Swingline LC definition
Examples of Swingline LC in a sentence
As a condition of the issuance of any Letter of Credit under the Credit Facility, the Borrower shall pay to the Agent (i) in the case of a Fronted LC only, for the account of the Issuing Lender, the Fronting Fee specified in Section 3.3 and, for the rateable account of the Lenders, the Issuance Fee specified in Section 3.2(e) or 3.2(f), as applicable and (ii) in the case of a Swingline LC only, for the account of the Issuing Lender, the Issuance Fee specified in Section 3.2(e) or 3.2(f), as applicable.
At the Effective Time, each Existing LC that was a "Fronted LC" under and as defined in the Original Credit Agreement shall be deemed to be outstanding as a Fronted LC issued at the request of the Borrower hereunder and each Existing LC that was a "Swingline LC" under and as defined in the Original Credit Agreement shall be deemed to be a Swingline LC issued at the request of the Borrower herunder.
At the Effective Time, each Existing LC shall be deemed to be outstanding as a Letter of Credit issued at the request of the Borrower hereunder and shall be deemed to be either a Fronted LC or a Swingline LC as specified in Schedule N.
Each Existing LC shall be deemed to be outstanding as a Letter of Credit issued at the request of the Borrower hereunder and shall be deemed to be either a Fronted LC or a Swingline LC as specified in Schedule N.