Common use of Swing Line Loans; Settlement Procedures Clause in Contracts

Swing Line Loans; Settlement Procedures. In order to facilitate the administration of the Revolving Credit Loans, notwithstanding the provisions of Subsection 3.1.3, Agent may make Revolving Credit Loans on behalf of the Lenders (each, a "Swing Line Loan"); provided that the Agent shall not make any Swing Line Loan if the aggregate outstanding principal amount of all Swing Line Loans (taking into account the Loan to be made and any repayments received on such date) would exceed $10,000,000, and settlement will be made among the Lenders and the Agent in accordance with this Subsection 3.1.11. Each Lender's obligation to fund its Revolving Loan Percentage of each Swing Line Loan shall commence on the date on which such Swing Line Loan is made by Agent, and each Lender shall be deemed to have irrevocably and unconditionally purchased a participation in such Swing Line Loan in an amount equal to its Revolving Credit Percentage of the Swing Line Loan. All Swing Line Loans shall be Base Rate Advances, and interest accrued on the Swing Line Loans shall be for the account of the Agent until settlement is made in accordance with this Section. Settlement of all Swing Line Loans in excess of $1,000,000 (or such lesser amount as required by Agent) shall be made weekly on the date (each, a "Settlement Date") selected by Agent and in any event on the date on which the outstanding balance of the Swing Line Loans shall have increased or decreased since the last Settlement Date by $10,000,000 or more, or more frequently if Agent elects. Agent will advise each Lender electronically or by telephone, facsimile or telecopy of its Revolving Loan Percentage of the Swing Line Loans, and in the event that payments are necessary to be made so that each Lender has funded Revolving Credit Loans equal to its Revolving Loan Percentage of all outstanding Revolving Credit Loans, each Lender shall transfer such amount to Agent, or Agent shall transfer such amount to each Lender, in immediately available funds no later than 1 p.m. (Los Angeles time) on the Settlement Date if Agent has delivered notice prior to noon (Los Angeles time) on the Settlement Date or by l1:00 a.m. (Los Angeles time) on the next Business Day if notice is given later. Settlements shall be made whether or not any Default or Event of Default exists and whether or not the conditions to Revolving Credit Loans have been met; provided however, that notwithstanding the foregoing, a Lender shall not have any obligation to acquire a participation in a Swing Line Loan pursuant to this Section 3.1.11 if a Default or Event of Default existed or any conditions precedent to making Loans were not satisfied at the time such Swing Line Loan was made and such Lender shall have notified the Agent in writing, at least one Business Day prior to the time such Swing Line Loan was made, that the foregoing circumstances existed and that such Lender would not acquire participations in Swing Line Loans made while such circumstances continued. If any Lender fails to fund any amount due to Agent under this Section on the Settlement Date, Agent shall be entitled to recover such amount on demand from such Lender, together with interest thereon at the interest rate then applicable to the Revolving Credit Loans. All payments made by the Lenders under this Section 3.1.11 shall be deemed to be Revolving Credit Loans made to Borrower in accordance with this Agreement.

Swing Line Loans; Settlement Procedures. In order to facilitate the administration of the Revolving Credit Loans, notwithstanding the provisions of Subsection 3.1.3, Agent may make US Revolving Credit Loans on behalf of the Lenders (each, a "Swing Line Loan"); provided that the Agent shall not make any Swing Line Loan if the aggregate outstanding principal amount of all Swing Line Loans (taking into account the Loan to be made and any repayments received on such date) would exceed $US$10,000,000, and settlement will be made among the Lenders and the Agent in accordance with this Subsection 3.1.11. Each Lender's obligation to fund its Revolving Loan Percentage of each Swing Line Loan shall commence on the date on which such Swing Line Loan is made by Agent, and each Lender shall be deemed to have irrevocably and unconditionally purchased a participation in such Swing Line Loan in an amount equal to its Revolving Credit Percentage of the Swing Line Loan. All Swing Line Loans shall be Base Rate Advances, and interest accrued on the Swing Line Loans shall be for the account of the Agent until settlement is made in accordance with this Section. Settlement of all Swing Line Loans in excess of $US$1,000,000 (or such lesser amount as required by Agent) shall be made weekly on the date (each, a "Settlement Date") selected by Agent and in any event on the date on which the outstanding balance of the Swing Line Loans shall have increased or decreased since the last Settlement Date by $US$10,000,000 or more, or more frequently if Agent elects. Agent will advise each Lender electronically or by telephone, facsimile or telecopy of its Revolving Loan Percentage of the Swing Line Loans, and in the event that payments are necessary to be made so that each Lender has funded Revolving Credit Loans equal to its Revolving Loan Percentage of all outstanding Revolving Credit Loans, each Lender shall transfer such amount to Agent, or Agent shall transfer such amount to each Lender, in immediately available funds no later than 1 4 p.m. (Los Angeles New York time) on the Settlement Date if Agent has delivered notice prior to 12:00 noon (Los Angeles New York time) on the Settlement Date or by l1:00 a.m. 1:00 p.m. (Los Angeles New York time) on the next Business Day if notice is given later. Settlements shall be made whether or not any Default or Event of Default exists and whether or not the conditions to Revolving Credit Loans have been met; provided however, that notwithstanding the foregoing, a Lender shall not have any obligation to acquire a participation in a Swing Line Loan pursuant to this Section 3.1.11 if a Default or Event of Default existed or any conditions precedent to making Loans were not satisfied at the time such Swing Line Loan was made and such Lender shall have notified the Agent in writing, at least one Business Day prior to the time such Swing Line Loan was made, that the foregoing circumstances existed and that such Lender would not acquire participations in Swing Line Loans made while such circumstances continued. If any Lender fails to fund any amount due to Agent under this Section on the Settlement Date, Agent shall be entitled to recover such amount on demand from such Lender, together with interest thereon at the interest rate then applicable to the Revolving Credit Loans. All payments made by the Lenders under this Section 3.1.11 shall be deemed to be Revolving Credit Loans made to Borrower in accordance with this Agreement.shall

Swing Line Loans; Settlement Procedures. In order to facilitate the administration of the Revolving Credit Loans, notwithstanding the provisions of Subsection 3.1.3, Agent may make Revolving Credit Loans on behalf of the Lenders (each, a "Swing Line Loan"); provided that the Agent shall not make any Swing Line Loan if the aggregate outstanding principal amount of all Swing Line Loans (taking into account the Loan to be made and any repayments received on such date) would exceed $10,000,0005,000,000, and settlement will be made among the Lenders and the Agent in accordance with this Subsection 3.1.11. Each Lender's obligation to fund its Revolving Loan Percentage of each Swing Line Loan shall commence on the date on which such Swing Line Loan is made by Agent, and each Lender shall be deemed to have irrevocably and unconditionally purchased a participation in such Swing Line Loan in an amount equal to its Revolving Credit Percentage of the Swing Line Loan. All Swing Line Loans shall be Base Rate Advances, and interest accrued on the Swing Line Loans shall be for the account of the Agent until settlement is made in accordance with this Section. Settlement of all Swing Line Loans in excess of $1,000,000 (or such lesser amount as required by Agent) shall be made weekly on the date (each, a "Settlement Date") selected by Agent which is the earlier to occur of (i) each Thursday (or the next Business Day, if Thursday is not a Business Day) and in any event on (ii) the date on which the outstanding balance of the Swing Line Loans shall have increased or decreased since the last Settlement Date by $10,000,000 5,000,000 or more, or more frequently if Agent elects. Agent will advise each Lender electronically or by telephone, facsimile or telecopy of its Revolving Loan Percentage of the Swing Line Loans, and in the event that payments are necessary to be made so that each Lender has funded Revolving Credit Loans equal to its Revolving Loan Percentage of all outstanding Revolving Credit Loans, each Lender shall transfer such amount to Agent, or Agent shall transfer such amount to each Lender, in immediately available funds no later than 1 p.m. (Los Angeles time) on the Settlement Date if Agent has delivered notice prior to noon (Los Angeles time) on the Settlement Date or by l1:00 a.m. 1:00 p.m. (Los Angeles time) on the next Business Day if notice is given later. Settlements shall be made whether or not any Default or Event of Default exists and whether or not the conditions to Revolving Credit Loans have been met; provided however, that notwithstanding the foregoing, a Lender shall not have any obligation to acquire a participation in a Swing Line Loan pursuant to this Section 3.1.11 if a Default or Event of Default existed or any conditions precedent to making Loans were not satisfied at the time such Swing Line Loan was made and such Lender shall have notified the Agent in writing, at least one Business Day prior to the time such Swing Line Loan was made, that the foregoing circumstances existed and that such Lender would not acquire participations in Swing Line Loans made while such circumstances continued. If any Lender fails to fund any amount due to Agent under this Section on the Settlement Date, Agent shall be entitled to recover such amount on demand from such Lender, together with interest thereon at the interest rate then applicable to the Revolving Credit Loans. All payments made by the Lenders under this Section 3.1.11 shall be deemed to be Revolving Credit Loans made to Borrower in accordance with this Agreement.

Swing Line Loans; Settlement Procedures. In order to facilitate the administration of the Revolving Credit Loans, notwithstanding the provisions of Subsection 3.1.3, Agent may make US Revolving Credit Loans or UK Revolving Credit Loans on behalf of the Lenders (each, a "“Swing Line Loan"”); provided that the Agent shall not make any Swing Line Loan which is a US Revolving Credit Loan (each a “US Swing Line Loan”) if the aggregate outstanding principal amount of all US Swing Line Loans (taking into account the Loan to be made and any repayments received on such date) would exceed $US$10,000,000, and Agent shall not make any Swing Line Loan which is a UK Revolving Credit Loan (each a “UK Swing Line Loan”) if the aggregate outstanding principal amount of all UK Swing Line Loans (taking into account the Loan to be made and any repayments received on such date) would exceed the Equivalent Amount of US$10,000,000, and settlement will be made among the Lenders and the Agent in accordance with this Subsection 3.1.11. Each Lender's ’s obligation to fund its Revolving Loan Percentage of each Swing Line Loan shall commence on the date on which such Swing Line Loan is made by Agent, and each Lender shall be deemed to have irrevocably and unconditionally purchased a participation in such Swing Line Loan in an amount equal to its Revolving Credit Percentage of the Swing Line Loan. All Swing Line Loans which are US Revolving Credit Loans shall be Base Rate Advances, and all Swing Line Loans which are UK Revolving Credit Loans shall be LIBOR Advances with an Interest Period of one week, and interest accrued on the Swing Line Loans shall be for the account of the Agent until settlement is made in accordance with this Section. Settlement of all US Swing Line Loans in excess of $US$1,000,000 (or such lesser amount as required by Agent) shall be made weekly on the date (each, a "“US Settlement Date"”) selected by Agent and in any event on the date on which the outstanding balance of the Swing Line Loans shall have increased or decreased since the last US Settlement Date by $US$10,000,000 or more, or more frequently if Agent elects. Settlement of all UK Swing Line Loans in excess of US$5,000,000 (or the Equivalent Amount thereof) (or such lesser amount as required by Agent) shall be made on the last Business Day of each month (each, a “UK Settlement Date”) and in any event on the date on which the outstanding balance of the UK Swing Line Loans shall have increased or decreased since the last UK Settlement Date by US$5,000,000 (or the Equivalent Amount thereof) or more, or more frequently if Agent elects; provided that interest on the UK Swing Line Loans shall be payable on the last Business Day of each month. Agent will advise each Lender electronically or by telephone, facsimile or telecopy of its Revolving Loan Percentage of the Swing Line Loans, and in the event that payments are necessary to be made so that each Lender has funded Revolving Credit Loans equal to its Revolving Loan Percentage of all outstanding Revolving Credit Loans, each Lender shall transfer such amount to Agent, or Agent shall transfer such amount to each Lender, in immediately available funds no later than 1 4 p.m. (Los Angeles New York time) on the US Settlement Date or the UK Settlement Date, as applicable, if Agent has delivered notice prior to 12:00 noon (Los Angeles New York time) on the US Settlement Date or 10:00 a.m. on the UK Settlement Date, as applicable, or by l1:00 a.m. 1:00 p.m. (Los Angeles New York time) on the next Business Day if notice is given later. Settlements shall be made whether or not any Default or Event of Default exists and whether or not the conditions to Revolving Credit Loans have been met; provided however, that notwithstanding the foregoing, a Lender shall not have any obligation to acquire a participation in a Swing Line Loan pursuant to this Section Subsection 3.1.11 if a Default or Event of Default existed or any conditions precedent to making Loans were not satisfied at the time such Swing Line Loan was made and such Lender shall have notified the Agent in writing, at least one two Business Day Days prior to the time such Swing Line Loan was made, that the foregoing circumstances existed and that such Lender would not acquire participations in Swing Line Loans made while such circumstances continued. If any Lender fails to fund any amount due to Agent under this Section on the Settlement Date, Agent shall be entitled to recover such amount on demand from such Lender, together with interest thereon at the interest rate then applicable to the Revolving Credit Loans. All payments made by the Lenders under this Section Subsection 3.1.11 shall be deemed to be Revolving Credit Loans made to Borrower in accordance with this Agreement.”