Common use of Assumed Payments Clause in Contracts

Assumed Payments. Unless the Agent shall have received notice from a Purchaser before the date of any Incremental Purchase that the Purchaser will not make available to the Agent (in the case of an Incremental Purchase) the amount it is scheduled to remit as part of such Incremental Purchase, the Agent may assume such Purchaser has made such amount available to the Agent when due (an “Assumed Payment”) and, in reliance upon such assumption, the Agent may (but shall have no obligation to) make available such amount to the appropriate Person. If and to the extent that any Purchaser shall not have made its Assumed Payment available to the Agent, such Purchaser and the Seller hereby agree to pay the Agent forthwith on demand such unpaid portion of such Assumed Payment up to the amount of funds actually paid by the Agent, together with interest thereon for each day from the date of such payment by the Agent until the date the requisite amount is repaid to the Agent, at a rate per annum equal to (i) for the first five Business Days after such payment was due, the Agent’s cost of funds (as reasonably determined by the Agent) and (ii) thereafter (until the date the requisite amount is repaid to the Agent), the Federal Funds Rate plus 2%.

Appears in 4 contracts

Samples: Receivables Sale Agreement (Sirva Inc), Receivables Sale Agreement (Sirva Inc), Receivables Sale Agreement (Sirva Inc)

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Assumed Payments. Unless the Agent shall have received notice from been notified by a Purchaser before Lender or the Company prior to the date of any Incremental Purchase that on which such Lender or the Purchaser will not Company is scheduled to make available payment to the Agent of (in the case of an Incremental Purchasea Lender) the amount proceeds of a Loan to be made by it is scheduled hereunder or (in the case of the Company) a payment to remit as part the Agent for account of one or more of the Lenders hereunder (such Incremental Purchasepayment being herein called the "Required Payment"), which notice shall be effective upon receipt, that it does not intend to make the Required Payment to the Agent, the Agent may assume such Purchaser that the Required Payment has been made such amount available to the Agent when due (an “Assumed Payment”) andand may, in reliance upon such assumption, the Agent may assumption (but shall have no obligation not be required to) , make the amount thereof available such amount to the appropriate Person. If and to intended recipient(s) on such date and, if such Lender or the extent that any Purchaser shall Company (as the case may be) has not have in fact made its Assumed the Required Payment available to the Agent, such Purchaser and the Seller hereby agree to pay the Agent forthwith on demand such unpaid portion of such Assumed Payment up to the amount of funds actually paid by the Agent, together with interest thereon for each day from the date recipient(s) of such payment shall, on demand, repay to the Agent the amount so made available. In addition, the party that failed to make the Required Payment shall, on demand, pay interest to the Agent for its own account in respect of each day during the period commencing on the date such amount was so made available by the Agent until the date the requisite Agent recovers such amount is repaid to the Agent, at a rate per annum equal to (i) for the first five Business Days after sum of the Base Rate plus 2% per annum; provided, however, that if the party that failed to make the Required Payment is a Lender, such payment was due, the Agent’s cost of funds (as reasonably determined by the Agent) and (ii) thereafter (until the date the requisite amount is repaid to the Agent), interest shall accrue at the Federal Funds Rate for the first three Business Days such amount is unpaid and thereafter at the Base Rate plus 2%% per annum.

Appears in 3 contracts

Samples: Credit Agreement (Memberworks Inc), Credit Agreement (Memberworks Inc), Credit Agreement (Memberworks Inc)

Assumed Payments. Unless the Agent shall have received notice from a Purchaser before the date of any Incremental Class A Purchase or Incremental Class B Purchase that the Purchaser will not make available to the Agent (in the case of an Incremental Class A Purchase or Incremental Class B Purchase) the amount it is scheduled to remit as part of such Incremental Class A Purchase or Incremental Class B Purchase, the Agent may assume such Purchaser has made such amount available to the Agent when due (an “Assumed Payment”) and, in reliance upon such assumption, the Agent may (but shall have no obligation to) make available such amount to the appropriate Person. If and to the extent that any Purchaser shall not have made its Assumed Payment available to the Agent, such Purchaser and the Seller hereby agree to pay the Agent forthwith on demand such unpaid portion of such Assumed Payment up to the amount of funds actually paid by the Agent, together with interest thereon for each day from the date of such payment by the Agent until the date the requisite amount is repaid to the Agent, at a rate per annum equal to (i) for the first five Business Days after such payment was due, the Agent’s cost of funds (as reasonably determined by the Agent) and (ii) thereafter (until the date the requisite amount is repaid to the Agent), the Federal Funds Rate plus 2%.

Appears in 2 contracts

Samples: Receivables Sale Agreement (Sirva Inc), Receivables Sale Agreement (Sirva Inc)

Assumed Payments. Unless the Agent shall have received notice from a the applicable Purchaser Agent before the date of any Incremental Purchase that the applicable Purchaser Group will not make available to the Agent (in the case of an Incremental Purchase) the amount it is scheduled to remit as part of such Incremental Purchase, the Agent may assume such Purchaser Group has made such amount available to the Agent when due (an "Assumed Payment") and, in reliance upon such assumption, the Agent may (but shall have no obligation to) make available such amount to the appropriate Person. If and to the extent that any Purchaser in a Purchaser Group shall not have made its Assumed Payment available to the Agent, such Purchaser and the Seller hereby agree to pay the Agent forthwith on demand such unpaid portion of such Assumed Payment up to the amount of funds actually paid by the Agent, together with interest thereon for each day from the date of such payment by the Agent until the date the requisite amount is repaid to the Agent, at a rate per annum equal to (i) the Federal Funds Rate for the first five Business Days after three days such payment was due, the Agent’s cost of funds (as reasonably determined by the Agent) amounts are past due and (ii) thereafter (until the date the requisite amount is repaid at a rate per annum equal to the Agent), the Federal Funds Rate plus 2%.

Appears in 2 contracts

Samples: Receivables Sale Agreement (Arvinmeritor Inc), Receivables Sale Agreement (Arvinmeritor Inc)

Assumed Payments. Unless the Agent shall have received notice from a the applicable Purchaser Agent before the date of any Put or of any Incremental Purchase that the applicable Purchaser Group will not make available to the Agent (in the case of an Incremental Purchase) or the applicable Purchaser Agent (in the case of a Put) the amount it is scheduled to remit as part of such Put or Incremental Purchase, the Agent may assume such Purchaser Group has made such amount available to the Agent when due (an “Assumed Payment”) and, in reliance upon such assumption, the Agent may (but shall have no obligation to) make available such amount to the appropriate Person. If and to the extent that any Purchaser Group shall not have made its Assumed Payment available to the Agent, such Purchaser Group (and the Seller in the case of any Incremental Purchase) hereby agree agrees to pay the Agent forthwith on demand such unpaid portion of such Assumed Payment up to the amount of funds actually paid by the Agent, together with interest thereon for each day from the date of such payment by the Agent until the date the requisite amount is repaid to the Agent, at a rate per annum equal to (i) for the first five Business Days after such payment was due, the Agent’s cost of funds (as reasonably determined by the Agent) and (ii) thereafter (until the date the requisite amount is repaid to the Agent), the Federal Funds Prime Rate plus 2%.

Appears in 1 contract

Samples: Receivables Sale Agreement (Usf Corp)

Assumed Payments. Unless the Agent shall have has received notice from a the applicable Purchaser Agent before the date of any Incremental Purchase that the applicable Purchaser Group will not make available to the Agent (in the case of an Incremental Purchase) the amount it is scheduled to remit as part of such Incremental Purchase, the Agent may assume such Purchaser Group has made such amount available to the Agent when due (an “Assumed Payment”) and, in reliance upon such assumption, the Agent may (but shall have no obligation to) make available such amount to the appropriate Person. If and to the extent that any Purchaser Group shall not have made its Assumed Payment available to the Agent, such Purchaser Group and the Seller hereby agree to pay the Agent forthwith on demand such unpaid portion of such Assumed Payment up to the amount of funds actually paid by the Agent, together with interest thereon for each day from the date of such payment by the Agent until the date the requisite amount is repaid to the Agent, at a rate per annum equal to (i) for in the first five Business Days after such payment was due, the Agent’s cost case of funds (as reasonably determined by the Agent) and (ii) thereafter (until the date the requisite amount is repaid to the Agent)a Purchaser Group, the Federal Funds Rate plus 2%% and (ii) in the case of the Seller, the Discount Rate applicable to such amount.

Appears in 1 contract

Samples: Receivables Sale Agreement (Alliance One International, Inc.)

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Assumed Payments. Unless the Agent shall have received notice from a the applicable Purchaser Agent before the date of any Incremental Purchase that the applicable Purchaser Group will not make available to the Agent (in the case of an Incremental Purchase) the amount it is scheduled to remit as part of such Incremental Purchase, the Agent may assume such Purchaser Group has made such amount available to the Agent when due (an “Assumed Payment”"ASSUMED PAYMENT") and, in reliance upon such assumption, the Agent may (but shall have no obligation to) make available such amount to the appropriate Person. If and to the extent that any Purchaser Group shall not have made its Assumed Payment available to the Agent, such Purchaser Group and the Seller hereby agree agrees to pay the Agent forthwith on demand such unpaid portion of such Assumed Payment up to the amount of funds actually paid by the Agent, together with interest thereon for each day from the date of such payment by the Agent until the date the requisite amount is repaid to the Agent, at a rate per annum equal to (i) the Federal Funds Rate for the first five Business Days after three days such payment was due, the Agent’s cost of funds (as reasonably determined by the Agent) amounts are past due and (ii) thereafter (until the date the requisite amount is repaid at a rate per annum equal to the Agent), the Federal Funds Rate plus 2%.

Appears in 1 contract

Samples: Receivables Sale Agreement (Quebecor World Usa Inc)

Assumed Payments. Unless the Agent shall have received notice from a Purchaser the applicable Committed Lender before the date of any Incremental Purchase Put or of any Committed Loan that the Purchaser such Lender will not make available to the Agent (in the case of an Incremental Purchase) the amount it is scheduled to remit as part of such Incremental PurchasePut or Committed Loan, the Agent may assume such Purchaser Committed Lender has made such amount available to the Agent when due (an “Assumed Payment”"ASSUMED PAYMENT") and, in reliance upon such assumption, the Agent may (but shall have no obligation to) make available such amount to the appropriate Person. If and to the extent that any Purchaser Committed Lender shall not have made its Assumed Payment available to the Agent, such Purchaser and the Seller Committed Lender hereby agree agrees to pay the Agent forthwith on demand such unpaid portion of such Assumed Payment up to the amount of funds actually paid by the Agent, together with interest thereon for each day from the date of such payment by the Agent until the date the requisite amount is repaid to the Agent, at a rate per annum equal to (i) for the first five Business Days after such payment was due, the Agent’s cost of funds (as reasonably determined by the Agent) and (ii) thereafter (until the date the requisite amount is repaid to the Agent), the Federal Funds Rate plus 2%.

Appears in 1 contract

Samples: Conduit Facility, Transfer and Revolving Credit Agreement (Adc Telecommunications Inc)

Assumed Payments. Unless the Agent shall have received notice from a Purchaser the applicable Lender Agent before the date of any Incremental Purchase Loan that the Purchaser applicable Lender Group will not make available to the Agent (in the case of an Incremental Purchase) the amount it is scheduled to remit as part of such Incremental PurchaseLoan, the Agent may assume such Purchaser Lender Group has made such amount available to the Agent when due (an "Assumed Payment") and, in reliance upon such assumption, the Agent may (but shall have no obligation to) make available such amount to the appropriate Person. If and to the extent that any Purchaser Lender in a Lender Group shall not have made its Assumed Payment available to the Agent, such Purchaser Lender and the Seller Borrower hereby agree to pay the Agent forthwith on demand such unpaid portion of such Assumed Payment up to the amount of funds actually paid by the Agent, together with interest thereon for each day from the date of such payment by the Agent until the date the requisite amount is repaid to the Agent, at a rate per annum equal to (i) for in the first five Business Days after case of such payment was due, the Agent’s cost of funds (as reasonably determined by the Agent) and (ii) thereafter (until the date the requisite amount is repaid to the Agent)Lender, the Federal Funds Rate plus 2%% and (ii) in the case of the Borrower, the Interest Rate applicable to such amount.

Appears in 1 contract

Samples: Receivables Loan Agreement (Agere Systems Inc)

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