Settlement Among Lenders. (a) The amount of each Revolving Lender’s Applicable Percentage of outstanding Revolving Loans (including outstanding Swing Line Loans), shall be computed weekly (or more frequently in the Administrative Agent’s reasonable discretion) and shall be adjusted upward or downward based on all Revolving Loans (including Swing Line Loans) and repayments of Loans (including Swing Line Loans) received by the Administrative Agent as of 3:00 p.m. on the first Business Day (such date, the “Revolving Settlement Date”) following the end of the period specified by the Administrative Agent. To the extent required under Section 2.14(c), the amount of each FILO Lender’s Applicable Percentage of outstanding FILO Loans, shall be computed on the first and last day of each FILO Draw Period and on the date of any termination or reduction of the Aggregate FILO Facility Commitments (or more frequently in the Administrative Agent’s reasonable discretion) and shall be adjusted upward or downward based on all FILO Loans and repayments of FILO Loans received by the Administrative Agent as of 3:00 p.m. on the first Business Day (such date, the “FILO Settlement Date”) following the end of the period specified by the Administrative Agent.
(b) The Administrative Agent shall deliver to each of the Revolving Lenders promptly after a Revolving Settlement Date a summary statement of the amount of outstanding Committed Loans under the Revolving Credit Facility for the period and the amount of repayments received for the period. As reflected on the summary statement, (i) the Administrative Agent shall transfer to each Revolving Lender its Applicable Percentage of repayments, and (ii) each Revolving Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each Revolving Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each Revolving Lender under the Revolving Credit Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the Revolving Credit Facility outstanding as of such Revolving Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the Revolving Lenders and is received prior to 1:00 p.m. on a Business Day, such transfers shall be made in immediately available funds no later than 3:00 p.m. that day; and, if received after 1:00 p.m., then no later than 3:00 p.m. on th...
Settlement Among Lenders. (i) Unless the Agent shall have been notified in writing by any Lender prior to any advance to the Funds Administrator that such Lender will not make the amount which would constitute its Pro Rata Percentage of the borrowing on such date available to the Agent, the Agent may assume that such Lender shall make such amount available to the Agent on a Settlement Date, and in reliance upon such assumption, the Agent may make available to the Funds Administrator a corresponding amount. A certificate of the Agent submitted to any Lender with respect to any amount owing under this subsection shall be conclusive, absent manifest error. If such Lender’s Pro Rata Percentage of such borrowing is not in fact made available to the Agent by such Lender on the Settlement Date, the Agent shall be entitled to recover from the Companies, on demand, such Lender’s Pro Rata Percentage of such borrowing, together with interest thereon (for the account of the Agent) at the rate per annum applicable to such borrowing, without prejudice to any rights which the Agent may have against such Lender under Section 13.3 hereof. Nothing contained herein shall be deemed to obligate the Agent to make available to the Companies the full amount of a requested advance when the Agent has any notice (written or otherwise) that any of the Lenders will not advance its Pro Rata Percentage thereof.
(ii) On each Settlement Date, the Agent and the Lenders shall each remit to the other, in immediately available funds, all amounts necessary so as to ensure that, as of the Settlement Date, the Lenders shall have advanced their respective Pro Rata Percentages of all outstanding Revolving Loans. Each Lender’s obligation to make the Revolving Loans referred to in Section 3.1(a) and to make the settlements pursuant to this Section 3.1(d) shall be absolute and unconditional and shall not be affected by any circumstance, including without limitation (v) any set-off, counterclaim, recoupment, defense or other right which any such Lender or the Companies may have against the Agent, the other Companies, any other Lender or any other person, (w) the occurrence or continuance of a Default or an Event of Default, (x) any adverse change in the condition (financial or otherwise) of the Companies, or any of them, (y) any breach of this Financing Agreement or any other Loan Document by the Companies, or any of them, or any other Lender or (z) any other circumstance, happening or event whatsoever, whether or not similar ...
Settlement Among Lenders. Upon the making of each payment by a Lender to the Issuing Bank pursuant to Section 2.15.5 above in respect of any Letter of Credit, such Lender shall, automatically and without any further action on the part of Agent, the Issuing Bank or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Bank by Borrower under this Agreement and under the Letter of Credit Documents relating to such Letter of Credit and (ii) a participation in a percentage equal to such Lender's Pro Rata Share in any interest or other amounts payable by Borrower under such Letter of Credit Documents and the other Loan Documents in respect of such Reimbursement Obligation. Upon receipt by the Issuing Bank from or for the account of Borrower of any payment in respect of any Reimbursement Obligation or any such interest or other amount (including by way of set-off or application of proceeds of any collateral security) the Issuing Bank shall promptly pay to Agent for the account of each Lender who shall have previously assumed a participation in such payment under clause (ii) above, such Lender's Pro Rata Share of such payment, each such payment by the Issuing Bank to be made in the same money and funds in which received by the Issuing Bank. In the event any payment received by the Issuing Bank and so paid to Lenders is rescinded or must otherwise be returned by the Issuing Bank, each Lender shall, upon the request of the Issuing Bank (through Agent), repay to the Issuing Bank (through Agent) the amount of such payment paid to such Lender, with interest at the rate specified in Section 2.15.10.
Settlement Among Lenders. (a) The amount of each Lender’s Applicable Percentage of outstanding Loans (including outstanding Swing Line Loans), shall be computed weekly (or more frequently in the Administrative Agent’s reasonable discretion) and shall be adjusted upward or downward based on all Loans (including Swing Line Loans) and repayments of Loans (including Swing Line Loans) received by the Administrative Agent as of 3:00 p.m. on the first Business Day (such date, the “Settlement Date”) following the end of the period specified by the Administrative Agent.
(b) The Administrative Agent shall deliver to each of the Lenders promptly after a Settlement Date a summary statement of the amount of outstanding Committed Loans for the period and the amount of repayments received for the period. As reflected on the summary statement, (i) the Administrative Agent shall transfer to each Revolving Lender or FILO Lender, as applicable, its Applicable Percentage of repayments under the applicable Facility, and (ii) each Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each Revolving Lender or FILO Lender, as applicable, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each Revolving Lender or FILO Lender, as applicable, shall be equal to such Lender’s Applicable Percentage of all Revolving Committed
Settlement Among Lenders. Upon the making of each payment by a Lender to NationsBank pursuant to Section 2.19.5 above in respect of any Letter of Credit, such Lender shall, automatically and without any further action on the part of the Agent, NationsBank or such Lender, acquire (i) a participation in any amount equal to such payment in the Reimbursement Obligation owing to NationsBank by the Borrower under this Agreement and under the Letter of Credit Documents relating to such Letter of Credit and (ii) a participation in a percentage equal to such Lender's Pro Rata Share in any interest or other amounts payable by the Borrower under such Letter of Credit Documents and the other Loan Documents in respect of such Reimbursement Obligation. Upon receipt by NationsBank from or for the account of the Borrower of any payment in respect of any Reimbursement Obligation or any such interest or other amount (including by way of set-off or application of proceeds of any collateral security) NationsBank shall promptly pay to the Agent for the account of each Lender who shall have previously assumed a participation in such payment under clause (ii) above, such Lender's Pro Rata Share of such payment, each such payment by NationsBank to be made in the same money and funds in which received by NationsBank. In the event any payment received by NationsBank and so paid to the Lenders is rescinded or must otherwise be returned by NationsBank, each Lender shall, upon the request of NationsBank (through the Agent), repay to NationsBank (through the Agent) the amount of such payment paid to such Lender, with interest at the rate specified in Section 2.19.10.
Settlement Among Lenders. 73 2.15 Nature and Extent of Each Borrower’s Liability. 74 2.16 Cash Collateral. 77 2.17 Defaulting Lenders. 78 2.18 Increase in Commitments. 80 3.01 Taxes. 81
Settlement Among Lenders. (a) It is agreed that each Lender's Net Outstandings are intended by the Lenders to be equal at all times to such Lender's Commitment Percentage of the aggregate principal amount of all Loans outstanding. Notwithstanding such agreement, the several and not joint obligation of each Lender to fund Loans made in accordance with the terms of this Agreement ratably in accordance with such Lender's Commitment Percentage and each Lender's right to receive its Ratable share of principal payments on Loans in accordance with its Commitment Percentage, the Lenders agree that in order to facilitate the administration of this Agreement and the other Loan Documents that settlement among them may take place on a periodic basis in accordance with the provisions of this Section 4.8.
Settlement Among Lenders. (a) It is agreed that each Lender's Net Outstandings are intended by the Lenders to be equal at all times to such Lender's Revolving Credit Proportionate Share of the unpaid principal balance of the Revolving Loan.
(b) To the extent and in the manner provided in this Section 2.4.8, settlement among the Lenders as to the Revolving Loan shall occur on each Business Day (each a "Settlement Date"). On each Settlement Date payments shall be made by or to the Agent and the other Lenders in the manner provided in this Section 2.4.8 in accordance with the Settlement Report delivered by the Agent to the Lenders pursuant to the provisions of this Section 2.4.8 with respect to such Settlement Date so that as of each Settlement Date, and after giving effect to the transactions to take place on such Settlement Date, each Lender's Net Outstandings shall equal such Lender's Revolving Credit Proportionate Share of all advances under the Revolving Loan then outstanding.
(c) The Agent shall deliver to each Lender a Settlement Report not later than 3:00 p.m. (Baltimore Time) on each Settlement Date, which Settlement Report will be in the form of EXHIBIT C attached hereto and made a part hereof and shall cover the period beginning on the next preceding Settlement Date and ending on such designated Settlement Date.
Settlement Among Lenders. (a) Settlement Procedures as to Loans. ---------------------------------
(i) The Agent may elect, in its discretion, to settle accounts among the Lenders with respect to the Loans less frequently than each Business Day. If the Agent so elects, it may designate from time to time each such date as a "Settlement Date" by delivering to each Lender a settlement report not later than 2:30 p.m. (Boston time) on the proposed Settlement Date, which settlement report (each a "Settlement Report") shall be with respect to the period beginning on the previous Settlement Date and ending on such designated Settlement Date. On each Settlement Date, payments shall be made by or to the Agent and the Lenders in the manner provided in this Section 2.15 in accordance with such Settlement Report so that as of each Settlement Date, and after giving effect to the transactions to take place on such Settlement Date, each Lender's Net Outstandings (as hereinafter defined) shall equal such Lender's Pro Rata Share of all Loans then outstanding. For purposes of this Section 2.15, "Net Outstandings" with respect to any Lender at any time shall mean (a) all amounts paid by such Lender to the Agent in respect of Loans or otherwise under this Agreement, minus (b) all amounts which are received by the Agent and paid over ----- to such Lender for application in reduction of the outstanding principal amount of the Loans.
Settlement Among Lenders. 76 2.15 Nature and Extent of Each Borrower’s Liability ....................................................................... 76 2.16
