Common use of Non-Receipt of Funds by Agent Clause in Contracts

Non-Receipt of Funds by Agent. Unless any Lender notifies Agent prior to the date on which it is scheduled to make any payment required under the Loan Documents to Agent of the proceeds of the Master Line that it does not intend to make such payment, Agent may assume that such payment has been made. Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If such Lender, as the case may be, has not in fact made such payment to Agent, the Borrower shall, on demand by Agent, repay to Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by Agent until the date Agent recovers such amount at a rate per annum equal to the Federal Funds Effective Rate for such day for the first three (3) days and, thereafter, the Interest Rate applicable to the Master Line.

Non-Receipt of Funds by Agent. Unless any Lender Borrower notifies Agent prior to the date on which it Xxxxxxxx is scheduled to make any payment required under the Loan Documents to Agent of a payment of principal, interest or fees for the proceeds account of the Master Line Lenders, that it does not intend to make such payment, Agent may assume that such payment has been made. Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If such Lender, as the case may be, Xxxxxxxx has not in fact made such payment to Agent, the Borrower recipient of such payment shall, on demand by Agent, repay to Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by Agent until the date Agent recovers such amount at a rate per annum equal to the Federal Funds Effective Adjustable Rate for such day for the first three (3) days and, thereafter, the Interest Rate applicable to the Master Lineday.

Non-Receipt of Funds by Agent. Unless any Lender Borrower notifies Agent prior to the date on which it Borrower is scheduled to make any payment required under the Loan Documents to Agent of a payment of principal, interest or fees for the proceeds account of the Master Line Banks, that it does not intend to make such payment, Agent may assume that such payment has been made. Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If such Lender, as the case may be, Borrower has not in fact made such payment to Agent, the Borrower recipient of such payment shall, on demand by Agent, repay to Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by Agent until the date Agent recovers such amount at a rate per annum equal to the Federal Funds Effective Prime Rate for such day for the first three (3) days and, thereafter, the Interest Rate applicable to the Master Lineday.

Non-Receipt of Funds by Agent. Unless any Lender the Borrower notifies Agent prior to the date on which it is scheduled to make any payment required under the Loan Documents to Agent of a payment of principal, interest or fees to Agent for the proceeds account of the Master Line Lenders, that it does not intend to make such payment, Agent may assume that such payment has been made. Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If such Lender, as the case may be, Borrower has not in fact made such payment to Agent, the Borrower recipient of such payment shall, on demand by Agent, repay to Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by Agent until the date Agent recovers such amount at a rate per annum equal to in the Federal Funds Effective Rate for such day for case of payment by the first three (3) days and, thereafterBorrower, the Interest Rate interest rate applicable to the Master Linerelevant Loan.