Common use of Funding of the Loans Clause in Contracts

Funding of the Loans. If the Borrower desires for -------------------- Eurodollar Loans to be extended on the Closing Date, at least three (3) Eurodollar Business Days prior to the Closing Date, the Borrower shall deliver to the Administrative Agent a funding indemnity letter (the "Funding Indemnity Letter"), in form and substance satisfactory to the Agents, whereby the Borrower shall (i) request that the Term Loan Amount be extended to the Borrower in the form of Eurodollar Loans on the Closing Date and (ii) agree to indemnify the Lenders against any loss or expense incurred by the Lenders resulting from the failure of the Borrower to borrow the Eurodollar Loans on the Closing Date, whether as a result of the Credit Agreement not closing on the Closing Date or otherwise. If the Administrative Agent receives the Funding Indemnity Letter in accordance with the terms set forth above, the Term Loan Amount shall be extended to the Borrower as Eurodollar Loans on the Closing Date (subject to the satisfaction of the requirements set forth in Section 3.01). If the Administrative Agent does not receive the Funding Indemnity Letter in accordance with the terms set forth above, the Term Loan Amount shall be extended to the Borrower as Alternate Base Rate Loans on the Closing Date (subject to the satisfaction of the requirements set forth in Section 3.01). On the Closing Date, each applicable Lender will make its Commitment Percentage of the Term Loan Amount available to the Administrative Agent by deposit, in Dollars and in immediately available funds, at the Administrative Agent's Lending Office or at such other address as the Administrative Agent may designate in writing. The amount of the Loans will then be made available to the Borrower by the Administrative Agent as directed by the Borrower or, if no such direction is provided, by crediting the account of the Borrower on the books of such office of the Administrative Agent, to the extent the amount of such Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make a Loan hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. If the Administrative Agent shall have received an executed signature page to this Credit Agreement (whether an original or via telecopy) from a Lender, the Administrative Agent and the Borrower may assume that such Lender has or will make the amount of its Loans available to the Administrative Agent on the Closing Date, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the Borrower, and the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (i) from the Borrower at the rate otherwise payable by the Borrower in respect of the Loans made available by the other Lenders and (ii) from a Lender at the Federal Funds Rate if paid within two (2) Domestic Business Days of the date of drawing and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Mohawk Industries Inc)

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Funding of the Loans. If the Borrower desires for -------------------- Eurodollar IfSubject to Section 2.14 with respect to any Secondary Facility Loans to be extended made under Section 2.01(a)(iii) on the Closing any Secondary Facility Funding Date, at least three (3) Eurodollar Business Days prior to the Closing Date, if the Borrower shall deliver to has satisfied the Administrative Agent a funding indemnity letter (the "Funding Indemnity Letter"), in form and substance satisfactory to the Agents, whereby the Borrower shall (i) request that the Term Loan Amount be extended to the Borrower in the form of Eurodollar Loans on the Closing Date and (ii) agree to indemnify the Lenders against any loss or expense incurred by the Lenders resulting from the failure of the Borrower to borrow the Eurodollar Loans on the Closing Date, whether as a result of the Credit Agreement not closing on the Closing Date or otherwise. If the Administrative Agent receives the Funding Indemnity Letter in accordance with the terms set forth above, the Term Loan Amount shall be extended to the Borrower as Eurodollar Loans on the Closing Date (subject to the satisfaction of the requirements conditions set forth in Section 3.01). If the Administrative Agent does 4.024.02, 4.03 or 4.03,4.05, as applicable, and Section 4.04, not receive the Funding Indemnity Letter in accordance with the terms set forth abovelater than 12:00 Noon, the Term Loan Amount shall be extended to the Borrower as Alternate Base Rate Loans New York City time, on the Closing Date (subject to the satisfaction of the requirements set forth in Section 3.01). On the Closing applicable Funding Date, each applicable Lender will shall make its Commitment Percentage of the Term Loan Amount available to the Administrative Agent by deposit, at the Funding Office an amount in Dollars and in immediately available fundsfunds equal to the Loans to be made by such Lender; provided, at that, subject to Section 2.14 and the Administrative Agent's Lending Office or at other provisions hereof, with respect to any Secondary Facility Loans to be made under Section 2.01(a)(iii) on any Secondary Facility Funding Date, the portion of such other address as Loans to be made by each Lender on such Secondary Facility Funding Date shall equal, with respect to each such Lender, the Administrative Agent may designate in writing. The product of (x) such Lender’s Secondary Facility Commitment Percentage, times (y) the aggregate principal amount of the Secondary Facility Loans will then to be made by the Lenders under Section 2.01(a)(iii) on such Secondary Facility Funding Date. Administrative Agent shall deposit the aggregate of the amounts made available to the Borrower Administrative Agent by the Administrative Agent Lenders, in like funds as directed received by the Borrower or, if no such direction is provided, by crediting the account of the Borrower on the books of such office of the Administrative Agent, to into the extent Borrower Funding Account in accordance with the amount of such Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure Borrowing Request or delay by any other Lender in its obligation to make a Loan hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. If the Administrative Agent shall have received an executed signature page to this Credit Agreement (whether an original or via telecopy) from a Lender, as otherwise agreed between the Administrative Agent and the Borrower may assume pursuant to any funds flow memorandum delivered in connection therewith; provided, that, with respect to any Secondary Facility Loans made under Section 2.01(a)(iii) on any Secondary Facility Funding Date, (A) in the event that such Lender has or will make the amount of its Secondary Facility Loans available to the are Reserve Replenishment Secondary Facility Loans, Administrative Agent on shall, pursuant to Section 5.27(b), deposit the Closing Date, and aggregate of the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the Borrower a corresponding amount. If such corresponding amount is not in fact amounts made available to Administrative Agent by the Lenders, in like funds as received by Administrative Agent, into the applicable Applicable Reserve (or Applicable Reserves) specified by the Borrower in the applicable Reserve Replenishment Borrowing Request, and (B) in the event that such Secondary Facility Loans are not Reserve Replenishment Secondary Facility Loans, Administrative Agent shall deposit the aggregate of the amounts made available to Administrative Agent by the Lenders, in like funds as received by Administrative Agent, into the Business Unit Account specified by the Borrower in the applicable Borrowing Request. With respect to the Initial Loans, the Administrative Agent shall be able distribute the funds in accordance with the Funds Flow Memorandum. With respect to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand thereforLoans funded on the Second Funding Date, the Administrative Agent will promptly notify shall distribute the Borrower, and funds in accordance with the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (i) from the Borrower at the rate otherwise payable by the Borrower in respect of the Loans made available by the other Lenders and (ii) from a Lender at the Federal Second Funding Date Funds Rate if paid within two (2) Domestic Business Days of the date of drawing and thereafter at a rate equal to the Alternate Base RateFlow Memo.

Appears in 1 contract

Samples: Credit Agreement (Fuelcell Energy Inc)

Funding of the Loans. If (a) Each Lender shall make the Borrower desires for -------------------- Eurodollar Loans Loan to be extended made by it hereunder on the Closing DateDate by wire transfer of immediately available funds by 9:00 a.m., at least three (3) Eurodollar Business Days prior New York City time, to the Closing Dateaccount of the Administrative Agent designated by it for such purpose by notice to the Lenders. Upon satisfaction of the applicable conditions set forth in Section 4.02, the Administrative Agent will make all funds so received available to the Borrower shall deliver in like funds as received by the Administrative Agent either by (i) crediting the amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent in New York City or (ii) wire transfer of such funds, in each case in accordance with instructions provided to the Administrative Agent a funding indemnity letter (the "Funding Indemnity Letter"), in form and substance satisfactory to the Agents, whereby the Borrower shall (i) request that the Term Loan Amount be extended to the Borrower in the form of Eurodollar Loans on the Closing Date and Borrowing Request. (iib) agree to indemnify the Lenders against any loss or expense incurred by the Lenders resulting from the failure of the Borrower to borrow the Eurodollar Loans on the Closing Date, whether as a result of the Credit Agreement not closing on the Closing Date or otherwise. If the Administrative Agent receives the Funding Indemnity Letter in accordance with the terms set forth above, the Term Loan Amount shall be extended to the Borrower as Eurodollar Loans on the Closing Date (subject to the satisfaction of the requirements set forth in Section 3.01). If the Administrative Agent does not receive the Funding Indemnity Letter in accordance with the terms set forth above, the Term Loan Amount shall be extended to the Borrower as Alternate Base Rate Loans on the Closing Date (subject to the satisfaction of the requirements set forth in Section 3.01). On the Closing Date, each applicable Lender will make its Commitment Percentage of the Term Loan Amount available to the Administrative Agent by deposit, in Dollars and in immediately available funds, at the Administrative Agent's Lending Office or at such other address as the Administrative Agent may designate in writing. The amount of the Loans will then be made available to the Borrower by the Administrative Agent as directed by the Borrower or, if no such direction is provided, by crediting the account of the Borrower on the books of such office of the Administrative Agent, to the extent the amount of such Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make a Loan hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. If Unless the Administrative Agent shall have received an executed signature page to this Credit Agreement (whether an original or via telecopy) notice from a Lender prior to the Closing Date that such Lender will not make available to the Administrative Agent such Lender’s share of the Loans, or by 9:00 a.m., New York City time, on the Closing Date, in the case of ABR Loans, the Administrative Agent and the Borrower may assume that such Lender has or will make the amount made such share available on such date in accordance with paragraph (a) of its Loans available to the Administrative Agent on the Closing Datethis Section and may, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the Borrower a corresponding amount. If and to the extent that such corresponding amount is Lender did not in fact made make available such Lender’s share of the Loans, then such Lender shall forthwith on demand pay to the Administrative AgentAgent the amount thereof in immediately available funds, together with interest thereon for the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the Borrower, and the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the Lender or the Borrower, as the case may be, interest on such corresponding amount in respect of each day period from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent (the “Compensation Period”) at a rate per annum rate equal to (i) from the Borrower at the rate otherwise payable by the Borrower in respect of the Loans made available by the other Lenders and (ii) from a Lender at the Federal Funds Effective Rate if paid within two (2) Domestic Business Days of from time to time in effect plus the date of drawing Administrative Agent’s standard processing fee for interbank compensation. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan. If such Lender does not pay such amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent may make a demand therefor upon the Borrower, and thereafter the Borrower shall pay such amount to the Administrative Agent, together with the interest thereon for the Compensation Period at a rate per annum equal to the Alternate Base Raterate of interest applicable to the Loans. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights which the Administrative Agent or the Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Term Loan Credit Agreement (TYCO INTERNATIONAL PLC)

Funding of the Loans. If (a) Each Lender shall make the Borrower desires for -------------------- Eurodollar Loans Loan to be extended made by it hereunder on the Closing DateEffective Date by wire transfer of immediately available funds by 12:00 noon, at least three (3) Eurodollar Business Days prior Dallas, Texas time, to the Closing Date, the Borrower shall deliver to account of the Administrative Agent a funding indemnity letter (the "Funding Indemnity Letter"), in form and substance satisfactory designated by it for such purpose by notice to the Agents, whereby the Borrower shall (i) request that the Term Loan Amount be extended to the Borrower in the form of Eurodollar Loans on the Closing Date and (ii) agree to indemnify the Lenders against any loss or expense incurred by the Lenders resulting from the failure of the Borrower to borrow the Eurodollar Loans on the Closing Date, whether as a result of the Credit Agreement not closing on the Closing Date or otherwiseLenders. If the The Administrative Agent receives the Funding Indemnity Letter in accordance with the terms set forth above, the Term Loan Amount shall be extended to the Borrower as Eurodollar Loans on the Closing Date (subject to the satisfaction of the requirements set forth in Section 3.01). If the Administrative Agent does not receive the Funding Indemnity Letter in accordance with the terms set forth above, the Term Loan Amount shall be extended to the Borrower as Alternate Base Rate Loans on the Closing Date (subject to the satisfaction of the requirements set forth in Section 3.01). On the Closing Date, each applicable Lender will make its Commitment Percentage of the Term Loan Amount available to the Administrative Agent by deposit, in Dollars and in immediately available funds, at the Administrative Agent's Lending Office or at such other address as the Administrative Agent may designate in writing. The amount of the Loans will then be made available to the Borrower by the Administrative Agent as directed by the Borrower or, if no such direction is provided, by promptly crediting the amounts so received, in like funds, to an account of the Borrower on the books of such office of maintained with the Administrative Agent, to Agent and designated by the extent Borrower in the amount of such Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make a Loan hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. If Borrowing Request. (b) Unless the Administrative Agent shall have received an executed signature page to this Credit Agreement (whether an original or via telecopy) notice from a Lender prior to the Effective Date that such Lender will not make available to the Administrative Agent such Lender’s Loan, the Administrative Agent and the Borrower may assume that such Lender has or will make the amount made its Loan such share available in accordance with paragraph (a) of its Loans available to the Administrative Agent on the Closing Datethis Section and may, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the Borrower a corresponding amount. If In such corresponding amount is event, if a Lender has not in fact made its Loan available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent shall be able to recover 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 Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to the Loan. If such Lender does not pay pays such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the Borrower, and the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent , then such amount shall also be entitled to recover from the Lender or the Borrower, as the case may be, interest on constitute such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (i) from the Borrower at the rate otherwise payable by the Borrower in respect of the Loans made available by the other Lenders and (ii) from a Lender at the Federal Funds Rate if paid within two (2) Domestic Business Days of the date of drawing and thereafter at a rate equal to the Alternate Base RateLender’s Loan.

Appears in 1 contract

Samples: Term Loan Credit Agreement (Xto Energy Inc)

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Funding of the Loans. If (a) Each Lender shall make available the Borrower desires for -------------------- Eurodollar Loans Loan to be extended made by it hereunder on the Closing DateEffective Date by wire transfer of immediately available funds in dollars by 2:00 p.m., at least three (3) Eurodollar Business Days prior New York City time, to the Closing Date, the Borrower shall deliver to account of the Administrative Agent a funding indemnity letter (the "Funding Indemnity Letter"), in form and substance satisfactory designated by it for such purpose by notice to the Agents, whereby the Borrower shall (i) request that the Term Loan Amount be extended to the Borrower in the form of Eurodollar Loans on the Closing Date and (ii) agree to indemnify the Lenders against any loss or expense incurred by the Lenders resulting from the failure of the Borrower to borrow the Eurodollar Loans on the Closing Date, whether as a result of the Credit Agreement not closing on the Closing Date or otherwiseLenders. If the The Administrative Agent receives the Funding Indemnity Letter in accordance with the terms set forth above, the Term Loan Amount shall be extended to the Borrower as Eurodollar Loans on the Closing Date (subject to the satisfaction of the requirements set forth in Section 3.01). If the Administrative Agent does not receive the Funding Indemnity Letter in accordance with the terms set forth above, the Term Loan Amount shall be extended to the Borrower as Alternate Base Rate Loans on the Closing Date (subject to the satisfaction of the requirements set forth in Section 3.01). On the Closing Date, each applicable Lender will make its Commitment Percentage of the Term Loan Amount available to the Administrative Agent by deposit, in Dollars and in immediately available funds, at the Administrative Agent's Lending Office or at such other address as the Administrative Agent may designate in writing. The amount of the Loans will then be made available to the Borrower by the Administrative Agent as directed by the Borrower or, if no such direction is provided, by promptly crediting the amounts so received, in like funds, to an account of the Borrower on the books of such office of maintained with the Administrative Agent, to Agent in New York City and designated by the extent Borrower in the amount of such Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make a Loan hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. If Borrowing Request. (b) Unless the Administrative Agent shall have received an executed signature page to this Credit Agreement (whether an original or via telecopy) notice from a Lender prior to the proposed time of funding of the Loans on the Effective Date that such Lender will not make available to the Administrative Agent such Lender’s Loan, the Administrative Agent and the Borrower may assume that such Lender has or will make the amount made its Loan available on such date in accordance with paragraph (a) of its Loans available to the Administrative Agent on the Closing Datethis Section and may, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the Borrower a corresponding amount. If In such corresponding amount is event, if a Lender has not in fact made its Loan available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent shall be able to recover 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 Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Tranches. If such Lender does not pay pays such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the Borrower, and the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent , then such amount shall also be entitled to recover from the Lender or the Borrower, as the case may be, interest on constitute such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (i) from the Borrower at the rate otherwise payable by the Borrower in respect of the Loans made available by the other Lenders and (ii) from a Lender at the Federal Funds Rate if paid within two (2) Domestic Business Days of the date of drawing and thereafter at a rate equal to the Alternate Base RateLender’s Loan.

Appears in 1 contract

Samples: Term Loan Credit Agreement (NuStar Energy L.P.)

Funding of the Loans. If (a) Each Lender shall make the Borrower desires for -------------------- Eurodollar Loans Loan to be extended made by it hereunder on the Closing DateGlobal Effective Date by wire transfer of immediately available funds by 2:00 p.m., at least three (3) Eurodollar Business Days prior Toronto time, to the Closing Date, account of the Borrower shall deliver Global Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Global Administrative Agent a funding indemnity letter (the "Funding Indemnity Letter"), in form and substance satisfactory to the Agents, whereby the Borrower shall (i) request that the Term Loan Amount be extended to the Borrower in the form of Eurodollar Loans on the Closing Date and (ii) agree to indemnify the Lenders against any loss or expense incurred by the Lenders resulting from the failure of the Borrower to borrow the Eurodollar Loans on the Closing Date, whether as a result of the Credit Agreement not closing on the Closing Date or otherwise. If the Administrative Agent receives the Funding Indemnity Letter in accordance with the terms set forth above, the Term Loan Amount shall be extended to the Borrower as Eurodollar Loans on the Closing Date (subject to the satisfaction of the requirements set forth in Section 3.01). If the Administrative Agent does not receive the Funding Indemnity Letter in accordance with the terms set forth above, the Term Loan Amount shall be extended to the Borrower as Alternate Base Rate Loans on the Closing Date (subject to the satisfaction of the requirements set forth in Section 3.01). On the Closing Date, each applicable Lender will make its Commitment Percentage the proceeds of the Term Loan Amount available to the Administrative Agent by deposit, in Dollars and in immediately available funds, at the Administrative Agent's Lending Office or at such other address as the Administrative Agent may designate in writing. The amount of the Loans will then be made available to the Borrower by the Administrative Agent as directed by the Borrower or, if no such direction is provided, by promptly crediting the amounts so received, in like funds, to an account of the Borrower on maintained with the books of such office of Global Administrative Agent in New York City. (b) Unless the Administrative Agent, to the extent the amount of such Loans are made available to the Administrative Agent. No Lender shall be responsible for the failure or delay by any other Lender in its obligation to make a Loan hereunder; provided, however, that the failure of any Lender to fulfill its obligations hereunder shall not relieve any other Lender of its obligations hereunder. If the Global Administrative Agent shall have received an executed signature page to this Credit Agreement (whether an original or via telecopy) notice from a Lender prior to the Global Effective Date that such Lender will not make available to the Global Administrative Agent such Lender's share of the Loan, the Global Administrative Agent and the Borrower may assume that such Lender has or will make the amount made such share available on such date in accordance with paragraph (a) of its Loans available to the Administrative Agent on the Closing Datethis Section and may, and the Administrative Agent in reliance upon such assumption, may (in its sole discretion but without any obligation to do so) make available to the Borrower a corresponding amount. If In such corresponding amount is event, if a Lender has not in fact made its share of the Loan available to the Global Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Global Administrative Agent shall be able to recover 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 Global Administrative Agent, at (i) in the case of such Lender, the greater of (A) the Federal Funds Effective Rate or (B) a rate determined by the Global Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to Loans made in such Borrowing. If such Lender does not pay pays such corresponding amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent will promptly notify the Borrower, and the Borrower shall immediately pay such corresponding amount to the Global Administrative Agent. The Administrative Agent , then such amount shall also be entitled to recover from the Lender or the Borrower, as the case may be, interest on constitute such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (i) from the Borrower at the rate otherwise payable by the Borrower in respect of the Loans made available by the other Lenders and (ii) from a Lender at the Federal Funds Rate if paid within two (2) Domestic Business Days of the date of drawing and thereafter at a rate equal to the Alternate Base RateLender's Loan.

Appears in 1 contract

Samples: Credit Agreement (Brown Tom Inc /De)

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