Common use of Advances and Payments Generally Clause in Contracts

Advances and Payments Generally. (a) Except as provided in Section 3.02(b) (Reimbursement to Issuing Banks), unless the Credit Facility Agent has received notice from the Borrower prior to the date on which any payment is due to the Credit Facility Agent for the account of the Lenders or any Issuing Bank hereunder that the Borrower will not make such payment, the Credit Facility Agent may assume that the Borrower has made such payment on such date in accordance with this Agreement and may, in reliance upon such assumption, distribute to the Lenders or the applicable Issuing Bank(s) the amount due. If the Borrower has not in fact made such payment, then each of the Lenders or the applicable Issuing Bank(s) severally agrees to repay to the Credit Facility Agent forthwith on demand the amount so distributed to such Lender in immediately available funds with interest thereon, for each day from (and including) the date such amount is distributed to it to (but excluding) the date of payment to the Credit Facility Agent, at the Federal Funds Effective Rate. A notice of the Credit Facility Agent to any Lender or Issuing Bank with respect to any amount owing under this Section 4.14 (Advances and Payments Generally) shall be conclusive, absent manifest error. (b) Nothing herein shall be deemed to obligate any Lender or Issuing Bank to obtain funds for any Loan or Letter of Credit reimbursement obligation in any particular place or manner or to constitute a representation by any Lender or Issuing Bank that it has obtained or will obtain funds for any Loan in any particular place or manner.