Swingline Loan Advances Clause Samples
The Swingline Loan Advances clause establishes the terms under which a borrower can access short-term, small-amount loans—known as swingline advances—under a larger credit facility. Typically, these advances are made available for urgent or day-to-day liquidity needs, often with a faster approval process and shorter repayment periods than standard loans. This clause ensures that borrowers have a flexible and efficient mechanism to address immediate cash flow requirements without undergoing the full process for larger loan draws.
Swingline Loan Advances. Agent may convert any request by Borrowers for a Revolving Advance into a request for a Swingline Loan Advance from the Swingline Lender. The Swingline Loan Advance shall bear interest at the Swingline Loan Interest Rate and shall not exceed in the aggregate at any time outstanding the Maximum Swingline Loan Advance Amount. To the extent required by the Swingline Lender, the Swingline Loan Advances made by the Swingline Lender shall be evidenced by a promissory note in a form acceptable to Agent and the Swingline Lender (each, a “Swingline Loan Note”). Upon the making of a Swingline Loan Advance (whether before or after the occurrence of a Default or Event of Default), without further action by any party hereto, each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Swingline Lender or Agent, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage in such Swingline Loan Advance. To the extent that there is no settlement in accordance with Section 2.12(c) below, the Swingline Lender or Agent, as the case may be, may at any time, require Lenders to fund their participations. From and after the date, if any, on which any Lender is required to fund its participation in any Swingline Loan Advance, Agent shall promptly distribute to such Lender, such Lender’s Commitment Percentage of all payments of principal and interest received by Agent in respect of such Swingline Loan Advance.
Swingline Loan Advances. (i) Whenever the Borrowers desire to make a borrowing of Swingline Loans hereunder, the Borrowers shall deliver to Firstar not later than 1:00 P.M. (St. Louis time) on the date that a Swingline Loan is to be made, a Borrowing Notice for each Swingline Loan to be made hereunder. Each such notice shall be irrevocable and specify in each case (A) the date of borrowing (which shall be a Business Day) and (B) the aggregate principal amount of the Swingline Loan to be made pursuant to such borrowing. In the event of a Swingline Borrowing, Firstar will make funds in an amount equal to the applicable Swingline Loan available to the Borrowers at Firstar's address.
(ii) Mandatory Borrowings shall be made upon the notice specified in Section 3.2(b), with the Borrowers -------------- irrevocably agreeing, by their incurrence of any Swingline Loan, to the making of the Mandatory Borrowings as set forth in Section ------- 3.2(b). ------
Swingline Loan Advances. Upon the terms and subject to the conditions of this Agreement, the Swingline Lender may (but is not obligated to) make, from time to time, from and including the Closing Date to but excluding the RC Maturity Date, one or more Loans (“Swingline 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 Swingline Loan shall be made at any time in an amount in excess of the Available RC Commitment.
Swingline Loan Advances. (i) Notices; Disbursement. Whenever one or more of the Borrowers --------------------- desires a Swingline Loan advance hereunder it shall deliver a Notice of Borrowing, together with the officer's certificate required by Section 5.2(e), to the Swingline Lender not later than 11:00 A.M. (Charlotte, North Carolina time) on the Business Day of the requested Swingline Loan advance. Each such notice shall be irrevocable and shall specify (A) that a Swingline Loan advance is requested, (B) the date of the requested Swingline Loan advance (which shall be a Business Day), (C) the principal amount of the Swingline Loan advance requested, (D) the purpose for which the requested Swingline Loan will be used by the applicable Borrower and (E) that the representations and warranties made by the Credit Parties in any Credit Document are true and correct in all material respects at and as if made on the date hereof except to the extent they expressly relate to an earlier date. Each Swingline Loan shall be made as a Base Rate Loan and shall have such maturity date (which maturity date shall not be a date more than three (3) Business Days from the date of advance thereof) as the Swingline Lender and the applicable Borrower shall agree upon receipt by the Swingline Lender of any such notice from the applicable Borrower. The Swingline Lender shall initiate the transfer of funds representing the Swingline Loan advance to the applicable Borrower by 3:00 P.M. (Charlotte, North Carolina time) on the Business Day of the requested borrowing.
Swingline Loan Advances. (i) Notices; Disbursement. By no later than 1:00 p.m. (New York --------------------- time) on the Business Day of the requested Swingline Loan advance, one or more of the U.S. Borrowers shall submit a written Swingline Loan Request in the form of Exhibit 2.14(b)(i) to the Agent setting forth (A) that a ----------------- Swingline Loan advance is requested, (B) the date of the requested Swingline Loan advance (which shall be a Business Day) and (C) the principal amount of the Swingline Loan advance requested. Each such notice shall be irrevocable. Each Swingline Loan shall be made as a Domestic Rate Loan and shall have such maturity date as the Swingline Lender and the applicable Borrower shall agree upon receipt by the Swingline Lender of any such Swingline Loan Request. The Swingline Lender shall initiate the transfer of funds representing the Swingline Loan advance to the applicable U.S. Borrower by 12:00 noon (New York time) on the Business Day of the requested borrowing.
Swingline Loan Advances