Common use of Settlement of Swing Loans Clause in Contracts

Settlement of Swing Loans. (i) The Administrative Agent shall from time to time, in its sole discretion, notify each Domestic Lender by 12:00 p.m. (New York time), of the aggregate principal amount of Swing Loans outstanding as of the close of business on the Business Day immediately preceding the date of such notice (each such Business Day being a “Swing Loan Settlement Date”). Upon such notice, each Domestic Lender shall deposit in the applicable Funding Account in Dollars an amount equal to its Pro Rata Share under the Domestic Credit Facility of the amount of such principal amount of Swing Loans outstanding in immediately available funds, not later than 3:00 p.m. (New York time) on the date of such notice. Upon such payment, each Domestic Lender shall be deemed to have made a Revolving Loan denominated in Dollars to the applicable Borrower or Borrowers in such amount (irrespective of the satisfaction of the conditions in Section 5.02). Each Domestic Lender hereby agrees that its obligations under this Section 2.01(g) are irrevocable and unconditional (except with respect to Swing Loans made in contravention of the second sentence of Section 2.01(e)) notwithstanding (A) the nonconformity of the amount of the Loan with the minimum amounts (and increments thereof) otherwise required hereunder, (B) whether any conditions specified in Section 5.02 are then satisfied, (C) whether a Default or Event of Default has occurred and is continuing, (D) the date of such Borrowing, (E) the amount of the Domestic Borrowing Base, Multicurrency Borrowing Base, Total Borrowing Base and Commitment at such time. In the event that any such Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a proceeding under the Bankruptcy Code in respect of any Borrower), each Domestic Lender (other than the Swing Loan Bank) hereby agrees that it shall forthwith purchase from the Swing Loan Bank (without recourse or warranty) such assignment of the outstanding Swing Loans as shall be necessary to cause the Domestic Lenders to share in such Swing Loans ratably based upon their respective Pro Rata Shares; provided, that all interest payable on the Swing Loans shall be for the account of the Swing Loan Bank until the date the respective assignment is purchased and, to the extent attributable to the purchased assignment, shall be payable to the Domestic Lender purchasing the same from and after such date of purchase.

Settlement of Swing Loans. (i) The Administrative Agent shall from time to time, in its sole discretion, notify each Domestic Lender by 12:00 p.m. (New York time), of the aggregate principal amount of Swing Loans outstanding as of the close of business on the Business Day immediately preceding the date of such notice (each such Business Day being a “Swing Loan Settlement Date”"SWING LOAN SETTLEMENT DATE"). Upon such notice, each Domestic Lender shall deposit in the applicable Funding Account in Dollars an amount equal to its Pro Rata Share under the Domestic Credit Facility of the amount of such principal amount of Swing Loans outstanding in immediately available funds, not later than 3:00 p.m. (New York time) on the date of such notice. Upon such payment, each Domestic Lender shall be deemed to have made a Revolving Loan denominated in Dollars to the applicable Borrower or Borrowers in such amount (irrespective of the satisfaction of the conditions in Section SECTION 5.02). Each Domestic Lender hereby agrees that its obligations under this Section SECTION 2.01(g) are irrevocable and unconditional (except with respect to Swing Loans made in contravention of the second sentence of Section SECTION 2.01(e)) notwithstanding (A) the nonconformity of the amount of the Loan with the minimum amounts (and increments thereof) otherwise required hereunder, (B) whether any conditions specified in Section SECTION 5.02 are then satisfied, (C) whether a Default or Event of Default has occurred and is continuing, (D) the date of such Borrowing, (E) the amount of the Domestic Borrowing Base, Multicurrency Borrowing Base, Total Borrowing Base and Commitment at such time. In the event that any such Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a proceeding under the Bankruptcy Code in respect of any Borrower), each Domestic Lender (other than the Swing Loan Bank) hereby agrees that it shall forthwith purchase from the Swing Loan Bank (without recourse or warranty) such assignment of the outstanding Swing Loans as shall be necessary to cause the Domestic Lenders to share in such Swing Loans ratably based upon their respective Pro Rata Shares; provided, that all interest payable on the Swing Loans shall be for the account of the Swing Loan Bank until the date the respective assignment is purchased and, to the extent attributable to the purchased assignment, shall be payable to the Domestic Lender purchasing the same from and after such date of purchase.

Settlement of Swing Loans. (i) The Administrative Agent shall from time to time, in its sole discretion, notify each Domestic Lender by 12:00 p.m. (New York time), of the aggregate principal amount of Swing Loans outstanding as of the close of business on the Business Day immediately preceding the date of such notice (each such Business Day being a “Swing Loan Settlement Date”). Upon such notice, each Domestic Lender shall deposit in the applicable Funding Account in Dollars an amount equal to its Pro Rata Share under the Domestic Credit Facility of the amount of such principal amount of Swing Loans outstanding in immediately available funds, not later than 3:00 p.m. (New York time) on the date of such notice. Upon such payment, each Domestic Lender shall be deemed to have made a Revolving Loan denominated in Dollars to the applicable Borrower or Borrowers in such amount (irrespective of the satisfaction of the conditions in Section 5.02). Each Domestic Lender hereby agrees that its obligations under this Section 2.01(g) are irrevocable and unconditional (except with respect to Swing Loans made in contravention of the second sentence of Section 2.01(e)) notwithstanding (A) the nonconformity of the amount of the Loan with the minimum amounts (and increments thereof) otherwise required hereunder, (B) whether any conditions specified in Section 5.02 are then satisfied, (C) whether a Default or Event of Default has occurred and is continuing, (D) the date of such Borrowing, (E) the amount of the Domestic Borrowing Base, Multicurrency Borrowing Base, Total Borrowing Base and Commitment at such time. In the event that any such Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a proceeding under the Bankruptcy Code in respect of any Borrower), each Domestic Lender (other than the Swing Loan Bank) hereby agrees that it shall forthwith purchase from the Swing Loan Bank (without recourse or warranty) such assignment of the outstanding Swing Loans as shall be necessary to cause the Domestic Lenders to share in such Swing Loans ratably based upon their respective Pro Rata SharesShares of the Domestic Facility; provided, that all interest payable on the Swing Loans shall be for the account of the Swing Loan Bank until the date the respective assignment is purchased and, to the extent attributable to the purchased assignment, shall be payable to the Domestic Lender purchasing the same from and after such date of purchase.

Settlement of Swing Loans. (i) The Administrative Agent shall from time to (x) shall, on the last Business Day of any week if the outstanding balance of Swing Loans equals or exceeds $5,000,000 and (y) may, at any other time, in its sole discretion, notify each Domestic Lender by 12:00 p.m. (New York time), of the aggregate principal amount of Swing Loans outstanding as of the close of business on the Business Day immediately preceding the date of such notice (each such Business Day being a “Swing Loan Settlement Date”). Upon such notice, each Domestic Lender shall deposit in the applicable Funding Account in Dollars an amount equal to its Pro Rata Share under the Domestic Credit Facility of the amount of such principal amount of Swing Loans outstanding in immediately available funds, not later than 3:00 p.m. (New York time) on the date of such notice. Upon such payment, each Domestic Lender shall be deemed to have made a Revolving Loan denominated in Dollars to the applicable Borrower or Borrowers in such amount (irrespective of the satisfaction of the conditions in Section 5.02). Each Domestic Lender hereby agrees that its obligations under this Section 2.01(g) are irrevocable and unconditional (except with respect to Swing Loans made in contravention of the second sentence of Section 2.01(e)) notwithstanding (A) the nonconformity of the amount of the Loan with the minimum amounts (and increments thereof) otherwise required hereunder, (B) whether any conditions specified in Section 5.02 are then satisfied, (C) whether a Default or Event of Default has occurred and is continuing, (D) the date of such Borrowing, (E) the amount of the Domestic Borrowing Base, Multicurrency Borrowing Base, Total Borrowing Base and Commitment at such time. In the event that any such Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a proceeding under the Bankruptcy Code in respect of any Borrower), each Domestic Lender (other than the Swing Loan Bank) hereby agrees that it shall forthwith purchase from the Swing Loan Bank (without recourse or warranty) such assignment of the outstanding Swing Loans as shall be necessary to cause the Domestic Lenders to share in such Swing Loans ratably based upon their respective Pro Rata SharesShares of the Domestic Facility; provided, that all interest payable on the Swing Loans shall be for the account of the Swing Loan Bank until the date the respective assignment is purchased and, to the extent attributable to the purchased assignment, shall be payable to the Domestic Lender purchasing the same from and after such date of purchase.