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 2.2.1 [Revolving Credit Loans] hereof. On any Business Day, the Agent may 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 2:30 p.m. (Pittsburgh time) on the date of such notice, each Lender shall pay to the Agent the amount equal to the difference between its Required Share and its Revolving Credit Loans, and the Agent shall pay to each Lender its Ratable Share of all payments made by the Borrower to the Agent with respect to the Revolving Credit Loans. The Agent shall also effect settlement in accordance with the foregoing sentence on the proposed Borrowing Dates for Revolving Credit Loans, on any date where payments of principal of any Loan is required to be paid by any Loan Party hereunder, and may at its option (and in consultation with the Borrower) 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 5.10 shall relieve the Lenders of their obligations to fund Revolving Credit Loans on dates other than a Settlement Date pursuant to this Section 2.10. The Agent may at any time at its option for any reason whatsoever require each Lender to pay immediately to the Agent such Lender’s Ratable Share of the outstanding Revolving Credit Loans and each Lender may at any time require the Agent to pay immediately to such Bank its Ratable Share of all payments made by the Borrower to the Agent with respect to the Revolving Credit Loans.

Settlement Date Procedures. In order to minimize the transfer of funds between the Lenders and the Agent, the any Borrower may borrow, repay and reborrow Swing Loans and PNC Bank may make Swing Loans as provided in Section 2.2.1 [Revolving Credit Loans] hereof2.1.2 hereof during the period between Settlement Dates. On any Business DayNot later than 11:00 a.m., Eastern time, on each Settlement Date, the Agent may 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 2:30 p.m. (Pittsburgh 2:00 p.m., Eastern time) , on the date of such noticeSettlement Date, each Lender shall pay to the Agent the amount equal to the difference between its Required Share and its Revolving Credit Loans, and the Agent shall pay to each Lender its Ratable Share of all payments made by the such Borrower to the Agent with respect to the Revolving Credit Loans. The Agent shall also effect settlement in accordance with the foregoing sentence on the proposed Borrowing Dates for Revolving Credit Loans, Loans and on any date where payments of principal of any Loan is required to be paid by any Loan Party hereunder, Mandatory Prepayment Dates and may at its option (and in consultation with the Borrower) 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 5.10 4.10 shall relieve the Lenders of their obligations to fund Revolving Credit Loans on dates other than a Settlement Date pursuant to this Section 2.102.1.2. The Agent may at any time at its option for any reason whatsoever require each Lender to pay immediately to the Agent such Lender’s 's Ratable Share of the outstanding Revolving Credit Loans and each Lender may at any time require the Agent to pay immediately to such Bank Lender its Ratable Share of all payments made by the Borrower Borrowers to the 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 may borrow, repay and reborrow Swing Loans Loans, and PNC Bank may make Swing Loans Loans, as provided in Section 2.2.1 [2.1(b) hereof during the period between Settlement Dates. On each Settlement Date, the Banks agree among themselves to effect a settlement so that each Bank shall have its Ratable Share of all Revolving Credit Loans (including those Revolving Credit Loans designated by PNC as Swing Loans] hereof) outstanding as of the close of business on the Business Day immediately preceding such Settlement Date. On any Business DayNot later than 10:00 a.m. on each Settlement Date when Swing Loans are outstanding, the Agent may shall notify each Lender Bank of its Ratable Share of the total of the Revolving Credit Loans and outstanding as of the Swing Loans (each a “Required Share”)close of business on the Business Day immediately preceding such Settlement Date. Prior to 2:30 3:00 p.m. (Pittsburgh time) time on the date of such noticeSettlement Date, each Lender Bank shall pay to the Agent the amount equal amount, if any, necessary to effectuate the difference between its Required Share and its Revolving Credit Loanssettlement contemplated by this Section, and the Agent shall promptly pay to each Lender Bank its Ratable Share of all payments payments, if any, made by the Borrower to the Agent with respect to the Revolving Credit LoansLoans and any payments due such Bank in settlement under this Section. The Agent shall also effect settlement in accordance with the foregoing sentence this Section on the proposed Borrowing Dates for all Revolving Credit Loans, on any date where payments of principal of any Loan is required to be paid by any Loan Party hereunder, Loans and may at its option (and in consultation with the Borrower) effect settlement on any other Business Day. If an Event of Default shall occur and on the date of such occurrence the sum of PNC's Revolving Credit Loans shall be less than PNC's Ratable Share of all Revolving Credit Loans, PNC shall pay to the Agent the amount, if any, necessary to effectuate the settlement between the Banks as contemplated by this Section. These settlement procedures are established solely as a matter of administrative convenience, and nothing contained in this Section 5.10 5.6 shall relieve the Lenders Banks of their obligations to fund Revolving Credit Loans on dates other than a Settlement Date pursuant to this Section 2.102.9. The Agent PNC may at any time time, at its option option, for any reason whatsoever require each Lender Bank to pay immediately to the Agent PNC such Lender’s Bank's Ratable Share of the outstanding Revolving Credit Loans Swing Loans, and each Lender Bank may at any time require the Agent to pay immediately to such Bank its Ratable Share of all payments made by the Borrower to the 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 Co-Borrowers may borrow, repay and reborrow Swing Loans Loans, and PNC Bank may make Swing Loans Loans, as provided in Section 2.2.1 [Revolving Credit Loans] hereof2.1(b) during the period between Settlement Dates. On any Business DayNot later than noon, Cincinnati time, on each Settlement Date, the Agent may shall notify each Lender Bank of its Ratable Share of the total of Loans (including both the Swing Loans made by the Agent and the Revolving Credit Loans and made by the Swing Loans (each a “Required Share”Banks). Prior to 2:30 p.m. (Pittsburgh 3:00 p.m., Cincinnati time) , on the date of such noticeSettlement Date, each Lender Bank shall pay to the Agent the amount equal to the difference positive difference, if any, between its Required Ratable Share of the Revolving Credit Loans and Swing Loans and its Revolving Credit Loans, and the Agent shall pay to each Lender Bank its Ratable Share of all payments made by the Borrower Co-Borrowers to the Agent with respect to the Revolving Credit Loans. The Agent shall also effect settlement in accordance with the foregoing sentence on the proposed Borrowing Dates for Revolving Credit Loans, on any date where payments of principal of any Loan is required to be paid by any Loan Party hereunder, Loans and may at its option (and in consultation with the Borrower) 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 5.10 5.6 shall relieve the Lenders Banks of their obligations obligation to fund Revolving Credit Loans on dates other than a Settlement Date pursuant to this Section 2.102.7. The Agent may at any time at its option option, for any reason whatsoever whatsoever, require each Lender Bank to pay immediately to the Agent such Lender’s Bank's Ratable Share of the outstanding Revolving Credit Loans and Swing Loans (provided the principal amount of such Bank's Revolving Credit Loans shall not exceed its Revolving Credit Commitment), and each Lender Bank may at any time require the Agent to pay immediately to such Bank its Ratable Share of all payments made by the Borrower Co-Borrowers to the Agent with respect to the Revolving Credit Loans.