Common use of Agent's Right to Assume Funds Available for Advances Clause in Contracts

Agent's Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any Lender no later than the Business Day prior to the funding by the Administrative Agent of any Loan that such Lender does not intend to make available to the Administrative Agent such Lender's portion of the total amount of such Loan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Loan and the Administrative Agent may, in reliance upon such assumption, make available to the relevant Borrower a corresponding amount. If the Administrative Agent has made funds available to a Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent promptly shall notify Borrowers and the relevant Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to that Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its share of the Commitment or to prejudice any rights which the Administrative Agent or Borrowers may have against any Lender as a result of any default by such Lender hereunder.

Agent's Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any Lender no later than 10:00 a.m. on the Business Banking Day prior to of the proposed funding by the Administrative Agent of any Loan that such Lender does not intend to make available to the Administrative Agent such Lender's Xxxxxx’s portion of the total amount of such Loan, the Administrative Agent may assume that such Lender Xxxxxx has made such amount available to the Administrative Agent on the date of the Loan and the Administrative Agent may, but shall not be obligated to, in reliance upon such assumption, make available to the relevant Borrower a corresponding amount. If the Administrative Agent has made funds available to a Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's ’s demand therefor, the Administrative Agent promptly shall notify Borrowers Borrower and the relevant Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to that Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its share of the Commitment Commitments or to prejudice any rights which the Administrative Agent or Borrowers Borrower may have against any Lender as a result of any default by such Lender hereunder.

Agent's Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any Lender no later than 10:00 a.m. on the Business Banking Day prior to of the proposed funding by the Administrative Agent of any Loan that such Lender Xxxxxx does not intend to make available to the Administrative Agent such Lender's Xxxxxx’s portion of the total amount of such Loan, the Administrative Agent may assume that such Lender Xxxxxx has made such amount available to the Administrative Agent on the date of the Loan and the Administrative Agent may, but shall not be obligated to, in reliance upon such assumption, make available to the relevant Borrower a corresponding amount. If the Administrative Agent has made funds available to a Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's ’s demand therefor, the Administrative Agent promptly shall notify Borrowers Borrower and the relevant Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to that Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its share of the Commitment Commitments or to prejudice any rights which the Administrative Agent or Borrowers Borrower may have against any Lender as a result of any default by such Lender hereunder.

Agent's Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any Lender no later than the Business Day prior to the funding by the Administrative Agent respective Funding Date of any Loan that such Lender does not intend to make available to the Administrative Agent immediately available funds equal to such Lender's portion Commitment Percentage of the total principal amount of such Loan, the Administrative Agent may assume that such Lender has made such amount available Advance to the Administrative Agent on the date of the Loan and the Administrative Agent may, in reliance upon such assumption, make available to the relevant Borrower a corresponding amountAdvance. If the Administrative Agent has made funds available to a Borrower based on such assumption and such corresponding amount Advance is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such the corresponding amount of such Advance on demand from such Lender. If such Lender (the "Defaulting Lender") does not promptly pay such corresponding amount forthwith upon the Administrative Agent's demand therefordemand, Agent shall (a) to the Administrative extent that there is availability under the Commitments of the Lenders other than the Defaulting Lender, notify such Lenders and each such Lender severally shall make immediately available funds available to Agent promptly shall notify Borrowers and at the relevant Borrower shall pay account designated by Agent in writing in an amount equal to the lesser of such Lender's Commitment Percentage of such corresponding amount and such Lender's remaining Commitment, which amounts advanced shall be deemed to be Advances under this Agreement; provided, that for purposes of this Section, the Commitment Percentage of each Lender shall be calculated without regard to the Administrative Commitment of the Defaulting Lender; provided further, that nothing herein shall be deemed to increase the Commitment of any Lender; and (b) to the extent that (i) there is no further availability under the Commitments or (ii) Agent is not promptly reimbursed under SECTION 2.9(a), Agent shall notify Borrower and Borrower shall repay such Advance to Agent. The Administrative Agent also shall be entitled to recover from such the Defaulting Lender interest on such corresponding amount Advance in respect of each day from the date such corresponding amount Advance was made available by the Administrative Agent to that Borrower to the date such corresponding amount is recovered by Agent at the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein in this Section 2.9 shall be deemed to relieve any Lender from its obligation to fulfill its share of the Commitment Commitments or to prejudice any rights which the Administrative Agent Agent, any other Lender or Borrowers Borrower may have against any such Defaulting Lender as a result of any default by such Defaulting Lender hereunderunder this Agreement.