Type of Loans and Borrowings. Subject to Section 2.14, each Revolving Borrowing shall be comprised entirely of dollar ABR Loans or Major Currency Fixed Rate Loans as the Borrower may request in accordance herewith; provided that all Borrowings made on the Effective Date must be made as ABR Borrowings and no Revolving Borrowing may be denominated in any currency other than a Major Currency. Each Swingline Loan that is denominated in a currency other than dollars shall be a Fixed Rate Loan and each Swingline Loan that is denominated in dollars shall be a Federal Funds Effective Rate Loan. Each Lender at its option may make any Fixed Rate Loan or Set Rate Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.
Appears in 3 contracts
Samples: Credit Agreement (Leggett & Platt Inc), Credit Agreement (Leggett & Platt Inc), Credit Agreement (Leggett & Platt Inc)
Type of Loans and Borrowings. Subject to Section 2.14, each Revolving Borrowing shall be comprised entirely of dollar Dollar ABR Loans or Major Currency Fixed Rate Loans as the Borrower may request in accordance herewith; provided that all Borrowings made on the Effective Date must be made as ABR Borrowings and no Revolving Borrowing may be denominated in any currency other than a Major Currency. Each Swingline Loan that is denominated in a currency other than dollars Dollars shall be a Fixed Rate Loan and each Swingline Loan that is denominated in dollars Dollars shall be a Federal Funds Effective Rate Loan. Each Lender at its option may make any Fixed Rate Loan or Set Rate Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.
Appears in 1 contract
