Common use of Assumptions of the Agent Clause in Contracts

Assumptions of the Agent. Unless the Agent shall have received notice from a Canadian Lender prior to the date of any Drawing that such Lender will not make available to it such Lender's ratable share of such Drawing in accordance with Section 2.04(a), the Agent may assume that such Lender has made such ratable share available to it on the date of such Drawing in accordance with Section 2.04(a) and the Agent may, in reliance upon such assumption, make available to the Canadian Borrower on such date a corresponding amount. If and to the extent that any such Lender shall not have so made such ratable share available to the Agent, such Lender and the Canadian Borrower severally agree to repay or pay to the Agent forthwith on demand such corresponding amount, together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid or paid to the Agent, at (i) in the case of the Canadian Borrower, a rate per annum equal to the BA Rate used in calculating the Drawing Purchase Price with respect to such Drawing, and (ii) in the case of such Lender, the Canadian Interbank Rate. If such Lender shall pay to the Agent such corresponding amount, such amount so paid shall constitute such Lender's Bankers' Acceptance as part of such Drawing for all purposes under this Agreement.

Appears in 3 contracts

Samples: Credit Agreement (Crompton & Knowles Corp), Credit Agreement (Crompton & Knowles Corp), Credit Agreement (Uniroyal Chemical Co Inc)

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Assumptions of the Agent. Unless the Agent shall have received notice from a Canadian Lender prior to the date of any Drawing that such Canadian Lender will not make available to it such Canadian Lender's ’s ratable share of the proceeds of such Drawing Drawing, in accordance with Section 2.04(a2.19(a), the Agent may assume that such Canadian Lender has made such ratable share available to it on the date of such Drawing in accordance with Section 2.04(a2.19(a) and the Agent may, in reliance upon such assumption, make available to the applicable Canadian Borrower on such date a corresponding amount. If and to the extent that any such Canadian Lender shall not have so made such ratable share available to the Agent, such Canadian Lender and the Canadian Borrower Borrowers severally agree to repay or pay to the Agent forthwith on demand such corresponding amount, together with interest thereon, for each day from the date such amount is made available to such the applicable Canadian Borrower until the date such amount is repaid or paid to the Agent, at (i) in the case of the applicable Canadian Borrower, a rate per annum equal to the BA Rate used in calculating the Drawing Purchase Price with respect to such Drawing, and (ii) in the case of such Canadian Lender, the Canadian Interbank Rate. If such Canadian Lender shall pay to the Agent such corresponding amount, such amount so paid shall constitute such Canadian Lender's Bankers' Acceptance as part ’s ratable share of the proceeds of such Drawing for all purposes under this Agreement.

Appears in 1 contract

Samples: Credit Agreement (Chemtura CORP)

Assumptions of the Agent. Unless the Agent shall have received notice from a Canadian Lender prior to the date of any Drawing that such Lender will not make available to it such Lender's ’s ratable share of such Drawing in accordance with Section 2.04(a2.03(a), the Agent may assume that such Lender has made such ratable share available to it on the date of such Drawing in accordance with Section 2.04(a2.03(a) and the Agent may, in reliance upon such assumption, make available to the Canadian applicable Borrower on such date a corresponding amount. If and to the extent that any such Lender shall not have so made such ratable share available to the Agent, such Lender and the Canadian applicable Borrower severally agree to repay or pay to the Agent forthwith on demand such corresponding amount, together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid or paid to the Agent, at (i) in the case of the Canadian such Borrower, a rate per annum equal to the BA Rate used in calculating the Drawing Purchase Price with respect to such Drawing, and (ii) in the case of such Lender, the Canadian Interbank Rate. If such Lender shall pay to the Agent such corresponding amount, such amount so paid shall constitute such Lender's ’s Bankers' Acceptance as part of such Drawing for all purposes under this Agreement.

Appears in 1 contract

Samples: Day Credit Agreement (Honeywell International Inc)

Assumptions of the Agent. Unless the Agent shall have received notice from a Canadian Lender prior to the date of any Drawing that such Lender will not make available to it such Lender's ’s ratable share of such Drawing in accordance with Section 2.04(a), the Agent may assume that such Lender has made such ratable share available to it on the date of such Drawing in accordance with Section 2.04(a) and the Agent may, in reliance upon such assumption, make available to the Canadian Borrower Lafarge Canada on such date a corresponding amount. If and to the extent that any such Lender shall not have so made such ratable share available to the Agent, such Lender and the Canadian Borrower Lafarge Canada severally agree to repay or pay to the Agent forthwith on demand such corresponding amount, together with interest thereon, for each day from the date such amount is made available to such Borrower Lafarge Canada until the date such amount is repaid or paid to the Agent, at (i) in the case of the Canadian BorrowerLafarge Canada, a rate per annum equal to the BA Rate used in calculating the Drawing Purchase Price with respect to such Drawing, and (ii) in the case of such Lender, the Canadian Interbank Rate. If such Lender shall pay to the Agent such corresponding amount, such amount so paid shall constitute such Lender's ’s Bankers' Acceptance or Acceptance Note as part of such Drawing for all purposes under this Agreement.

Appears in 1 contract

Samples: Five Year Credit Agreement (Lafarge North America Inc)

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Assumptions of the Agent. Unless the Agent shall have received notice from a Canadian Lender prior to the date of any Drawing that such Canadian Lender will not make available to it such Canadian Lender's ratable share of the proceeds of such Drawing Drawing, in accordance with Section 2.04(a2.19(a), the Agent may assume that such Canadian Lender has made such ratable share available to it on the date of such Drawing in accordance with Section 2.04(a2.19(a) and the Agent may, in reliance upon such assumption, make available to the applicable Canadian Borrower on such date a corresponding amount. If and to the extent that any such Canadian Lender shall not have so made such ratable share available to the Agent, such Canadian Lender and the Canadian Borrower Borrowers severally agree to repay or pay to the Agent forthwith on demand such corresponding amount, together with interest thereon, for each day from the date such amount is made available to such the applicable Canadian Borrower until the date such amount is repaid or paid to the Agent, at (i) in the case of the applicable Canadian Borrower, a rate per annum equal to the BA Rate used in calculating the Drawing Purchase Price with respect to such Drawing, and (ii) in the case of such Canadian Lender, the Canadian Interbank Rate. If such Canadian Lender shall pay to the Agent such corresponding amount, such amount so paid shall constitute such Canadian Lender's Bankers' Acceptance as part ratable share of the proceeds of such Drawing for all purposes under this Agreement.

Appears in 1 contract

Samples: Credit Agreement (Chemtura CORP)

Assumptions of the Agent. Unless the Agent shall have received ------------------------ notice from a Canadian Lender prior to the date of any Drawing that such Lender will not make available to it such Lender's ratable share of the proceeds of such Drawing in accordance with Section 2.04(a), the Agent may assume that such Lender has made such ratable share available to it on the date of such Drawing in accordance with Section 2.04(a) and the Agent may, in reliance upon such assumption, make available to the Canadian Borrower on such date a corresponding amount. If and to the extent that any such Lender shall not have so made such ratable share available to the Agent, such Lender and the Canadian Borrower severally agree to repay or pay to the Agent forthwith on demand such corresponding amount, together with interest thereon, for each day from the date such amount is made available to such the Canadian Borrower until the date such amount is repaid or paid to the Agent, at (i) in the case of the Canadian Borrower, a rate per annum equal to the BA Rate used in calculating the Drawing Purchase Price with respect to such Drawing, and (ii) in the case of such Lender, the Canadian Interbank Rate. If such Lender shall pay to the Agent such corresponding amount, such amount so paid shall constitute such Lender's Bankers' Acceptance as part ratable share of the proceeds of such Drawing for all purposes under this Agreement.

Appears in 1 contract

Samples: Credit Agreement (Commercial Aggregates Transportation & Sales LLC)

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