US Revolving Advance definition
Examples of US Revolving Advance in a sentence
Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to a U.S. Revolving Advance maintained as a Domestic Rate Loan in the case of a U.S. Letter of Credit or a Canadian Revolving Advance maintained as a Canadian Prime Rate Loan in the case of Canadian Letter of Credit.
Should any amount required to be paid as interest hereunder, or as fees or other charges under this Agreement or any other agreement with Agent or Lenders, or with respect to any other U.S. Obligation, become due, same shall be deemed a request for a U.S. Revolving Advance as of the date such payment is due, in the amount required to pay in full such interest, fee, charge or U.S. Obligation under this Agreement or any other agreement with Agent or Lenders, and such request shall be irrevocable.
Any sums expended by Agent or any Lender due to any U.S. Borrower’s failure to perform or comply with its obligations under this Agreement or any Other Document including any U.S. Borrower’s obligations under Sections 4.2, 4.4, 4.12, 4.13, 4.14 and 6.1 hereof, may be charged to U.S. Borrower’s Account as a U.S. Revolving Advance and added to the U.S. Obligations.
If such Lender shall pay to the Administrative Agent such amount for the account of such Issuing Bank on any Business Day, such amount so paid in respect of principal shall constitute a US Revolving Advance made by such Lender on such Business Day for purposes of this Agreement, and the outstanding principal amount of the US Revolving Advance made by the applicable Issuing Bank shall be reduced by such amount on such Business Day.
On any day when US Borrower desires a US Revolving Advance to be funded as a LIBOR Loan, Borrowing Agent shall give Agent written or telephonic notice of the proposed borrowing by 1:00 p.m. (New York City time) at least three (3) Business Days before the US Revolving Advance is to be made.
If and to the extent that any US Revolving Lender shall not have so made the amount of such US Revolving Advance available to the Administrative Agent, such Lender agrees to pay to the Administrative Agent forthwith on demand such amount together with interest thereon, for each day from the date of demand by the applicable Issuing Bank until the date such amount is paid to the Administrative Agent, at the Federal Funds Rate for its account or the account of such Issuing Bank, as applicable.
If the Swing Line Lender declines to make a Swing Line Loan or if Swing Line Availability is zero, Agent shall notify A Loan Lenders, promptly after receipt of a Notice of US Revolving Credit Advance and in any event prior to 2:00 p.m. (New York time) on the date such Notice of US Revolving Advance is received, by telecopy, telephone or other similar form of transmission.
After Agent’s receipt of such funds and subject to the other terms and conditions of this Agreement, Agent shall make each US Revolving Advance available to the US Borrower.
The failure of any US Lender to make a US Revolving Advance required to be made by it shall not relieve any other US Lender of its obligation to make its US Revolving Advance, and no US Lender shall be responsible for the failure of any other US Lender to make the US Revolving Advance to be made by such other US Lender.
Any sums expended or amounts paid by Agent and/or Lenders as a result of any Credit Party's failure to pay, perform or comply with any Loan Document or any of the Obligations may be charged to US Borrower's account as a US Revolving Advance under the US Revolving Facility (or, if relating to a Canadian Obligation, at Agent's option, as a Canadian Revolving Advance under the Canadian Revolving Facility) and added to the respective Obligations.