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 borrow again Swing Loans and PNC Bank may make Swing Loans as provided in Section 2.1.2 hereof. Not later than 11:00 a.m., Pittsburgh time, on any Business Day (each a “Settlement Date”), the Agent may at its option for any reason notify each Lender of its Revolving Credit Ratable Share of the total of the Swing Loans. Prior to 2:00 p.m., Pittsburgh time, on such Settlement Date, each Lender shall pay to the Agent an amount equal to, and shall purchase, its Revolving Credit Ratable Share of the outstanding Swing Loans. These settlement procedures are established solely as a matter of administrative convenience, and nothing contained in this Section 5.8 shall relieve the Lenders of their obligations to fund 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 borrow again Swing Loans and PNC Bank may make Swing Loans as provided in Section 2.1.2 hereof. Not later than 11:00 a.m., Pittsburgh time, on any Business Day (each a “"Settlement Date”"), the Agent may at its option for any reason notify each Lender Bank of its Revolving Credit Ratable Share of the total of the Swing Loans. Prior to 2:00 p.m., Pittsburgh time, on such Settlement Date, each Lender Bank shall pay to the Agent an amount equal to, and shall purchase, its Revolving Credit Ratable Share of the outstanding Swing Loans. These settlement procedures are established solely as a matter of administrative convenience, and nothing contained in this Section 5.8 4.7 shall relieve the Lenders Banks of their obligations to fund 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 borrow again Swing Loans and PNC Bank may make Swing Loans as provided in Section 2.1.2 hereof. Not later than 11:00 a.m., Pittsburgh time, on any Business Day (each a “"Settlement Date”"), the Administrative Agent may at its option for any reason notify each Lender Bank of its Revolving Credit Ratable Share of the total of the Swing Loans. Prior to 2:00 p.m., Pittsburgh time, on such Settlement Date, each Lender Bank shall pay to the Administrative Agent an amount equal to, and shall purchase, its Revolving Credit Ratable Share of the outstanding Swing Loans. These settlement procedures are established solely as a matter of administrative convenience, and nothing contained in this Section 5.8 shall relieve the Lenders Banks of their obligations to fund 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 borrow again Swing Loans and PNC Bank may make Swing Loans as provided in Section 2.1.2 hereof. Not later than 11:00 a.m., Pittsburgh time, on any Business Day (each a “"Settlement Date”"), the Administrative Agent may at its option for any reason notify each Lender Bank of its Revolving Credit Ratable Share of the total of the Swing Loans. Prior to 2:00 p.m., Pittsburgh time, on such Settlement Date, each Lender Bank shall pay to the Administrative Agent an amount equal to, and shall purchase, its Revolving Credit Ratable Share of the outstanding Swing Loans. These settlement procedures are established solely as a matter of administrative convenience, and nothing contained in this Section 5.8 4.6 shall relieve the Lenders Banks of their obligations to fund Revolving Credit Loans.