Common use of Risk Participation Clause in Contracts

Risk Participation. Upon the disbursement of each Swingline Loan and without any further action by or on behalf of such Lender, each Lender hereby agrees to purchase, upon the occurrence of an Event of Default, an undivided, full risk, nonrecourse participation in such Swingline Loan, in an amount equal to (i) such Lender's Ratable Share (ii) multiplied by the outstanding principal amount of such Swingline Loan on the date of the Event of Default; provided, however, no Lender shall participate in any Swingline Loan made after a notice of an Event of Default has been delivered pursuant to this Agreement. If and to the extent PNC Bank receives payment of principal or interest on a participated Swingline Loan, PNC Bank shall deliver to each Lender such Lender's Ratable Share of such payment.

Risk Participation. Upon the disbursement of each Swingline Loan and without any further action by or on behalf of such Lender, each Lender hereby agrees to purchase, upon the occurrence of an Event of Default, an undivided, full risk, nonrecourse participation in such Swingline Loan, in an amount equal to (i) such Lender's Ratable Share (ii) multiplied by the outstanding principal amount of such Swingline Loan on the date of the Event of Default; provided, however, no Lender shall participate in any Swingline Loan made after a notice of an Event of Default has been delivered pursuant to this Agreement. If and to the extent PNC Bank the Swingline Lender receives payment of principal or interest on a participated Swingline Loan, PNC Bank the Swingline Lender shall deliver to each Lender such Lender's Ratable Share of such payment.