Swing Line Advance definition
Examples of Swing Line Advance in a sentence
No Swing Line Advance shall be used for the purpose of funding the payment of principal of any other Swing Line Advance.
The Borrower shall repay to the Agent for the ratable account of the Swing Line Banks and each other Revolving Lender which has made a Swing Line Advance the outstanding principal amount of each Swing Line Advance made to it by each of them on the earlier of the maturity date specified in the applicable Notice of Swing Line Borrowing (which maturity shall be no later than five (5) Business Days after the requested date of such Borrowing) and the Maturity Date.
If such Revolving Lender shall pay to the Agent such amount for the account of such Swing Line Bank on any Business Day, such amount so paid in respect of principal shall constitute a Swing Line Advance made by such Revolving Lender on such Business Day for purposes of this Agreement, and the outstanding principal amount of the Swing Line Advance made by such Swing Line Bank shall be reduced by such amount on such Business Day.
If and to the extent that any Revolving Lender shall not have so made the amount of such Swing Line Advance available to the Agent, such Revolving ▇▇▇▇▇▇ agrees to pay to the Agent forthwith on demand such amount together with interest thereon, for each day from the date such Revolving Lender is required to have made such amount available to the Agent until the date such amount is paid to the Agent, at the Federal Funds Rate.
Upon any such assignment by Swing Line Bank to any other Revolving Lender of a portion of a Swing Line Advance, such Swing Line Bank represents and warrants to such other Revolving Lender that such Swing Line Bank is the legal and beneficial owner of such interest being assigned by it, but makes no other representation or warranty and assumes no responsibility with respect to such Swing Line Advance, this Agreement, the Notes or the Borrower.