Swing Loan Commitments Sample Clauses
The Swing Loan Commitments clause defines the lender's obligation to provide short-term, typically same-day loans—known as swing loans—to the borrower under a credit facility. These loans are usually limited in amount and duration, designed to cover temporary cash flow needs or bridge funding gaps until longer-term financing is available. By establishing the terms and limits for such quick-access loans, this clause ensures the borrower can efficiently manage short-term liquidity requirements without undergoing the full process for standard loans.
Swing Loan Commitments. (a) Subject to the terms and conditions set forth in this Agreement, Swing Loan Lender agrees to lend to Borrower (the “Swing Loans”), and Borrower may borrow (and repay and reborrow) from time to time between the Closing Date and the date which is thirty (30) Banking Days prior to the Maturity Date upon notice by Borrower to the Swing Loan Lender given in accordance with this Section 2.5 such sums as are requested by Borrower for the purposes set forth in Section 5.9 that do not result in (i) an aggregate principal amount of Swing Loans at any one time outstanding (after giving effect to all amounts requested thereunder) being in excess of the Swing Loan Commitment, or (ii) the Outstanding Line Amount (after giving effect to all Swing Loans requested thereunder) shall not exceed the Aggregate Line Commitment, or (iii) the Outstanding Facility Amount (after giving effect to all amounts requested thereunder) being in excess of the Facility Availability Amount. Swing Loans shall constitute “Line Loans” for all purposes hereunder, but shall not be considered the utilization of a Lender’s Percentage of the Aggregate Line Commitment. The funding of a Swing Loan hereunder shall constitute a representation and warranty by Borrower that all of the conditions set forth in Article 8 have been satisfied on the date of such funding (other than advance notice requirements).
(b) The Swing Loans shall be evidenced by a separate promissory note of Borrower in substantially the form of Exhibit F hereto (the “Swing Loan Note”), 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 such amount as may be outstanding from time to time thereunder 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 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’s 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’s 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’s record shall not limit or otherwise affect the obligations of ...
Swing Loan Commitments. Subject to the terms and conditions hereof and relying upon the representations and warranties herein set forth, and in order to facilitate loans and repayments between Settlement Dates, the applicable Swing Loan Lender may, at its option, cancelable at any time for any reason whatsoever, make swing loans in Dollars (the " Swing Loans") to the Borrowers at any time or from time to time after the date hereof to, but not including, the Expiration Date, in an aggregate principal amount up to but not in excess of $20,000,000 (the "Swing Loan Commitment"); provided that after giving effect to each such Loan, the Revolving Facility Usage shall not exceed the Revolving Credit Commitments; and provided further that a Swing Loan shall not be made if the proceeds thereof would be used to repay, in whole or in part, any outstanding Swing Loan. Within such limits of time and amount 282118229 and subject to the other provisions of this Agreement, the Borrowers may borrow, repay and reborrow pursuant to this Section 2.1.2.
Swing Loan Commitments. Subject to the terms and conditions hereof and relying upon the representations and warranties herein set forth, the Domestic Swing Loan Lender may, at its option, cancelable at any time for any reason whatsoever, make swing loans in Dollars (the “Domestic Swing Loans”) to the Parent, and the Foreign Swing Loan Lender may, at its option, cancelable at any time for any reason whatsoever, make swing loans in Dollars or in the Optional Currency (the “Foreign Swing Loans”) to Harko and VAC, in each case at any time or from time to time after the date hereof to, but not including, the Expiration Date, in an aggregate principal amount, (a) as to all Domestic Swing Loans, up to but not in excess of the Domestic Swing Loan Commitment and (b) as to all Foreign Swing Loans, up to but not in excess of the Foreign Swing Loan Commitment, provided that after giving effect to such Swing Loan, (i) the Revolving Facility Usage shall not exceed the aggregate Revolving Credit Commitments of the Lenders, and (ii) the portion of the Revolving Facility Usage denominated in the Optional Currency shall not exceed Optional Currency Sublimit. Within such limits of time and amount and subject to the other provisions of this Agreement, the Borrowers may borrow, repay and reborrow pursuant to this Section 2.1.