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

Non-Receipt of Funds by the Agent. Unless the Agent shall have been notified by a Lender or a Borrower (either one as appropriate being the "Payor") prior to the date on which such Lender is to make payment hereunder to the Agent of the proceeds of a Loan or a Borrower is to make payment to the Agent, as the case may be (either such payment being a "Required Payment"), which notice shall be effective upon receipt, that the Payor does not intend to make the Required Payment to the Agent, the Agent may assume that the Required Payment has been made and may, in reliance upon such assumption (but shall not be required to), make the amount thereof available to the intended recipient on such date and, if the Payor has not in fact made the Required Payment to the Agent, the recipient of such payment (and, if such recipient is a Borrower and the Payor Lender fails to pay the amount thereof to the Agent forthwith upon demand), the Borrowers shall, on demand, repay to the Agent the amount made available to it together with interest thereon for the period from the date such amount was so made available by the Agent until the date the Agent recovers such amount at a rate per annum equal to the average daily Federal Funds Rate for such period.

Non-Receipt of Funds by the Agent. Unless the Agent shall have been notified by a Lender received notice from the Lessor or a Borrower (either one the Company, as appropriate being Acquisition/Construction Agent for the "Payor") Lessor, prior to the date on which such Lender any payment is to make payment hereunder due to the Agent of Lenders hereunder that the proceeds of a Loan or a Borrower is to Company will not make payment to the Agent, as the case may be (either such payment being a "Required Payment"), which notice shall be effective upon receipt, that the Payor does not intend to make the Required Payment to the Agentin full, the Agent may assume that the Required Payment Lessor or the Company, as Acquisition/Construction Agent for the Lessor, has been made such payment in full to the Agent on such date and the Agent may, in reliance upon such assumption (assumption, but shall not be required obligated to), make cause to be distributed to each Lender on such due date an amount equal to the amount thereof available then due such Lender. If and to the intended recipient on extent the Lessor or the Company, as Acquisition/Construction Agent for the Lessor, shall not have so made such date and, if the Payor has not payment in fact made the Required Payment full to the Agent, the recipient of such payment (and, if such recipient is a Borrower and the Payor each Lender fails to pay the amount thereof shall repay to the Agent forthwith upon demand), the Borrowers shall, on demand, repay demand such amount distributed to the Agent the amount made available to it such Lender together with interest thereon thereon, for the period each day from the date such amount was so made available by the Agent is distributed to such Lender until the date the Agent recovers such Lender repays such amount to the Agent, at a rate per annum equal to (i) until the average daily Business Day after the Business Day on which such demand is made, the Federal Funds Rate for such periodday and (ii) thereafter 50 basis points above the Federal Funds Rate for such day.

Non-Receipt of Funds by the Agent. Unless the Agent --------------------------------- shall have been notified by a Lender received notice from the Lessor or a Borrower (either one the Company, as appropriate being Acquisition/Construction Agent for the "Payor") Lessor, prior to the date on which such Lender any payment is to make payment hereunder due to the Agent of Lenders hereunder that the proceeds of a Loan or a Borrower is to Company will not make payment to the Agent, as the case may be (either such payment being a "Required Payment"), which notice shall be effective upon receipt, that the Payor does not intend to make the Required Payment to the Agentin full, the Agent may assume that the Required Payment Lessor or the Company, as Acquisition/Construction Agent for the Lessor, has been made such payment in full to the Agent on such date and the Agent may, in reliance upon such assumption (assumption, but shall not be required obligated to), make cause to be distributed to each Lender on such due date an amount equal to the amount thereof available then due such Lender. If and to the intended recipient on extent the Lessor or the Company, as Acquisition/Construction Agent for the Lessor, shall not have so made such date and, if the Payor has not payment in fact made the Required Payment full to the Agent, the recipient of such payment (and, if such recipient is a Borrower and the Payor each Lender fails to pay the amount thereof shall repay to the Agent forthwith upon demand), the Borrowers shall, on demand, repay demand such amount distributed to the Agent the amount made available to it such Lender together with interest thereon thereon, for the period each day from the date such amount was so made available by the Agent is distributed to such Lender until the date the Agent recovers such Lender repays such amount to the Agent, at a rate per annum equal to (i) until the average daily Business Day after the Business Day on which such demand is made, the Federal Funds Rate for such periodday and (ii) thereafter 50 basis points above the Federal Funds Rate for such day.

Non-Receipt of Funds by the Agent. Unless the Agent shall have been notified by a Lender Bank or a Borrower the Borrowers (either one as appropriate being the "Payor") prior to the date on which such Lender Bank is to make payment hereunder to the Agent of the proceeds of a Loan to be made by it hereunder or a Borrower is the Borrowers are to make a payment to the AgentAgent for the account of one or more of the Banks, as the case may be (either such payment being a herein called the "Required Payment"), which notice shall be effective upon receipt, that the Payor does not intend to make the Required Payment to the Agent, the Agent may assume that the Required Payment has been made and may, in reliance upon such assumption (but shall not be required to), make the amount thereof available to the intended recipient on such date and, if the Payor has not in fact made the Required Payment to the Agent, the recipient of such payment (and, if such recipient is a Borrower and the Payor Lender fails to pay the amount thereof to the Agent forthwith upon demand), the Borrowers shall, on demand, repay to the Agent the amount made available to it together with interest thereon for in respect of each day during the period from commencing on the date such amount was so made available by the Agent until the date the Agent recovers such amount at a rate per annum equal to the average daily Federal Funds Rate for such periodday (when the recipient is a Bank) or equal to the Federal Funds Rate for the first three Business Days after receipt and thereafter the rate of interest applicable to such Loan (when the recipient is a Borrower).