Common use of Advance Fundings Clause in Contracts

Advance Fundings. Unless Administrative Agent shall have received notice from a Lender prior to the proposed date of any Advance that such Lender will not make available to Administrative Agent such Lender’s share of such Advance, Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to Borrower a corresponding amount. If a Lender is a Defaulting Lender, then such Defaulting Lender and Borrower severally agree to pay to Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to Borrower to but excluding the date of payment to Administrative Agent, at the interest rate applicable to such Loan. If such Defaulting Lender pays such amount to Administrative Agent, then such amount shall constitute such Defaulting Lender’s Loan included in such Advance.