||if no amount is due and payable by the relevant Lender in respect of the relevant Letter of Credit, |
and the Issuing Bank shall pay that amount to that Borrower within 3 Business Days of that Borrowers request.
||To the extent that a Borrower has provided cash cover pursuant to Clause 7.4 or Clause 7.5, the relevant Lenders L/C Proportion in respect of that Letter of Credit will remain (but that Lenders obligations
in relation to that Letter of Credit may be satisfied in accordance with Clause 1.2(e)(ii) (Construction)). However the relevant Borrowers obligation to pay any Letter of Credit fee in relation to the relevant Letter of Credit to the
Agent (for the account of that Lender) in accordance with Clause 17.3(b) (Fees payable in respect of Letters of Credit) will be reduced proportionately as from the date on which it provides that cash cover (and for so long as the relevant
amount of cash cover continues to stand as collateral). |
||The relevant Issuing Bank shall promptly notify the Agent of the extent to which a Borrower provides cash cover pursuant to Clause 7.4 or Clause 7.5 and of any change in the amount of cash cover so provided.
||Rights of contribution |
No Obligor will be entitled to any right of contribution or
indemnity from any Finance Party in respect of any payment it may make under this Clause 7 (other than a Defaulting Lender which has failed to comply with this Clause 7, provided always that in no event shall any right of contribution or indemnity
attach to, or adversely affect, any other Finance Party).
||The Agent, the Swingline Lender and the Lenders agree that a Borrower (or the Obligors Agent on behalf of a Borrower) may request a Swingline Loan by submitting a duly completed Utilisation Request by the
Specified Time. Following such request, the terms of this Clause 8 apply and the Swingline Lender will, on behalf of the Lenders and in the amount requested, advance same day funds to the relevant Borrower, on the date of the applicable Utilisation
to the bank account nominated by the relevant Borrower for the purpose of receiving such amounts from time to time (each such loan made solely by the Swingline Lender pursuant to this Clause 8 is referred to in this Agreement as a Swingline
Loan), with settlement among the Lenders as to the Swingline Loans to take place on a periodic basis as set out in this Clause 8. |
||Except as otherwise provided in this Clause 8, each Swingline Loan shall be subject to all the terms and conditions applicable to other Loans funded by the Lenders, except that all payments thereon shall be payable to
the Swingline Lender solely for its own account. |
||The aggregate amount of Swingline Loans outstanding at any time shall not exceed USD 7,500,000. |