Swing Line Advances Clause Samples
The Swing Line Advances clause defines the terms under which a borrower can request short-term, same-day loans—known as swing line advances—from a designated lender within a syndicated loan facility. Typically, these advances are limited in amount and duration, often used to cover immediate cash flow needs or to bridge short-term funding gaps until a regular loan drawdown can be processed. This clause ensures that borrowers have quick access to funds for urgent requirements, thereby enhancing liquidity management and operational flexibility.
Swing Line Advances. The Borrower shall repay to the Administrative Agent for the account of the Swing Line Bank and each other Revolving Credit Lender that has made a Swing Line Advance the outstanding principal amount of each Swing Line Advance made 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 the seventh day after the requested date of such Borrowing) and the Termination Date.
Swing Line Advances. (i) Each Borrower shall repay to the Swing Line Agent for the ratable account of the Swing Line Banks the unpaid principal amount of each Swing Line Advance outstanding on the applicable Swing Line Maturity Date.
(ii) In the event that a Borrower does not repay a Swing Line Advance made to it in full on the applicable Swing Line Maturity Date, on the Business Day immediately following such day, that Borrower shall be deemed to have served a Notice of Revolving Credit Borrowing for a Revolving Credit Borrowing to be made on the third Business Day thereafter in the amount (including accrued interest) and currency of such Swing Line Advance and with an Interest Period of one month and such Revolving Credit Advance shall be made on the third Business Day in accordance with Section 2.02(a) (without regard to the minimum amount thereof) and the proceeds thereof applied in repayment of such Swing Line Advance. Notwithstanding anything contained herein to the contrary, for the time period from the day immediately following the applicable Swing Line Maturity Date for any such Swing Line Advance that is not repaid on the applicable Swing Line Maturity Date until and including the third Business Day thereafter, Section 2.08(b) shall apply to the unpaid principal amount of any such Swing Line Advance.
(iii) Section 3.03 shall not apply to any Revolving Credit Advance to which this Section 2.07(c) refers.
(iv) In the circumstances set out in paragraph (ii) above, to the extent that it is not possible to make a Revolving Credit Advance due to the insolvency of a Borrower, the Lenders will indemnify (pro-rata according to their Revolving Credit Commitments) the Swing Line Banks for any loss that they incur as a result of the relevant Swing Line Borrowing.
Swing Line Advances. The Swing Line Lender may, on the terms and subject to the conditions hereinafter set forth (including without limitation Section 2.5(c) hereof), but shall not be required to, make one or more Advances (each such advance being a “Swing Line Advance”) to the Borrower from time to time on any Business Day during the period from the Effective Date hereof until (but excluding) the Revolving Credit Maturity Date in an aggregate amount not to exceed at any one time outstanding the Swing Line Maximum Amount. Subject to the terms set forth herein, advances, repayments and readvances may be made under the Swing Line.
Swing Line Advances. Each Swing Line Advance shall be paid in full on each Swing Line Payment Date.
Swing Line Advances. The Borrower may request the Swing Line Banks to make, and each Swing Line Bank severally agrees to make, on the terms and conditions hereinafter set forth, its ratable share of a Swing Line Advance to the Borrower from time to time on any Business Day during the period from the date hereof until the Termination Date (i) in an aggregate amount not to exceed at any time outstanding $25,000,000 (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 Lenders at such time. 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 $250,000 in excess thereof and shall be made as a Base Rate Advance. Within the limits of the Swing Line Facility and within the limits referred to in clause (ii) above, the Borrower may borrow under this Section 2.01(d), repay pursuant to Section 2.04(c) or prepay pursuant to Section 2.06(a) and reborrow under this Section 2.01(d).
Swing Line Advances. The Domestic Swing Line Lender agrees to make, or to cause an Appropriate Swing Line Lender to make, on the terms and conditions hereinafter set forth, Swing Line Advances in US Dollars or any Offshore Currency to the Domestic Borrower or any Offshore Borrower from time to time on any Business Day during the period from the Effective Date until the Termination Date (i) in an aggregate amount (calculated on any date of determination for purposes of each Offshore Swing Line Advance, as the US Dollar Equivalent of such Offshore Swing Line Advance on such date) not to exceed at any time outstanding US$20,000,000 (the "SWING LINE SUB-FACILITY"), (ii) in an amount for each such Swing Line Borrowing (calculated on any date of determination for purposes of each Swing Line Borrowing in an Offshore Currency, as the US Dollar Equivalent of such Swing Line Borrowing Credit Agreement on such date) not to exceed the aggregate of the Unused Revolving Credit Commitments of the Revolving Credit Lenders at such time and (iii) in an aggregate amount for all Swing Line Advances in each Applicable Currency, not to exceed the Applicable Swing Line Sub-Limit for such Applicable Currency. 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 in US Dollars shall be in an amount of $1,000,000 or an integral multiple of $500,000 in excess thereof and shall be made as a Base Rate Advance. Each Swing Line Borrowing in an Offshore Currency shall be in an amount of the US Dollar Equivalent of $250,000 or an integral multiple of $100,000 in excess thereof and shall be made as a Base Rate Advance. Within the limits of the Swing Line Sub-Facility and within the limits referred to in clauses (ii) and (iii) above, so long as the Domestic Swing Line Lender, in its sole discretion, elects to make Swing Line Advances, or to cause another Appropriate Swing Line Lender to make Swing Line Advances, the Domestic Borrower or any Offshore Borrower may borrow under this Section 2.01(d), repay pursuant to Section 2.04(d) or prepay pursuant to Section 2.06(a) and reborrow under this Section 2.01(d).
Swing Line Advances. Each Borrower may, upon notice to the Administrative Agent and the Swing Line Agent by 9:30 A.M. (London time) on the date of the prepayment stating the aggregate principal amount of the prepayment, and, if such notice is given, such Borrower shall prepay the outstanding principal amount of the Swing Line Advances comprising part of the same Swing Line Borrowing in whole or ratably in part; provided, however, that (x) each partial prepayment shall be in an aggregate principal amount of no less than €1,000,000 or $1,000,000, as the case may be and (y) in the event of any such prepayment of a Swing Line Advance other than on the maturity date therefor, such Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 9.04(c).
Swing Line Advances. (a) The Borrower may, at any time prior to the Facility Termination Date, as set forth in this Section, request the Swing Line Lender to make, and the Swing Line Lender may in its sole and absolute discretion, at any time prior to the Facility Termination Date, make, Swing Line Advances to the Borrower, in an aggregate principal amount at any one time outstanding, not exceeding $10,000,000 (the “Swing Line Cap”), provided that: (1) the aggregate principal amount of all Swing Line Advances, together with the aggregate principal amount of all outstanding Syndicated Advances, at any one time outstanding shall not exceed the Facility Amount at such time; and (2) the aggregate principal amount of all Swing Line Advances and Syndicated Advances of the Swing Line Lender will not exceed the amount of its Commitment; and the aggregate amount of such Swing Line Advance shall be at least $500,000 (or in larger multiples of $100,000). No Swing Line Advance shall be made on any date that the Swing Line Lender has actual knowledge of the existence of an Event of Default.
(b) Subject to the limitations set forth in Section 2.03(a) and except as may otherwise be agreed upon by the Swing Line Lender and the Borrower, the Borrower may request a Swing Line Advance from the Swing Line Lender by delivering to the Administrative Agent and the Swing Line Lender a duly completed Funding Request and each of the other documents and other information as required under any of the terms set forth in Section 2.02. Each Funding Request must be received by the Administrative Agent and the Swing Line Lender no later than 1:00 p.m. (Washington, D.C. time) on the Domestic Business Day for which such Swing Line Advance is requested. If any Funding Request is received by the Administrative Agent and the Swing Line Lender after 1:00 p.m. (Washington, D.C. time) on the Domestic Business Day for which such Swing Line Advance is requested or on a day that is not a Domestic Business Day, such Funding Request shall be deemed to be received by the Administrative Agent and the Swing Line Lender at 9:00 a.m. on the next following Domestic Business Day. Each such Funding Request shall (i) specify the aggregate amount of the requested Swing Line Advance, which shall be in an amount as specified in Section 2.03(a), (ii) specify the date of the requested Swing Line Advance, and (iii) include a representation that all conditions precedent for a funding have been met. Any Funding Request shall be irrevocabl...
Swing Line Advances. The Swing Line Advances shall bear interest at the Adjusted Base Rate plus the Applicable Margin for Base Rate Advances or such other per annum rate to be agreed to between the Borrower and the Swing Line Lender. The Borrower shall pay all accrued but unpaid interest on each Swing Line Advance to the Swing Line Lender, quarterly in arrears, on each March 31, June 30, September 30, and December 31 commencing on December 31, 2012, and on the Maturity Date or such dates as otherwise agreed to between the Swing Line Lender and the Borrower.
Swing Line Advances. The U.S. Borrower shall repay to the Administrative Agent for the account of the Swing Line Bank and each other Revolving Credit Lender that has made a Swing Line Advance the outstanding principal amount of each Swing Line Advance made 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 the seventh day after the requested date of such Borrowing) and the Termination Date.