Common use of Settlement Date Procedures Clause in Contracts

Settlement Date Procedures. In order to minimize the transfer of funds between the Lenders and the Agent, the Borrower may borrow, repay and reborrow Swing Loans and PNC Bank may make Swing Loans as provided in Section 2.1(c) [Swing Loan Commitment] hereof during the period between Settlement Dates. Not later than 11:00 a.m. on each Settlement Date, the Administrative Agent shall notify each Lender of its Ratable Share of the total of the Revolving Credit Loans and the Swing Loans (each a “Required Share”). Prior to 2:00 p.m., Philadelphia time, on such Settlement Date, each Lender shall pay to the Administrative Agent the amount equal to the difference between its Required Share and its Revolving Credit Loans, and the Administrative Agent shall pay to each Lender its Ratable Share of all payments made by the Borrower to the Administrative Agent with respect to the Revolving Credit Loans. The Administrative Agent shall also effect settlement in accordance with the foregoing sentence on the proposed Borrowing Dates for Revolving Credit Loans and may at its option effect settlement on any other Business Day. These settlement procedures are established solely as a matter of administrative convenience, and nothing contained in this Section 4.11 shall relieve the Lenders of their obligations to fund Revolving Credit Loans on dates other than a Settlement Date pursuant to Section 2.5 [Making Revolving Credit Loans and Swing Loans; Presumptions by the Administrative Agent; Repayment of Revolving Credit Loans; Borrowing to Repay Swing Loans]. The Administrative Agent may at any time at its option for any reason whatsoever require each Lender to pay immediately to the Administrative Agent such Lender’s Ratable Share of the outstanding Revolving Credit Loans and each Lender may at any time require the Administrative Agent to pay immediately to such Lender its Ratable Share of all payments made by the borrower to the Administrative Agent with respect to the Revolving Credit Loans.

Settlement Date Procedures. In order to minimize the transfer of funds between the Lenders Banks and the Administrative Agent, the Borrower may borrow, repay and reborrow Swing Loans and PNC Bank the Swing Loan Lender may make Swing Loans as provided in Section 2.1(c) 2.5 [Making Revolving Credit Loans and Swing Loan CommitmentLoans] hereof during the period between Settlement Dates. Not later than 11:00 a.m. a.m., Pittsburgh time, on each Settlement Date, the Administrative Agent shall notify each Lender Bank of its Revolving Credit Ratable Share of the total of the Revolving Credit Loans and the Swing Loans (each a “Required Share”). Prior to 2:00 p.m., Philadelphia Pittsburgh time, on such Settlement Date, each Lender Bank shall pay to the Administrative Agent the amount equal to the difference between its Required Share and its Revolving Credit Loans, and the Administrative Agent shall pay to each Lender Bank its Revolving Credit Ratable Share of all payments made by the Borrower to the Administrative Agent with respect to the Revolving Credit Loans. The Administrative Agent shall also effect settlement in accordance with the foregoing sentence on the proposed Borrowing Dates for Revolving Credit Loans and may at its option effect settlement on any other Business Day. These settlement procedures are established solely as a matter of administrative convenience, and nothing contained in this Section 4.11 4.7 shall relieve the Lenders Banks of their obligations to fund Revolving Credit Loans on dates other than a Settlement Date pursuant to Section 2.5 Sections 2.1.1 [Making Revolving Credit Loans and Swing Loans; Presumptions by the Administrative Agent; Repayment of Revolving Credit Loans; Borrowing ] and 2.2 [Nature of Banks’ Obligations With Respect to Repay Swing Revolving Credit Loans]. The Administrative Agent may at any time at its option for any reason whatsoever require each Lender Bank to pay immediately to the Administrative Agent such LenderBank’s Revolving Credit Ratable Share of the outstanding Revolving Credit Loans Loans, and each Lender Bank may at any time require the Administrative Agent to pay immediately to such Lender Bank its Revolving Credit Ratable Share of all payments made by the borrower Borrower to the Administrative Agent with respect to the Revolving Credit Loans.

Settlement Date Procedures. In order to minimize the transfer of funds between the Lenders Banks and the Agent, the Borrower Borrowers may borrow, repay and reborrow re-borrow Swing Line Loans and PNC Bank may make Swing Line Loans as provided in Section 2.1(c) [Swing Loan Commitment] Item 3 above hereof during the period between Settlement Dates. Not later than 11:00 a.m. on each Settlement Date, the Administrative Agent shall notify each Lender Bank of its Ratable Share of the total of the Revolving Credit Loans and the to be made in respect of each Swing Loans Line Loan (each a “"Required Share”)") to repay such Swing Line Loan. Prior to 2:00 p.m., p.m. Philadelphia time, on such Settlement Date, each Lender Bank shall pay to the Administrative Agent the amount equal to the difference between its Required Share and its Revolving Credit Loans, and the Administrative Agent shall pay to each Lender Bank its Ratable Share of all payments made by the Borrower Borrowers to the Administrative Agent with respect to the Revolving Credit Loans. The Administrative Agent shall also effect settlement in accordance with the foregoing sentence on the proposed Borrowing Dates for Revolving Credit Loans and may at its option effect settlement on any other Business Day. These settlement procedures are established solely as a matter of administrative convenience, and nothing contained in this Section 4.11 Item 5 shall relieve the Lenders Banks of their obligations to fund Revolving Credit Loans on dates other than a Settlement Date pursuant to Section 2.5 [Making Revolving Credit Loans and Swing Loans; Presumptions by the Administrative Agent; Repayment of Revolving Credit Loans; Borrowing to Repay Swing Loans]2.9. The Administrative Agent may at any time at its option for any reason whatsoever require each Lender Bank to pay immediately to the Administrative Agent such Lender’s Bank's Ratable Share of the outstanding Revolving Credit Loans and each Lender Bank may at any time require the Administrative Agent to pay immediately to such Lender Bank its Ratable Share of all payments made by the borrower Borrowers to the Administrative Agent with respect to the Revolving Credit Loans. The second (2nd) Business day of each week and any other on which the Agent elects to effect settlement pursuant to this Item 5 shall be a "Settlement Date."