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 time when such Lender is scheduled to make payment to the Agent of the proceeds of a Revolving Loan 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 relevant Borrower the proceeds of the Revolving 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 such Borrower 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 such Borrower and ending on (but excluding) the date such Lender pays such amount to the Agent at a rate per annum equal to the Federal Funds Rate or, in the case of a Multicurrency Revolving Loan denominated in an Alternative Currency, the cost to the Agent of funding the amount it advanced to fund such Multicurrency Lender’s Revolving Loan, as determined by the Agent. If such amount is not received from such Lender by the Agent immediately upon demand, the applicable Borrower will, on demand, repay to the Agent the proceeds of the Revolving Loan attributable to such Lender with interest thereon at a rate per annum equal to the interest rate applicable to the relevant Revolving Loan.

Agent Reliance on Bank Funding. Unless the Agent shall have been notified by a Lender Bank before the time when date on which such Lender Bank is scheduled to make payment to the Agent of the proceeds of a Revolving Committed Loan (which notice shall be effective upon receipt) that such Lender Bank does not intend to make such payment, the Agent may assume that such Lender Bank 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 relevant Borrower the proceeds of the Revolving Loan to be made by such Lender Bank and, if any Lender Bank has not in fact made such payment to the Agent, such Lender Bank shall, on demand, pay to the Agent the amount made available to such the Borrower attributable to such Lender Bank together with interest thereon in respect of each day during the period commencing on the date such amount was made available to such the Borrower and ending on (but excluding) the date such Lender Bank pays such amount to the Agent at a rate per annum equal to the Federal Funds Rate or, in the case of a Multicurrency Revolving Loan denominated in an the Alternative Currency, the cost to the Agent of funding the amount it advanced to fund such Multicurrency Lender’s Revolving Bank's Loan, as determined by the Agent. If such amount is not received from such Lender Bank by the Agent immediately upon demand, the applicable Borrower will, on demand, repay to the Agent the proceeds of the Revolving Loan attributable to such Lender Bank with interest thereon at a rate per annum equal to the interest rate applicable to the relevant Revolving Loan, but without such payment being considered a payment or prepayment of a Loan under Section 3.4 hereof, so that the Borrower will have no liability under such Section with respect to such payment.

Agent Reliance on Bank Funding. Unless the Agent shall have been notified by a Lender before the time when date on which such Lender is scheduled to make payment to the Agent of the proceeds of a Revolving 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 relevant Borrower the proceeds of the Revolving 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 such Borrower 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 such Borrower and ending on (but excluding) the date such Lender pays such amount to the Agent at a rate per annum equal to the Federal Funds Rate or, in the case of a Multicurrency Revolving Loan denominated in an Alternative Currency, the cost to the Agent of funding the amount it advanced to fund such Multicurrency Lender’s Revolving Loan, as determined by the AgentRate. If such amount is not received from such Lender by the Agent immediately upon demand, the applicable Borrower Borrowers will, on demand, repay to the Agent the proceeds of the Revolving Loan attributable to such Lender with interest thereon at a rate per annum equal to the interest rate applicable to the relevant Revolving Loan, but without such payment being considered a payment or prepayment of a Revolving Loan under Section 2.8 hereof, so that the Borrowers will have no liability under such Section with respect to such payment.

Agent Reliance on Bank Funding. Unless the Agent shall have been notified by a Lender Bank before the time when date on which such Lender Bank is scheduled to make payment to the Agent of the proceeds of a Revolving Loan (which notice shall be effective upon receipt) that such Lender Bank does not intend to make such payment, the Agent may assume that such Lender Bank 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 relevant Borrower the proceeds of the Revolving Loan to be made by such Lender Bank and, if any Lender Bank has not in fact made such payment to the Agent, such Lender Bank shall, on demand, pay to the Agent the amount made available to such the Borrower attributable to such Lender Bank together with interest thereon in respect of each day during the period commencing on the date such amount was made available to such the Borrower and ending on (but excluding) the date such Lender Bank pays such amount to the Agent at a rate per annum equal to the Federal Funds Rate or, in the case of a Multicurrency Revolving Loan denominated in an Alternative Currency, the cost to the Agent of funding the amount it advanced to fund such Multicurrency Lender’s Revolving Bank's Loan, as determined by the Agent. If such amount is not received from such Lender Bank by the Agent immediately upon demand, the applicable Borrower will, on demand, repay to the Agent the proceeds of the Revolving Loan attributable to such Lender Bank with interest thereon at a rate per annum equal to the interest rate applicable to the relevant Revolving Loan, but without such payment being considered a payment or prepayment of a Loan under Section 1.11 hereof, so that the Borrower will have no liability under such Section with respect to such payment.