Examples of Swing Loans in a sentence
Each payment (including each prepayment) by any Borrower on account of the principal of and interest on the Advances shall be applied, first to the outstanding Swing Loans and next, pro rata according to the applicable Revolving Commitment Percentages of Lenders, to the outstanding Revolving Advances (subject to any contrary provisions of Section 2.22).
During the fourth fiscal quarter of each fiscal year, permit the Revolving Advances and Swing Loans, in the aggregate, to exceed $10,000,000 at any time for a period of 30 consecutive days during such period.
The Swing Loans shall be secured by Agent’s Liens, constitute Revolving Loans and Obligations, and bear interest at the rate applicable from time to time to Revolving Loans that are Base Rate Loans.
All Revolving Loans (other than Swing Loans made by Swing Lender and Extraordinary Advances) shall be made by the Lenders contemporaneously and in accordance with their Pro Rata Shares.
The aggregate balance of Revolving Advances and Letters of Credit and Swing Loans outstanding at any time shall not cause Availability to be less than zero.