On Swing Line Advances Clause Samples

The "On Swing Line Advances" clause governs the terms and procedures for short-term, typically same-day loans—known as swing line advances—provided by a designated swing line lender within a syndicated credit facility. This clause outlines how borrowers can request these advances, the maximum amounts available, and the repayment requirements, often specifying that such advances are meant to cover immediate liquidity needs until a regular loan can be processed. Its core practical function is to provide borrowers with rapid access to funds for urgent, short-term cash flow needs, thereby enhancing financial flexibility and operational efficiency.
On Swing Line Advances. (i) The Borrower shall pay interest on the outstanding principal amount of each Swing Line Advance, from the date each Swing Line Advance is made until it is due (whether at maturity, by acceleration or otherwise) or repaid, at a rate per annum equal to the Base Rate Basis in effect from time to time. If at any time the Base Rate Basis would exceed the Highest Lawful Rate, interest payable on the Swing Line Advances shall be limited to the Highest Lawful Rate, but the Base Rate Basis shall not thereafter be reduced below the Highest Lawful Rate until the total amount of interest accrued on the Swing Line Advances equals the amount of interest that would have accrued if the Base Rate Basis had been in effect at all times. (ii) Interest on each Swing Line Advance shall be computed on the basis of a year of 365 or 366 days, as applicable, for the number of days elapsed, and shall be payable quarterly in arrears on each Quarterly Date and on the Facility A Maturity Date.
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On Swing Line Advances. (i) The Borrower shall pay interest on the outstanding principal amount of such Swing Line Advance, from the date such Swing Line Advance is made until it is due (whether at maturity, by reason of acceleration or otherwise) or repaid, which shall be payable as set forth in Section 2.3(c)(ii) hereof, equal to the Prime Rate in effect from time to time minus 1/2%, but not higher than the Highest Lawful Rate. (ii) Interest on each Swing Line Advance shall be computed on the basis of a year of 365 or 366 days, as applicable, for the number of days actually elapsed, and shall be payable in arrears on each Quarterly Date and on the Maturity Date.
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On Swing Line Advances. (i) The Borrower shall pay interest on the outstanding principal amount of such Swing Line Advance, from the date of such Swing Line Advance is made until it is due (whether at maturity, by reason of acceleration or otherwise) and repaid, at a simple interest rate per annum equal to the sum of (A) the Base Rate Basis in effect from time to time minus (B) the Commitment Fee (specified as a percentage) then in effect, but in no event higher than the Highest Lawful Rate. (ii) Subject to Section 11.9 hereof, interest on each Swing Line Advance shall be computed on the basis of a year of 365 or 366 days, as applicable, for the actual number of days elapsed, and shall be payable in arrears on the maturity date of each Swing Line Advance and on the Maturity Date.
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On Swing Line Advances. (i) (The Borrower shall pay interest on the outstanding principal amount of such Swing Line Advance, from the date of such Swing Line Advance is made until it is due (whether by demand or otherwise) and repaid, at an interest rate per annum equal to a fixed interest rate agreed to by the Borrower and the Swing Line Bank for such Swing Line Advance, but in no event higher than the Highest Lawful Rate; provided, however, that at any time any Lender makes a Revolving Credit Advance or is deemed to have purchased, pursuant to Section 2.2(g) hereof, a participation in a Swing Line Advance, such Revolving Credit Advance or Swing Line Advance, as applicable, shall bear interest at the Default Rate. (ii) Subject to Section 11.9 hereof, interest on each Swing Line Advance shall be computed on the basis of a 360-day year for the actual number of days elapsed, and shall be payable in arrears on each Quarterly Date and on the Revolving Credit Commitment Maturity Date.
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On Swing Line Advances. (i) The Borrower shall pay interest on the outstanding principal amount of such Swing Line Advance, from the date of such Swing Line Advance is made until it is due (whether by demand or otherwise) and repaid, at an interest rate per annum equal to a fixed interest rate agreed to by the Borrower and the Swing Line Bank for such Swing Line Advance, but in no event higher than the Highest Lawful Rate; provided, however, that at any time any Lender makes a Revolving Credit Advance or is deemed to have purchased, pursuant to Section 2.2(g) hereof, a participation in a Swing Line Advance, such Revolving Credit Advance or Swing Line Advance, as applicable, shall bear interest at the Default Rate; provided, further, however, notwithstanding anything above to the contrary, with respect to any Swing Line Advance outstanding at the commencement of (A) the Leverage Premium Period, the rate applicable to such Swing Line Advance shall be increased by an amount equal to the Leverage Premium and (B) any FCC Premium Period, the rate applicable to such Swing Line Advance shall be increased by an amount equal to the FCC Premium. (ii) Subject to Section 11.9 hereof, interest on each Swing Line Advance shall be computed on the basis of a 360-day year for the actual number of days elapsed, and shall be payable in arrears on each Monthly Date and on the Revolving Credit Commitment Maturity Date.
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On Swing Line Advances. Interest on each Swing Line Advance shall be ---------------------- computed on the basis of a year of 365/366 days for the actual number of days elapsed and shall be payable at the Swing Line Rate for such Advance in arrears on the Applicable Payment Date that it is due. Any Swing Line Advances and accrued interest thereon outstanding on the Maturity Date shall also be due and payable on the Maturity Date.
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On Swing Line Advances. (i) The Borrower shall pay interest on the outstanding principal amount of such Swing Line Advance, from the date of such Swing Line Advance is made until it is due (whether by demand or otherwise) and repaid, at an interest rate per annum equal to a fixed interest rate agreed to by the Borrower and the Swing Line Bank for such Swing Line Advance, but in no event higher than the Highest Lawful Rate; provided, however, that at any time any Lender makes a Revolving Credit Advance or is deemed to have purchased, pursuant to Section 2.2(g) hereof, a participation in a Swing Line Advance, such Revolving Credit Advance or Swing Line Advance, as applicable, shall bear interest at the Default Rate; provided, further, however, notwithstanding anything above to the contrary, with respect to any Swing Line Advance outstanding at the commencement of (A) the Leverage Premium Period, the rate applicable to such Swing Line Advance shall be increased by an amount equal to the Leverage Premium and (B) any FCC Premium Period, the rate applicable to such Swing Line Advance shall be increased by an amount equal to the FCC Premium. (ii) Subject to Section 11.9 hereof, interest on each Swing Line Advance shall be computed on the basis of a 360-day year for the actual number of days elapsed, and shall be payable in arrears on each Monthly Date and on the Revolving Credit Commitment Maturity Date.
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Related to On Swing Line Advances

  • Swing Line Advances The Borrower shall repay to the Administrative Agent for the account of the Swing Line Bank and each other Revolving Credit Lender that has made a Swing Line Advance the outstanding principal amount of each Swing Line Advance made by each of them on the earlier of the maturity date specified in the applicable Notice of Swing Line Borrowing (which maturity shall be no later than the seventh day after the requested date of such Borrowing) and the Termination Date.

  • The Swing Line Advances The Borrower may request the Swing Line Bank to make, and the Swing Line Bank agrees to make, on the terms and conditions hereinafter set forth, Swing Line Advances to the Borrower from time to time on any Business Day during the period from the date hereof until the Termination Date (i) in an aggregate amount not to exceed at any time outstanding $5,000,000 (the “Swing Line Facility”) and (ii) in an amount for each such Swing Line Borrowing not to exceed the aggregate of the Unused Revolving Credit Commitments of the Lenders at such time. No Swing Line Advance shall be used for the purpose of funding the payment of principal of any other Swing Line Advance. Each Swing Line Borrowing shall be in an amount of $250,000 or an integral multiple of $250,000 in excess thereof and shall be made as a Base Rate Advance. Within the limits of the Swing Line Facility and within the limits referred to in clause (ii) above, the Borrower may borrow under this Section 2.01(c), repay pursuant to Section 2.04(b) or prepay pursuant to Section 2.06(a) and reborrow under this Section 2.01(c).

  • Swing Line Loans The Borrower shall repay each Swing Line Loan on the earlier to occur of (i) the date ten Business Days after such Loan is made and (ii) the Maturity Date for the Revolving Credit Facility.

  • Amount of Swing Line Loans Upon the satisfaction of the conditions precedent set forth in Section 4.2 and, if such Swing Line Loan is to be made on the date of the initial Credit Extension hereunder, the satisfaction of the conditions precedent set forth in Section 4.1 as well, from and including the Restatement Effective Date and prior to the Facility Termination Date, the Swing Line Lender agrees, on the terms and conditions set forth in this Agreement, to make Swing Line Loans in Dollars to the Borrower from time to time in an aggregate principal amount not to exceed the Swing Line Commitment, provided that (i) the Aggregate Outstanding Credit Exposure shall not at any time exceed the Aggregate Commitment and (ii) at no time shall the sum of (a) the Swing Line Loans then outstanding, plus (b) the outstanding Revolving Loans made by the Swing Line Lender pursuant to Section 2.1 (including its participation in any Facility LCs), exceed the Swing Line Lender’s Commitment at such time. Subject to the terms of this Agreement, the Borrower may borrow, repay and reborrow Swing Line Loans at any time prior to the Facility Termination Date.

  • Swing Line Facility Subject to the terms and conditions set forth herein, the Swing Line Lender, in reliance upon the agreements of the other Lenders set forth in this Section 2.04, may in its sole discretion make loans (each such loan, a “Swing Line Loan”) to the Borrower in Dollars from time to time on any Business Day during the Availability Period in an aggregate amount not to exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact that such Swing Line Loans, when aggregated with the Applicable Percentage of the Outstanding Amount of Revolving Loans and L/C Obligations of the Lender acting as Swing Line Lender, may exceed the amount of such Lender’s Revolving Commitment; provided, however, that (i) after giving effect to any Swing Line Loan, (A) the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments and (B) the Revolving Credit Exposure of any Lender shall not exceed such Lender’s Revolving Commitment, (ii) the Borrower shall not use the proceeds of any Swing Line Loan to refinance any outstanding Swing Line Loan and (iii) the Swing Line Lender shall not be under any obligation to make any Swing Line Loan if it shall determine (which determination shall be conclusive and binding absent manifest error) that it has, or by such Credit Extension may have, Fronting Exposure. Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrower may borrow under this Section 2.04, prepay under Section 2.05, and reborrow under this Section 2.04. Each Swing Line Loan shall be a Base Rate Loan. Immediately upon the making of a Swing Line Loan, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk participation in such Swing Line Loan in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Swing Line Loan.