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"an-event-of-default", "type": "clause", "offset": [8191, 8210]}, {"key": "change-in", "type": "definition", "offset": [8230, 8239]}, {"key": "agreement-or", "type": "definition", "offset": [8366, 8378]}, {"key": "other-loan-documents", "type": "definition", "offset": [8390, 8410]}, {"key": "similar-to", "type": "definition", "offset": [8536, 8546]}, {"key": "the-foregoing", "type": "definition", "offset": [8554, 8567]}, {"key": "by-the-agent", "type": "clause", "offset": [8643, 8655]}, {"key": "the-non", "type": "clause", "offset": [8752, 8759]}, {"key": "purchasing-lender", "type": "definition", "offset": [8760, 8777]}, {"key": "for-the-purposes-of-this-agreement", "type": "clause", "offset": [8902, 8936]}], "snippet": "(a) Subject to the terms and conditions set forth in this Agreement, Swing Loan Lender agrees to lend to the Borrower (the \u201cSwing Loans\u201d), and the Borrower may borrow (and repay and reborrow) from time to time between the Closing Date and the date which is five (5) Business Days prior to the Maturity Date upon notice by the Borrower to the Swing Loan Lender given in accordance with this \u00a72.5, such sums as are requested by the Borrower for the purposes set forth in \u00a72.9 in an aggregate principal amount at any one time outstanding not exceeding the Swing Loan Commitment; provided that in all events (i) no Default or Event of Default shall have occurred and be continuing; and (ii) the outstanding principal amount of the Revolving Credit Loans and Swing Loans (after giving effect to all amounts requested) plus Letter of Credit Liabilities shall not at any time exceed the lesser of (A) the Total Commitment or (B) the Borrowing Base Availability, or cause a violation of the covenants set forth in \u00a79.1, \u00a79.9 or \u00a79.10. Notwithstanding anything to the contrary contained in this \u00a72.5, the Swing Loan Lender shall not be obligated to make any Swing Loan at a time when any other Lender is a Defaulting Lender, unless the Swing Loan Lender is satisfied that the participation therein will otherwise be fully allocated to the Lenders that are Non-Defaulting Lenders consistent with \u00a72.13(c) and the Defaulting Lender shall not participate therein, except to the extent the Swing Loan Lender has entered into arrangements with the Borrower or such Defaulting Lender that are satisfactory to the Swing Loan Lender in its good faith determination to eliminate the Swing Loan Lender\u2019s Fronting Exposure with respect to any such Defaulting Lender, including the delivery of cash collateral. Swing Loans shall constitute \u201cRevolving Credit Loans\u201d for all purposes hereunder. The funding of a Swing Loan hereunder shall constitute a representation and warranty by the Borrower that all of the conditions set forth in \u00a710 and \u00a711 have been satisfied on the date of such funding. The Swing Loan Lender may assume that the conditions in \u00a710 and \u00a711 have been satisfied unless Swing Loan Lender has received written notice from a Lender that such conditions have not been satisfied. Each Swing Loan shall be due and payable within three (3) Business Days of the date such Swing Loan was provided and the Borrower hereby agrees (to the extent not repaid as contemplated by \u00a72.5(d) below) to repay each Swing Loan on or before the date that is three (3) Business Days from the date such Swing Loan was provided. A Swing Loan may not be refinanced with another Swing Loan.\n(b) The Swing Loans shall be evidenced by a separate promissory note of the Borrower in substantially the form of Exhibit B hereto (the \u201cSwing Note\u201d), dated the date of this Agreement and completed with appropriate insertions. The Swing Loan Note shall be payable to the order of the Swing Loan Lender in the principal face amount equal to the Swing Loan Commitment and shall be payable as set forth below. The Borrower irrevocably authorizes the Swing Loan Lender to make or cause to be made, at or about the time of the Drawdown Date of any Swing Loan or at the time of receipt of any payment of principal thereof, an appropriate notation on the Swing Loan Lender\u2019s Record reflecting the making of such Swing Loan or (as the case may be) the receipt of such payment. The outstanding amount of the Swing Loans set forth on the Swing Loan Lender\u2019s Record shall be prima facie evidence of the principal amount thereof owing and unpaid to the Swing Loan Lender, but the failure to record, or any error in so recording, any such amount on the Swing Loan Lender\u2019s Record shall not limit or otherwise affect the obligations of the Borrower hereunder or under the Swing Loan Note to make payments of principal of or interest on any Swing Loan Note when due.\n(c) The Borrower shall request a Swing Loan by delivering to the Swing Loan Lender a Loan Request executed by an Authorized Officer no later than 11:00 a.m. (Cleveland time) on the requested Drawdown Date specifying the amount of the requested Swing Loan (which shall be in the minimum amount of $1,000,000.00) and providing the wire instructions for the delivery of the Swing Loan proceeds. The Loan Request shall also contain the statements and certifications required by \u00a72.7(i) and (ii). Each such Loan Request shall be irrevocable and binding on the Borrower and shall obligate the Borrower to accept such Swing Loan on the Drawdown Date. Notwithstanding anything herein to the contrary, a Swing Loan shall be a Base Rate Loan and shall bear interest at the Base Rate plus the Applicable Margin. The proceeds of the Swing Loan will be disbursed by wire by the Swing Loan Lender to the Borrower no later than 1:00 p.m. (Cleveland time).\n(d) The Swing Loan Lender shall, within two (2) Business Days after the Drawdown Date with respect to such Swing Loan, request each Lender, including the Swing Loan Lender, to make a Revolving Credit Loan pursuant to \u00a72.1 in an amount equal to such Lender\u2019s Commitment Percentage of the amount of the Swing Loan outstanding on the date such notice is given. In the event that the Borrower does not notify the Agent in writing otherwise on or before noon (Cleveland Time) on the Business Day of the Drawdown Date with respect to such Swing Loan, Agent shall notify the Lenders that such Loan shall be a LIBOR Rate Loan with an Interest Period of one (1) month, provided that the making of such LIBOR Rate Loan will not be in contravention of any other provision of this Agreement, or if the making of a\n1. Unless any of the events described in paragraph (h), (i) or (j) of \u00a712.1 shall have occurred (in which event the procedures of \u00a72.5(e) shall apply), each Lender shall make the proceeds of its Revolving Credit Loan available to the Swing Loan Lender for the account of the Swing Loan Lender at the Agent\u2019s Head Office prior to 12:00 noon (Cleveland time) in funds immediately available no later than the third (3rd) Business Day after the date such notice is given just as if the Lenders were funding directly to the Borrower, so that thereafter such Obligations shall be evidenced by the Revolving Credit Notes. The proceeds of such Revolving Credit Loan shall be immediately applied to repay the Swing Loans.\n(e) If for any reason a Swing Loan cannot be refinanced by a Revolving Credit Loan pursuant to \u00a72.5(d), each Lender will, on the date such Revolving Credit Loan pursuant to \u00a72.5(d) was to have been made, purchase an undivided participation interest in the Swing Loan in an amount equal to its Commitment Percentage of such Swing Loan. Each Lender will immediately transfer to the Swing Loan Lender in immediately available funds the amount of its participation and upon receipt thereof the Swing Loan Lender will deliver to such Lender a Swing Loan participation certificate dated the date of receipt of such funds and in such amount.\n(f) Whenever at any time after the Swing Loan Lender has received from any Lender such Lender\u2019s participation interest in a Swing Loan, the Swing Loan Lender receives any payment on account thereof, the Swing Loan Lender will distribute to such Lender its participation interest in such amount (appropriately adjusted in the case of interest payments to reflect the period of time during which such Lender\u2019s participating interest was outstanding and funded); provided, however, that in the event that such payment received by the Swing Loan Lender is required to be returned, such Lender will return to the Swing Loan Lender any portion thereof previously distributed by the Swing Loan Lender to it.\n(g) Each Lender\u2019s obligation to fund a Loan as provided in \u00a72.5(d) or to purchase participation interests pursuant to \u00a72.5(e) shall be absolute and unconditional and shall not be affected by any circumstance, including, without limitation, (i) any setoff, counterclaim, recoupment, defense or other right which such Lender or the Borrower may have against the Swing Loan Lender, the Borrower or anyone else for any reason whatsoever; (ii) the occurrence or continuance of a Default or an Event of Default; (iii) any adverse change in the condition (financial or otherwise) of REIT, the Borrower or any of their respective Subsidiaries; (iv) any breach of this Agreement or any of the other Loan Documents by the Borrower or any Guarantor or any Lender; or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. Any portions of a Swing Loan not so purchased or converted may be treated by the Agent and Swing Loan Lender as against such Lender as a Revolving Credit Loan which was not funded by the non-purchasing Lender, thereby making such Lender a Defaulting Lender. 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Within such limits of time and amount and subject to the other provisions of this Agreement, the Borrower may borrow, repay and reborrow pursuant to this Section 2.1.2.", "hash": "92ef8d4c0c1cdc7215c6454c0502540e", "id": 10}], "next_curs": "Cl4SWGoVc35sYXdpbnNpZGVyY29udHJhY3RzcjoLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2Ih5zd2luZy1sb2FuLWNvbW1pdG1lbnQjMDAwMDAwMGEMogECZW4YACAA", "clause": {"children": [["swing-loan-requests", "Swing Loan Requests"], ["making-revolving-credit-loans", "Making Revolving Credit Loans"], ["swing-loans-generally", "Swing Loans Generally"], ["revolving-credit-loan-requests", "Revolving Credit Loan Requests"], ["presumptions-by-the-administrative-agent", "Presumptions by the Administrative Agent"]], "size": 397, "title": "Swing Loan Commitment", "parents": [["revolving-credit-commitments", "Revolving Credit Commitments"], ["revolving-credit-and-swing-loan-facilities", "Revolving Credit and Swing Loan Facilities"], ["the-credit-facility", "The Credit Facility"], ["commitments", "Commitments"], ["shall-will", "Shall; Will"]], "id": "swing-loan-commitment", "related": [["revolving-loan-commitment", "Revolving Loan Commitment", "Revolving Loan Commitment"], ["term-loan-commitment", "Term Loan Commitment", "Term Loan Commitment"], ["loan-commitment", "Loan Commitment", "Loan Commitment"], ["term-loan-commitments", "Term Loan Commitments", "Term Loan Commitments"], ["revolving-credit-commitment", "Revolving Credit Commitment", "Revolving Credit Commitment"]], "related_snippets": [], "updated": "2026-05-03T06:08:52+00:00", "also_ask": [], "drafting_tip": null, "explanation": "A Swing Loan Commitment clause defines the lender's obligation to provide short-term, often same-day, loans to the borrower under a broader credit facility. This clause typically outlines the maximum amount available for swing loans, the process for requesting such advances, and the repayment terms, which are usually shorter than standard loans. Its core practical function is to offer the borrower quick access to funds for immediate liquidity needs, thereby addressing short-term cash flow gaps without the administrative delays of a full loan draw."}, "json": true, "cursor": ""}}