distributed by Agent to
that Lender as part of such next Settlement.
(III)
BETWEEN SETTLEMENT DATES, AGENT, TO THE
EXTENT NO PROTECTIVE ADVANCES OR SWING LOANS ARE OUTSTANDING, MAY PAY OVER TO
SWING LENDER ANY PAYMENTS RECEIVED BY AGENT, THAT IN ACCORDANCE WITH THE TERMS
OF THIS AGREEMENT WOULD BE APPLIED TO THE REDUCTION OF THE ADVANCES, FOR
APPLICATION TO SWING LENDER'S PRO RATA SHARE OF THE ADVANCES.
IF, AS OF ANY
SETTLEMENT DATE, COLLECTIONS OF BORROWERS RECEIVED SINCE THE THEN IMMEDIATELY
PRECEDING SETTLEMENT DATE HAVE BEEN APPLIED TO SWING LENDER'S PRO RATA SHARE OF
THE ADVANCES OTHER THAN TO SWING LOANS, AS PROVIDED FOR IN THE PREVIOUS
SENTENCE, SWING LENDER SHALL PAY TO AGENT FOR THE ACCOUNTS OF THE LENDERS, AND
AGENT SHALL PAY TO THE LENDERS, TO BE APPLIED TO THE OUTSTANDING ADVANCES OF
SUCH LENDERS, AN AMOUNT SUCH THAT EACH LENDER SHALL, UPON RECEIPT OF SUCH
AMOUNT, HAVE, AS OF SUCH SETTLEMENT DATE, ITS PRO RATA SHARE OF THE ADVANCES.
DURING THE PERIOD BETWEEN SETTLEMENT DATES, SWING LENDER WITH RESPECT TO SWING
LOANS, AGENT WITH RESPECT TO PROTECTIVE ADVANCES, AND EACH LENDER (SUBJECT TO
THE EFFECT OF AGREEMENTS BETWEEN AGENT AND INDIVIDUAL LENDERS) WITH RESPECT TO
THE ADVANCES OTHER THAN SWING LOANS AND PROTECTIVE ADVANCES, SHALL BE ENTITLED
TO INTEREST AT THE APPLICABLE RATE OR RATES PAYABLE UNDER THIS AGREEMENT ON THE
DAILY AMOUNT OF FUNDS EMPLOYED BY SWING LENDER, AGENT, OR THE LENDERS, AS
APPLICABLE.
(F)
NOTATION.
AGENT SHALL RECORD ON ITS BOOKS THE PRINCIPAL AMOUNT OF THE
ADVANCES OWING TO EACH LENDER, INCLUDING THE SWING LOANS OWING TO SWING LENDER,
AND PROTECTIVE ADVANCES OWING TO AGENT, AND THE INTERESTS THEREIN OF EACH
LENDER, FROM TIME TO TIME AND SUCH RECORDS SHALL, ABSENT MANIFEST ERROR, GROSS
NEGLIGENCE OR WILLFUL MISCONDUCT ON THE PART OF AGENT, CONCLUSIVELY BE PRESUMED
TO BE CORRECT AND ACCURATE.
(G)
LENDERS' FAILURE TO PERFORM.
ALL ADVANCES (OTHER THAN SWING LOANS AND
PROTECTIVE ADVANCES) SHALL BE MADE BY THE LENDERS CONTEMPORANEOUSLY AND IN
ACCORDANCE WITH THEIR PRO RATA SHARES.
IT IS UNDERSTOOD THAT (I) NO LENDER
SHALL BE RESPONSIBLE FOR ANY FAILURE BY ANY OTHER LENDER TO PERFORM ITS
OBLIGATION TO MAKE ANY ADVANCE (OR OTHER EXTENSION OF CREDIT) HEREUNDER, NOR
SHALL ANY COMMITMENT OF ANY LENDER BE INCREASED OR DECREASED AS A RESULT OF ANY
FAILURE BY ANY OTHER LENDER TO PERFORM ITS OBLIGATIONS HEREUNDER, AND (II) NO
FAILURE BY ANY LENDER TO PERFORM ITS OBLIGATIONS HEREUNDER SHALL EXCUSE ANY
OTHER LENDER FROM ITS OBLIGATIONS HEREUNDER.
2.4
Payments.
(A)
PAYMENTS BY BORROWERS.
(I)
EXCEPT AS OTHERWISE EXPRESSLY PROVIDED
HEREIN, ALL PAYMENTS BY BORROWERS SHALL BE MADE IN DOLLARS TO AGENT'S ACCOUNT
FOR THE ACCOUNT OF THE LENDER GROUP AND SHALL BE MADE IN IMMEDIATELY AVAILABLE
FUNDS, NO LATER THAN 11:00 A.M. (CALIFORNIA TIME) ON THE DATE SPECIFIED HEREIN.
ANY PAYMENT RECEIVED BY AGENT LATER THAN 11:00 A.M. (CALIFORNIA TIME),
8
shall be deemed to have been received on the following Business Day and any
applicable interest or fee shall continue to