Common use of Agent Reliance on Bank Funding Clause in Contracts

Agent Reliance on Bank Funding. Unless the Agent shall have been notified by a Lender before the date on which such Lender is scheduled to make payment to the Agent of the proceeds of a Loan (which notice shall be effective upon receipt) that such Lender does not intend to make such payment, the Agent may assume that such Lender has made such payment when due and the Agent may in reliance upon such assumption (but shall not be required to) make available to the Company the proceeds of the Loan to be made by such Lender and, if any Lender has not in fact made such payment to the Agent, such Lender shall, on demand, pay to the Agent the amount made available to the Company attributable to such Lender together with interest thereon in respect of each day during the period commencing on the date such amount was made available to the Company and ending on (but excluding) the date such Lender pays such amount to the Agent at a rate per annum equal to (i) from the date the related amount was made available to the Company by the Agent to the date 2 Business Days after such amount is due from the Lender hereunder, the Federal Funds Rate for each such day and (ii) from the date 2 Business Days after such amount is due from the Lender hereunder to the date such amount is paid to the Agent by such Lender, the Base Rate in effect for each such day. If such amount is not received from such Lender by the Agent immediately upon demand, the Company will, on demand, repay to the Agent the proceeds of the Loan attributable to such Lender with interest thereon at a rate per annum equal to the interest rate applicable to the relevant Loan.

Agent Reliance on Bank Funding. Unless the Agent shall have been notified by a Lender before prior to 1:00 p.m. (Chicago time) on the date on which such Lender the Borrowing is scheduled to make payment to the Agent of the proceeds of a Loan (which notice shall be effective upon receipt) made hereunder that such Lender does not intend to make such paymentthe proceeds of its Term Loan available to the Agent, the Agent may assume that such Lender has made such payment when due proceeds available to the Agent on such date and the Agent may in reliance upon such assumption (but shall not be required to) make available to the Company the proceeds of the Loan to be made by relevant Borrower a corresponding amount. If such Lender and, if any Lender has corresponding amount is not in fact made such payment to the Agent, such Lender shall, on demand, pay available to the Agent by such Lender and the Agent has made such amount made available to such Borrower, the Company attributable Agent shall be entitled to receive such amount from such Lender forthwith upon the Agent's demand, together with interest thereon in respect of each day during the period commencing on the date such amount was made available to the Company such Borrower and ending on (but excluding) excluding the date such Lender pays the Agent recovers such amount to the Agent at a rate per annum equal to (i) from the date the related amount was made available effective rate charged to the Company Agent for overnight federal funds transactions with member banks of the federal reserve system for each day as determined by the Agent to (or in the date 2 case of a day which is not a Business Days after such amount is due from Day, then for the Lender hereunder, the Federal Funds Rate for each such day and (ii) from the date 2 Business Days after such amount is due from the Lender hereunder to the date such amount is paid to the Agent by such Lender, the Base Rate in effect for each such preceding day). If such amount is not received from such Lender by the Agent immediately upon demand, (i) the Company Borrowers will, on demand, repay to the Agent the proceeds of the such Term Loan attributable to such Lender with interest thereon at a rate per annum equal to the interest rate applicable to the relevant Term Loan, (ii) the defaulting Lender shall have no right to participate in any recoveries from any one or more of the Borrowers or Guarantors in respect of such Term Loan and (iii) all amounts to which the defaulting Lender would otherwise be entitled under the terms of this Agreement or any of the other Loan Documents shall first be applied to reimbursing the Agent for the defaulting Lender's Term Loan, together with interest thereon as provided for herein. Upon reimbursement to the Agent (pursuant to clauses (i) or (iii) above or otherwise) of the amount advanced by the Agent in respect of the defaulting Lender's Term Loan together with interest thereon, the defaulting Lender shall thereupon be entitled to participate in recoveries from any one or more of the Borrowers or Guarantors in respect of such Term Loan.

Agent Reliance on Bank Funding. Unless the Agent shall have been notified by a Lender before the date on which such Lender is scheduled to make payment to the Agent of the proceeds of a Loan (which notice shall be effective upon receipt) that such Lender does not intend to make such payment, the Agent may assume that such Lender has made such payment when due and the Agent may in reliance upon such assumption (but shall not be required to) make available to the Company the proceeds of the Loan to be made by such Lender and, if any Lender has not in fact made such payment to the Agent, such Lender shall, on demand, pay to the Agent the amount made available to the Company attributable to such Lender together with interest thereon in respect of each day during the period commencing on the date such amount was made available to the Company and ending on (but excluding) the date such Lender pays such amount to the Agent at a rate per annum equal to (i) from the date the related amount was made available to the Company by the Agent to the date 2 Business Days after such amount is due from the Lender hereunder, the Federal Funds Rate for each such day and (ii) from the date 2 Business Days after such amount is due from the Lender hereunder to the date such amount is paid to the Agent by such Lender, the Base Rate in effect for each such day. If such amount is not received from such Lender by the Agent immediately upon demand, the Company will, on demand, repay to the Agent the proceeds of the Loan attributable to such Lender with interest thereon at a rate per annum equal to the interest rate applicable to the relevant Loan, but without such payment being considered a payment or prepayment of a Loan under Section 2.8 hereof, so that the Company will have no liability under Section 2.8 with respect to such payment.

Agent Reliance on Bank Funding. Unless the Agent shall have been notified by a Lender before prior to 1:00 p.m. (Chicago time) on the date on which such Lender a Borrowing is scheduled to make payment to the Agent of the proceeds of a Loan (which notice shall be effective upon receipt) made hereunder that such Lender does not intend to make such paymentthe proceeds of its Loan available to the Agent, the Agent may assume that such Lender has made such payment when due proceeds available to the Agent on such date and the Agent may in reliance upon such assumption (but shall not be required to) make available to the Company the proceeds of the Loan to be made by relevant Borrower a corresponding amount. If such Lender and, if any Lender has corresponding amount is not in fact made such payment to the Agent, such Lender shall, on demand, pay available to the Agent by such Lender and the Agent has made such amount made available to such Borrower, the Company attributable Agent shall be entitled to receive such amount from such Lender forthwith upon the Agent's demand, together with interest thereon in respect of each day during the period commencing on the date such amount was made available to the Company such Borrower and ending on (but excluding) excluding the date such Lender pays the Agent recovers such amount to the Agent at a rate per annum equal to (i) from the date the related amount was made available effective rate charged to the Company Agent for overnight federal funds transactions with member banks of the federal reserve system for each day as determined by the Agent to (or in the date 2 case of a day which is not a Business Days after such amount is due from Day, then for the Lender hereunder, the Federal Funds Rate for each such day and (ii) from the date 2 Business Days after such amount is due from the Lender hereunder to the date such amount is paid to the Agent by such Lender, the Base Rate in effect for each such preceding day). If such amount is not received from such Lender by the Agent immediately upon demand, (i) the Company Borrowers will, on demand, repay to the Agent the proceeds of the such Loan attributable to such Lender with interest thereon at a rate per annum equal to the interest rate applicable to the relevant Loan, but without such payment being considered a payment or prepayment of a LIBOR Portion, so that the Borrowers will have no liability under Section 2.9 hereof with respect to such payment, (ii) the defaulting Lender shall have no right to participate in any recoveries from any one or more of the Borrowers or Guarantors in respect of such Loan and (iii) all amounts to which the defaulting Lender would otherwise be entitled under the terms of this Agreement or any of the other Loan Documents shall first be applied to reimbursing the Agent for the defaulting Lender's Loan, together with interest thereon as provided for herein. Upon reimbursement to the Agent (pursuant to clauses (i) or (iii) above or otherwise) of the amount advanced by the Agent in respect of the defaulting Lender's Loan together with interest thereon, the defaulting Lender shall thereupon be entitled to participate in recoveries from any one or more of the Borrowers or Guarantors in respect of such Loan.