Common use of Payment and Participations of Swing Line Loans Clause in Contracts

Payment and Participations of Swing Line Loans. The U.S. Borrower agrees to repay all Swing Line Loans then outstanding within one Business Day of demand therefor by NationsBank, which may be accomplished by requesting a U.S. Revolving Loan. In the event that the U.S. Borrower shall fail to repay any Swing Line Loan within three Business Days after demand therefor by NationsBank, and in any event upon (i) a request by NationsBank, (ii) the occurrence of an Event of Default described in Section 9.1(f) or (iii) the acceleration of any Loan or termination of any Commitment pursuant to Section 9.2, each other U.S. Lender shall irrevocably and unconditionally purchase from NationsBank, without recourse or warranty, an undivided interest and participation in such Swing Line Loan in an amount equal to such other U.S. Lender's U.S. Revolving Loan Commitment Percentage thereof, by directly purchasing a participation in such Swing Line Loan in such amount (regardless of whether the conditions precedent thereto set forth in Section 5.2 are then satisfied, whether or not the U.S. Borrower has made an Advance Request and whether or not the Revolving Loan Commitments are then in effect, any Event of Default exists or all the Loans have been accelerated) and paying the proceeds thereof to NationsBank at the address provided in Section 11.1, or at such other address as NationsBank may designate, in lawful money of the United States of America and in immediately available funds. NationsBank agrees to notify each U.S. Lender that is obligated to purchase a participation in Swing Line Loans hereunder of the occurrence of any event described in clause (ii) or (iii) above promptly after NationsBank becomes aware thereof, but the failure to give such notice will not affect the obligation of any such U.S.

Payment and Participations of Swing Line Loans. The U.S. Borrower agrees to repay all Swing Line Loans then outstanding within one Business Banking Day of demand therefor by NationsBankthe Agent, which may be accomplished by requesting the Borrower being deemed to have requested a U.S. Revolving LoanCredit Loan pursuant to Section 2.4 hereof. In the event that the U.S. Borrower shall fail to repay any Swing Line Loan within three Business Days after on demand therefor by NationsBankthe Agent, and in any event upon (i) a request by NationsBankthe Agent, (ii) the occurrence of an Event of Default described in Section 9.1(f10.1(e) hereof or (iii) the acceleration of any Loan Note or termination of any Commitment the Commitments pursuant to Section 9.2, Article 10 hereof; each other U.S. Lender Bank shall irrevocably and unconditionally purchase from NationsBankthe Agent, without recourse or warranty, an undivided interest and participation in such Swing Line Loan in an amount equal to such other U.S. LenderBank's U.S. Revolving Loan Commitment Percentage Proportion thereof, by directly purchasing a participation in such Swing Line Loan in such amount (regardless of whether the conditions precedent thereto set forth in Section 5.2 hereof are then satisfied, whether or not the U.S. Borrower has made an Advance Request requested a Revolving Credit Loan and whether or not the Revolving Loan Commitments are then in effect, any Event of Default exists or all the Loans Notes have been accelerated) and paying the proceeds thereof to NationsBank the Agent at the address provided in Section 11.1its Payment Office, or at such other address as NationsBank the Agent may designate, in lawful money of the United States of America and in immediately available funds. NationsBank The Agent agrees to notify each U.S. Lender Bank that is obligated to purchase a participation in Swing Line Loans hereunder of the occurrence of any event described in clause (ii) or (iii) above promptly after NationsBank the Agent becomes aware thereof, ; but the failure to give such notice will not affect the obligation of any such U.S.Bank to purchase any such participation. Provided that the Agent has provided notice to the Banks by 2:00 p.m., New York City time, the Banks shall be obligated to purchase such participations on the same Banking Day. If any such notice is delivered after 2:00 p.m., New York City time, the Banks shall be obligated to purchase such participations on the next succeeding Banking Day. If such amount is not in fact made available to the Agent by any Bank, the Agent shall be entitled to recover such amount on demand from such Bank together with accrued interest thereon for each day from the date such amount is required to be paid, at the Federal Funds Rate. If such Bank does not pay such amount as provided above, and until such time as such Bank makes the required payment, the Agent shall be deemed to continue to have outstanding Swing Line Loans in the amount of such unpaid participation obligation for all purposes of the Facility Documents other than those provisions requiring the Banks to purchase participations therein. Further, such Bank shall be deemed to have assigned any and all payments made of principal and interest on its Revolving Credit Loans and any other amounts due to it hereunder to the Agent to refinance Swing Line Loans in the amount of the participation in Swing Line Loans that such Bank failed to purchase pursuant to this Section 2.9(c) until such amount has been purchased (as a result of such assignment or otherwise). Upon the purchase of a participation interest in respect of such Swing Line Loan by a Bank pursuant to this Section 2.9, the amount so funded shall become a Revolving Credit Loan which is a Base Rate Loan by the purchasing Bank hereunder and shall no longer be a Swing Line Loan. On the date that the Banks are required to purchase participations in Swing Line Loans under this Section 2.9, the pro rata share of such Swing Line Loans of the Bank then acting as the Agent shall no longer be a Swing Line Loan hereunder but shall be a Revolving Credit Loan.

Payment and Participations of Swing Line Loans. The U.S. Borrower agrees to repay all Swing Line Loans then outstanding within one Business Day of demand therefor by NationsBankChase, which may be accomplished by the Borrower requesting a U.S. Revolving Credit Loan pursuant to Section 2.4 hereof. The parties hereto intend that each Swing Line Loan will be refinanced within five (5) Banking Days of the making of such Swing Line Loan with the proceeds of a Revolving Credit Loan which shall be a LIBOR Loan. In the event that the U.S. Borrower shall fail to repay any Swing Line Loan within three Business Days after demand therefor by NationsBankChase, and in any event upon (i) a request by NationsBankChase, (ii) the occurrence of an Event of Default described in Section 9.1(fSections 10.1(f) or 10.1(i) or (iii) the acceleration of any Loan Note or termination of any Commitment the Revolving Credit Commitments pursuant to Section 9.210, each other U.S. Lender Bank shall irrevocably and unconditionally purchase from NationsBankChase, without recourse or warranty, an undivided interest and participation in such Swing Line Loan in an amount equal to such other U.S. LenderBank's U.S. Revolving Loan Commitment Percentage Proportion thereof, by directly purchasing a participation in such Swing Line Loan in such amount (regardless of whether the conditions precedent thereto set forth in Section 5.2 hereof are then satisfied, whether or not the U.S. Borrower has made an Advance Request requested a Loan and whether or not the Revolving Loan Credit Commitments are then in effect, any Event of Default exists or all the Loans Notes have been accelerated) and paying the proceeds thereof to NationsBank Chase at the address provided in Section 11.1000 Xxxxx Xxxxxxx Xxxx, Xxxxxxxx, Xxx Xxxx 00000, or at such other address as NationsBank Chase may designate, in lawful money of the United States of America and in immediately available funds. NationsBank Chase agrees to notify each U.S. Lender Bank that is obligated to purchase a participation in Swing Line Loans hereunder of the occurrence of any event described in clause clauses (ii) or (iii) above promptly after NationsBank Chase becomes aware thereof, but the failure to give such notice will not affect the obligation of any such U.S.Bank to purchase any such participation. Provided that Chase has provided notice to the Banks by 2:00 p.m., New York City time, the Banks shall purchase such participations on the same Banking Day. If any such notice is delivered after 2:00 p.m., New York City time, the Banks shall be obligated to purchase such participations on the next succeeding Banking Day. If such amount is not in fact made available to Chase by any Bank, Chase shall be entitled to recover such amount on demand from such Bank together with accrued interest thereon for each day from the date such amount is require to be paid, at the Federal Funds Rate. If such Bank does not pay such amount as provided above, and until such time as such Bank makes the required payment, Chase shall be deemed to continue to have outstanding Swing Line Loans in the amount of such unpaid participation obligation for all purposes of the Facility Documents other than those provisions requiring the other Bank to purchase a participation therein. Further, such Bank shall be deemed to have assigned any and all payments made of principal and interest on its Loans, amounts due with respect to any Letters of Credit or Banker's Acceptances (or its participation interests therein) and any other amounts due to it hereunder to Chase to fund Swing Line Loans in the amount of the participation in Swing Line Loans that such Bank failed to purchase pursuant to this Section 2.4A(c) until such amount has been purchased (as a result of such assignment or otherwise). Upon the purchase of a participation interest in respect of such Swing Line Loan by a Bank pursuant to this Section 2.4A, the amount so funded shall become a Revolving Credit Loan by the purchasing Bank hereunder and shall no longer be a Swing Line Loan. On the date that the Banks are required to purchase participations in Swing Line Loans under this Section 2.4A, Chase's pro rata share of such Swing Line Loans shall no longer be a Swing Line Loan hereunder but shall be a Revolving Credit Loan.