Common use of Borrowings and Payments Generally Clause in Contracts

Borrowings and Payments Generally. (a) Unless the KEXIM Facility Agent has received notice from the Borrower prior to the date on which any payment is due to the KEXIM Facility Agent for the account of the KEXIM Covered Facility Lenders hereunder that the Borrower will not make such payment, the KEXIM Facility Agent may assume that the Borrower has made such payment on such date in accordance with this Agreement and may, in reliance upon such assumption, distribute to the KEXIM Covered Facility Lenders the amount due. If the Borrower has not in fact made such payment, then each of the KEXIM Covered Facility Lenders severally agrees to repay to the KEXIM Facility Agent forthwith on demand the amount so distributed to such KEXIM Covered Facility Lender in immediately available funds with interest thereon, for each day from (and including) the date such amount is distributed to it to (but excluding) the date of payment to the KEXIM Facility Agent, at the Federal Funds Effective Rate. A notice of the KEXIM Facility Agent to any KEXIM Covered Facility Lender with respect to any amount owing under this Section 3.10 shall be conclusive, absent manifest error.

Borrowings and Payments Generally. (a) Unless the KEXIM KSURE Covered Facility Agent has received notice from the Borrower prior to the date on which any payment is due to the KEXIM KSURE Covered Facility Agent for the account of the KEXIM KSURE Covered Facility Lenders hereunder that the Borrower will not make such payment, the KEXIM KSURE Covered Facility Agent may assume that the Borrower has made such payment on such date in accordance with this Agreement and may, in reliance upon such assumption, distribute to the KEXIM KSURE Covered Facility Lenders the amount due. If the Borrower has not in fact made such payment, then each of the KEXIM KSURE Covered Facility Lenders severally agrees to repay to the KEXIM KSURE Covered Facility Agent forthwith on demand the amount so distributed to such KEXIM KSURE Covered Facility Lender in immediately available funds with interest thereon, for each day from (and including) the date such amount is distributed to it to (but excluding) the date of payment to the KEXIM KSURE Covered Facility Agent, at the Federal Funds Effective Rate. A notice of the KEXIM KSURE Covered Facility Agent to any KEXIM KSURE Covered Facility Lender with respect to any amount owing under this Section 3.10 shall be conclusive, absent manifest error.