Weekly Settlement Clause Samples

The Weekly Settlement clause establishes that payments or reconciliations between parties will occur on a weekly basis. Typically, this means that all financial transactions, such as payments for goods delivered or services rendered, are calculated and settled at the end of each week. This approach ensures regular cash flow, allows for timely identification and resolution of discrepancies, and helps both parties manage their finances more effectively by reducing the risk of accumulating large outstanding balances.
Weekly Settlement. In order to minimize the frequency of transfers of funds between Agent and the Lenders, advances and repayments of Loans will be settled according to the procedures described in this Section 2.3(c). (i) Agent shall, once every seven (7) calendar days, or sooner, if so elected by Agent in its discretion, but in each case on a Business Day (each such day being a “Settlement Date”), distribute to each Lender a statement (the “Agent’s Report”) disclosing as of the immediately preceding Business Day, the aggregate unpaid principal balance of Loans outstanding as of such date (including Revolving Loans made by Agent under Section 2.3(c)(v) hereof), repayments and prepayments of principal received from Borrowers with respect to the Loans since the immediately preceding Agent’s Report, additional Loans made to Borrowers since the date of the immediately preceding Agent’s Report. Each Agent’s Report shall disclose the net amount (the “Settlement Amount”) due to or due from the Lenders to effect a Settlement of any Loan and the calculations therefor. Agent’s Report submitted to a Lender shall be prima facie evidence of the amount due to or from such Lender to effect a Settlement of any Loan. If Agent’s Report discloses a net amount due from Agent to any Lender to effect the Settlement of any Loan, Agent, concurrently with the delivery of Agent’s Report to the Lenders, shall transfer, by wire transfer or otherwise, such amount to such Lender in funds immediately available to such Lender, in accordance with such Lender’s instructions. If Agent’s Report discloses a net amount due to Agent from any Lender to affect the Settlement of any Loan, then such Lender shall wire transfer such amount, in funds immediately available to Agent, as instructed by Agent. Such net amount due from a Lender to Agent shall be due on the Settlement Date if such Agent’s Report is received before 1:00 p.m. and such net amount shall be due on the first Business Day following the Settlement Date if such Agent’s Report is received after 1:00 p.m. (ii) All funds advanced to Borrowers by Agent or a Lender pursuant to this Section 2.3(c) shall for all purposes be treated as a Loan made by such Lender and all funds received by any Lender pursuant to this Section 2.3(c) shall for all purposes be treated as a repayment of the Loans made by such Lender. (iii) In the event that any bankruptcy, reorganization, liquidation, receivership, or similar cases or proceedings in which Borrowers are a debtor prev...
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Weekly Settlement. (a) In order to minimize the frequency of transfers of funds between the Administrative Agent and each Lender, advances and repayments of Revolving Loans will be settled according to the procedures described in this Section 3.
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Weekly Settlement. Section 8.7. Notations
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Weekly Settlement. For every advance of a Revolving Loan made by Agent on a Business Day for which Agent had not elected a Daily Settlement Date (as defined and provided for in Section 4.2.2), Agent may assume that each Lender will make its Percentage Share of the applicable Revolving Loan available to Agent as of 2:30 p.m., Cincinnati, Ohio time, on the next subsequent Settlement Date unless Agent has been notified by a Lender that the Lender does not intend to make available to Agent the Lender's Percentage Share of the applicable Revolving Loan to be funded under Section 2.5.2(ii) or the Revolving Loan necessary for the payment of checks and other items presented to Agent via the Controlled Disbursement Accounts ("Non-Funding Notice"). For a Non-Funding Notice to be effective as against Agent for (a) the Borrowing Date of any Revolving Loan to be funded under Section 2.5.2(ii) or (b) any Business Day on which any Revolving Loan will be made to a Borrower via its Controlled Disbursement Account (the applicable Borrowing Date being, the "Applicable Funding Date"), Lender must deliver a Non- Funding Notice to Agent: (1) at or before 8:00 a.m., Cincinnati, Ohio time, on the Business Day that is at least one Business Day before the Applicable Funding Date of any Revolving Loan to be funded under Section 2.5.2(ii) or (2) at or before 2:30 p.m., Cincinnati, Ohio time, on the Business Day that is at least two Business Days before the Applicable Funding Date of any Revolving Loan to be made to a Borrower via its Controlled Disbursement Account. Any Non-Funding Notice received after 8:00 a.m. or, as applicable, 2:30 p.m., Cincinnati, Ohio time, will be treated as having been received at the opening of business on the next Business Day. Notwithstanding anything to the contrary in this Section 2.5.3, Agent may assume that each Lender will, under all circumstances, make its Percentage Share of all Revolving Loans made pursuant to Sections 2.3.4 or 3.8.2 available to Agent as of 2:30 p.m., Cincinnati, Ohio time, on the next subsequent Settlement Date.
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Weekly Settlement. 18 Section 3.3 Computation of Obligations Outstanding..............................................21
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Weekly Settlement. The Lenders and the Agent hereby agree that notwithstanding the requirements of Section 2.10, the Agent shall distribute each Lender's Pro Rata Share of all payments by the Borrowers during any payment Period (as defined below) on the last day of such payment Period. For purposes of this agreement, each "Payment Period" shall begin at 12:01 p.m. on the last Business Day of a week and end at 12:00 noon on the last Business Day of the following week.
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Weekly Settlement. If Agent has elected weekly settlement procedures, Agent will advise each Lender by telephone (confirmed by telecopier), telex or telecopy by 12:00 noon, Cincinnati, Ohio time, on Thursday (or, upon notice to Lenders, some other day of the week elected by Agent) of each week (the "Weekly Settlement Date") of the amount of each Lender's pro rata share of (i) all Revolving Loans made by Agent, for the benefit of Lenders, since the immediately preceding Weekly Settlement Date; (ii) all payments of principal with respect to Revolving Loans received by Agent in finally collected funds since the immediately preceding Weekly Settlement Date; (iii) the amount of any payments of interest on the Revolving Loans and any payment of fees and other amounts to be paid by Borrowers under the terms of this Agreement to Agent for the account of Lenders which have been received by Agent in finally collected funds since the immediately preceding Weekly Settlement Date; and (iv) the Letter of Credit Exposure of all Letters of Credit issued and, as applicable, canceled since the immediately preceding Weekly Settlement Date. On each Weekly Settlement Date, the party from whom payment is due will make the amount due available to the other party, in immediately available funds, by wire transfer to the other party's account, not later than 2:30 p.m., Cincinnati, Ohio time, so long as the party to whom payment is being made has made all payments required to be made by it under this Agreement to the other party.
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Related to Weekly Settlement

  • Early Settlement (a) Subject to and upon compliance with the provisions of this Section 4.06, prior to the close of business on the second Scheduled Trading Day immediately preceding the Scheduled Mandatory Settlement Date, a Holder may elect to settle its Purchase Contracts early, in whole or in part, at the Early Settlement Rate (“Early Settlement Right”). (b) A Holder’s right to receive Common Stock upon Early Settlement of any of its Purchase Contracts is subject to the following conditions (in the case of Global Securities, subject to the applicable procedures of the Depositary): (i) delivery of a written and signed notice of election (an “Early Settlement Notice”) in the form attached to the Purchase Contract to the Purchase Contract Agent electing Early Settlement of such Purchase Contract; and (ii) satisfaction of the conditions set forth in Section 4.04. (c) If a Holder complies with the requirements set forth in Section 4.06(b) prior to the close of business on any Business Day, then that Business Day shall be considered the “Early Settlement Date.” If a Holder complies with the requirements set forth in Section 4.06(b) at or after the close of business on any Business Day or at any time on a day that is not a Business Day, then the next succeeding Business Day shall be considered the “Early Settlement Date.” (d) On the second Business Day following the Early Settlement Date, subject to satisfaction of the conditions set forth in Section 4.06(b) by a Holder with respect to any of its Purchase Contracts, the Company shall cause a number of shares of Common Stock per Purchase Contract equal to the Early Settlement Rate to be issued and delivered, together with payment of (i) any cash payable in lieu of fractional shares pursuant to Section 4.12 and (ii) any dividends or distributions with respect to such shares constituting part of the Purchase Contract Settlement Fund (but without any interest thereon), to such Holder by book-entry transfer or other appropriate procedures pursuant to Section 4.10. The Person in whose name any shares of the Common Stock shall be issuable upon such Early Settlement of a Purchase Contract shall be treated as the holder of record of such shares as of the close of business on the relevant Early Settlement Date. (e) In the event that Early Settlement is effected with respect to Purchase Contracts that are a component of Units, upon such Early Settlement, the Company shall execute and the Trustee shall authenticate (pursuant to the Indenture) on behalf of the Holder and deliver to the Holder thereof, at the expense of the Company, Separate Notes, in same form as the Notes comprising part of the Units, equal to the number of Purchase Contracts as to which Early Settlement was effected. (f) In the event that Early Settlement is effected with respect to Purchase Contracts represented by less than all the Purchase Contracts evidenced by a Security, upon such Early Settlement, the Company shall execute and the Purchase Contract Agent and Trustee shall authenticate on behalf of the Holder and deliver to the Holder thereof, at the expense of the Company, a Security evidencing the Purchase Contracts as to which Early Settlement was not effected. (g) Upon receipt of any Early Settlement Notice pursuant to Section 4.06(b), the Purchase Contract Agent shall promptly deliver a copy of such Early Settlement Notice to the Company.

  • Cash Settlement If Cash Settlement is applicable to any Option exercised or deemed exercised hereunder, in lieu of Section 8.1 of the Equity Definitions, Dealer will pay to Counterparty, on the relevant Settlement Date for each such Option, an amount of cash (the “Cash Settlement Amount”) equal to the sum, for each Valid Day during the Settlement Averaging Period for such Option, of (i) the Daily Option Value for such Valid Day, divided by (ii) the number of Valid Days in the Settlement Averaging Period.

  • Physical Settlement If Physical Settlement is applicable, then Counterparty shall deliver to Dealer through the Clearance System a number of Shares equal to the Settlement Shares for such Settlement Date, and Dealer shall pay to Counterparty, by wire transfer of immediately available funds to an account designated by Counterparty, an amount equal to the Physical Settlement Amount for such Settlement Date, on a delivery versus payment basis. If, on any Settlement Date, the Shares to be delivered by Counterparty to Dealer hereunder are not so delivered (the “Deferred Shares”), and a Forward Price Reduction Date occurs during the period from, and including, such Settlement Date to, but excluding, the date such Shares are actually delivered to Dealer, then the portion of the Physical Settlement Amount payable by Dealer to Counterparty in respect of the Deferred Shares shall be reduced by an amount equal to the Forward Price Reduction Amount for such Forward Price Reduction Date, multiplied by the number of Deferred Shares.

  • The Settlement Following mediation with a neutral party, a Settlement has been reached. As part of the Settlement, a Qualified Settlement Fund of $39,500,000 will be established to resolve the Class Action. The Net Settlement Amount is $39,500,000 minus any Administrative Expenses (including taxes and tax expenses), Court-approved Attorneys’ Fees and Costs, and Class Representative Compensation. The Net Settlement Amount will be allocated to Class Members according to a Plan of Allocation to be approved by the Court.

  • Staggered Settlement If upon advice of counsel with respect to applicable legal and regulatory requirements, including any requirements relating to Dealer’s commercially reasonable hedging activities hereunder, Dealer reasonably determines that it would not be practicable or advisable to deliver, or to acquire Shares to deliver, any or all of the Shares to be delivered by Dealer on any Settlement Date for the Transaction, Dealer may, by notice to Counterparty on or prior to any Settlement Date (a “Nominal Settlement Date”), elect to deliver the Shares on two or more dates (each, a “Staggered Settlement Date”) as follows: (i) in such notice, Dealer will specify to Counterparty the related Staggered Settlement Dates (each of which will be on or prior to such Nominal Settlement Date) and the number of Shares that it will deliver on each Staggered Settlement Date; (ii) the aggregate number of Shares that Dealer will deliver to Counterparty hereunder on all such Staggered Settlement Dates will equal the number of Shares that Dealer would otherwise be required to deliver on such Nominal Settlement Date; and (iii) if the Net Share Settlement terms or the Combination Settlement terms set forth above were to apply on the Nominal Settlement Date, then the Net Share Settlement terms or the Combination Settlement terms, as the case may be, will apply on each Staggered Settlement Date, except that the Shares otherwise deliverable on such Nominal Settlement Date will be allocated among such Staggered Settlement Dates as specified by Dealer in the notice referred to in clause (i) above.