Swing Loan Clause Samples
A Swing Loan clause defines the terms under which a short-term, interim loan is provided to bridge a temporary gap in financing. Typically, this clause applies when a borrower needs immediate funds to cover expenses while awaiting longer-term financing, such as during a real estate transaction where the sale of one property is pending. The clause outlines the loan amount, interest rate, repayment terms, and conditions for disbursement and repayment. Its core practical function is to ensure liquidity and financial flexibility for the borrower during transitional periods, solving the problem of timing mismatches between cash inflows and outflows.
Swing Loan. See §2.5(a).
Swing Loan. The obligation of Borrower to repay the Swing Loans and to pay interest thereon shall be evidenced by a Swing Line Note of Borrower in the form of the attached Exhibit B, and payable to the order of the Swing Line Lender in the principal amount of the Swing Line Commitment, or, if less, the aggregate unpaid principal amount of Swing Loans made by the Swing Line Lender.
Swing Loan. Upon the request of the Swing Line Lender, to evidence the obligation of Borrower to repay the Swing Loans and to pay interest thereon, Borrower shall execute a Swing Line Note, and payable to the order of the Swing Line Lender in the principal amount of the Swing Line Commitment, or, if less, the aggregate unpaid principal amount of Swing Loans made by the Swing Line Lender; provided, however, that the failure of the Swing Line Lender to request a Swing Line Note shall in no way detract from Borrower’s obligations to the Swing Line Lender hereunder.
Swing Loan. Any Loan made to a Borrower by a Swing Bank from time to time, which Loan shall be made in accordance with Section 2.4(b).
Swing Loan. See §2.5(a). All Swing Loans shall be made in Dollars.
Swing Loan. A Loan made by the Swing Lender pursuant to §2.1(b).
Swing Loan. See §2.2(a). Swing Loan Commitment. $30,000,000. The Swing Loan Commitment is part of, and not in addition to, the aggregate Revolving Credit Commitment.
Swing Loan. See §2.5(a). Swing Loan Commitment. An amount equal to Twenty-Three Million Five Hundred Thousand and No/100 Dollars ($23,500,000.00), as the same may be changed from time to time in accordance with the terms of this Agreement.
Swing Loan. If any payment made by any Revolving Credit Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation. Such participation shall not be otherwise required to be funded. Upon receipt by the Swingline Lender of any payment from any Revolving Credit Lender pursuant to this clause (c) with respect to any portion of any Swing Loan, the Swingline Lender shall promptly pay over to such Revolving Credit Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) received by the Swingline Lender with respect to such portion.
Swing Loan. Any Loans made to the Borrower by the Banks from time to time, which Loans shall be made in accordance with Section 2.8.2. Swing Loan Rate. A simple interest rate equal to the sum of the Federal Funds Rate Basis plus 0.50% per annum. The Swing Loan Rate shall be adjusted automatically as of the opening of business of the effective date of each change in the Federal Funds Rate Basis to account for such change.