The Swing Loan Sample Clauses
The Swing Loan clause defines the terms under which a short-term, interim loan—known as a swing loan—is provided to bridge a temporary gap in financing. Typically, this clause outlines the maximum amount available, the interest rate, repayment schedule, and the specific conditions that trigger the need for such a loan, such as delays in securing long-term financing or the closing of a property sale. By establishing clear parameters for accessing and repaying the swing loan, this clause ensures that parties have a reliable source of immediate funds to cover short-term needs, thereby preventing disruptions in transactions or project timelines.
The Swing Loan. Subject to the terms and conditions hereinafter set forth, upon notice by the Borrower made to the Swing Loan Lender in accordance with Section 2.6(b)(i), the Swing Loan Lender hereby agrees to make Swing Loans to the Borrower from time to time on any Business Day during the period between the Restatement Date and the Business Day immediately prior to the expiration of the Revolving Credit Availability Period in an aggregate principal amount not to exceed the Swing Loan Commitment. The Swing Loans shall be payable with interest accrued thereon on the Business Day immediately prior to the expiration of the Revolving Credit Availability Period. Amounts borrowed by the Borrower under this Section 2.6 may be repaid and reborrowed, subject to the conditions hereof. At the time that each Swing Loan Borrowing is made, such Borrowing shall be in an aggregate amount that is at least equal to $100,000 or any greater multiple of $100,000. Notwithstanding any other provisions of this Agreement and in addition to the Swing Loan Commitment limitation set forth above at no time shall the sum of (i) the aggregate principal amount of all outstanding Swing Loans (after giving effect to all amounts requested and the application of the proceeds thereof) plus (ii) the aggregate principal amount of all outstanding Revolving Loans (after giving effect to all amounts requested and the application of the proceeds thereof), plus (iii) the aggregate LC Exposure, exceed the aggregate amount of the Revolving Credit Commitments of all the Lenders; provided, however, that subject to the limitations set forth in this Section 2.6(a) from time to time the ratio of (x) the sum of the aggregate Revolving Credit Exposure of the Swing Loan Lender (both in its capacity as the Swing Loan Lender and in its capacity as a Revolving Credit Lender) to (y) the sum of the aggregate Revolving Credit Exposure of all Lenders (including the Swing Loan Lender both in its capacity as the Swing Loan Lender and in its capacity as a Revolving Credit Lender) may exceed its Applicable Percentage.
The Swing Loan. Subject to the terms and conditions hereinafter set forth, upon notice by the Borrower made to the Swing Loan Lender in accordance with Section 2.8(b)(i) or as determined by the Swing Loan Lender to avoid overdrawing any of the Borrower's account with the Swing Loan Lender in accordance with Section 2.8(b)(ii) or to reimburse itself with respect to indemnification obligations pursuant to Section 2.8(b)(iii), the Swing Loan Lender hereby agrees to make Swing Loans to the Borrower from time to time on any Business Day during the period between the Effective Date and the Business Day immediately prior to the expiration of the Revolving Credit Availability Period in an aggregate principal amount not to exceed the Swing Loan Sublimit. The Swing Loans shall be payable with interest accrued thereon on the Business Day immediately prior to the expiration of the Revolving Credit Availability Period. Amounts borrowed by the Borrower under this Section 2.8 may be repaid and reborrowed, subject to the conditions hereof. Unless otherwise specifically set forth herein, Swing Loans shall constitute the use of the Swing Loan Lender'
The Swing Loan. Subject to the terms and conditions hereinafter set forth, upon notice by the Borrowers made to the Swing Loan Lender in accordance with Section 2.8(b)(i) or as determined by the Swing Loan Lender to avoid overdrawing Borrowers' account with the Swing Loan Lender in accordance with Section 2.8(b)(ii) or to reimburse itself with respect to indemnification obligations pursuant to Section 2.8(b)(iii), the Swing Loan Lender hereby agrees to make Swing Loans to the Borrowers from time to time on any Business Day during the period between the Effective Date and the Business Day immediately prior to the expiration of the Revolving Credit Availability Period in an aggregate principal amount not to exceed the Swing