Common use of Failure of Lender to Fund Clause in Contracts

Failure of Lender to Fund. Notwithstanding the provisions of Section 6(a) of the Provisions, if any Lender fails to make available to the Agent its Applicable Percentage of any Advance (such Lender being herein called the “Defaulting Lender”), the Administrative Agent shall forthwith give notice of such failure by the Defaulting Lender to the Borrower and the other Lenders. The Agent shall then forthwith give notice to the other Lenders that any Lender may make available to the Agent all or any portion of the Defaulting Lender’s Applicable Percentage of such Advance (but in no way shall any other Lender or the Agent be obliged to do so) in the place of the Defaulting Lender. If more than one Lender gives notice that it is prepared to make funds available in the place of a Defaulting Lender in such circumstances and the aggregate of the funds which such Lenders (herein collectively called the “Contributing Lenders” and individually called the “Contributing Lender”) are prepared to make available exceeds the amount of the Advance which the Defaulting Lender failed to make, then each Contributing Lender shall be deemed to have given notice that it is prepared to make available its Applicable Percentage of such Advance based on the Contributing Lenders’ relative commitments to advance in such circumstances. If any Contributing Lender makes funds available in the place of a Defaulting Lender in such circumstances, then the Defaulting Lender shall pay to any Contributing Lender making the funds available in its place, forthwith on demand, any amount advanced on its behalf together with interest thereon at the rate applicable to such Advance from the date of advance to the date of payment, against payment by the Contributing Lender making the funds available of all interest received in respect of the Advance from the Borrower. The failure of any Lender to make available to the Agent its Applicable Percentage of any Advance as required herein shall not relieve any other Lender of its obligations to make available to the Agent its Applicable Percentage of any Advance as required herein.

Appears in 2 contracts

Samples: Credit Agreement (Canwest Mediaworks Inc), Assignment and Assumption (Convergys Corp)

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Failure of Lender to Fund. Notwithstanding the provisions of Section 6(asection 6.1.3(a) of the Provisions, if any Lender fails to make available deliver its share of any Advance to the Agent its Applicable Percentage of any Advance (such that Lender being herein called the “Defaulting Non-Funding Lender”), the Administrative Agent shall forthwith immediately give notice of such that failure by the Defaulting Non-Funding Lender to the applicable Borrower and the other Lenders. The Agent shall then forthwith give notice Lenders and indicate to the other Lenders that any Lender (individually a “Contributing Lender” and collectively the “Contributing Lenders”) may make available to the Agent all or any portion of the Defaulting Non-Funding Lender’s Applicable Percentage share of such that Advance (in place of the Non-Funding Lender, but in no way shall any other Lender or the Agent be obliged to do so) in . A Contributing Lender shall make funds available to the place of Agent as soon as possible for delivery by the Defaulting LenderAgent to the applicable Borrower. If more than one Contributing Lender gives notice that it is prepared to make funds available in the place of a Defaulting Lender in such circumstances and the aggregate of the funds which such that the Contributing Lenders (herein collectively called the “Contributing Lenders” and individually called the “Contributing Lender”) are prepared to make available exceeds the amount of the Advance which that the Defaulting Non-Funding Lender failed to make, then each Contributing Lender shall be deemed to have given notice that it is prepared to make available its Applicable Percentage a portion of such that Advance based on the Contributing Lenders’ relative commitments Commitments to advance in such circumstancesthe Credit. If any a Contributing Lender makes funds available in the place of a Defaulting Lender in such circumstancesNon-Funding Lender, then the Defaulting Non-Funding Lender shall pay to any the Contributing Lender making the funds available in its placeLender, forthwith immediately on demand, any the amount advanced on its behalf together with interest thereon at the rate applicable to such that Advance from the date of advance to the date of payment, against payment by and the Contributing Non-Funding Lender making the funds available of shall then be entitled to receive all interest received paid in respect of the Advance from by the applicable Borrower. The failure of any Lender to make available to the Agent deliver its Applicable Percentage of any Advance to the Agent as required herein shall not relieve any other Lender of its obligations obligation to make available to the Agent deliver its Applicable Percentage of any Advance as required hereinrequired.

Appears in 2 contracts

Samples: Credit Agreement (ATS Corp /ATS), Credit Agreement (ATS Corp /ATS)

Failure of Lender to Fund. Notwithstanding 4.25.1 Unless the provisions Agent has received notice from a Lender before the proposed date of Section 6(a) of the Provisions, if any Advance that such Lender fails to will not make available to the Agent its Applicable Percentage such Lender’s share of any Advance (such Advance, the Agent may assume that such Lender being herein called has made such share available on such date in accordance with the “Defaulting Lender”)provisions of this Agreement concerning funding by Lenders and may, the Administrative Agent shall forthwith give notice of in reliance upon such failure by the Defaulting Lender to the Borrower and the other Lenders. The Agent shall then forthwith give notice to the other Lenders that any Lender may assumption, make available to the Agent all or any portion Borrower a corresponding amount. (The Borrower and Lenders acknowledge that, as of the Defaulting Lenderdate of this Agreement, it is not the Agent’s Applicable Percentage of such Advance (but in no way shall any other Lender or the Agent be obliged usual practice to proceed as it is entitled to do soin accordance with the preceding sentence.) In that event, if a Lender has not in the place fact made its share of the Defaulting Lender. If more than one Lender gives notice that it is prepared applicable Advance available to make funds available in the place of a Defaulting Lender in such circumstances and the aggregate of the funds which such Lenders (herein collectively called the “Contributing Lenders” and individually called the “Contributing Lender”) are prepared to make available exceeds the amount of the Advance which the Defaulting Lender failed to make, then each Contributing Lender shall be deemed to have given notice that it is prepared to make available its Applicable Percentage of such Advance based on the Contributing Lenders’ relative commitments to advance in such circumstances. If any Contributing Lender makes funds available in the place of a Defaulting Lender in such circumstancesAgent, then the Defaulting applicable Lender shall pay to any Contributing Lender making the funds available in its place, Agent forthwith on demanddemand such corresponding amount with interest thereon, any for each day from and including the date such amount advanced is made available to the Borrower to but excluding the date of payment to the Agent, at a rate determined by the Agent in accordance with prevailing banking industry practice on its behalf together interbank compensation. If such Lender pays such amount to the Agent, then such amount shall constitute such Lender’s Advance. For clarity, the Borrower shall not be responsible for payment or reimbursement of interest owing by the applicable Lender to the Agent, but shall be responsible for payment to the Lender of interest on the Advance from and including the date the amount was made available to the Borrower by the Agent. If the Lender does not do so forthwith, the Borrower shall pay to the Agent forthwith on demand such corresponding amount with interest thereon at the interest rate applicable to such the Advance from the date of advance to the date of payment, against in question. Any payment by the Contributing Borrower shall be without prejudice to any claim the Borrower may have against a Lender making the funds available of all interest received in respect of the Advance from the Borrower. The failure of any Lender that has failed to make available such payment to the Agent its Applicable Percentage of any Advance as required herein shall not relieve any other Lender of its obligations to make available to the Agent its Applicable Percentage of any Advance as required hereinAgent.

Appears in 1 contract

Samples: Assignment and Assumption (Rogers Communications Inc)

Failure of Lender to Fund. Notwithstanding the provisions of Section 6(asection 6.1.3(a) of the Provisions, if any Lender fails to make available deliver its share of any Advance to the Agent its Applicable Percentage of any Advance (such that Lender being herein called the “Defaulting Non-Funding Lender”), the Administrative Agent shall forthwith immediately give notice of such that failure by the Defaulting Non-Funding Lender to the applicable Borrower and the other Lenders. The Agent shall then forthwith give notice Lenders and indicate to the other Lenders that any Lender (individually a “Contributing Lender” and collectively the “Contributing Lenders”) may make available to the Agent all or any portion of the Defaulting Non-Funding Lender’s Applicable Percentage share of such that Advance (in place of the Non-Funding Lender, but in no way shall any other Lender or the Agent be obliged to do so) in . A Contributing Lender shall make funds available to the place of Agent as soon as possible for delivery by the Defaulting LenderAgent to the applicable Borrower. If more than one Contributing Lender gives notice that it is prepared to make funds available in the place of a Defaulting Lender in such circumstances and the aggregate of the funds which such that the Contributing Lenders (herein collectively called the “Contributing Lenders” and individually called the “Contributing Lender”) are prepared to make available exceeds the amount of the Advance which that the Defaulting Non-Funding Lender failed to make, then each Contributing Lender shall be deemed to have given notice that it is prepared to make available its Applicable Percentage a portion of such that Advance based on the Fifth Amended and Restated Credit Agreement Contributing Lenders’ relative commitments Commitments to advance in such circumstancesthe Credit. If any a Contributing Lender makes funds available in the place of a Defaulting Lender in such circumstancesNon-Funding Lender, then the Defaulting Non-Funding Lender shall pay to any the Contributing Lender making the funds available in its placeLender, forthwith immediately on demand, any the amount advanced on its behalf together with interest thereon at the rate applicable to such that Advance from the date of advance to the date of payment, against payment by and the Contributing Non-Funding Lender making the funds available of shall then be entitled to receive all interest received paid in respect of the Advance from by the applicable Borrower. The failure of any Lender to make available to the Agent deliver its Applicable Percentage of any Advance to the Agent as required herein shall not relieve any other Lender of its obligations obligation to make available to the Agent deliver its Applicable Percentage of any Advance as required hereinrequired.

Appears in 1 contract

Samples: Credit Agreement (ATS Corp /ATS)

Failure of Lender to Fund. Notwithstanding If and to the provisions of Section 6(a) of the Provisions, if extent that any Lender fails to make shall not have made available to the Agent its Applicable Percentage such Lender's Ratable Portion of the Term Loan Borrowing advanced by the Agent, such Lender's Ratable Portion of Revolving Credit Borrowing funded on the Closing Date or such Lender's Ratable Portion of any Advance (Settlement Amount in respect of Revolving Credit Borrowings advanced by the Agent, the Borrower agrees to repay to the Agent, immediately upon demand by the Agent, and such Lender being herein called agrees to reimburse the “Defaulting Agent in the event the Borrower does not repay the Agent, an amount equal to such Lender”), the Administrative Agent shall forthwith give notice 's Ratable Portion of such failure by Term Loan Borrowing, such Revolving Credit Borrowing and such Settlement Amount in respect of Revolving Credit Borrowings, together with interest thereon for each day from the Defaulting Lender date such amount is made available to the Borrower and until the other Lenders. The Agent shall then forthwith give notice date such amount is repaid to the other Lenders that any Lender Agent, at the interest rate applicable at the time to Prime Rate Advances comprising Term Loan Borrowing or Revolving Credit Borrowings, as the case may make available to the Agent all or any portion of the Defaulting Lender’s Applicable Percentage of such Advance (but in no way shall any other Lender or the Agent be obliged to do so) in the place of the Defaulting Lenderbe. If more than one Lender gives notice that it is prepared to make funds available in the place of a Defaulting Lender in such circumstances and the aggregate of the funds which such Lenders (herein collectively called the “Contributing Lenders” and individually called the “Contributing Lender”) are prepared to make available exceeds the amount of the Advance which the Defaulting Lender failed to make, then each Contributing Lender shall be deemed to have given notice that it is prepared to make available its Applicable Percentage of such Advance based on the Contributing Lenders’ relative commitments to advance in such circumstances. If any Contributing Lender makes funds available in the place of a Defaulting Lender in such circumstances, then the Defaulting Lender shall pay to the Agent such Lender's Ratable Portion of the Term Loan Borrowing, such Revolving Credit Borrowing or such Settlement Amount prior to repayment of such amount by the Borrower, the amount so repaid shall constitute such Lender's Ratable Portion of the Term Loan Borrowing or such Revolving Credit Borrowing or such Settlement Amount and the Borrower shall have no further obligation to make the payment required by this Section. Any interest accruing on such Lender's Ratable Portion of any Contributing Lender making the funds available in its place, forthwith on demand, any amount advanced on its behalf together with interest thereon at the rate applicable such Borrowings up to such Advance from and including the date of advance to repayment by the date of payment, against Borrower or payment by such Lender shall be for the Contributing Lender making the funds available of all interest received in respect sole account of the Advance from the Borrower. The failure of any Lender to make available to the Agent its Applicable Percentage of any Advance as required herein shall not relieve any other Lender of its obligations to make available to the Agent its Applicable Percentage of any Advance as required hereinAgent.

Appears in 1 contract

Samples: Asset Based Loan and Security Agreement (Mazel Stores Inc)

Failure of Lender to Fund. Notwithstanding the provisions of Section 6(a) of the Provisions, if Unless Administrative Agent shall have been notified by any Lender fails prior to the applicable date of a Borrowing of a Construction Loan or Term Loan that such Lender does not intend to make available to Administrative Agent the amount of such Lender's Proportionate Share of the Construction Loan or Term Loan (as the case may be) requested on such date, Administrative Agent its Applicable Percentage of any Advance (may assume that such Lender being herein called has made such amount available to Administrative Agent on such date in accordance with the “Defaulting prior paragraph and Administrative Agent may, in its sole discretion and in reliance upon such assumption, make available to Borrower a corresponding amount on such date. If such corresponding amount is not in fact made available to Administrative Agent by such Lender”), the Administrative Agent shall forthwith give notice be entitled to recover such corresponding amount on demand (and, in any event, within two Banking Days from the applicable date of such failure by Borrowing) from such Lender together with interest thereon, for each day from the Defaulting applicable date of such Borrowing until the date such amount is paid to Administrative Agent, at the Federal Funds Rate for the first two Banking Days after such date. If such Lender pays such amount to Administrative Agent, then such amount (excluding any interest paid to Administrative Agent thereon) shall constitute such Lender's Proportionate Share of such Construction Loan or Term Loan (as the case may be) included in such Construction Loan or Term Loan (as the case may be). If such Lender does not pay such corresponding amount forthwith upon Administrative Agent's demand therefor or within two Banking Days from the applicable date of such Borrowing of a Construction Loan or Term Loan (as the case may be), Administrative Agent shall promptly notify Borrower and Borrower shall immediately pay such corresponding amount to Administrative Agent together with interest thereon, for each day from the other Lenders. The Agent shall then forthwith give notice to the other Lenders that any Lender may make available to the Agent all or any portion of the Defaulting Lender’s Applicable Percentage applicable date of such Advance (but Borrowing until the date such amount is paid to Administrative Agent, at the rate then payable under this Agreement for Base Rate Loans. Nothing in no way shall any other Lender or the Agent be obliged to do sothis Section 2.1.5(d) in the place of the Defaulting Lender. If more than one Lender gives notice that it is prepared to make funds available in the place of a Defaulting Lender in such circumstances and the aggregate of the funds which such Lenders (herein collectively called the “Contributing Lenders” and individually called the “Contributing Lender”) are prepared to make available exceeds the amount of the Advance which the Defaulting Lender failed to make, then each Contributing Lender shall be deemed to relieve any Lender from its obligation to fulfill its obligations hereunder or to prejudice any rights that Borrower may have given notice that it is prepared to make available its Applicable Percentage of such Advance based on the Contributing Lenders’ relative commitments to advance in such circumstances. If against any Contributing Lender makes funds available in the place of as a Defaulting Lender in such circumstances, then the Defaulting Lender shall pay to any Contributing Lender making the funds available in its place, forthwith on demand, any amount advanced on its behalf together with interest thereon at the rate applicable to such Advance from the date of advance to the date of payment, against payment by the Contributing Lender making the funds available of all interest received in respect of the Advance from the Borrower. The failure result of any default by such Lender to make available to the Agent its Applicable Percentage of any Advance as required herein shall not relieve any other Lender of its obligations to make available to the Agent its Applicable Percentage of any Advance as required hereinhereunder.

Appears in 1 contract

Samples: Credit Agreement (Calpine Corp)

Failure of Lender to Fund. Notwithstanding the provisions of Section 6(a) of the Provisions, if any Lender fails to make available to the Agent its Applicable Percentage of any Advance (such Lender being herein called the “Defaulting Lender”"DEFAULTING LENDER"), the Administrative Agent shall forthwith give notice of such failure by the Defaulting Lender to the Borrower and the other Lenders. The Agent shall then forthwith give notice to the other Lenders that any Lender may make available to the Agent all or any portion of the Defaulting Lender’s 's Applicable Percentage of such Advance (but in no way shall any other Lender or the Agent be obliged to do so) in the place of the Defaulting Lender. If more than one Lender gives notice that it is prepared to make funds available in the place of a Defaulting Lender in such circumstances and the aggregate of the funds which such Lenders (herein collectively called the “Contributing Lenders” "CONTRIBUTING LENDERS" and individually called the “Contributing Lender”"CONTRIBUTING LENDER") are prepared to make available exceeds the amount of the Advance which the Defaulting Lender failed to make, then each Contributing Lender shall be deemed to have given notice that it is prepared to make available its Applicable Percentage of such Advance based on the Contributing Lenders' relative commitments to advance in such circumstances. If any Contributing Lender makes funds available in the place of a Defaulting Lender in such circumstances, then the Defaulting Lender shall pay to any Contributing Lender making the funds available in its place, forthwith on demand, any amount advanced on its behalf together with interest thereon at the rate applicable to such Advance from the date of advance to the date of payment, against payment by the Contributing Lender making the funds available of all interest received in respect of the Advance from the Borrower. The failure of any Lender to make available to the Agent its Applicable Percentage of any Advance as required herein shall not relieve any other Lender of its obligations to make available to the Agent its Applicable Percentage of any Advance as required herein.

Appears in 1 contract

Samples: Credit Agreement (Anixter International Inc)

Failure of Lender to Fund. Notwithstanding the provisions of Section 6(a) of the Provisions, if Unless Administrative Agent shall have been notified by any Lender fails prior to the applicable date of a Borrowing that such Lender does not intend to make available to Administrative Agent the amount of such Lender’s Proportionate Share of the Loan requested on such date, Administrative Agent its Applicable Percentage of any Advance (may assume that such Lender being herein called has made such amount available to Administrative Agent on such date in accordance with the “Defaulting prior paragraph and Administrative Agent may, in its sole discretion and in reliance upon such assumption, make available to Borrower a corresponding amount on such date. If such corresponding amount is not in fact made available to Administrative Agent by such Lender”), the Administrative Agent shall forthwith give notice be entitled to recover such corresponding amount on demand (and, in any event, within two Business Days from the applicable date of such failure by Borrowing) from such Lender together with interest thereon, for each day from the Defaulting applicable date of such Borrowing until the date such amount is paid to Administrative Agent, at the Federal Funds Rate for the first two Business Days after such date. If such Lender pays such amount to Administrative Agent, then such amount shall constitute such Lender’s Proportionate Share of such Loan. If such Lender does not pay such corresponding amount forthwith upon Administrative Agent’s demand therefor or within two Business Days from the applicable date of such Borrowing, Administrative Agent shall promptly notify Borrower and Borrower shall immediately pay such corresponding amount to Administrative Agent together with interest thereon, for each day from the other Lendersapplicable date of such Borrowing until the date such amount is paid to Administrative Agent, at the rate then payable under this Agreement for Base Rate Loans. The Agent Any amounts repaid by Borrower pursuant to this Section 2.1.4(d) shall then forthwith give notice to be available for re-borrowing if (i) the other Lenders that any non-funding Lender may make makes available to the Administrative Agent all or any portion of the Defaulting Lender’s Applicable Percentage of such Advance (but in no way shall any other Lender or the Agent be obliged to do so) in the place of the Defaulting Lender. If more than one Lender gives notice that it is prepared to make funds available in the place of a Defaulting Lender in such circumstances and the aggregate of the funds which such Lenders (herein collectively called the “Contributing Lenders” and individually called the “Contributing Lender”) are prepared to make available exceeds the amount of such Lender’s Proportionate Share of the Advance which the Defaulting Loan requested, including interest thereon, or (ii) a substitute Lender failed advances such repaid amounts pursuant to make, then each Contributing Lender Section 11.14. Nothing in this Section 2.1.4(d) shall be deemed to relieve any Lender from its obligation to fulfill its obligations hereunder or to prejudice any rights that Borrower may have given notice that it is prepared to make available its Applicable Percentage of such Advance based on the Contributing Lenders’ relative commitments to advance in such circumstances. If against any Contributing Lender makes funds available in the place of as a Defaulting Lender in such circumstances, then the Defaulting Lender shall pay to any Contributing Lender making the funds available in its place, forthwith on demand, any amount advanced on its behalf together with interest thereon at the rate applicable to such Advance from the date of advance to the date of payment, against payment by the Contributing Lender making the funds available of all interest received in respect of the Advance from the Borrower. The failure result of any default by such Lender to make available to the Agent its Applicable Percentage of any Advance as required herein shall not relieve any other Lender of its obligations to make available to the Agent its Applicable Percentage of any Advance as required hereinhereunder.

Appears in 1 contract

Samples: Credit Agreement (First Wind Holdings Inc.)

Failure of Lender to Fund. Notwithstanding Unless the provisions of Section 6(a) of the Provisions, if Administrative Agent shall have been notified by any Lender fails prior to the applicable date of a Borrowing of a Loan that such Lender does not intend to make available to the Administrative Agent its Applicable Percentage such Xxxxxx’s Proportionate Share of any Advance the Loan (as the case may be) requested on such date, the Administrative Agent may assume that such Lender being herein called has made such amount available to the “Defaulting Administrative Agent on such date in accordance with the Section 2.1.5(b), and the Administrative Agent may, in its sole discretion and in reliance upon such assumption (but without any obligation), make available to the Borrower a corresponding amount on such date. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender”), the Administrative Agent shall forthwith give notice be entitled to recover such corresponding amount on demand (and, in any event, within two (2) Business Days from the applicable date of such failure by Borrowing) from such Lender together with interest thereon, for each day from the Defaulting applicable date of such Borrowing until the date such amount is paid to the Administrative Agent, at the Federal Funds Rate for the first two (2) Business Days after such date. If such Lender pays such amount to the Administrative Agent, then such amount (excluding any interest paid to the Administrative Agent thereon) shall constitute such Lender’s Proportionate Share of such Loan. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor or within two (2) Business Days from the applicable date of such Borrowing of a Loan, the Administrative Agent may notify the Borrower and the other Lenders. The Agent Borrower shall then forthwith give notice immediately pay such corresponding amount to the other Lenders that any Lender may make available Administrative Agent together with interest thereon, for each day from the applicable date of such Borrowing until the date such amount is paid to the Agent all or any portion of Administrative Agent, at the Defaulting Lender’s Applicable Percentage of such Advance (but rate then payable under this Agreement for Base Rate Loans. Nothing in no way shall any other Lender or the Agent be obliged to do sothis Section 2.1.5(c) in the place of the Defaulting Lender. If more than one Lender gives notice that it is prepared to make funds available in the place of a Defaulting Lender in such circumstances and the aggregate of the funds which such Lenders (herein collectively called the “Contributing Lenders” and individually called the “Contributing Lender”) are prepared to make available exceeds the amount of the Advance which the Defaulting Lender failed to make, then each Contributing Lender shall be deemed to relieve any Lender from its obligation to fulfill its obligations hereunder or to prejudice any rights that the Borrower may have given notice that it is prepared to make available its Applicable Percentage of such Advance based on the Contributing Lenders’ relative commitments to advance in such circumstances. If against any Contributing Lender makes funds available in the place of as a Defaulting Lender in such circumstances, then the Defaulting Lender shall pay to any Contributing Lender making the funds available in its place, forthwith on demand, any amount advanced on its behalf together with interest thereon at the rate applicable to such Advance from the date of advance to the date of payment, against payment by the Contributing Lender making the funds available of all interest received in respect of the Advance from the Borrower. The failure result of any default by such Lender to make available to the Agent its Applicable Percentage of any Advance as required herein shall not relieve any other Lender of its obligations to make available to the Agent its Applicable Percentage of any Advance as required hereinhereunder.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (OPAL Fuels Inc.)

Failure of Lender to Fund. Notwithstanding the provisions of Section 6(a) of the Provisions, if Unless Administrative Agent shall have been notified by any Lender fails prior to the applicable date of a Borrowing of a Loan that such Lender does not intend to make available to Administrative Agent such Lender’s Proportionate Share of the Loan (as the case may be) requested on such date, Administrative Agent its Applicable Percentage of any Advance (may assume that such Lender being herein called has made such amount available to Administrative Agent on such date in accordance with the “Defaulting prior paragraph and Administrative Agent may, but shall not have obligation to, in its sole discretion and in reliance upon such assumption, make available to Co-Borrowers a corresponding amount on such date. If such corresponding amount is not in fact made available to Administrative Agent by such Lender”), the Administrative Agent shall forthwith give notice be entitled to recover such corresponding amount on demand (and, in any event, within two Banking Days from the applicable date of such failure by Borrowing) from such Lender together with interest thereon, for each day from the Defaulting applicable date of such Borrowing until the date such amount is paid to Administrative Agent, at the Federal Funds Rate for the first two Banking Days after such date. If such Lender pays such amount to the Borrower and the other Lenders. The Administrative Agent, then such amount (excluding any interest paid to Administrative Agent thereon) shall then forthwith give notice to the other Lenders that any Lender may make available to the Agent all or any portion of the Defaulting constitute such Lender’s Applicable Percentage Proportionate Share of such Advance (but in no way shall any other Lender or the Agent be obliged to do so) in the place of the Defaulting LenderLoan. If more than one such Lender gives notice that it is prepared to make funds available in does not pay such corresponding amount forthwith upon Administrative Agent’s demand therefor or within two Banking Days from the place applicable date of such Borrowing of a Defaulting Lender Loan, Administrative Agent may notify Co-Borrowers and Co-Borrowers shall immediately pay such corresponding amount to Administrative Agent together with interest thereon, for each day from the applicable date of such Borrowing until the date such amount is paid to Administrative Agent, at the rate then payable under this Agreement for such Loans. Nothing in such circumstances and the aggregate of the funds which such Lenders (herein collectively called the “Contributing Lenders” and individually called the “Contributing Lender”this Section 2.1.7(c) are prepared to make available exceeds the amount of the Advance which the Defaulting Lender failed to make, then each Contributing Lender shall be deemed to relieve any Lender from its obligation to fulfill its obligations hereunder or to prejudice any rights that Co-Borrowers may have given notice that it is prepared to make available its Applicable Percentage of such Advance based on the Contributing Lenders’ relative commitments to advance in such circumstances. If against any Contributing Lender makes funds available in the place of as a Defaulting Lender in such circumstances, then the Defaulting Lender shall pay to any Contributing Lender making the funds available in its place, forthwith on demand, any amount advanced on its behalf together with interest thereon at the rate applicable to such Advance from the date of advance to the date of payment, against payment by the Contributing Lender making the funds available of all interest received in respect of the Advance from the Borrower. The failure result of any default by such Lender to make available to the Agent its Applicable Percentage of any Advance as required herein shall not relieve any other Lender of its obligations to make available to the Agent its Applicable Percentage of any Advance as required hereinhereunder.

Appears in 1 contract

Samples: Second Lien Credit Agreement (Fortress Transportation & Infrastructure Investors LLC)

Failure of Lender to Fund. Notwithstanding Unless Administrative Agent shall have been notified by any New Lender or Increasing Lender prior to the provisions of Section 6(a) of the Provisions, if any Restatement Date that such New Lender fails or Increasing Lender does not intend to make available to Administrative Agent the Agent amount of its Applicable Percentage of any Advance applicable New Term Loan or Additional Term Loan (such Lender being herein called as the “Defaulting Lender”case may be), Administrative Agent may assume that such New Lender or Increasing Lender has made such amount available to Administrative Agent on the Restatement Date in accordance with the prior paragraph and Administrative Agent may, in its sole discretion and in reliance upon such assumption, make available to Borrower a corresponding amount on such date. If such corresponding amount is not in fact made available to Administrative Agent by such New Lender or Increasing Lender, Administrative Agent shall forthwith give notice be entitled to recover such corresponding amount on demand (and, in any event, within two Banking Days from the Restatement Date) from such New Lender or Increasing Lender together with interest thereon, for each day from the applicable date of such failure by Borrowing until the Defaulting date such amount is paid to Administrative Agent, at the Federal Funds Rate for the first two Banking Days after such date. If such New Lender or Increasing Lender pays such amount to Administrative Agent, then such amount (excluding any interest paid to Administrative Agent thereon) shall constitute such Lender’s New Term Loan or Additional Term Loan (as the case may be). If such New Lender or Increasing Lender does not pay such corresponding amount forthwith upon Administrative Agent’s demand therefor or within two Banking Days from the Restatement Date, Administrative Agent shall promptly notify Borrower and Borrower shall immediately pay such corresponding amount to Administrative Agent together with interest thereon, for each day from the other LendersRestatement Date until the date such amount is paid to Administrative Agent, at the rate then payable under this Agreement for Base Rate Loans. The Agent shall then forthwith give notice to the other Lenders that any Lender may make available to the Agent all or any portion of the Defaulting Lender’s Applicable Percentage of such Advance (but Nothing in no way shall any other Lender or the Agent be obliged to do sothis Section 2.1.4(b) in the place of the Defaulting Lender. If more than one Lender gives notice that it is prepared to make funds available in the place of a Defaulting Lender in such circumstances and the aggregate of the funds which such Lenders (herein collectively called the “Contributing Lenders” and individually called the “Contributing Lender”) are prepared to make available exceeds the amount of the Advance which the Defaulting Lender failed to make, then each Contributing Lender shall be deemed to relieve any Lender from its obligation to fulfill its obligations hereunder or to prejudice any rights that Borrower may have given notice that it is prepared to make available its Applicable Percentage of such Advance based on the Contributing Lenders’ relative commitments to advance in such circumstances. If against any Contributing Lender makes funds available in the place of as a Defaulting Lender in such circumstances, then the Defaulting Lender shall pay to any Contributing Lender making the funds available in its place, forthwith on demand, any amount advanced on its behalf together with interest thereon at the rate applicable to such Advance from the date of advance to the date of payment, against payment by the Contributing Lender making the funds available of all interest received in respect of the Advance from the Borrower. The failure result of any default by such Lender to make available to the Agent its Applicable Percentage of any Advance as required herein shall not relieve any other Lender of its obligations to make available to the Agent its Applicable Percentage of any Advance as required hereinhereunder.

Appears in 1 contract

Samples: Credit Agreement (Calpine Corp)

Failure of Lender to Fund. Notwithstanding (a) Unless the Agent has received notice from a Lender before the proposed date of any Advance that such Lender will not make available to the Agent such Xxxxxx's share of such Advance, the Agent may assume that such Lender has made such share available on such date in accordance with the provisions of Section 6(a) this Agreement concerning funding by Xxxxxxx and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If a Lender has not in fact made its full share of the Provisionsapplicable Advance available to the Agent, then the applicable Lender shall pay to the Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Agent, at a rate determined by the Agent in accordance with prevailing banking industry practice on interbank compensation. If such Lender pays such amount to the Agent, then such amount shall constitute such Lender's Advance. If the Lender does not pay such amount forthwith, the Borrower shall pay to the Agent forthwith on demand such corresponding amount with interest thereon at the interest rate applicable to the Advance in question. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that has failed to make such payment to the Agent. (b) Notwithstanding Section 6.11(a), if any Lender fails to make available to the Agent its Applicable Percentage of any Advance (such that Lender being herein called the “Defaulting "Non-Funding Lender"), the Administrative Agent shall forthwith give notice of such that failure by the Defaulting Non-Funding Lender to the Borrower and the other Lenders. The Agent shall then forthwith give notice to the other Lenders that any Lender may make available to the Agent all or any portion of the Defaulting Non-Funding Lender’s 's Applicable Percentage of such that Advance (but in no way shall any other Lender or the Agent be obliged to do so) in the place of the Defaulting Non-Funding Lender. If more than one Lender gives notice that it is prepared to make funds available in the place of a Defaulting Non-Funding Lender in such those circumstances and the aggregate of the funds which such those Lenders (herein collectively called collectively, the "Contributing Lenders" and individually called individually, the "Contributing Lender") are prepared to make available exceeds the amount of the Advance which the Defaulting Lender failed to make, then each Contributing Lender shall be deemed to have given notice that it is prepared to make available its Applicable Percentage of such that Advance based on the Contributing Lenders' relative commitments to advance in such those circumstances. If any Contributing Lender makes funds available in the place of a Defaulting Non-Funding Lender in such those circumstances, then the Defaulting Non-Funding Lender shall pay to any Contributing Lender making the funds available in its place, forthwith on demand, any amount advanced on its behalf together with interest thereon at the rate applicable to such that Advance from the date of advance to the date of payment, against payment by the Contributing Lender making the funds available of all interest received in respect of the Advance from the Borrower. The failure of any Lender to make available to the Agent its Applicable Percentage of any Advance as required herein shall not relieve any other Lender of its obligations to make available to the Agent its Applicable Percentage of any Advance as required herein.

Appears in 1 contract

Samples: Amending Agreement (Hudbay Minerals Inc.)

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Failure of Lender to Fund. Notwithstanding 4.23.1 Unless the provisions Agent has received notice from a Lender before the proposed date of Section 6(a) of the Provisions, if any Advance that such Lender fails to will not make available to the Agent its Applicable Percentage such Lender’s share of any Advance (such Advance, the Agent may assume that such Lender being herein called has made such share available on such date in accordance with the “Defaulting Lender”)provisions of this Agreement concerning funding by Lenders and may, the Administrative Agent shall forthwith give notice of in reliance upon such failure by the Defaulting Lender to the Borrower and the other Lenders. The Agent shall then forthwith give notice to the other Lenders that any Lender may assumption, make available to the Agent all or any portion Borrower a corresponding amount. (The Borrower and Lenders acknowledge that, as of the Defaulting Lenderdate of this Agreement, it is not the Agent’s Applicable Percentage of such Advance (but in no way shall any other Lender or the Agent be obliged usual practice to proceed as it is entitled to do soin accordance with the preceding sentence.) In that event, if a Lender has not in the place fact made its share of the Defaulting Lender. If more than one Lender gives notice that it is prepared applicable Advance available to make funds available in the place of a Defaulting Lender in such circumstances and the aggregate of the funds which such Lenders (herein collectively called the “Contributing Lenders” and individually called the “Contributing Lender”) are prepared to make available exceeds the amount of the Advance which the Defaulting Lender failed to make, then each Contributing Lender shall be deemed to have given notice that it is prepared to make available its Applicable Percentage of such Advance based on the Contributing Lenders’ relative commitments to advance in such circumstances. If any Contributing Lender makes funds available in the place of a Defaulting Lender in such circumstancesAgent, then the Defaulting applicable Lender shall pay to any Contributing Lender making the funds available in its place, Agent forthwith on demanddemand such corresponding amount with interest thereon, any for each day from and including the date such amount advanced is made available to the Borrower to but excluding the date of payment to the Agent, at a rate determined by the Agent in accordance with prevailing banking industry practice on its behalf together interbank compensation. If such Lender pays such amount to the Agent, then such amount shall constitute such Lender’s Advance. For clarity, the Borrower shall not be responsible for payment or reimbursement of interest owing by the applicable Lender to the Agent, but shall be responsible for payment to the Lender of interest on the Advance from and including the date the amount was made available to the Borrower by the Agent. If the Lender does not do so forthwith, the Borrower shall pay to the Agent forthwith on demand such corresponding amount with interest thereon at the interest rate applicable to such the Advance from the date of advance to the date of payment, against in question. Any payment by the Contributing Borrower shall be without prejudice to any claim the Borrower may have against a Lender making the funds available of all interest received in respect of the Advance from the Borrower. The failure of any Lender that has failed to make available such payment to the Agent its Applicable Percentage of any Advance as required herein shall not relieve any other Lender of its obligations to make available to the Agent its Applicable Percentage of any Advance as required hereinAgent.

Appears in 1 contract

Samples: Assignment and Assumption (Rogers Communications Inc)

Failure of Lender to Fund. Notwithstanding the provisions of Section 6(a) of the Provisions, if Unless Administrative Agent shall have been notified by any Lender fails prior to the applicable date of a Borrowing of a Loan that such Lender does not intend to make available to Administrative Agent such Lender’s Proportionate Share of the Loan (as the case may be) requested on such date, Administrative Agent its Applicable Percentage of any Advance (may assume that such Lender being herein called has made such amount available to Administrative Agent on such date in accordance with the “Defaulting prior paragraph and Administrative Agent may, but shall not have obligation to, in its sole discretion and in reliance upon such assumption, make available to Co-Borrowers a corresponding amount on such date. If such corresponding amount is not in fact made available to Administrative Agent by such Lender”), the Administrative Agent shall forthwith give notice be entitled to recover such corresponding amount on demand (and, in any event, within two Banking Days from the applicable date of such failure by Borrowing) from such Lender together with interest thereon, for each day from the Defaulting applicable date of such Borrowing until the date such amount is paid to Administrative Agent, at the Federal Funds Rate for the first two Banking Days after such date. If such Lender pays such amount to the Borrower and the other Lenders. The Administrative Agent, then such amount (excluding any interest paid to Administrative Agent thereon) shall then forthwith give notice to the other Lenders that any Lender may make available to the Agent all or any portion of the Defaulting constitute such Lender’s Applicable Percentage Proportionate Share of such Advance (but in no way shall any other Lender or the Agent be obliged to do so) in the place of the Defaulting LenderLoan. If more than one such Lender gives notice that it is prepared to make funds available in does not pay such corresponding amount forthwith upon Administrative Agent’s demand therefor or within two Banking Days from the place applicable date of such Borrowing of a Defaulting Lender Loan, Administrative Agent may notify Co-Borrowers and Co-Borrowers shall immediately pay such corresponding amount to Administrative Agent together with interest thereon, for each day from the applicable date of such Borrowing until the date such amount is paid to Administrative Agent, at the rate then payable under this Agreement for Base Rate LC Loans. Nothing in such circumstances and the aggregate of the funds which such Lenders (herein collectively called the “Contributing Lenders” and individually called the “Contributing Lender”this Section 2.1.7(c) are prepared to make available exceeds the amount of the Advance which the Defaulting Lender failed to make, then each Contributing Lender shall be deemed to relieve any Lender from its obligation to fulfill its obligations hereunder or to prejudice any rights that Co-Borrowers may have given notice that it is prepared to make available its Applicable Percentage of such Advance based on the Contributing Lenders’ relative commitments to advance in such circumstances. If against any Contributing Lender makes funds available in the place of as a Defaulting Lender in such circumstances, then the Defaulting Lender shall pay to any Contributing Lender making the funds available in its place, forthwith on demand, any amount advanced on its behalf together with interest thereon at the rate applicable to such Advance from the date of advance to the date of payment, against payment by the Contributing Lender making the funds available of all interest received in respect of the Advance from the Borrower. The failure result of any default by such Lender to make available to the Agent its Applicable Percentage of any Advance as required herein shall not relieve any other Lender of its obligations to make available to the Agent its Applicable Percentage of any Advance as required hereinhereunder.

Appears in 1 contract

Samples: First Lien Credit Agreement (Fortress Transportation & Infrastructure Investors LLC)

Failure of Lender to Fund. Notwithstanding (a) Unless the Agent has received notice from a Lender before the proposed date of any Advance that such Lender will not make available to the Agent such Xxxxxx's share of such Advance, the Agent may assume that such Lender has made such share available on such date in accordance with the provisions of Section 6(a) this Agreement concerning funding by Xxxxxxx and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If a Lender has not in fact made its full share of the Provisionsapplicable Advance available to the Agent, then the applicable Lender shall pay to the Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Agent, at a rate determined by the Agent in accordance with prevailing banking industry practice on interbank compensation. If such Lender pays such amount to the Agent, then such amount shall constitute such Lender's Advance. If the Lender does not pay such amount forthwith, the Borrower shall pay to the Agent forthwith on demand such corresponding amount with interest thereon at the interest rate applicable to the Advance in question. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that has failed to make such payment to the Agent. (b) Notwithstanding Section 6.11(a), if any Lender fails to make available to the Agent its Applicable Percentage of any Advance (such that Lender being herein called the “Defaulting "Non-Funding Lender"), the Administrative Agent shall forthwith give notice of such that failure by the Defaulting Non-Funding Lender to the Borrower and the other Lenders. The Agent shall then forthwith give notice to the other Lenders that any Lender may make available to the Agent all or any portion of the Defaulting Non-Funding Lender’s 's Applicable Percentage of such that Advance (but in no way shall any other Lender or the Agent be obliged to do so) in the place of the Defaulting Non-Funding Lender. If more than one Lender gives notice that it is prepared to make funds available in the place of a Defaulting Non-Funding Lender in such those circumstances and the aggregate of the funds which such those Lenders (herein collectively called the "Contributing Lenders" and individually called the "Contributing Lender") are prepared to make available exceeds the amount of the Advance which the Defaulting Lender failed to make, then each Contributing Lender shall be deemed to have given notice that it is prepared to make available its Applicable Percentage of such that Advance based on the Contributing Lenders' relative commitments to advance in such those circumstances. If any Contributing Lender makes funds available in the place of a Defaulting Non-Funding Lender in such those circumstances, then the Defaulting Non-Funding Lender shall pay to any Contributing Lender making the funds available in its place, forthwith on demand, any amount advanced on its behalf together with interest thereon at the rate applicable to such that Advance from the date of advance to the date of payment, against payment by the Contributing Lender making the funds available of all interest received in respect of the Advance from the Borrower. The failure of any Lender to make available to the Agent its Applicable Percentage of any Advance as required herein shall not relieve any other Lender of its obligations to make available to the Agent its Applicable Percentage of any Advance as required herein.

Appears in 1 contract

Samples: Amending Agreement (Hudbay Minerals Inc.)

Failure of Lender to Fund. Notwithstanding the provisions of Section section 6(a) of the Provisions, if any Lender fails to make available to the Agent its Applicable Percentage of any Advance (such Lender being herein called the "Defaulting Lender"), the Administrative Agent shall forthwith give notice of such failure by the Defaulting Lender to the relevant Borrower and the other Lenders. The Agent shall then forthwith give notice to the other Lenders that any Lender may make available to the Agent all or any portion of the Defaulting Lender’s 's Applicable Percentage of such Advance (but in no way shall any other Lender or the Agent be obliged to do so) in the place of the Defaulting Lender. If more than one Lender gives notice that it is prepared to make funds available in the place of a Defaulting Lender in such circumstances and the aggregate of the funds which such Lenders (herein collectively called the "Contributing Lenders" and individually called the "Contributing Lender") are prepared to make available exceeds the amount of the Advance which the Defaulting Lender failed to make, then each Contributing Lender shall be deemed to have given notice that it is prepared to make available its Applicable Percentage of such Advance based on the Contributing Lenders' relative commitments to advance in such circumstances. If any Contributing Lender makes funds available in the place of a Defaulting Lender in such circumstances, then the Defaulting Lender shall pay to any Contributing Lender making the funds available in its place, forthwith on demand, any amount advanced on its behalf together with interest thereon at the rate applicable to such Advance from the date of advance to the date of payment, against payment by the Contributing Lender making the funds available of all interest received in respect of the Advance from the relevant Borrower. The failure of any Lender to make available to the Agent its Applicable Percentage of any Advance as required herein shall not relieve any other Lender of its obligations to make available to the Agent its Applicable Percentage of any Advance as required herein.

Appears in 1 contract

Samples: Credit Agreement (CHC Helicopter Corp)

Failure of Lender to Fund. Notwithstanding the provisions of Section 6(a) of the Provisions, if any Lender fails to make available to the Agent its Applicable Percentage of any Advance (such Lender being herein called the “Defaulting Lender”), the Administrative Agent shall forthwith give notice of such failure by the Defaulting Lender to the Borrower Borrowers and the other Lenders. The Agent shall then forthwith give notice to the other Lenders that any Lender may make available to the Agent all or any portion of the Defaulting Lender’s Applicable Percentage of such Advance (but in no way shall any other Lender or the Agent be obliged to do so) in the place of the Defaulting Lender. If more than one Lender gives notice that it is prepared to make funds available in the place of a Defaulting Lender in such circumstances and the aggregate of the funds which such Lenders (herein collectively called the “Contributing Lenders” and individually called the “Contributing Lender”) are prepared to make available exceeds the amount of the Advance which the Defaulting Lender failed to make, then each Contributing Lender shall be deemed to have given notice that it is prepared to make available its Applicable Percentage of such Advance based on the Contributing Lenders’ relative commitments to advance in such circumstances. If any Contributing Lender makes funds available in the place of a Defaulting Lender in such circumstances, then the Defaulting Lender shall pay to any Contributing Lender making the funds available in its place, forthwith on demand, any amount advanced on its behalf together with interest thereon at the rate applicable to such Advance from the date of advance to the date of payment, against payment by the Contributing Lender making the funds available of all interest received in respect of the Advance from the a Borrower. The failure of any Lender to make available to the Agent its Applicable Percentage of any Advance as required herein shall not relieve any other Lender of its obligations to make available to the Agent its Applicable Percentage of any Advance as required herein.

Appears in 1 contract

Samples: Credit Agreement (Convergys Corp)

Failure of Lender to Fund. Notwithstanding 4.24.1 Unless the provisions Agent has received notice from a Lender before the proposed date of Section 6(a) of the Provisions, if any Advance that such Lender fails to will not make available to the Agent its Applicable Percentage such Lender’s share of any Advance (such Advance, the Agent may assume that such Lender being herein called has made such share available on such date in accordance with the “Defaulting Lender”)provisions of this Agreement concerning funding by Lenders and may, the Administrative Agent shall forthwith give notice of in reliance upon such failure by the Defaulting Lender to the Borrower and the other Lenders. The Agent shall then forthwith give notice to the other Lenders that any Lender may assumption, make available to the Agent all or any portion Borrower a corresponding amount. (The Borrower and Lenders acknowledge that, as of the Defaulting Lenderdate of this Agreement, it is not the Agent’s Applicable Percentage of such Advance (but in no way shall any other Lender or the Agent be obliged usual practice to proceed as it is entitled to do soin accordance with the preceding sentence.) In that event, if a Lender has not in the place fact made its share of the Defaulting Lender. If more than one Lender gives notice that it is prepared applicable Advance available to make funds available in the place of a Defaulting Lender in such circumstances and the aggregate of the funds which such Lenders (herein collectively called the “Contributing Lenders” and individually called the “Contributing Lender”) are prepared to make available exceeds the amount of the Advance which the Defaulting Lender failed to make, then each Contributing Lender shall be deemed to have given notice that it is prepared to make available its Applicable Percentage of such Advance based on the Contributing Lenders’ relative commitments to advance in such circumstances. If any Contributing Lender makes funds available in the place of a Defaulting Lender in such circumstancesAgent, then the Defaulting applicable Lender shall pay to any Contributing Lender making the funds available in its place, Agent forthwith on demanddemand such corresponding amount with interest thereon, any for each day from and including the date such amount advanced is made available to the Borrower to but excluding the date of payment to the Agent, at a rate determined by the Agent in accordance with prevailing banking industry practice on its behalf together interbank compensation. If such Lender pays such amount to the Agent, then such amount shall constitute such Lender’s Advance. For clarity, the Borrower shall not be responsible for payment or reimbursement of interest owing by the applicable Lender to the Agent, but shall be responsible for payment to the Lender of interest on the Advance from and including the date the amount was made available to the Borrower by the Agent. So If the Lender does not do so forthwith, the Borrower shall pay to the Agent forthwith on demand such corresponding amount with interest thereon at the interest rate applicable to such the Advance from the date of advance to the date of payment, against in question. Any payment by the Contributing Borrower shall be without prejudice to any claim the Borrower may have against a Lender making the funds available of all interest received in respect of the Advance from the Borrower. The failure of any Lender that has failed to make available such payment to the Agent its Applicable Percentage of any Advance as required herein shall not relieve any other Lender of its obligations to make available to the Agent its Applicable Percentage of any Advance as required hereinAgent.

Appears in 1 contract

Samples: Assignment and Assumption (Rogers Communications Inc)

Failure of Lender to Fund. Notwithstanding Unless the provisions of Section 6(a) of the Provisions, if Administrative Agent shall have been notified by any Lender fails prior to the applicable date of a Borrowing of a Loan that such Xxxxxx does not intend to make available to the Administrative Agent such Xxxxxx’s Proportionate Share of the Loan (as the case may be) requested on such date, the Administrative Agent may assume that such Xxxxxx has made such amount available to the Administrative Agent on such date in accordance with the Section 2.1.5(b), and the Administrative Agent may, in its Applicable Percentage of sole discretion and in reliance upon such assumption (but without any Advance (obligation), make available to the Borrower a corresponding amount on such Lender being herein called date. If such corresponding amount is not in fact made available to the “Defaulting Administrative Agent by such Lender”), the Administrative Agent shall forthwith give notice be entitled to recover such corresponding amount on demand (and, in any event, within two (2) Business Days from the applicable date of such failure by Borrowing) from such Lender together with interest thereon, for each day from the Defaulting applicable date of such Borrowing until the date such amount is paid to the Administrative Agent, at the Federal Funds Rate for the first two (2) Business Days after such date. If such Lender pays such amount to the Administrative Agent, then such amount (excluding any interest paid to the Administrative Agent thereon) shall constitute such Lender’s Proportionate Share of such Loan. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor or within two (2) Business Days from the applicable date of such Borrowing of a Loan, the Administrative Agent may notify the Borrower and the other Lenders. The Agent Borrower shall then forthwith give notice immediately pay such corresponding amount to the other Lenders that any Lender may make available Administrative Agent together with interest thereon, for each day from the applicable date of such Borrowing until the date such amount is paid to the Agent all or any portion of Administrative Agent, at the Defaulting Lender’s Applicable Percentage of such Advance (but rate then payable under this Agreement for Base Rate Loans. Nothing in no way shall any other Lender or the Agent be obliged to do sothis Section 2.1.5(c) in the place of the Defaulting Lender. If more than one Lender gives notice that it is prepared to make funds available in the place of a Defaulting Lender in such circumstances and the aggregate of the funds which such Lenders (herein collectively called the “Contributing Lenders” and individually called the “Contributing Lender”) are prepared to make available exceeds the amount of the Advance which the Defaulting Lender failed to make, then each Contributing Lender shall be deemed to relieve any Lender from its obligation to fulfill its obligations hereunder or to prejudice any rights that the Borrower may have given notice that it is prepared to make available its Applicable Percentage of such Advance based on the Contributing Lenders’ relative commitments to advance in such circumstances. If against any Contributing Lender makes funds available in the place of as a Defaulting Lender in such circumstances, then the Defaulting Lender shall pay to any Contributing Lender making the funds available in its place, forthwith on demand, any amount advanced on its behalf together with interest thereon at the rate applicable to such Advance from the date of advance to the date of payment, against payment by the Contributing Lender making the funds available of all interest received in respect of the Advance from the Borrower. The failure result of any default by such Lender to make available to the Agent its Applicable Percentage of any Advance as required herein shall not relieve any other Lender of its obligations to make available to the Agent its Applicable Percentage of any Advance as required hereinhereunder.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (OPAL Fuels Inc.)

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