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 the Borrower prior to the date on which the Borrower is to make a payment to the Agent for the account of one or more of the Lenders (such payment being herein called the "Required Payment"), which notice shall be effective upon receipt, that the Borrower 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 Lender on such date and, if the Borrower has not in fact made the Required Payment to the Agent, the recipient of such payment shall, on demand, pay to the Agent the amount made available to it together with interest thereon in respect of the period 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 Federal Funds Rate for such period.

Non-Receipt of Funds by the Agent. Unless the Agent shall have been notified by the Borrower prior to the date on which the Borrower is scheduled to make a payment to the Agent for the account of one or more of the Lenders hereunder (such payment being herein called the "Required Payment"), which notice shall be effective upon receipt, that the Borrower 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 Lender recipient(s) on such date and, if the Borrower has not in fact made the Required required Payment to the Agent, the recipient recipient(s) of such payment shall, on demand, pay repay to the Agent the amount so made available to it together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by the Agent until 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 Rate for such periodday.

Non-Receipt of Funds by the Agent. Unless the Agent shall have been notified by a Bank or the Borrower prior to the date on which such Bank is to make payment to the Agent of the proceeds of a Loan or the Borrower is to make a payment to the Agent for the account of one or more of the Lenders (such payment being herein called the "Required Payment"), which notice shall be effective upon receiptBanks, that such Bank or the Borrower does not intend to make the Required Payment to the Agentrequired payment, the Agent may assume that the Required Payment required payment has been made and may, in reliance upon such assumption (but shall not be required to)assumption, make the amount thereof available to the intended Lender recipient on such date and, if such Bank or the Borrower Borrower, as the case may be, has not in fact made the Required Payment to the Agentrequired payment, the recipient of such payment shall, shall on demand, pay demand repay to the Agent the amount made available to it together with interest thereon in respect of each day during the period 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 Federal Funds Rate for such periodday (when the recipient is a Bank) or equal to the rate of interest applicable to such Loan (when the recipient is the Borrower).

Non-Receipt of Funds by the Agent. Unless the Agent shall have been notified by the Borrower prior to the date on which the Borrower is to make a payment to the Agent for the account of one or more of the Lenders Lenders, as the case may be (such payment being herein called the "Required Payment"), which notice shall be effective upon receipt, that the Borrower 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 Lender recipient on such date and, if the Borrower has not in fact made the Required Payment to the Agent, the recipient of such payment shall, on demand, pay to the Agent the amount made available to it by the Agent together with interest thereon in respect of the period 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 Federal Funds Past Due Rate for such period.

Non-Receipt of Funds by the Agent. Unless the Agent shall have been notified by the Borrower prior to the date on which the Borrower is to make a payment to the Agent for the account of one or more of the Lenders (such payment being herein called the a "Required Payment"), which notice shall be effective upon receipt, that the Borrower 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 Lender recipient on such date and, if the Borrower has not in fact made the Required Payment to the Agent, the recipient of such payment shall, on demand, pay repay to the Agent the amount made available to it together with interest thereon in respect of for the period commencing on 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 Bank or the Borrower Company prior to the date on which such Bank or the Borrower Company (as the case may be) is scheduled to make a any payment to the Agent for the account of one any amount required to be paid under this Agreement or more of the Lenders any Note (such payment being herein called the a "Required Payment"), which notice shall be effective upon receipt, that the Borrower it 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 that assumption (but shall not be required to), make the amount thereof of such Required Payment available to the intended Lender recipient(s) on such date and, if date. If such Bank or the Borrower Com pany (as the case may be) has not in fact made the Required Payment to the Agent, the recipient recipient(s) of such payment shall, on demand, pay repay to the Agent the amount so made available to it together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by the Agent until the date on which the Agent recovers such amount at a rate per annum equal to the Federal Funds Rate effective federal funds rate for such periodday (as determined by the Agent).