Common use of Failure to Settle Clause in Contracts

Failure to Settle. If any Purchaser Group fails to pay its Swingline Settlement Amount in full to the Swingline Purchaser by the time and date required by Section 1.2(c)(iii), (i) the unpaid amount of such Swingline Settlement Amount shall bear interest, payable by the Committed Purchaser in such Purchaser Group to the Swingline Purchaser upon demand, at a rate per annum equal to the Alternate Rate, and if not paid within three (3) Business Days of the Swingline Purchaser’s demand, at a rate per annum equal to the greater of (x) 3.0% per annum above the Base Rate in effect on such day and (y) the “Alternate Rate” as calculated in clause (a) or (b) of the definition thereof, as applicable, and (ii) the Swingline Purchaser may cancel or suspend availability of the Swingline Sub-Limit and shall have no obligation to make additional Swingline Purchasers. The Swingline Purchaser (whether individually or as Administrator) shall not be obligated to transfer to any Purchaser in such a defaulting Purchaser Group any payments received by it for the benefit of such defaulting Purchaser Group, nor shall the members of such a defaulting Purchaser Group be entitled to the sharing of any payments hereunder (including any Capital, Discount, Fees or other amounts). Amounts payable to such a defaulting Purchaser Group shall instead be paid to the Swingline Purchaser in reduction of such defaulting Purchaser Group’s obligation to pay its Swingline Settlement Amount or interest thereon. This Section shall remain effective with respect to a defaulting Purchaser Group until such default is cured. The operation of this Section shall not be construed to increase or otherwise affect the Commitment of any Purchaser, or relieve or excuse the performance by the Seller of its duties and obligations hereunder.

Failure to Settle. If any Purchaser Group Lender fails to pay its Swingline Settlement Amount in full to the Swingline Purchaser Lender by the time and date required by Section 1.2(c)(iii2.02(c)(iii), (i) the unpaid amount of such Swingline Settlement Amount shall bear interest, payable by the Committed Purchaser in such Purchaser Group Lender to the Swingline Purchaser Lender upon demand, at a rate per annum equal to the Alternate RateSOFR Rate in effect on such day, and if not paid within three (3) Business Days of the Swingline PurchaserLender’s demand, at a rate per annum equal to 3.00% per annum above the greater of (x) 3.0% per annum above the Base Rate in effect on such day and (y) the “Alternate Rate” as calculated SOFR Rate in clause (a) or (b) of the definition thereof, as applicable, effect on such day and (ii) the Swingline Purchaser Lender may cancel or suspend availability of the Swingline Sub-Limit and shall have no obligation to make additional Swingline PurchasersLoans. The Swingline Purchaser Lender (whether individually or as AdministratorAdministrative Agent) shall not be obligated to transfer to any Purchaser in such a defaulting Purchaser Group any payments received by it for the benefit of such defaulting Purchaser GroupLender to any Lender that has failed to pay any Swingline Settlement Amount, nor shall the members of such a defaulting Purchaser Group any Lender that has failed to pay any Swingline Settlement Amount be entitled to the sharing of any payments hereunder (including any Capital, DiscountInterest, Fees or other amounts). Amounts payable to such a defaulting Purchaser Group Lender that has failed to pay any Swingline Settlement Amount shall instead be paid to the Swingline Purchaser Lender in reduction of the obligation of such defaulting Purchaser Group’s obligation Lender that has failed to pay any Swingline Settlement Amount to pay its Swingline Settlement Amount or interest thereon. This Section shall remain effective with respect to a defaulting Purchaser Group Lender that has failed to pay any Swingline Settlement Amount until such default failure is cured. The operation of this Section shall not be construed to increase or otherwise affect the Commitment of any PurchaserLender, or relieve or excuse the performance by the Seller of its duties and obligations hereunder.