DISTRIBUTION - SWINGLINE FACILITY Sample Clauses

DISTRIBUTION - SWINGLINE FACILITY. (a) Each payment received by the Swingline Agent under the Finance Documents for another Party must, except as provided below, be made available by the Swingline Agent to that Party by payment (as soon as practicable after receipt) to its account with such office or bank in Chicago or as it may notify to the Swingline Agent for this purpose by not less than five Chicago Business Days' prior notice. (b) The Swingline Agent may apply any amount received by it for an Obligor in or towards payment (as soon as practicable after receipt) of any amount due from that Obligor under the Finance Documents or in or towards the purchase of any amount of any currency to be so applied. (c) Where a sum is paid to the Swingline Agent under this Agreement for another Party, the Swingline Agent is not obliged to pay that sum to that Party until it has established that it has actually received it. However, the Swingline Agent may assume that the sum has been paid to it, and, in reliance on that assumption, make available to that Party a corresponding amount. If it transpires that the sum has not been received by the Swingline Agent, that Party must immediately on demand by the Swingline Agent refund any corresponding amount made available to it together with interest on that amount from the date of payment to the date of receipt by the Swingline Agent at a rate calculated by the Swingline Agent to reflect its cost of funds.