times prior to the Termination Date, and in such integral multiples, as the Borrower may elect.
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The Swing Line Advances. The Borrower may request the Swing Line Bank to make, and the Swing Line Bank shall may, if in its discretion it elects to do so, make, on the terms and conditions hereinafter set forth, Swing Line Advances to the Borrower from time to time on any Business Day during the period from the date hereof until the Revolving Credit Termination Date (i) in an aggregate amount not to exceed at any time outstanding $5,000,000 15,000,000 (the "SWING LINE FACILITYSwing Line Facility") and (ii) in an amount for each such Swing Line Borrowing not to exceed the aggregate of the Unused Revolving Credit Commitments of the Revolving Credit Lenders at such time. Notwithstanding the foregoing, the Swing Line Bank can refuse to make Swing Line Advances to the Borrower by declaring that the Swing Line Facility shall not be available for Borrowings by giving notice to the Borrower not later than the fourth Business Day prior to the date on which such unavailability of the Swing Line Facility shall commence. No Swing Line Advance shall be used for the purpose of funding the payment of principal of any other Swing Line Advance. Each Swing Line Borrowing shall be made as a Prime Rate Advance. Within the limits of the Swing Line Facility and within the limits referred to in clause (ii) above, so long as the Swing Line Bank, in its discretion, elects to make Swing Line Advances, the Borrower may borrow and reborrow under this Section 2.1(b2.01(c) and may repay or prepay the Swing Line Advances at such times prior to the Revolving Credit Termination Date, and in such integral multiples, as the Borrower may elect.
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The Swing Line Advances. The Borrower may request the Swing Line Bank to make, and the Swing Line Bank shall, so long as no Default or Event of Default shall have occurred and be continuing, make, on the terms and conditions hereinafter set forth, Swing Line Advances to the Borrower from time to time on any Business Day during prior to the period from the date hereof until the Revolving Credit Termination Date (i) in an aggregate amount not to exceed at any time outstanding $5,000,000 10,000,000 (the "SWING LINE FACILITY") and (ii) in an amount for each such Swing Line Borrowing not to exceed an amount equal to (x) the aggregate of the Unused Revolving Credit Commitments of the Revolving Credit Lenders at such time. Notwithstanding time minus (y) the foregoing, the Swing Line Bank can refuse to make aggregate Swing Line Advances to the Borrower by declaring that the outstanding at such time. Each Swing Line Facility Advance shall not be available for Borrowings by giving notice to the Borrower not later than the fourth Business Day prior to the date on which such unavailability in integral multiples of the Swing Line Facility shall commence$100,000. No Swing Line Advance shall be used for the purpose of funding the payment of principal of any other Swing Line Advance. Each Swing Line Borrowing shall be made as a Prime Rate Advancebear interest at the rate established pursuant to the Fee Letter (the "SWING LINE RATE"). Within the limits of the Swing Line Facility and within the limits referred to in clause (ii) above, so long as the Swing Line Bank, in its discretion, elects to make Swing Line Advancesthis Section 2.01(c), the Borrower may borrow and reborrow under this Section 2.1(b2.01(c) and may repay or prepay the Swing Line Advances at such times prior to the Termination Date, and in such integral multiples, as the Borrower may elect.
Appears in 1 contract
Samples: Credit Agreement (Applied Graphics Technologies Inc)
The Swing Line Advances. The Borrower may request the Swing Line Bank to make, and the Swing Line Bank shall make, unless it promptly notifies the Borrower of its reasonable objection to doing so, on the terms and conditions hereinafter set forth, Swing Line Advances to the Borrower from time to time on any Business Day during the period from the date hereof Effective Date until the Revolving Credit Termination Date for the Swing Line Facility in an amount (i) in an aggregate amount for all outstanding Swing Line Advances not to exceed at any time outstanding $5,000,000 (the "SWING LINE FACILITY") Swing Line Facility on such Business Day and (ii) in an amount for each such Swing Line Borrowing Advance not to exceed the aggregate of the Unused Revolving Credit Commitments of the Revolving Credit Lenders at on such time. Notwithstanding the foregoing, the Swing Line Bank can refuse to make Swing Line Advances to the Borrower by declaring that the Swing Line Facility shall not be available for Borrowings by giving notice to the Borrower not later than the fourth Business Day prior to the date on which such unavailability of the Swing Line Facility shall commenceDay. No Swing Line Advance shall be used for the purpose of funding the payment of principal of any other Swing Line Advance. Each Swing Line Borrowing Advance shall be made as in an amount of $1,000,000 or an integral multiple of $500,000 in excess thereof and shall be comprised of a Prime Base Rate Advance. Within the limits of the Swing Line Facility and within the limits referred to in clause first sentence of this subsection (ii) aboved), so long as the Swing Line Bank, in Bank has not notified the Borrower of its discretion, elects reasonable objection to make making Swing Line Advances, the Borrower may borrow under this subsection (d), repay pursuant to Section 2.04(d) or prepay pursuant to Section 2.06(a) and reborrow under this Section 2.1(b) and may repay or prepay the Swing Line Advances at such times prior to the Termination Date, and in such integral multiples, as the Borrower may electsubsection (d).
Appears in 1 contract
Samples: Credit Agreement (Medpartners Inc)
The Swing Line Advances. The Borrower may request the Swing Line Bank to make, and the Swing Line Bank shall, so long as no Default or Event of Default shall have occurred and be continuing, make, on the terms and conditions hereinafter set forth, Swing Line Advances to the Borrower from time to time on any Business Day during the period from the date hereof Initial Funding Date until the Revolving Credit Termination Date (i) in an aggregate amount not to exceed at any time outstanding $5,000,000 (the "SWING LINE FACILITY") and (ii) in an amount for each such Swing Line Borrowing not to exceed an amount equal to (x) the aggregate of the Unused Revolving Credit Commitments of the Revolving Credit Lenders at such time. Notwithstanding time minus (y) the foregoing, the Swing Line Bank can refuse to make aggregate Swing Line Advances to the Borrower by declaring that the outstanding at such time. Each Swing Line Facility Advance shall not be available for Borrowings by giving notice to the Borrower not later than the fourth Business Day prior to the date on which such unavailability in integral multiples of the Swing Line Facility shall commence$100,000. No Swing Line Advance shall be used for the purpose of funding the payment of principal of any other Swing Line Advance. Each Swing Line Borrowing shall be made as a Prime Rate Advancebear interest at the rate established pursuant to the Fee Letter (the "SWING LINE RATE"). Within the limits of the Swing Line Facility and within the limits referred to in clause (ii) above, so long as the Swing Line Bank, in its discretion, elects to make Swing Line Advancesthis Section 2.01(c), the Borrower may borrow and reborrow under this Section 2.1(b2.01(c) and may repay or prepay the Swing Line Advances at such times prior to the Revolving Credit Termination Date, and in such integral multiples, as the Borrower may elect.
Appears in 1 contract
Samples: Credit Agreement (Applied Graphics Technologies Inc)
The Swing Line Advances. The Borrower may request the Swing Line Bank to make, and the Swing Line Bank shall may, if in its sole discretion it elects to do so, make, on the terms and conditions hereinafter set forth, Swing Line Advances to the Borrower from time to time on any Business Day during the period from the date hereof until the Revolving Credit Termination Date (i) in an aggregate amount not to exceed at any time outstanding $5,000,000 20,000,000 (the "SWING LINE FACILITYSwing Line Facility") and (ii) in an amount for each such Swing Line Borrowing not to exceed the aggregate of the Unused Revolving Credit Working Capital Commitments of the Revolving Credit Working Capital Lenders at such time. Notwithstanding the foregoing, the Swing Line Bank can refuse to make Swing Line Advances to the Borrower by declaring that the Swing Line Facility shall not be available for Borrowings by giving notice to the Borrower not later than the fourth Business Day prior to the date on which such unavailability of the Swing Line Facility shall commence. No Swing Line Advance shall be used for the purpose of funding the payment of principal of any other Swing Line Advance. Each Swing Line Borrowing shall be in an amount of $1,000,000 or an integral multiple of $1,000,000 in excess thereof and shall be made as a Prime Base Rate Advance. Within the limits of the Swing Line Facility and within the limits referred to in clause (ii) above, so long as the Swing Line Bank, in its sole discretion, elects to make Swing Line Advances, the Borrower may borrow under this Section 2.01(b), repay pursuant to Section 2.04(c) or prepay pursuant to Section 2.07 and reborrow under this Section 2.1(b) and may repay or prepay the Swing Line Advances at such times prior to the Termination Date, and in such integral multiples, as the Borrower may elect2.01(b).
Appears in 1 contract
Samples: Credit Agreement (Borden Inc)
The Swing Line Advances. The Borrower may request the Swing Line Bank to make, and the Swing Line Bank shall, so long as no Default or Event of Default shall have occurred and be continuing, make, on the terms and conditions hereinafter set forth, Swing Line Advances to the Borrower from time to time on any Business Day during the period from the date hereof until the Revolving Credit Termination Date (i) in an aggregate amount not to exceed at any time outstanding $5,000,000 (the "SWING LINE FACILITY") and (ii) in an amount for each such Swing Line Borrowing not to exceed an amount equal to (x) the aggregate of the Unused Revolving Credit Commitments of the Revolving Credit Lenders at such time. Notwithstanding time minus (y) the foregoing, the Swing Line Bank can refuse to make aggregate Swing Line Advances to the Borrower by declaring that the outstanding at such time. Each Swing Line Facility Advance shall not be available for Borrowings by giving notice to the Borrower not later than the fourth Business Day prior to the date on which such unavailability in integral multiples of the Swing Line Facility shall commence$100,000. No Swing Line Advance shall be used for the purpose of funding the payment of principal of any other Swing Line Advance. Each Swing Line Borrowing shall be made as a Prime Rate Advancebear interest at the rate established pursuant to the Fee Letter (the "SWING LINE RATE"). Within the limits of the Swing Line Facility and within the limits referred to in clause (ii) above, so long as the Swing Line Bank, in its discretion, elects to make Swing Line Advancesthis Section 2.01(c), the Borrower may borrow and reborrow under this Section 2.1(b2.01(c) and may repay or prepay the Swing Line Advances at such times prior to the Revolving Credit Termination Date, and in such integral multiples, as the Borrower may elect.
Appears in 1 contract
Samples: Credit Agreement (Applied Graphics Technologies Inc)
The Swing Line Advances. The Borrower Borrowers may request the Swing Line Bank to make, and the Swing Line Bank shall may, if in its discretion it elects to do so, make, on the terms and conditions hereinafter set forth, Swing Line Advances to the Borrower Borrowers from time to time on any Business Day during the period from the date hereof until the Revolving Credit Termination Date (i) in an aggregate principal amount not to exceed at any time outstanding $5,000,000 3,000,000 (the "SWING LINE FACILITY") and (ii) in an amount for each such Swing Line Borrowing not to exceed the lesser of (A) the Revolving Credit Availability and (B) an amount equal to (x) the aggregate of the Unused Revolving Credit Commitments of the Revolving Credit Lenders at such time. Notwithstanding time MINUS (y) the foregoing, the Swing Line Bank can refuse to make aggregate Swing Line Advances to the Borrower by declaring that the Swing Line Facility shall not be available for Borrowings by giving notice to the Borrower not later than the fourth Business Day prior to the date on which outstanding at such unavailability of the Swing Line Facility shall commencetime. No Swing Line Advance shall be used for the purpose of funding the payment of principal of any other Swing Line Advance. Each Swing Line Borrowing shall be made as a Prime Rate Advance. Within the limits of the Swing Line Facility and within the limits referred to in clause (ii) above, so long as the Swing Line Bank, in its discretion, elects to make Swing Line Advances, the Borrower Borrowers may borrow and reborrow under this Section 2.1(b2.1(e) and may repay or prepay the Swing Line Advances at such times prior to the Termination Date, and in such integral multiples, as the Borrower Borrowers may elect.
Appears in 1 contract
Samples: Credit Agreement (Polyvision Corp)
The Swing Line Advances. The Borrower may request the Swing Line Bank to make, and the Swing Line Bank shall make, on the terms and conditions hereinafter set forth, Swing Line Advances to the Borrower from time to time on any Business Day during the period from the date hereof until the Revolving Credit Termination Date (i) in an aggregate amount not to exceed at any time outstanding $5,000,000 3,000,000 (the "SWING LINE FACILITYSwing Line Facility") and (ii) in an amount for each such Swing Line Borrowing not to exceed the aggregate of the Unused Revolving Credit Commitments of the Revolving Credit Lenders at such time. Notwithstanding the foregoing, the Swing Line Bank can refuse to make Swing Line Advances to the Borrower by declaring that the Swing Line Facility shall not be available for Borrowings by giving notice to the Borrower not later than the fourth Business Day prior to the date on which such unavailability of the Swing Line Facility shall commence. No Swing Line Advance shall be used for the purpose of funding the payment of principal of any other Swing Line Advance. Each Swing Line Borrowing shall be made as a Prime Rate Advance. Within the limits of the Swing Line Facility and within the limits referred to in clause (ii) above, so long as the Swing Line Bank, in its discretion, elects to make Bank makes Swing Line Advances, the Borrower may borrow and reborrow under this Section 2.1(b2.1(d) and may repay or prepay the Swing Line Advances at such times prior to the Termination Date, and in such integral multiples, as the Borrower may elect.
Appears in 1 contract
The Swing Line Advances. The Subject to other arrangements as referred to in Section 2.02(b)(i), the Borrower may request the Swing Line Bank to make, and the Swing Line Bank shall may, if in its sole discretion it elects to do so, make, on the terms and conditions hereinafter set forth, Swing Line Advances to the Borrower from time to time on any Business Day during the period from the date hereof Effective Date until the Revolving Credit Termination Date (i) in an aggregate amount not to exceed at any time outstanding $5,000,000 20,000,000 (the "SWING LINE FACILITY"“Swing Line Facility”) and (ii) in an amount for each such not at any time exceeding the amount of the then applicable Swing Line Borrowing not to exceed the aggregate of the Unused Revolving Credit Commitments of the Revolving Credit Lenders at such time. Notwithstanding the foregoing, the Swing Line Bank can refuse to make Swing Line Advances to the Borrower by declaring that the Swing Line Facility shall not be available for Borrowings by giving notice to the Borrower not later than the fourth Business Day prior to the date on which such unavailability of the Swing Line Facility shall commenceReserve. No Swing Line Advance shall be used for the purpose of funding the payment of principal of any other Swing Line Advance. Each Swing Line Borrowing shall be in a minimum amount and in multiples as agreed between the Borrower and the Swing Line Bank and shall be made as a Prime Base Rate Advance. Within the limits of the Swing Line Facility and within the limits referred to in clause (ii) above, so long as the Swing Line Bank, in its sole discretion, elects to make Swing Line Advances, the Borrower may borrow under this Section 2.01(b), repay pursuant to Section 2.04(d) or prepay pursuant to Section 2.06(a) and reborrow under this Section 2.1(b) and may repay or prepay the Swing Line Advances at such times prior to the Termination Date, and in such integral multiples, as the Borrower may elect2.01(b).
Appears in 1 contract
The Swing Line Advances. The Borrower Borrowers may request the any Swing Line Bank to make, and the such Swing Line Bank shall may, if in its sole discretion it elects to do so, make, on the terms and conditions hereinafter set forth, Swing Line Advances to the such Borrower from time to time on any Business Day during the period from the date hereof until the Revolving Credit Termination Date (i) in an aggregate amount owing to all Swing Line Banks not to exceed at any time outstanding $5,000,000 75,000,000 (the "SWING LINE FACILITY") and (ii) in an amount for each such Swing Line Borrowing not to exceed the aggregate of the Unused Revolving Credit Commitments of the Revolving Credit Lenders at such time. Notwithstanding the foregoing, the Swing Line Bank can refuse to make Swing Line Advances to the Borrower by declaring that the Swing Line Facility shall not be available for Borrowings by giving notice to the Borrower not later than the fourth Business Day prior to the date on which such unavailability of the Swing Line Facility shall commence. No Swing Line Advance shall be used for the purpose of funding the payment of principal of any other Swing Line Advance. Each Swing Line Borrowing shall be in an amount of $500,000 or an integral multiple of $100,000 in excess thereof and shall be made as a Prime Base Rate Advance. Within the limits of the Swing Line Facility and within the limits referred to in clause (ii) above, so long as the any Swing Line Bank, in its sole discretion, elects to make Swing Line Advances, the Borrower Borrowers may borrow under this Section 2.01(c), repay pursuant to Section 2.04(c) or prepay pursuant to Section 2.06(a) and reborrow under this Section 2.1(b) and may repay or prepay the Swing Line Advances at such times prior to the Termination Date, and in such integral multiples, as the Borrower may elect2.01(c).
Appears in 1 contract
Samples: Credit Agreement (Broadwing Inc)
The Swing Line Advances. The Borrower may request the Each Swing Line Bank to make, and the Swing Line Bank shall makeagrees, on the terms and conditions hereinafter hereafter set forth, to make Swing Line Advances to the Borrower Borrowers from time to time on any Business Day during the period from the date hereof until the Revolving Credit Termination Date (i) denominated in Dollars or Euro in an aggregate amount (based in respect of any Swing Line Advances to be denominated in Euro by reference to the Equivalent thereof in Dollars determined on the date of delivery of the applicable Notice of Swing Line Borrowing), (i) with respect to each Swing Line Bank, not to exceed at any time outstanding $5,000,000 (the "SWING LINE FACILITY") 100,000,000 and (ii) that will not result in an amount for each such Lender's Revolving Credit Exposure exceeding such Lender’s Commitment (the “Swing Line Borrowing not to exceed the aggregate of the Unused Revolving Credit Commitments of the Revolving Credit Lenders at such time. Notwithstanding the foregoing, the Swing Line Bank can refuse to make Swing Line Advances to the Borrower by declaring that the Swing Line Facility shall not be available for Borrowings by giving notice to the Borrower not later than the fourth Business Day prior to the date on which such unavailability of the Swing Line Facility shall commenceFacility”). No Swing Line Advance shall be used for the purpose of funding the payment of principal of any other Swing Line Advance. Each Swing Line Borrowing shall be made in an amount not less than the Swing Line Borrowing Minimum or a Swing Line Borrowing Multiple in excess thereof and shall consist of an Advance bearing interest as a Prime Rate Advanceprovided in Section 2.06(a)(ii). Within the limits of the Swing Line Facility and within the limits referred to in clause (ii) above, so long as the Swing Line Bank, in its discretion, elects to make Swing Line Advances, the Borrower Borrowers may borrow under this 2.01(b), prepay pursuant to Section 2.09 and reborrow under this Section 2.1(b) and may repay or prepay the Swing Line Advances at such times prior to the Termination Date, and in such integral multiples, as the Borrower may elect2.01(b).
Appears in 1 contract
The Swing Line Advances. The Borrower may request the Swing Line Bank to make, and the Swing Line Bank shall may, if in its discretion it elects to do so, make, on the terms and conditions hereinafter set forth, Swing Line Advances to the Borrower from time to time on any Business Day during the period from the date hereof until the Revolving Credit Termination Date (i) in an aggregate amount not to exceed at any time outstanding $5,000,000 1,000,000 (the "SWING LINE FACILITYSwing Line Facility") and (ii) in an amount for each such Swing Line Borrowing not to exceed the aggregate of the Unused Revolving Credit Commitments of the Revolving Credit Lenders at such time. Notwithstanding the foregoing, the Swing Line Bank can refuse to make Swing Line Advances to the Borrower by declaring that the Swing Line Facility shall not be available for Borrowings by giving notice to the Borrower not later than the fourth Business Day prior to the date on which such unavailability of the Swing Line Facility shall commence. No Swing Line Advance shall be used for the purpose of funding the payment of principal of any other Swing Line Advance. Each Swing Line Borrowing shall be made as a Prime Rate Advance. Within the limits of the Swing Line Facility and within the limits referred to in clause (ii) above, so long as the Swing Line Bank, in its discretion, elects to make Swing Line Advances, the Borrower may borrow and reborrow under this Section 2.1(b2.1(e) and may repay or prepay the Swing Line Advances at such times prior to the Termination Date, and in such integral multiples, as the Borrower may elect.
Appears in 1 contract
The Swing Line Advances. The Borrower may request the Swing Line Bank to make, and the Swing Line Bank shall, so long as no Default or Event of Default shall have occurred and be continuing, make, on the terms and conditions hereinafter set forth, Swing Line Advances to the Borrower from time to time on any Business Day during the period from the date hereof Initial Funding Date until the Revolving Credit Termination Date (i) in an aggregate amount not to exceed at any time outstanding $5,000,000 10,000,000 (the "SWING LINE FACILITY") and (ii) in an amount for each such Swing Line Borrowing not to exceed an amount equal to (x) the aggregate of the Unused Revolving Credit Commitments of the Revolving Credit Lenders at such time. Notwithstanding time minus (y) the foregoing, the Swing Line Bank can refuse to make aggregate Swing Line Advances to the Borrower by declaring that the outstanding at such time. Each Swing Line Facility Advance shall not be available for Borrowings by giving notice to the Borrower not later than the fourth Business Day prior to the date on which such unavailability in integral multiples of the Swing Line Facility shall commence$100,000. No Swing Line Advance shall be used for the purpose of funding the payment of principal of any other Swing Line Advance. Each Swing Line Borrowing shall be made as a Prime Rate Advancebear interest at the rate established pursuant to the Fee Letter (the "SWING LINE RATE"). 7 Within the limits of the Swing Line Facility and within the limits referred to in clause (ii) above, so long as the Swing Line Bank, in its discretion, elects to make Swing Line Advancesthis Section 2.01(c), the Borrower may borrow and reborrow under this Section 2.1(b2.01(c) and may repay or prepay the Swing Line Advances at such times prior to the Revolving Credit Termination Date, and in such integral multiples, as the Borrower may elect."
Appears in 1 contract
Samples: Credit Agreement (Applied Graphics Technologies Inc)
The Swing Line Advances. The Borrower may request the Swing Line Bank to make, and the Swing Line Bank shall may, if in its discretion it elects to do so, make, on the terms and conditions hereinafter set forth, Swing Line Advances to the Borrower from time to time on any Business Day during the period from the date hereof until the Revolving Credit Termination Date (i) in an aggregate amount not to exceed at any time outstanding the lesser of (i) $5,000,000 2,000,000.00 (the "SWING LINE FACILITY") and (ii) in an amount for each such Swing Line Borrowing not (after giving effect to exceed any immediate application of the aggregate of proceeds thereof) the Unused Revolving Credit Commitments of the Revolving Credit Lenders Availability at such time. Notwithstanding the foregoing, the Swing Line Bank can refuse to make Swing Line Advances to the Borrower by declaring that the Swing Line Facility shall not be available for Borrowings by giving notice to the Borrower not later than the fourth Business Day prior to the date on which such unavailability of the Swing Line Facility shall commence. No Swing Line Advance shall be used for the purpose of funding the payment of principal of any other Swing Line Advance. Each Swing Line Borrowing shall be made as a Prime Rate AdvanceAdvance and shall be in an aggregate amount of not less than $100,000.00. Within the limits of the Swing Line Facility and within the limits referred to in clause (ii) above, so long as the Swing Line Bank, in its discretion, elects to make Swing Line Advances, the Borrower may borrow and reborrow under this Section 2.1(b2.1(c) and may repay or prepay the Swing Line Advances at such times prior to the Termination Date, and in such integral multiples, as the Borrower may elect.
Appears in 1 contract