Swing Note Clause Examples
A Swing Note is a type of short-term promissory note that allows a borrower to access temporary financing, typically to bridge the gap between the need for immediate funds and the availability of longer-term financing. In practice, a Swing Note is often used in revolving credit facilities or loan agreements, where the borrower can draw funds quickly and repay them within a short period, sometimes even daily. This clause is essential for providing borrowers with flexible, short-term liquidity to manage cash flow fluctuations or unexpected expenses until more permanent financing arrangements are in place.
Swing Note. The obligation of the Borrower to repay the aggregate unpaid principal amount of the Swing Loans made to it by PNC Bank, together with interest thereon, shall be evidenced by a Swing Note dated the Closing Date payable to the order of PNC Bank in a face amount equal to the Swing Loan Commitment.
Swing Note. The Swing Loans made by the Swing Lender shall be evidenced by a single promissory note of the Borrower in substantially the form of Exhibit B hereto, payable to the order of the Swing Lender in a principal amount equal to the Swing Commitment as originally in effect and otherwise duly completed.
Swing Note. The Swing Loans shall be evidenced by a promissory note of the Borrower substantially in the form of Exhibit A-3, with appropriate insertions (the "Swing Note"), payable to the order of the Swing Lender and representing the obligation of the Borrower to pay the aggregate unpaid principal amount of the Swing Loans, with interest thereon as prescribed
Swing Note. The obligation of the Borrower to repay the unpaid principal amount of the Swing Loans made to it by the Swing Lender together with interest thereon shall be evidenced by a demand promissory note of the Borrower in substantially the form attached hereto as EXHIBIT 1.1(S) payable to the order of the Swing Lender in a face amount equal to the Swing Loan Commitment.
Swing Note. The Swing Loans shall be evidenced by the Swing Note of Xxxxxxx, payable to the order of the Swing Lender in an amount equal to the Swing Loans. The Swing Lender shall record in its records, or at its option on the schedule attached to such Swing Note, the date and amount of each Swing Loan and each repayment or prepayment thereof. The aggregate unpaid principal amount so recorded shall be rebuttable presumptive evidence of the principal amount owing and unpaid on such Swing Note. The failure to so record or any error in so recording any such amount shall not, however, limit or otherwise affect the obligations of Xxxxxxx hereunder or under the Swing Note to repay the principal amount of each Swing Loan, together with all interest accruing thereon.
Swing Note. The Swing Note is hereby amended to delete the numbers "$10,000,000" and "Ten Million Dollars" wherever they appear and substitute therefor the numbers "$15,000,00" and "Fifteen Million Dollars", respectively.
Swing Note. The obligations of the Borrower to repay the Swing Loans shall be evidenced by a single Swing Note payable to the Swing Loan Lender and its registered assigns in the original principal amount of $25,000,000.
Swing Note. The obligations of the Borrower to repay the Swing Loans shall be evidenced by a single Swing Note payable to the order of Wachovia in the original principal amount of $20,000,000.
Swing Note. The Company may prepay the Swing Note in whole or in part (but, if in part, then in an amount not less than $100,000 and in integral multiples of $100,000 and in an amount such that the minimum amount required for a Swing Loan pursuant to Section 1.5(c) hereof remains outstanding) at any time upon one (1) Business Day's prior notice to the Agent, such prepayment to be made by the payment of the principal amount to be prepaid and accrued interest thereon to the date fixed for prepayment together with any compensation required by Section 2.9 hereof (any failure of the Agent to require payment of any amount due under Section 2.9 not to preclude a later demand that the amount so due be paid).
Swing Note. Receipt by the Agent, for redelivery to National City Bank, of a duly executed Swing Note made payable to National City Bank in an amount equal to its Swing Loan Commitment.