Swing Loan Rate definition

Swing Loan Rate has the meaning specified in Section 3.03. ---------------
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Swing Loan Rate means, with respect to any Swing Loan, the Base Rate or such other rate per annum as may be determined by agreement between the Borrowers and the Swing Lender.
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Swing Loan Rate. A simple interest rate equal to the sum of (a) the Federal Funds Rate Basis, (b) the Applicable Margin for Federal Funds Rate Loans and (c) 0.375% per annum. The Swing Loan Rate shall be adjusted automatically as of the opening of business of the effective date of each change in the Federal Funds Rate Basis to account for such change.
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Examples of Swing Loan Rate in a sentence

  • Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrowers may borrow from any Swing Bank under this Section 2.4, prepay under Section 3.3, and reborrow under this Section 2.4. Each Swing Loan shall bear interest at the Swing Loan Rate.


More Definitions of Swing Loan Rate

Swing Loan Rate means a rate of interest quoted by the Bank at the request of the Borrower, for a Loan of a maturity of less than thirty days (as indicated by the Borrower), and accepted by the Borrower within one hour of the Banks quotation of the interest rate.
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Swing Loan Rate means for any day the rate per annum equal to the Federal Funds Rate for such day plus the Applicable Margin for such day plus 0.10% per annum.
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Swing Loan Rate. For any day, a floating rate of interest per annum equal to the sum of (i) the Federal Funds Rate on the day a Swing Loan is requested by the Borrower, plus (ii) (A) the Applicable Margin then in effect with respect to Euro-Rate Loans less (B) the Commitment Fee then in effect pursuant to Section 2.7a. For purposes of this definition only, (i) "Federal Funds Rate" shall mean, for any day, (A) the interest rate per annum (rounded upward, if necessary, to the nearest 1/100 of 1%) determined by PNC Bank (such determination shall be conclusive absent manifest error) to be equal to the weighted average of rates on federal funds transactions among members of the Federal Reserve System arranged by Federal funds brokers at or about 9:00 a.m. (Eastern time) on such day; provided, however, that if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate for such transactions on the immediately preceding Business Day or (B) if no such rates shall be quoted by Federal funds brokers at such time, such other rate as determined by PNC Bank in accordance with its usual procedures (such determination shall be conclusive absent manifest error), and (ii) "Business Day" shall mean any day other than a Saturday or Sunday or a legal holiday on which commercial banks are authorized or required to be closed for business in Philadelphia, Pennsylvania.
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Related to Swing Loan Rate

  • Swing Loan has the meaning specified therefor in Section 2.3(b) of the Agreement.

  • Swing Line Advance has the meaning ascribed to it in Section 1.1(c)(i).

  • Swing Line Loan has the meaning specified in Section 2.04(a).

  • Swing Line Loans as defined in Section 2.6.

  • Swingline Advance means an advance made by the Swingline Lender, if any, to the Borrower pursuant to Section 2.

  • Swing Loan Request means a request for Swing Loans made in accordance with Section 2.5.2 [Swing Loan Requests] hereof.

  • Revolving Credit Advance means an advance by a Bank to a Borrower as part of a Revolving Credit Borrowing and refers to a Base Rate Advance or a Eurocurrency Rate Advance, each of which shall be a “Type” of Advance.

  • Revolving Credit Loan has the meaning specified in Section 2.01(b).