SWING LINE OF CREDIT Sample Clauses

A Swing Line of Credit clause establishes a short-term, revolving credit facility within a larger loan agreement, allowing the borrower to access immediate, small-scale advances for daily operational needs. Typically, these advances are subject to a lower borrowing limit and must be repaid within a very short period, often overnight or within a few days, and are used to manage temporary cash flow fluctuations. The core practical function of this clause is to provide the borrower with flexible, rapid access to funds for short-term liquidity, thereby smoothing out cash flow gaps without the need to draw on the main credit facility for minor, day-to-day requirements.
SWING LINE OF CREDIT. 12 Section 3.01. The Swing Line of Credit...................................12 Section 3.02. Swing Line Loan Account....................................13 Section 3.03. Requests for Swing Line Loans..............................13 Section 3.04. Repayment of Swing Line Loans..............................14 Section 3.05. Refunding of Swing Line Loans..............................14
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SWING LINE OF CREDIT. 3.1 Standard Federal hereby makes available the Swing Line of Credit to the Borrowers, which shall not exceed at any one time outstanding the Swing Line of Credit Limit. 3.2 The Swing Line of Credit herein extended shall be subject to the terms and conditions of the Swing Line of Credit Note. Notwithstanding the principal amount of the Swing Line of Credit Note as stated on the face thereof, the amount of principal actually owing on the Swing Line of Credit Note at any given time shall be the aggregate of all advances theretofore made to the Borrowers hereunder, less all payments of principal theretofore made by the Borrowers to Standard Federal hereunder. The books and records of Standard Federal shall be presumptive evidence of the amount of principal and interest owing hereunder at any time in the absence of manifest error. This Loan Agreement and the Swing Line of Credit Note are of equal materiality and shall each be construed in such manner as to give full force and effect to all provisions of both documents. 3.3 Standard Federal shall, from time to time during the Swing Revolving Credit Period, make advances to Borrowers under the Swing Line of Credit upon request therefor by Borrowers made in accordance with the requirements of this Loan Agreement, provided that upon giving effect to such advance no Event of Default (as defined in the Swing Line of Credit Note or this Loan Agreement) and no event which with notice and/or the passage of time would become an Event of Default shall exist at the time the advance is to be made; and provided further that upon giving effect to such advance and at the time the advance is to be made all of the representations and warranties of Borrowers contained in this Loan Agreement and all other documents executed in connection with the Swing Line of Credit are true and correct; and provided further that at the time the advance is to be made Standard Federal shall not have previously or concurrently declared all amounts owing under the Swing Line of Credit Note to be immediately due and payable; and provided further the amount requested shall not cause the total amount outstanding under the Swing Line of Credit to exceed the Swing Line of Credit Limit. During the Swing Revolving Credit Period, the Swing Line of Credit shall be a revolving credit so that the Borrowers may borrow, re-pay and re-borrow principal amounts under the provisions of this Section. 3.4 Borrowings under the Swing Line of Credit shall bear interest ...
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SWING LINE OF CREDIT. Upon the satisfaction of each of the -------------------- conditions of Article III, Swing Bank shall extend a line of credit to Borrower under which Swing Bank will, subject to the conditions of Article IV and all other terms and conditions of this Agreement, from time to time at Borrower's request, make Swing Loans to Borrower in amounts not to exceed the Available Swing Credit, which may be borrowed, repaid and reborrowed, from time to time, in one or more borrowings prior to the Expiration Date. The Swing Loans made by Swing Bank shall be evidenced by the Swing Line Master Note.
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SWING LINE OF CREDIT. 4 2.02 EXPIRATION; EXTENSION....................................... 4 2.03
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Related to SWING LINE OF CREDIT

  • Revolving Line of Credit (a) The Bank hereby establishes in favor of the Borrower a revolving line of credit (the “Line of Credit”). The Borrower shall be entitled to borrow, repay and reborrow funds under the Line of Credit in accordance with the terms hereof so long as the total principal amount owed to the Bank under the Line of Credit does not exceed $25,000,000.00 (or such lesser amount as is set forth herein) during the Revolving Period. The Bank’s obligation to make advances hereunder shall terminate at the expiration of the Revolving Period. (b) The Borrower’s indebtedness under the Line of Credit shall be evidenced by a promissory note (as amended, extended or renewed from time to time, the “Line of Credit Note”) of even date herewith executed by the Borrower in favor of the Bank in the original principal amount of $25,000,000.00. The Line of Credit Note shall bear interest at the rate set forth therein and shall be payable as set forth therein. (c) The Bank shall make each advance under the Line of Credit upon written or telephonic notice from the Borrower to the Bank requesting an advance. The notice shall specify the date for which the advance is requested (which must be a Business Day) and the amount of the advance. The Bank must receive the notice prior to 12:00 noon (Eastern time) on the Business Day of the advance. Alternatively, the Borrower may request advances by drawing checks on a deposit account that is linked to the credit facility hereunder in accordance with disbursement arrangements that are mutually satisfactory to the parties. The Bank will make each requested advance available to the Borrower not later than the close of business on the Business Day of the request by crediting the Borrower’s account maintained with the Bank in the amount of the advance if as of such time: (i) the Bank’s obligation to make advances hereunder has not terminated or expired; (ii) a Default or Event of Default has not occurred; and (iii) all conditions to the advance set forth herein or in any other Loan Documents have been satisfied. The Bank may rely upon any written or telephonic notice given by any person that the Bank in good faith believes is an authorized representative of the Borrower without the necessity of any independent investigation. If any telephonic notice conflicts with a written confirmation, the telephonic notice shall govern if the Bank has acted in reliance thereon. (d) For purposes hereof, the term “Revolving Period” shall mean a period commencing on the date hereof and terminating on March 18, 2007.

  • Line of Credit Subject to the terms and conditions of this Agreement, Bank hereby agrees to make advances to Borrower from time to time up to and including April 2, 2015, not to exceed at any time the aggregate principal amount of One Million Five Hundred Thousand Dollars ($1,500,000.00) (“Line of Credit”), the proceeds of which shall be used to finance Borrower’s working capital requirements. Borrower’s obligation to repay advances under the Line of Credit shall be evidenced by a promissory note dated as of May 1, 2012 (“Line of Credit Note”), all terms of which are incorporated herein by this reference.

  • Line of Credit Amount (a) During the availability period described below, the Bank will provide a line of credit to the Borrower. The amount of the line of credit (the “Facility No. 1 Commitment”) is Five Million and 00/100 Dollars ($5,000,000.00). (b) This is a revolving line of credit. During the availability period, the Borrower may repay principal amounts and reborrow them. (c) The Borrower agrees not to permit the principal balance outstanding to exceed the Facility No. 1

  • 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.

  • 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.