Non-Settlement Dates Clause Samples

Non-Settlement Dates. Subject to the terms of this Agreement, on each Business Day that is not a Settlement Date, funds collected as provided hereunder shall be paid or applied by the Administrative Agent (in each case up to the outstanding principal amount of the applicable Loan) (i) first, to reduce the Swingline Loan to zero, (ii) second, to the extent of any excess, to the Lender also acting as Administrative Agent in its capacity as a Lender and not as Administrative Agent, to reduce any Loans owing to the Lender acting as Administrative Agent that are not also Swingline Loans, and (iii) third, (a) if no Event of Default has occurred and is existing, to the Borrower to be deposited in a bank account of Borrower as Borrower may direct from time to time, or (b) if an Event of Default has occurred and is existing, to be retained by Administrative Agent in a non-interest bearing account of Administrative Agent's choosing which will be in the name of Administrative Agent of the benefit of the Lenders (without any obligation to pay Borrower interest on such funds) or otherwise distributed by the Administrative Agent to the other Lenders after consultation by Administrative Agent with the other Lenders.