THE SWINGLINE NOTE Clause Samples
The Swingline Note clause defines the terms and conditions governing a specific type of short-term loan facility, known as a Swingline loan, within a broader credit agreement. This clause typically outlines the maximum amount available under the Swingline, the process for requesting advances, repayment terms, and the responsibilities of the Swingline lender. For example, it may specify that borrowers can quickly access smaller amounts of credit for short durations, often to cover immediate cash flow needs. The core practical function of this clause is to provide borrowers with rapid, flexible access to funds for short-term liquidity, while clearly delineating the obligations and limits associated with such borrowing.
THE SWINGLINE NOTE. The Swingline Loan shall be evidenced by a promissory note of the Borrower in substantially the form of Exhibit C hereto (the "Swingline Note"), dated the Closing Date and completed with appropriate insertions. The Swingline Note shall be payable to the order of the Swingline Lender in a principal amount equal to the Swingline Commitment. The Borrower irrevocably authorizes the Swingline Lender to make or cause to be made, at or about the time of the Drawdown Date of any Swingline Loan or at the time of receipt of any payment of principal on the Swingline Note, an appropriate notation on the Swingline Lender's Swingline Note Record reflecting the making of such Swingline Loan or (as the case may be) the receipt of such payment. The outstanding amount of the Swingline Loans set forth on the Swingline Lender's Swingline Note Record shall be prima facie evidence of the principal amount thereof owing and unpaid to the Swingline Lender, but the failure to record, or any error in so recording, any such amount on the Swingline Lender's Swingline Note Record shall not limit or otherwise affect the obligations of the Borrower hereunder or under the Swingline Note to make payments of principal of or interest on the Swingline Note when due.
THE SWINGLINE NOTE. The Swingline Loan shall be evidenced by the Swingline Note, dated the Closing Date and completed with appropriate insertions. The Swingline Note shall be payable to the order of the Swingline Lender in a principal amount equal to the Swingline Commitment. Each Borrower irrevocably authorizes the Swingline Lender to make or cause to be made, at or about the time of the Funding Date of any Swingline Loan or at the time of receipt of any payment of principal on the Swingline Note, an appropriate notation on the Swingline Note reflecting the making of such Swingline Loan or (as the case may be) the receipt of such payment. The outstanding amount of the Swingline Loans set forth on the Swingline Note shall be prima facie evidence of the principal amount thereof owing and unpaid to the Swingline Lender, but the failure to record, or any error in so recording, any such amount shall not limit or otherwise affect the obligations of the Borrowers hereunder or under the Swingline Note to make payments of principal of or interest on the Swingline Note when due.
THE SWINGLINE NOTE. Contemporaneously with the execution of this Agreement, TIMET shall execute and deliver to the Swingline Lender a promissory note (the “Swingline Note”) in form and content satisfactory to the Swingline Lender in its reasonable discretion evidencing TIMET’s obligation to repay the Swingline Loans. Amounts advanced by the Swingline Lender pursuant to the Swingline Note shall be evidenced by and repaid by TIMET in accordance with the Swingline Note and the other Loan Documents.
THE SWINGLINE NOTE. The Swingline Loans shall be evidenced by a ------------------ Swingline Note of the Borrower to the Swingline Lender in or substantially in the form of Exhibit A-4 hereto (as amended, modified or otherwise supplemented ----------- from time to time, the "Swingline Note"), with appropriate insertions.