Common use of Assumed Receipt Clause in Contracts

Assumed Receipt. (a) Where an amount is or is required to be paid to the Interim Facility Agent under any Interim Document for the account of another person (the Payee), the Interim Facility Agent is not obliged to pay that amount to the Payee until the Interim Facility Agent is satisfied that it has actually received that amount. (b) If the Interim Facility Agent nonetheless pays that amount to the Payee (which it may do at its discretion) and the Interim Facility Agent had not in fact received that amount, then: (i) the Payee will on demand refund that amount to the Interim Facility Agent; and (ii) the person whom should have made available that amount will on demand pay to the Interim Facility Agent interest on that amount at the rate determined by the Interim Facility Agent to be equal to the cost to the Interim Facility Agent of funding that amount for the period from payment by the Interim Facility Agent until refund to the Interim Facility Agent of that amount, provided that no Obligor will have any obligation to refund any such amount received from the Interim Facility Agent and paid by it (or on its behalf) to any third party for a purpose set out in Clause 4 (Purpose).

Assumed Receipt. (a) Where an amount is or is required to be paid to the Interim Facility Agent under any Interim Finance Document for the account of another person (the Payee), the Interim Facility Agent is not obliged to pay that amount to the Payee until the Interim Facility Agent is satisfied that it has actually received that amount. (b) If the Interim Facility Agent nonetheless pays that amount to the Payee (which it may do at its discretion) and the Interim Facility Agent had not in fact received that amount, then: (i) then the Payee will on demand refund that amount to the Interim Facility Agent; and Agent (ii) the person whom should have made available that amount will on demand pay to the Interim Facility Agent together with interest on that amount at the rate determined by the Interim Facility Agent to be equal to the cost to the Interim Facility Agent of funding that amount for the period from payment by the Interim Facility Agent until refund to the Interim Facility Agent of that amount), provided that no Obligor will have any obligation to refund any such amount received from the Interim Facility Agent and paid by it (or on its behalf) to any third party for a purpose set out in Clause 4 3.3 (Purpose).

Assumed Receipt. (a) Where an amount is or is required to be paid to the Interim Facility Facilities Agent under any Interim Document for the account of another person (the “Payee”), the Interim Facility Facilities Agent is not obliged to pay that amount to the Payee until the Interim Facility Facilities Agent is satisfied that it has actually received that amount. (b) If the Interim Facility Facilities Agent nonetheless pays that amount to the Payee (which it may do at its discretion) and the Interim Facility Facilities Agent had not in fact received that amount, then: (i) then the Payee will on demand refund that amount to the Interim Facility Agent; and Facilities Agent (ii) the person whom should have made available that amount will on demand pay to the Interim Facility Agent together with interest on that amount at the rate determined by the Interim Facility Facilities Agent to be equal to the cost to the Interim Facility Facilities Agent of funding that amount for the period from payment by the Interim Facility Facilities Agent until refund to the Interim Facility Facilities Agent of that amount), provided that no Obligor will have any obligation to refund any such amount received from the Interim Facility Facilities Agent and paid by it (or on its behalf) to any third party for a purpose set out in Clause 4 3 (PurposeThe Making of the Interim Utilisations).