Swing Loan Advances Clause Samples

Swing Loan Advances. Upon the terms and subject to the conditions of this Agreement, the Swing Lender may (but is not obligated to) make, from time to time, from and including the Closing Date to but excluding the Maturity Date, one or more Loans ("Swing Loans") to the Borrower, in an aggregate outstanding principal amount not exceeding at any time Fifteen Million Dollars ($15,000,000); provided, however, that no Swing Loan shall be made at any time in an amount in excess of the Available Commitment.

Swing Loan Advances. With respect to each Swing Loan, Borrower shall give Mercantile prior notice (which may be written or oral but which must be given prior to 2:00 p.m. St. Louis time on the date of the Swing Loan) of the amount and date of each Swing Loan and, subject to all of the terms and conditions hereof, the proceeds of such Swing Loan shall be made available to Borrower on the date of request at the offices of the Administrative Agent in St. Louis, Missouri. Borrower hereby authorizes and directs Mercantile, without further authorization or instructions from it, to make Borrower a Swing Loan each Business Day in an amount equal to the difference, if any, between (i) the amount which Mercantile determines is necessary to pay items clearing on such day, and (ii) the balance of available (as customarily determined by Mercantile) funds in Borrower's general account with Mercantile as of such day, and if the amount determined pursuant to clause (ii) above is in excess of the amount determined pursuant to clause (i), then Mercantile is irrevocably authorized and instructed to apply such excess to the reduction of the outstanding balance of the Swing Loans without further instruction from Borrower. Anything contained in the foregoing to the contrary notwithstanding, (i) the obligation of Mercantile to make Swing Loans shall be subject to all of the terms and conditions of this Agreement, (ii) Mercantile shall not be obligated to make more than one Swing Loan to Borrower during any day, and (iii) Mercantile shall make the determination of the amount to be borrowed or repaid pursuant to the immediately preceding sentence as of a cutoff hour to be determined by Mercantile, and Mercantile shall incur no liability to Borrower for any interruptions or errors made in connection with the foregoing procedures not caused by the gross negligence or willful misconduct of Mercantile.

Swing Loan Advances. Upon the terms and subject to the conditions of this Agreement, the Swing Lender agrees to make, from time to time, from and including the Effective Date to but excluding the Revolver Maturity Date, one or more Loans ("Swing Loans") to the Company, in an aggregate principal amount not exceeding at any time $5,000,000, provided, however, that no Swing Loan shall be made at any time in an amount in excess of the Available Commitment.

Swing Loan Advances