Common use of Agent's Reliance on Bank Loans Clause in Contracts

Agent's Reliance on Bank Loans. Unless Agent shall have received notice from a Bank prior to the date of any Loan, that such Bank will not make available to Agent such Bank's ratable portion of such Loan (based on the Commitments of each Bank hereunder), Agent may assume that such Bank has made such portion available to Agent on the date of such Loan in accordance with subsection (b) of this Section 2.1, and Agent may, in reliance upon such assumption, make available to Borrower on such date a corresponding amount. If and to the extent that such Bank shall not have so made such ratable portion available to Agent, such Bank and Borrower severally agree to repay to Agent forthwith on demand such corresponding amount together with interest thereon (it being understood that, although the Agent may seek repayment from both such Bank and the Borrower, it shall have no right to obtain double-payment of the amounts owing to it), for each day from the date such amount is made available to Borrower until the date such amount is repaid to Agent, at (i) in the case of Borrower, the interest rate applicable at the time to such Loan and (ii) in the case of such Bank, the Federal Funds Rate. If such Bank shall repay such amount to Agent, such repayment shall constitute such Bank's ratable portion of such Loan for purposes of this Agreement.

Agent's Reliance on Bank Loans. Unless Agent shall have received notice from a Bank prior to the date time of any Loan that such Bank will not make available to Agent the amount of such Bank’s ratable portion of such Loan (or, in the case of a Bid Rate Loan, that such Bank will not make available to Agent the amount of such Bank's ratable portion of such Loan (based on the Commitments of each Bank hereunder’s Bid Rate Loan), Agent may assume that such Bank has made such portion amount available to Agent on the date of such Loan in accordance with subsection (b) of this Section 2.1, and Agent may, in reliance upon such assumption, make available to Borrower on such date a corresponding amount. If and to the extent that such Bank shall not have so made such ratable portion amount available to Agent, such Bank and Borrower severally agree to repay to Agent forthwith on demand such corresponding amount advanced to Borrower, together with interest thereon (it being understood that, although the Agent may seek repayment from both such Bank and the Borrower, it shall have no right to obtain double-payment of the amounts owing to it)thereon, for each day from the date such amount is made available to Borrower until the date such amount is repaid to Agent, at (i) in the case of Borrower, the interest rate applicable at the time to such Loan Loan, and (ii) in the case of such Bank, the Federal Funds Rate. If such Bank shall repay such amount to Agent, such repayment shall constitute such Bank's ’s ratable portion of the affected Committed Loan, or such Loan Bank’s Bid Rate Loan, as the case may be, for purposes of this Agreement.

Agent's Reliance on Bank Loans. Unless Agent shall have received notice from a Bank prior to the date time of any Loan that such Bank will not make available to Agent the amount of such Bank's ratable portion of such Loan (or, in the case of a Bid Rate Loan, that such Bank will not make available to Agent the amount of such Bank's ratable portion of such Loan (based on the Commitments of each Bank hereunderBid Rate Loan), Agent may assume that such Bank has made such portion amount available to Agent on the date of such Loan in accordance with subsection (b) of this Section 2.1, and Agent may, in reliance upon such assumption, make available to Borrower on such date a corresponding amount. If and to the extent that such Bank shall not have so made such ratable portion amount available to Agent, such Bank and Borrower severally agree to repay to Agent forthwith on demand such corresponding amount advanced to Borrower, together with interest thereon (it being understood that, although the Agent may seek repayment from both such Bank and the Borrower, it shall have no right to obtain double-payment of the amounts owing to it)thereon, for each day from the date such amount is made available to Borrower until the date such amount is repaid to Agent, at (i) in the case of Borrower, the interest rate applicable at the time to such Loan Loan, and (ii) in the case of such Bank, the Federal Funds Rate. If such Bank shall repay such amount to Agent, such repayment shall constitute such Bank's ratable portion of the affected Committed Loan, or such Loan Bank's Bid Rate Loan, as the case may be, for purposes of this Agreement.