Common use of Assumed Payments Clause in Contracts

Assumed Payments. Unless the Agent has been notified by a Lender or the Borrower prior to the date on which such Lender or the Borrower is scheduled to make payment to the Agent of (in the case of a Lender) its Percentage of the Term Loan or (in the case of the Borrower) a payment to the Agent for the account of one or more of the Lenders hereunder (such payment by a Lender or the Borrower (as the case may be) being herein called a “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 that the Required Payment has been made and may (but shall not be required to), in reliance upon such assumption, make the amount thereof available to the intended recipient on such date and, if such Lender or the Borrower (as the case may be) has not in fact made the Required Payment to the Agent, the recipient of such payment shall, on demand, repay to the Agent the amount so made available together with interest thereon for each day during the period commencing on the date such amount was so made available by the Agent until the date the Agent recovers such amount at a rate (i) equal to the Federal Funds Rate for such day, in the case of a Required Payment owing by a Lender, or (ii) equal to the applicable rate of interest as provided in this Agreement, in the case of a Required Payment owing by the Borrower.

Assumed Payments. Unless the Agent has shall have been notified by a Lender or the Borrower Company prior to the date on which such Lender or the Borrower Company is scheduled to make payment to the Agent of (in the case of a Lender) its Percentage the proceeds of the Term a Loan to be made by it hereunder or (in the case of the BorrowerCompany) a payment to the Agent for the account of one or more of the Lenders hereunder (such payment by a Lender or the Borrower (as the case may be) being herein called a “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 that the Required Payment has been made and may may, in reliance upon such assumption (but shall not be required to), in reliance upon such assumption, make the amount thereof available to the intended recipient recipient(s) on such date and, if such Lender or the Borrower Company (as the case may be) has not in fact made the Required Payment to the Agent, the recipient recipient(s) of such payment shall, on demand, repay to the Agent the amount so made available together with available. In addition, the party that failed to make the Required Payment shall, on demand, pay interest thereon 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 Agent recovers such amount at a rate (i) equal to the 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 interest shall accrue at the Federal Funds Rate for the first three Business Days such day, in amount is unpaid and thereafter at the case of a Required Payment owing by a Lender, or (ii) equal to the applicable rate of interest as provided in this Agreement, in the case of a Required Payment owing by the BorrowerBase Rate plus 2% per annum.

Assumed Payments. Unless the Agent has been notified by a Lender or the Borrower prior to the date on which such Lender or the Borrower is scheduled to make payment to the Agent of (in the case of a Lender) its Percentage the proceeds of the Term Loan an Advance to be made by it hereunder or (in the case of the Borrower) a payment to the Agent for the account of one or more of the Lenders hereunder (such payment by a Lender or the Borrower (as the case may be) being herein called a “"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 that the Required Payment has been made and may (but shall not be required to), in reliance upon such assumption, make the amount thereof available to the intended recipient on such date and, if such Lender or the Borrower (as the case may be) has not in fact made the Required Payment to the Agent, the recipient of such payment shall, on demand, repay to the Agent the amount so made available together with interest thereon for each day during the period commencing on the date such amount was so made available by the Agent until the date the Agent recovers such amount at a rate (i) equal to the Federal Funds Rate for such day, in the case of a Required Payment owing by a Lender, or (ii) equal to the applicable rate of interest as provided in this Agreement, in the case of a Required Payment owing by the Borrower.