swingline loan

swingline loan
USA
A swingline facility is a sub-limit of a syndicated revolving credit loan whereby a lender makes a short term (operating not more than five days) loan, in smaller amounts, on shorter notice and with a higher interest rate than is otherwise available for revolving credit loans. The purpose is to support the borrower's cash management needs.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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