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 the next Business Day. The obligation of each Revolving Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing. (c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 4 contracts
Samples: Credit Agreement (Barnes & Noble Education, Inc.), Credit Agreement (Barnes & Noble Education, Inc.), Credit Agreement (Barnes & Noble Education, Inc.)
Settlement Among Lenders. (a) The amount of each Revolving Credit Lender’s Applicable Revolving Credit Percentage of outstanding Revolving Credit Loans (including outstanding Swing Line Loans), shall be computed weekly (or more frequently in the Administrative Agent’s reasonable discretion) and such amount shall be adjusted upward or downward based on all Revolving Credit Loans (including Swing Line Loans) and repayments of Revolving Credit Loans (including Swing Line Loans) received by the Administrative Agent as of 3:00 p.m. 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 Credit Lenders promptly after a Revolving Settlement Date a summary statement of the amount of outstanding Committed Loans under the Revolving Credit Facility 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 Credit Lender its Applicable Percentage of repayments, and (ii) each Revolving Credit Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each Revolving Credit Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount Revolving Credit Exposure of Committed Loans made by each Revolving Credit Lender under the Revolving Credit Facility shall be equal to such Revolving Credit Lender’s Applicable Percentage of all Committed Loans under the Total Revolving Credit Facility outstanding Outstandings as of such Revolving Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the Revolving Credit Lenders and is received prior to 1:00 p.m. P.M. on a Business Day, such transfers shall be made in immediately available funds no later than 3:00 p.m. P.M. that day; and, if received after 1:00 p.m.P.M., then no later than 3:00 p.m. P.M. on the next Business Day. The obligation of each Revolving Credit Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Credit Lender shall not have so made its transfer to the Administrative Agent, such Lender Xxxxxx agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any reasonable administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 3 contracts
Samples: Credit Agreement (Lifecore Biomedical, Inc. \De\), Credit Agreement (Ascent Industries Co.), Credit Agreement (Lifecore Biomedical, Inc. \De\)
Settlement Among Lenders. (a) The amount of each Revolving Credit Lender’s Applicable Revolving Credit Percentage of outstanding Revolving Credit Loans (including outstanding Swing Line Loans), shall be computed weekly (or more frequently in the Administrative Agent’s reasonable discretion) and such amount 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 Credit Loans and repayments of FILO Revolving Credit 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 Credit Lenders promptly after a Revolving Settlement Date a summary statement of the amount of outstanding Committed Loans under the Revolving Credit Facility 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 Credit Lender its Applicable Percentage of repayments, and (ii) each Revolving Credit Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each Revolving Credit Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount Revolving Credit Exposure of Committed Loans made by each Revolving Credit Lender under the Revolving Credit Facility shall be equal to such Revolving Credit Lender’s Applicable Percentage of all Committed Loans under the Total Revolving Credit Facility outstanding Outstandings as of such Revolving Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the Revolving Credit 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 the next Business Day. The obligation of each Revolving Credit Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Credit Lender shall not have so made its transfer to the Administrative Agent, such Lender Xxxxxx agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Overnight Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any reasonable administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 3 contracts
Samples: Credit Agreement (Matrix Service Co), Credit Agreement (Matrix Service Co), Credit Agreement (Matrix Service Co)
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 on each Business Day (or more less frequently in the Administrative Agent’s reasonable discretiondiscretion but no less frequently than weekly) and shall be adjusted upward or downward based on all Revolving Loans (including Swing Line Loans) and repayments of Revolving Loans (including Swing Line Loans) received by the Administrative Agent as of 3:00 p.m. on such Business Day (or 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 Business Day, or on 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 statementDate, as applicable, (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 Revolving Credit Outstandings of Committed Loans made by each Revolving Lender under the Revolving Credit Facility shall be equal to such Revolving Lender’s Applicable Percentage of all Committed Loans under the Total Revolving Credit Facility outstanding Outstandings as of such Revolving Business Day or Settlement Date. If the summary statement requires transfers applicable Revolving Lender is notified of a transfer 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 transfer 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 the next Business Day. The obligation of each Revolving Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any reasonable administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 3 contracts
Samples: Credit Agreement (e.l.f. Beauty, Inc.), Credit Agreement (e.l.f. Beauty, Inc.), Credit Agreement (e.l.f. Beauty, Inc.)
Settlement Among Lenders. (a) The Swingline Lender may, at any time (but, in any event shall weekly, as provided in Section 2.16(b)), on behalf of the Borrowers (which hereby authorize the Swingline Lender to act on their behalf in that regard) request the Administrative Agent to cause the Tranche A Lenders to make a Tranche A Loan (which shall be a Base Rate Loan) in an amount equal to such Lender’s Tranche A Commitment Percentage of the outstanding amount of Swingline Loans made in accordance with Section 2.05, which request may be made regardless of whether the conditions set forth in Article IV have been satisfied. Upon such request, each Tranche A Lender shall make available to the Administrative Agent the proceeds of such Tranche A Loan for the account of the Swingline Lender. If the Swingline Lender requires a Tranche A Loan to be made by the Tranche A Lenders and the request therefor is received prior to 12:00 noon on a Business Day, such transfers shall be made in immediately available funds no later than 3:00 p.m. that day; and, if the request therefor is received after 12:00 noon, then no later than 3:00 p.m. on the next Business Day. The obligation of each such Tranche A Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent or the Swingline Lender. If and to the extent any Tranche A Lender shall not have so made its transfer to the Administrative Agent, such Tranche A Lender agrees to pay to the Administrative Agent, forthwith on demand, such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
(b) In addition to other reallocations effected in connection with any Conversion or any Designated Tranche A Increase, the amount of each Revolving Lender’s Applicable Tranche A Commitment Percentage or Tranche A-1 Commitment 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.
(bc) 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 Tranche A Lender or Tranche A-1 Lender, as applicable, its Applicable Tranche A Commitment Percentage or Tranche A-1 Commitment 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 Tranche A Lender under the Revolving Credit Facility or Tranche A-1 Lender, as applicable, shall be equal to such Tranche A Lender’s Applicable Tranche A Commitment Percentage, or Tranche A-1 Lender’s Tranche A-1 Commitment Percentage of all Committed Loans under the Revolving Credit Facility such Loans, as applicable 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. 12:00 noon 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.12:00 noon, then no later than 3:00 p.m. on the next Business Day. The obligation of each Revolving Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of at the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoingRate.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 2 contracts
Samples: Credit Agreement (Performance Food Group Co), Credit Agreement (Performance Food Group Co)
Settlement Among Lenders. (a) The amount of each Revolving Credit Lender’s Applicable Percentage of outstanding Revolving Credit Loans (including outstanding Swing Line Loans), shall be computed weekly (or more frequently in the Administrative Agent’s reasonable discretion) and such amount shall be adjusted upward or downward based on all Revolving Credit Loans (including Swing Line Loans) and repayments of Revolving Credit 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 Credit Settlement Date”) following the end of the period specified by the Administrative Agent.
(b) The Administrative Agent shall deliver to each of the Revolving Credit Lenders promptly after a Revolving Credit Settlement Date a summary statement of the amount of outstanding Committed Loans under the Revolving Credit Facility 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 Credit Lender its Applicable Percentage of repayments, and (ii) each Revolving Credit Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each Revolving Credit Lender, such amounts as are necessary to insure ensure that, after giving effect to all such transfers, the amount Revolving Credit Exposure of Committed Loans made by each Revolving Credit Lender under the Revolving Credit Facility shall be equal to such Revolving Credit Lender’s Applicable Percentage of all Committed Loans under the Revolving Credit Facility outstanding Total Outstandings as of such Revolving Credit Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the Revolving Credit 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 the next Business Day. The obligation of each Revolving Credit Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Credit Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any reasonable administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 2 contracts
Samples: Credit Agreement (Intrepid Potash, Inc.), Credit Agreement (Intrepid Potash, Inc.)
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. 12 noon 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.12 noon, then no later than 3:00 p.m. on the next Business Day. The obligation of each Revolving Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 2 contracts
Samples: Term Loan and Security Agreement (BTHC VII Inc), Credit Agreement (BTHC VII Inc)
Settlement Among Lenders. (a) The Swingline Lender may, at any time (but, in any event shall weekly, as provided in Section 2.16(b)), on behalf of the Borrowers (which hereby authorize the Swingline Lender to act on their behalf in that regard) request the Administrative Agent to cause the Tranche A Lenders to make a Tranche A Loan (which shall be a Base Rate Loan) in an amount equal to such Lender’s Tranche A Commitment Percentage of the outstanding amount of Swingline Loans made in accordance with Section 2.05, which request may be made regardless of whether the conditions set forth in Article IV have been satisfied. Upon such request, each Tranche A Lender shall make available to the Administrative Agent the proceeds of such Tranche A Loan for the account of the Swingline Lender. If the Swingline Lender requires a Tranche A Loan to be made by the Tranche A Lenders and the request therefor is received prior to 12:00 noon on a Business Day, such transfers shall be made in immediately available funds no later than 3:00 p.m. that day; and, if the request therefor is received after 12:00 noon, then no later than 3:00 p.m. on the next Business Day. The obligation of each such Tranche A Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent or the Swingline Lender. If and to the extent any Tranche A Lender shall not have so made its transfer to the Administrative Agent, such Tranche A Lender agrees to pay to the Administrative Agent, forthwith on demand, such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
(b) The amount of each Revolving Lender’s Applicable Tranche A Commitment Percentage or Tranche A-1 Commitment 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.
(bc) 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 Tranche A Lender or Tranche A-1 Lender, as applicable, its Applicable Tranche A Commitment Percentage or Tranche A-1 Commitment 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 Tranche A Lender under the Revolving Credit Facility or Tranche A-1 Lender, as applicable, shall be equal to such Tranche A Lender’s Applicable Tranche A Commitment Percentage, or Tranche A-1 Lender’s Tranche A-1 Commitment Percentage of all Committed Loans under the Revolving Credit Facility such Loans, as applicable 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. 12:00 noon 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.12:00 noon, then no later than 3:00 p.m. on the next Business Day. The obligation of each Revolving Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of at the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoingRate.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 2 contracts
Samples: Credit Agreement (Performance Food Group Co), Credit Agreement (Performance Food Group Co)
Settlement Among Lenders. (a) The amount of each Revolving Credit Lender’s Applicable Revolving Credit Percentage of outstanding Revolving Credit Loans (including outstanding Swing Line Loans), shall be computed weekly (or more frequently in the Administrative Agent’s reasonable discretion) and such amount 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 Credit Loans and repayments of FILO Revolving Credit 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 Credit Lenders promptly after a Revolving Settlement Date a summary statement of the amount of outstanding Committed Loans under the Revolving Credit Facility 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 Credit Lender its Applicable Percentage of repayments, and (ii) each Revolving Credit Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each Revolving Credit Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount Revolving Credit Exposure of Committed Loans made by each Revolving Credit Lender under the Revolving Credit Facility shall be equal to such Revolving Credit Lender’s Applicable Percentage of all Committed Loans under the Total Revolving Credit Facility outstanding Outstandings as of such Revolving Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the Revolving Credit 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 the next Business Day. The obligation of each Revolving Credit Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Credit Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any reasonable administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 2 contracts
Samples: Credit Agreement (Roadrunner Transportation Systems, Inc.), Credit Agreement (Roadrunner Transportation Systems, Inc.)
Settlement Among Lenders. (a) The amount of each Revolving Credit Lender’s Applicable Revolving Credit Percentage of outstanding Revolving Credit Loans (including outstanding Swing Line Loans), shall be computed weekly (or more frequently in the Administrative Agent’s reasonable discretion) and such amount shall be adjusted upward or downward based on all Revolving Credit Loans (including Swing Line Loans) and repayments of Revolving Credit Loans (including Swing Line Loans) received by the Administrative Agent as of 3:00 p.m. 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 Credit Lenders promptly after a Revolving Settlement Date a summary statement of the amount of outstanding Committed Loans under the Revolving Credit Facility 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 Credit Lender its Applicable Percentage of repayments, and (ii) each Revolving Credit Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each Revolving Credit Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount Revolving Credit Exposure of Committed Loans made by each Revolving Credit Lender under the Revolving Credit Facility shall be equal to such Revolving Credit Lender’s Applicable Percentage of all Committed Loans under the Total Revolving Credit Facility outstanding Outstandings as of such Revolving Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the Revolving Credit Lenders and is received prior to 1:00 p.m. P.M. on a Business Day, such transfers shall be made in immediately available funds no later than 3:00 p.m. P.M. that day; and, if received after 1:00 p.m.P.M., then no later than 3:00 p.m. P.M. on the next Business Day. The obligation of each Revolving Credit Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Credit Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any reasonable administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 2 contracts
Samples: Credit Agreement (Landec Corp \Ca\), Credit Agreement (Synalloy Corp)
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 the next Business Day. The obligation of each Revolving Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 2 contracts
Samples: Credit Agreement (Barnes & Noble Inc), Credit Agreement (Barnes & Noble Education, Inc.)
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 such amount 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 Revolving 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 Revolving Credit Outstandings of Committed Loans made by each Revolving Lender under the Revolving Credit Facility shall be equal to such Revolving Lender’s Applicable Percentage of all Committed Loans under the Total Revolving Credit Facility outstanding Outstandings 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 the next Business Day. The obligation of each Revolving Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any reasonable administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 2 contracts
Samples: Credit Agreement (Twin Disc Inc), Credit Agreement (StarTek, Inc.)
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 the next Business Day. The obligation of each Revolving Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 1 contract
Samples: Credit Agreement (Childrens Place Retail Stores Inc)
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 the next Business Day. The obligation of each Revolving Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Agent, such Lender Xxxxxx agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender Xxxxxx agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 1 contract
Settlement Among Lenders. (a) The amount of each Revolving Lender’s Applicable Revolving Percentage of outstanding Revolving Loans (including outstanding Swing Line Swingline Loans), ) shall be computed weekly (or more frequently in the Administrative Revolving Agent’s reasonable discretion) and shall be adjusted upward or downward based on all Revolving Loans (including Swing Line Swingline Loans) and repayments of Revolving Loans (including Swing Line Swingline Loans) received by the Administrative Revolving 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 Revolving Agent.
(b) The Administrative Revolving Agent shall deliver to each of the Revolving Lenders promptly after a Revolving Settlement Date a summary statement of the amount of outstanding Committed Revolving Loans under the Revolving Credit Facility and Swingline Loans for the period and the amount of repayments received for the period. As reflected on the summary statement, (i) the Administrative Revolving Agent shall transfer to each Revolving Lender its Applicable Revolving Percentage of repayments, and (ii) each Revolving Lender shall transfer to the Administrative Revolving Agent (as provided below) or the Administrative Revolving 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 the Revolving Loans made by each Revolving Lender under the Revolving Credit Facility shall be equal to such Lender’s Applicable Revolving Percentage of all Committed Revolving 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 Revolving 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 the next Business Day. The obligation of each Revolving Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Revolving Agent. If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Revolving Agent, such Revolving Lender agrees to pay to the Administrative Revolving Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Revolving Agent, equal to the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Revolving Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Revolving Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 1 contract
Samples: Credit Agreement (J C Penney Co Inc)
Settlement Among Lenders. (a) The amount of each Revolving Credit Lender’s Applicable Revolving Credit Percentage of outstanding Revolving Credit Loans (including outstanding Swing Line Loans), shall be computed weekly (or more frequently in the Administrative Agent’s reasonable discretion) and such amount 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 Credit Loans and repayments of FILO Revolving Credit 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 Credit Lenders promptly after a Revolving Settlement Date a summary statement of the amount of outstanding Committed Loans under the Revolving Credit Facility 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 Credit Lender its Applicable Percentage of repayments, and (ii) each Revolving Credit Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each Revolving Credit Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount Revolving Credit Exposure of Committed Loans made by each Revolving Credit Lender under the Revolving Credit Facility shall be equal to such Revolving Credit Lender’s Applicable Percentage of all Committed Loans under the Total Revolving Credit Facility outstanding Outstandings as of such Revolving Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the Revolving Credit 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 the next Business Day. The obligation of each Revolving Credit Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Credit Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Overnight Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any reasonable administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 1 contract
Samples: Credit Agreement (Matrix Service Co)
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 Tranche A Lender or Tranche A-1 Lender, as applicable, 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 Tranche A Lender under the Revolving Credit Facility or Tranche A-1 Lender, as applicable, shall be equal to such Lender’s Applicable Percentage of all Tranche A Committed Loans under the Revolving Credit Facility or Tranche A-1 Committed Loans, as applicable, 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 the next Business Day. The obligation of each Revolving Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 1 contract
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) on each Business Day and shall be adjusted upward or downward based on all Revolving Loans (including Swing Line Loans) and repayments of Revolving Loans (including Swing Line Loans) received by the Administrative Agent as of 3:00 p.m. on the first such 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 AgentDay.
(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 statementEach Business Day, (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 Revolving Credit Outstandings of Committed Loans made by each Revolving Lender under the Revolving Credit Facility shall be equal to such Revolving Lender’s Applicable Percentage of all Committed Loans under the Total Revolving Credit Facility outstanding Outstandings as of such Revolving Settlement DateBusiness Day. If the summary statement requires transfers applicable Revolving Lender is notified of a transfer 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 transfer 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 the next Business Day. The obligation of each Revolving Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any reasonable administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 1 contract
Samples: Credit Agreement (CardConnect Corp.)
Settlement Among Lenders. (a) The amount of each Revolving Lender’s '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 's discretion) and shall be adjusted upward or downward based on all Revolving Loans (including Swing Line Loans) and repayments of Revolving 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 Revolving 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 Revolving Credit Outstandings of Committed Loans made by each Revolving Lender under the Revolving Credit Facility shall be equal to such Revolving Lender’s 's Applicable Percentage of all Committed Loans under the Total Revolving Credit Facility outstanding Outstandings 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 the next Business Day. The obligation of each Revolving Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any reasonable administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 1 contract
Samples: Credit and Security Agreement (Katy Industries Inc)
Settlement Among Lenders. (ai) 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.
(bii) 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 the next Business Day. The obligation of each Revolving Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 1 contract
Samples: Credit Agreement (Childrens Place Retail Stores Inc)
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 the next Business Day. The obligation of each Revolving Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 1 contract
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 or FILO Lender, as applicable, its Applicable Percentage of repaymentsrepayments under the applicable Facility, and (ii) each Revolving 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 under the Revolving Credit Facility or FILO Lender, as applicable, shall be equal to such Lender’s Applicable Percentage of all Revolving Committed Loans under the Revolving Credit Facility or FILO Committed Loans, as applicable, 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 the next Business Day. The obligation of each Revolving Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 1 contract
Settlement Among Lenders. (a) The amount of each Revolving Lender’s Applicable Percentage of outstanding Revolving Credit Loans (including outstanding Swing Line Loans), shall be computed weekly (or more frequently in the Administrative Agent’s reasonable discretion) and such amount 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 Credit Loans and repayments of FILO Revolving Credit 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 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 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 Credit Exposure 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 Total Revolving Credit Facility outstanding Outstandings 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 the next Business Day. The obligation of each Revolving Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Agent, such Lender Xxxxxx agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any reasonable administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 1 contract
Samples: Credit Agreement (Key Tronic Corp)
Settlement Among Lenders. 1. Between each Settlement Date (a) The amount as hereinafter defined), Agent shall have the discretion to request that Issuing Bank issue all Letters of Credit and that Mellon make all Advances for the account and on behalf of the Lenders, and Mellon or Issuing Bank may, in their sole discretion, cause such issuance and/or make such Advances. Agent shall make a determination of each Revolving Lender’s Applicable 's Pro Rata Share of the Revolver (by applying each Lender's Pro Rata Percentage to the total outstanding Advances) periodically but not less frequently than once every week on the same day of outstanding Revolving Loans (including outstanding Swing Line Loans)each week, unless such day is not a Business Day, in which event such determination shall be computed weekly (or more frequently in made 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 next Business Day ("SETTLEMENT DATE"), which outstanding amount shall be calculated as of the close of the Business Day immediately preceding each respective Settlement Date. A Settlement Date shall occur notwithstanding any intervening Event of Default or other occurrence, event or circumstance, including without limitation the commencement of a bankruptcy or reorganization proceeding. Amounts of principal paid to Agent by Borrowers from time to time shall, between Settlement Dates, be applied to Mellon=s Pro Rata Share of the Advances, with each other Lender's respective Pro Rata Share of the Advances to be adjusted on the next Settlement Date. Interest shall accrue and each Lender shall be entitled to receive interest from Borrowers at the applicable rate on the outstanding dollar amount of the Revolver actually funded by such Lender. Agent shall then promptly issue to each Lender a settlement schedule containing information with respect to the status of the Advances and the relevant net positions of the Lenders and their outstanding Pro Rata Share of the Advances as of the close of the Business Day preceding such Settlement Date. Each settlement schedule shall show the amount, if any, due from each Lender to Agent (for its own account or on behalf of Mellon) or from Agent to each Lender, which amount shall be paid by federal funds, via wire transfer to the party entitled thereto to be received on or before (i) 3:00 P.M. Philadelphia time on the Settlement Date, provided such settlement schedule has been delivered prior to 11:00 A.M. Philadelphia time on the Settlement Date, or (ii) 11:00 A.M. on the next Business Day if such settlement schedule has been delivered after 11:00 A.M. Philadelphia time on the Settlement Date. The obligations of Lenders under this SECTION 2.5 are ----------- unconditional, not subject to setoff, irrevocable and may not be terminated at any time.
2. Each Lender is absolutely and unconditionally obligated, without setoff or deduction of any kind, to remit to Agent on the Settlement Date any amount showing to be owing to Agent or Mellon by such Lender on the settlement schedule for such date. Agent and/or Mellon shall also be entitled to recover any and all actual losses and damages either may incur (including without limitation, reasonable attorneys' fees) from any Lender failing to remit payment on the Settlement Date in accordance with this Agreement. Agent may set off the obligations of such Lender under this paragraph against any distributions or payments of the Lender Indebtedness to which such Lender would otherwise be entitled at any time or Agent may withhold such distributions or payments of such Lender Indebtedness to which such Lender would otherwise be entitled and make such distributions or payments to Mellon in an amount equal to, and as a repayment of, such Lender's Pro Rata Percentage of the Advances made by Mellon on such Lender's behalf.
3. Except for Advances made by Mellon as provided under SUBPARAGRAPH (A) above, ---------------- Agent shall provide the Lenders with notice that Borrowers have requested an Advance and whether such Advance shall be subject to the Prime Based Rate, the “Revolving Settlement Date”) following Federal Funds Based Rate or the end LIBOR Based Rate, on the same Business Day as such request, and request each Lender to provide Agent with such Lender's Pro Rata Percentage of such requested Advance prior to Agent's making such Advance. Upon receipt of such notice from Agent prior to 12:00 P.M., Philadelphia time, on the date the Advance is requested, each Lender shall remit to Agent its respective Pro Rata Percentage of such requested Advance, prior to 2:00 P.M. Philadelphia time, on the Business Day Agent is scheduled to make such Advance. Neither Agent nor any other Lender shall be obligated, for any reason whatsoever, to remit the share of any other Lender. Agent shall not be required to make the full amount of the requested Advance unless and until it receives funds representing each other Lender's Pro Rata Percentage of such requested Advance, but Agent shall remit to Borrowers that portion of the requested Advance equal to the Pro Rata Percentages of such requested Advance which it has received from the Lenders.
4. If Agent does not receive each other Lender's Pro Rata Percentage of such requested Advance, and Agent elects, in its sole discretion, without any obligation at any time to do so, to make the requested Advance on behalf of Lenders, or any of them, Agent shall be entitled to receive each Lender's Pro Rata Percentage of each Advance, together with interest at a per annum rate equal to the applicable interest rate set forth in SECTION 3.1 below for such ----------- Advance during the period specified by commencing on the Administrative Agentdate such Advance is made and ending on (but excluding) the date Agent recovers such amount. Each Lender is absolutely and unconditionally obligated, without deduction or setoff of any kind, to forward to Agent its Pro Rata Percentage of each Advance made pursuant to the terms of this Agreement. To the extent required Agent is not reimbursed by such Lender, Borrowers shall repay Agent immediately on demand, such amount. Agent shall also be entitled to recover any and all actual losses and damages (including, without limitation, reasonable attorneys' fees) from any Lender failing to remit upon demand of Agent. Agent may set off the obligations of a Lender under Section 2.14(cthis paragraph against any distributions or payments of the Lender Indebtedness which Agent would otherwise make available to such Lender at any time. Notwithstanding the foregoing, Agent shall have no duty or obligation at any time for any reason to make any Advance on behalf of any Lender.
5. To the extent and during the time period in which any Lender fails to provide or delays providing its respective payment to Agent pursuant to this SECTION 2.5 (any such Lender being referred to, during such period, as a ----------- "DEFAULTING LENDER"), such Lender's percentage of all payments of the amount of each FILO Lender’s Applicable Lender Indebtedness (but not its Pro Rata Percentage of future Loans required to be funded by such Lender) shall decrease to reflect the actual percentage which its actual 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 Revolver bears 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 total outstanding Loans under the Revolving Credit Facility outstanding as Revolver of such Revolving Settlement Dateall Lenders. If the summary statement requires transfers to be made In addition, notwithstanding any definition or other provision of this Agreement to the Administrative Agent by contrary, during any period in which a Lender is a Defaulting Lender, all calculations for voting purposes among 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, as if received after 1:00 p.m., then no later than 3:00 p.m. on the next Business Day. The obligation of each Revolving Defaulting Lender were not a Lender and not a party to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoingthis Agreement.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 1 contract
Samples: Loan Agreement (Specialty Products & Insulation Co)
Settlement Among Lenders. (a) The amount of each Revolving Credit Lender’s Applicable Revolving Credit Percentage of outstanding Revolving Credit Loans (including outstanding Swing Line Loans), shall be computed weekly (or more frequently in the Administrative Agent’s reasonable discretion) and such amount 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 Credit Loans and repayments of FILO Revolving Credit 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 Credit Lenders promptly after a Revolving Settlement Date a summary statement of the amount of outstanding Committed Loans under the Revolving Credit Facility 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 Credit Lender its Applicable Percentage of repayments, and (ii) each Revolving Credit Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each Revolving Credit Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount Revolving Credit Exposure of Committed Loans made by each Revolving Credit Lender under the Revolving Credit Facility shall be equal to such Revolving Credit Lender’s Applicable Percentage of all Committed Loans under the Total Revolving Credit Facility outstanding Outstandings as of such Revolving Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the Revolving Credit 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 the next Business Day. The obligation of each Revolving Credit Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Credit Lender shall not have so made its transfer to the Administrative Agent, such Lender Xxxxxx agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any reasonable administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 1 contract
Settlement Among Lenders. (a) The amount of each Revolving Lender’s Applicable Percentage of outstanding Revolving Loans (including outstanding Swing Line LoansLoans and Protective Advances), 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 LoansLoans and Protective Advances) 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 Revolving 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 Revolving Loans made by each Revolving Lender under the Revolving Credit Facility shall be equal to such Lender’s Applicable Percentage of all Committed Revolving 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 the next Business Day. The obligation of each Revolving Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Agent, such Lender Xxxxxx agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 1 contract
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 the next Business Day. The obligation of each Revolving Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 1 contract
Settlement Among Lenders. (a) The amount of each Lender's Applicable Revolving Lender’s Applicable Percentage of outstanding Revolving Loans (including outstanding Swing Line Swingline Loans), ) shall be computed weekly (or more frequently in the Administrative Revolving Agent’s reasonable 's discretion) and shall be adjusted upward or downward based on all Revolving Loans (including Swing Line Swingline Loans) and repayments of Revolving Loans (including Swing Line Swingline Loans) received by the Administrative Revolving 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 Revolving Agent.
(b) The Administrative Revolving Agent shall deliver to each of the Revolving Lenders promptly after a Revolving Settlement Date a summary statement of the amount of outstanding Committed Revolving Loans under the Revolving Credit Facility and Swingline Loans for the period and the amount of repayments received for the period. As reflected on the summary statement, (i) the Administrative Revolving Agent shall transfer to each Revolving Lender its Applicable Revolving Percentage of repayments, and (ii) each Revolving Lender shall transfer to the Administrative Revolving Agent (as provided below) or the Administrative Revolving 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 the Revolving Loans made by each Revolving Lender under the Revolving Credit Facility shall be equal to such Lender’s 's Applicable Revolving Percentage of all Committed Revolving 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 Revolving 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 the next Business Day. The obligation of each Revolving Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Revolving Agent. If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Revolving Agent, such Revolving Lender agrees to pay to the Administrative Revolving Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Revolving Agent, equal to the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Revolving Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Revolving Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 1 contract
Samples: Credit Agreement (J C Penney Co Inc)
Settlement Among Lenders. (a) The amount of each Revolving Credit Lender’s Applicable Percentage of outstanding Revolving Credit Loans (including outstanding Swing Line Loans), shall be computed weekly (or more frequently in the Administrative Agent’s reasonable discretion) and such amount shall be adjusted upward or downward based on all Revolving Credit Loans (including Swing Line Loans) and repayments of Revolving Credit Loans (including Swing Line Loans) received by the Administrative Agent as of 3:00 p.m. 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 Credit Lenders promptly after a Revolving Settlement Date a summary statement of the amount of outstanding Committed Loans under the Revolving Credit Facility 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 Credit Lender its Applicable Percentage of repayments, and (ii) each Revolving Credit Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each Revolving Credit Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount Revolving Credit Exposure of Committed Loans made by each Revolving Credit Lender under the Revolving Credit Facility shall be equal to such Revolving Credit Lender’s Applicable Percentage of all Committed Loans under the Total Revolving Credit Facility outstanding Outstandings as of such Revolving Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the Revolving Credit Lenders and is received prior to 1:00 p.m. P.M. on a Business Day, such transfers shall be made in immediately available funds no later than 3:00 p.m. P.M. that day; and, if received after 1:00 p.m.P.M., then no later than 3:00 p.m. P.M. on the next Business Day. The obligation of each Revolving Credit Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Credit Lender shall not have so made its transfer to the Administrative Agent, such Lender Xxxxxx agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any reasonable administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 1 contract
Samples: Credit Agreement (Ferroglobe PLC)
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 on each Business Day (or more less frequently in the Administrative Agent’s reasonable discretiondiscretion but no less frequently than weekly) and shall be adjusted upward or downward based on all Revolving Loans (including Swing Line Loans) and repayments of Revolving Loans (including Swing Line Loans) received by the Administrative Agent as of 3:00 p.m. on such Business Day (or 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 Business Day, or on 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 statementDate, as applicable, (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 Revolving Credit Outstandings of Committed Loans made by each Revolving Lender under the Revolving Credit Facility shall be equal to such Revolving Lender’s Applicable Percentage of all Committed Loans under the Total Revolving Credit Facility outstanding Outstandings as of such Revolving Business Day or Settlement Date. If the summary statement requires transfers applicable Revolving Lender is notified of a transfer 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 transfer 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 the next Business Day. The obligation of each Revolving Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Agent, such Lender Xxxxxx agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any reasonable administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 1 contract
Settlement Among Lenders. (a) The amount of each Revolving Credit Lender’s Applicable Revolving Credit Percentage of outstanding Revolving Credit Loans (including outstanding Swing Line Loans), shall be computed weekly (or more frequently in the Administrative Agent’s reasonable discretion) and such amount 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.or
(b) The Administrative Agent shall deliver to each of the Revolving Credit Lenders promptly after a Revolving Settlement Date a summary statement of the amount of outstanding Committed Loans under the Revolving Credit Facility 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 Credit Lender its Applicable Percentage of repayments, and (ii) each Revolving Credit Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each Revolving Credit Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount Revolving Credit Exposure of Committed Loans made by each Revolving Credit Lender under the Revolving Credit Facility shall be equal to such Revolving Credit Lender’s Applicable Percentage of all Committed Loans under the Total Revolving Credit Facility outstanding Outstandings as of such Revolving Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the Revolving Credit Lenders and is received prior to 1:00 p.m. P.M. on a Business Day, such transfers shall be made in immediately available funds no later than 3:00 p.m. P.M. that day; and, if received after 1:00 p.m.P.M., then no later than 3:00 p.m. P.M. on the next Business Day. The obligation of each Revolving Credit Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Credit Lender shall not have so made its transfer to the Administrative Agent, such Lender Xxxxxx agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any reasonable administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 1 contract
Settlement Among Lenders. (a) The amount of each Revolving Lender’s Applicable Percentage of outstanding Revolving Loans Swingline Lender may, at any time (including outstanding Swing Line Loansbut, in any event shall weekly, as provided in Section 2.16(b)), shall be computed weekly on behalf of the Borrowers (or more frequently which hereby authorize the Swingline Lender to act on their behalf in the Administrative Agent’s reasonable discretionthat regard) 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 request the Administrative Agent as of 3:00 p.m. on to cause the first Business Day Tranche A Lenders to make a Tranche A Loan (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, which 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 a Base Rate Loan) 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 an 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 Tranche A Commitment Percentage of all Committed the outstanding amount of Swingline Loans under the Revolving Credit Facility outstanding as of such Revolving Settlement Date. If the summary statement requires transfers to made in accordance with Section 2.05, which request may be made regardless of whether the conditions set forth in Article IV have been satisfied. Upon such request, each Tranche A Lender shall make available to the Administrative Agent the proceeds of such Tranche A Loan for the account of the Swingline Lender. If the Swingline Lender requires a Tranche A Loan to be made by the Revolving Tranche A Lenders and the request therefor is received prior to 1:00 p.m. 12:00 noon on a Business Day, such transfers shall be made in immediately available funds no later than 3:00 p.m. that day; and, if the request therefor is received after 1:00 p.m.12:00 noon, then no later than 3:00 p.m. on the next Business Day. The obligation of each Revolving such Tranche A Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative AgentAgent or the Swingline Lender. If and to the extent any Revolving Tranche A Lender shall not have so made its transfer to the Administrative Agent, such Tranche A Lender agrees to pay to the Administrative Agent, forthwith on demand demand, such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, compensation.
(b) The amount of each Lender’s Tranche A Commitment Percentage or similar fees customarily charged Tranche A-1 Commitment Percentage of outstanding Loans shall be computed weekly (or more frequently in the Administrative Agent’s discretion) and shall be adjusted upward or downward based on all Loans and repayments of Loans received by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.3:00
Appears in 1 contract
Settlement Among Lenders. (a) The amount of each Revolving Credit Lender’s Applicable Percentage of outstanding Revolving Credit Loans (including outstanding Swing Line Loans), shall be computed weekly (or more frequently in the Administrative Agent’s reasonable discretion) and such amount 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 Credit Loans and repayments of FILO Revolving Credit 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 Credit Lenders promptly after a Revolving Settlement Date a summary statement of the amount of outstanding Committed Loans under the Revolving Credit Facility 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 Credit Lender its Applicable Percentage of repayments, and (ii) each Revolving Credit Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each Revolving Credit Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount Revolving Credit Outstandings of Committed Loans made by each Revolving Credit Lender under the Revolving Credit Facility shall be equal to such Revolving Credit Lender’s Applicable Percentage of all Committed Loans under the Total Revolving Credit Facility outstanding Outstandings as of such Revolving Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the Revolving Credit 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 the next Business Day. The obligation of each Revolving Credit Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Credit Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any reasonable administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 1 contract
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 Revolving Loans under the Revolving Credit Facility and Swing Line 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 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 Revolving Loans made by each Revolving Lender under the Revolving Credit Facility shall be equal to such Revolving Lender’s Revolving Applicable Percentage of all Committed Revolving 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 the next Business Day. The obligation of each Revolving Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any Revolving Lender shall not have so made its transfer to the Administrative Agent, such Revolving Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
(c) The Administrative Agent shall deliver to each of the FILO Lenders promptly after a FILO Settlement Date on which any FILO Loans remain outstanding a summary statement of the amount of outstanding Committed Loans under the FILO 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 FILO Lender its Applicable Percentage of repayments, and (ii) each FILO Lender shall transfer to the Administrative Agent (as provided below) or the Administrative Agent shall transfer to each FILO Lender, such amounts as are necessary to insure that, after giving effect to all such transfers, the amount of Committed Loans made by each FILO Lender under the FILO Facility shall be equal to such Lender’s Applicable Percentage of all Committed Loans under the FILO Facility outstanding as of such FILO Settlement Date. If the summary statement requires transfers to be made to the Administrative Agent by the FILO 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 the next Business Day. The obligation of each FILO Lender to transfer such funds is irrevocable, unconditional and without recourse to or warranty by the Administrative Agent. If and to the extent any FILO Lender shall not have so made its transfer to the Administrative Agent, such Lender agrees to pay to the Administrative Agent, forthwith on demand such amount, together with interest thereon, for each day from such date until the date such amount is paid to the Administrative Agent, equal to the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation plus any administrative, processing, or similar fees customarily charged by the Administrative Agent in connection with the foregoing.
Appears in 1 contract
Samples: Credit Agreement (Sportsman's Warehouse Holdings, Inc.)
