Common use of Accommodations under the Credit Facilities Clause in Contracts

Accommodations under the Credit Facilities. Unless the Administration Agent shall have received notice from a Lender prior to the relevant date that such Lender will not make available to the Administration Agent an amount equal to such Lender’s Proportion in respect of an Advance or Drawing, the Administration Agent may assume that such Lender has made such amount available to the Administration Agent on such date in accordance with this Agreement and the Administration Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent such Lender shall not have so made such amount available to the Administration Agent, such Lender shall pay such corresponding amount to the Administration Agent forthwith on demand. If such Lender shall pay such corresponding amount to the Administration Agent, the amount so paid shall constitute such Lender’s proportionate share of the Accommodation. If such Lender shall not pay such corresponding amount to the Administration Agent forthwith on demand, such Borrower shall pay such corresponding amount to the Administration Agent forthwith on demand and the Borrowers hereby agree and acknowledge that any such amount received and so reimbursed would not and will not constitute an Accommodation hereunder. The Administration Agent shall also be entitled to recover from such Lender, or if such Lender fails to make payment the applicable Borrower, as the case may be, interest (without duplication of interest otherwise payable hereunder) on such corresponding amount, for each day from the date such amount is made available to such Borrower until the date such amount is paid to the Administration Agent, in the case of a repayment by the Lender, at a rate determined by the Administration Agent (such rate to be conclusive and binding on such Lender) in accordance with the Administration Agent’s usual banking practice for such advances to financial institutions of like standing to such Lender, but in any event at a rate no greater than the usual interbank rate for the sale of deposits in the applicable currency and, in the case of repayment by a Borrower, at a rate equal to the effective rate of interest being paid by such Borrower on such amount.

Appears in 3 contracts

Samples: Credit Agreement (Pope & Talbot Inc /De/), Credit Agreement (Pope & Talbot Inc /De/), Credit Agreement (Pope & Talbot Inc /De/)

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Accommodations under the Credit Facilities. Unless the Administration Agent or the US Agent shall have received notice from a Lender prior to the relevant date that such Lender will not make available to the Administration Agent an or the US Agent the amount equal required to be made available by such Lender’s Proportion Lender in respect of an Advance or Drawing, the Administration Agent or the US Agent may assume that such Lender has made such amount available to the Administration Agent or the US Agent on such date in accordance with this Agreement and the Administration Agent or the US Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent such Lender shall not have so made such amount available to the Administration Agent or the US Agent, such Lender shall pay such corresponding amount to the Administration Agent or the US Agent, as applicable, forthwith on demand. If such Lender shall pay such corresponding amount to the Administration Agent or the US Agent, the amount so paid shall constitute such Lender’s proportionate share of the relevant Accommodation. If such Lender shall not pay such corresponding amount to the Administration Agent or the US Agent forthwith on demand, such the applicable Borrower shall pay such corresponding amount to the Administration Agent or the US Agent forthwith on demand and the Borrowers each Borrower hereby agree agrees and acknowledge acknowledges that any such amount received and so reimbursed would not and will not constitute an Accommodation hereunder. The Administration Agent or the US Agent shall also be entitled to recover from such Lender, or if such Lender fails to make payment payment, the applicable Borrower, as the case may be, interest (without duplication of interest otherwise payable hereunder) on such corresponding amount, for each day from the date such amount is made available to such Borrower until the date such amount is paid to the Administration Agent or the US Agent, in the case of a repayment by the Lender, at a rate determined by the Administration Agent or the US Agent, as applicable (such rate to be conclusive and binding on such Lender) in accordance with the Administration such Agent’s usual banking practice for such advances to financial institutions of like standing to such Lender, but in any event at a rate no greater than the usual interbank rate for the sale of deposits in the applicable currency and, in the case of repayment by a the applicable Borrower, at a rate equal to the effective rate of interest being paid by such Borrower on such amount.

Appears in 2 contracts

Samples: Credit Agreement (West Fraser Timber Co., LTD), Credit Agreement (West Fraser Timber Co., LTD)

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