Common use of Non-Receipt of Funds Clause in Contracts

Non-Receipt of Funds. Unless the Agent shall have received notice from a Bank prior to the date of any Borrowing that such Bank shall not make available to the Agent such Bank's Pro Rata Share of such Borrowing, the Agent may assume that such Bank has made such portion available to the Agent on the date of such Borrowing in accordance with Section 2.02(b) and the Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent such Bank shall not have so made such Pro Rata Share available to the Agent, and the Agent in such circumstances shall have made available to the Borrower such amount, such Bank agrees to repay to the Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Agent, at the Federal Funds Rate. If such Bank shall repay to the Agent such corresponding amount, such amount so repaid shall constitute such Bank's Loan as part of such Borrowing for purposes of this Agreement. If such amount is not made available by such Bank to the Agent on the Business Day following the Borrowing date, the Agent shall notify the Borrower of such failure to fund and, upon demand by the Agent, the Borrower shall pay such amount to the Agent for the Agent's Account, together with interest thereon for each day elapsed since the date of such Borrowing, at a rate per annum equal to the interest rate applicable at the time to the Loans comprising such Borrowing.

Appears in 2 contracts

Samples: 364 Day Credit Agreement (Cadence Design Systems Inc), Credit Agreement (Cadence Design Systems Inc)

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Non-Receipt of Funds. Unless the Administrative Agent shall have received notice from been notified by a Bank Lender or the Borrower (the "PAYOR") prior to the date of any Borrowing that on which such Bank shall not Lender is to make available payment to the Administrative Agent of the proceeds of an Advance to be made by it hereunder or the Borrower is to make a payment to the Administrative Agent for the account of one or more of the Lenders, as the case may be (such Bank's Pro Rata Share of such Borrowingpayment being 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 Administrative Agent, the Administrative Agent may assume that such Bank the Required Payment has been made such portion available to the Agent on the date of such Borrowing in accordance with Section 2.02(b) and the Agent may, in reliance upon such assumptionassumption (but shall not be required to), make the amount thereof available to the Borrower intended recipient on such date a corresponding amount. If and and, if the Payor has not in fact made the Required Payment to the extent Administrative Agent, the recipient of such Bank shall not have so made such Pro Rata Share available payment shall, on demand, pay to the Agent, and Administrative Agent the Agent in such circumstances shall have amount made available to the Borrower such amount, such Bank agrees to repay to the Agent forthwith on demand such corresponding amount it together with interest thereon, for each day from thereon in respect of the period commencing on the date such amount is was so made available to by the Borrower Administrative Agent until the date the Administrative Agent recovers such amount is repaid to the Agent, at the Federal Funds Rate. If such Bank shall repay to the Agent such corresponding amount, such amount so repaid shall constitute such Bank's Loan as part of such Borrowing for purposes of this Agreement. If such amount is not made available by such Bank to the Agent on the Business Day following the Borrowing date, the Agent shall notify the Borrower of such failure to fund and, upon demand by the Agent, the Borrower shall pay such amount to the Agent for the Agent's Account, together with interest thereon for each day elapsed since the date of such Borrowing, at a rate per annum equal to (a) the interest rate applicable at Federal Funds Effective Rate for such period if the time to recipient is a Lender or (b) the Loans comprising Applicable Rate for such Borrowingperiod if the recipient is the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Pride Petroleum Services Inc)

Non-Receipt of Funds. Unless the Agent shall have received notice from a Bank Lender prior to the date of any Borrowing of Revolving Loans or Term Loans that such Bank Lender shall not make available to the Agent such BankLender's Pro Rata Share of such Borrowing, the Agent may assume that such Bank Lender has made such portion available to the Agent on the date of such Borrowing in accordance with Section 2.02(b) and the Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent such Bank Lender shall not have so made such Pro Rata Share available to the Agent, and the Agent in such circumstances shall have made available to the Borrower such amount, such Bank Lender agrees to repay to the Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Agent, at the Federal Funds Rate. If such Bank Lender shall repay to the Agent such corresponding amount, such amount so repaid shall constitute such BankLender's Loan as part of such Borrowing for purposes of this Agreement. If such amount is not made available by such Bank Lender to the Agent on the Business Day following the Borrowing date, the Agent shall notify the Borrower of such failure to fund and, upon demand by the Agent, the Borrower shall pay such amount to the Agent for the Agent's Account, together with interest thereon for each day elapsed since the date of such Borrowing, at a rate per annum equal to the interest rate applicable at the time to the Loans comprising such Borrowing.

Appears in 1 contract

Samples: Credit Agreement (Chalone Wine Group LTD)

Non-Receipt of Funds. Unless the Agent shall have received notice from a Bank Lender prior to the date of any Borrowing of Revolving Loans or Term Loans that such Bank Lender shall not make available to the Agent such Bank's Lender’s Pro Rata Share of such Borrowing, the Agent may assume that such Bank Lender has made such portion available to the Agent on the date of such Borrowing in accordance with Section 2.02(b) and the Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent such Bank Lender shall not have so made such Pro Rata Share available to the Agent, and the Agent in such circumstances shall have made available to the Borrower such amount, such Bank Lender agrees to repay to the Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Agent, at the Federal Funds Rate. If such Bank Lender shall repay to the Agent such corresponding amount, such amount so repaid shall constitute such Bank's Lender’s Loan as part of such Borrowing for purposes of this Agreement. If such amount is not made available by such Bank Lender to the Agent on the Business Day following the Borrowing date, the Agent shall notify the Borrower of such failure to fund and, upon demand by the Agent, the Borrower shall pay such amount to the Agent for the Agent's ’s Account, together with interest thereon for each day elapsed since the date of such Borrowing, at a rate per annum equal to the interest rate applicable at the time to the Loans comprising such Borrowing.

Appears in 1 contract

Samples: Credit Agreement (Chalone Wine Group LTD)

Non-Receipt of Funds. Unless the Administrative Agent shall have received notice from been notified by a Bank Lender or the Borrowers (the "PAYOR") prior to the date of any Borrowing that on which such Bank shall not Lender is to make available payment to the Administrative Agent of the proceeds of an Advance to be made by it hereunder or the Borrowers are to make a payment to the Administrative Agent for the account of one or more of the Lenders, as the case may be (such Bank's Pro Rata Share of such Borrowingpayment being 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 Administrative Agent, the Administrative Agent may assume that such Bank the Required Payment has been made such portion available to the Agent on the date of such Borrowing in accordance with Section 2.02(b) and the Agent may, in reliance upon such assumptionassumption (but shall not be required to), make the amount thereof available to the Borrower intended recipient on such date a corresponding amount. If and and, if the Payor has not in fact made the Required Payment to the extent Administrative Agent, the recipient of such Bank shall not have so made such Pro Rata Share available payment shall, on demand, pay to the Agent, and Administrative Agent the Agent in such circumstances shall have amount made available to the Borrower such amount, such Bank agrees to repay to the Agent forthwith on demand such corresponding amount it together with interest thereon, for each day from thereon in respect of the period commencing on the date such amount is was so made available to by the Borrower Administrative Agent until the date the Administrative Agent recovers such amount is repaid to the Agent, at the Federal Funds Rate. If such Bank shall repay to the Agent such corresponding amount, such amount so repaid shall constitute such Bank's Loan as part of such Borrowing for purposes of this Agreement. If such amount is not made available by such Bank to the Agent on the Business Day following the Borrowing date, the Agent shall notify the Borrower of such failure to fund and, upon demand by the Agent, the Borrower shall pay such amount to the Agent for the Agent's Account, together with interest thereon for each day elapsed since the date of such Borrowing, at a rate per annum equal to (a) the interest rate applicable at Federal Funds Effective Rate for such period if the time to recipient is a Lender or (b) the Loans comprising Applicable Rate for such Borrowingperiod if the recipients are the Borrowers.

Appears in 1 contract

Samples: Credit Agreement (Pride International Inc)

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Non-Receipt of Funds. Unless the Agent shall have received notice from a Bank prior to the date of any Borrowing that such Bank shall not make available available, as required by this Agreement, to the Agent such Bank's Pro Rata Share of such Borrowing, the Agent may assume that such Bank has made such portion available as required by this Agreement to the Agent on the date of such Borrowing in accordance with Section 2.02(b) and the Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent such Bank shall not have so made such Pro Rata Share available to the Agent, and the Agent in such circumstances shall have made available to the Borrower such amount, such Bank agrees to repay to the Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Agent, at the Federal Funds Rate. If such Bank shall repay to the Agent such corresponding amount, such amount so repaid shall constitute such Bank's Loan as part of such Borrowing for purposes of this Agreement. If such amount is not made available by such Bank to the Agent on the Business Day following the Borrowing date, the Agent shall notify the Borrower of such failure to fund and, upon demand by the Agent, the Borrower shall pay such amount to the Agent for the Agent's Account, together with interest thereon for each day elapsed since the date of such Borrowing, at a rate per annum equal to the interest rate applicable at the time to the Loans comprising such Borrowing.

Appears in 1 contract

Samples: Credit Agreement (California Microwave Inc)

Non-Receipt of Funds. Unless the Agent shall have received notice from a Bank Lender prior to the proposed date of any Borrowing that such Bank shall Lender will not make available to the Agent such Bank's Lender’s Pro Rata Share of such Borrowing, the Agent may assume that such Bank Lender has made such portion available to the Agent on the such date of such Borrowing in accordance with Section 2.02(b) and the Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to In such event, if a Lender has not in fact made its share of the extent such Bank shall not have so made such Pro Rata Share applicable Borrowing available to the Agent, then the applicable Lender and the Agent in such circumstances shall have made available Borrower severally agree to the Borrower such amount, such Bank agrees to repay pay to the Agent forthwith on demand such corresponding amount together with interest thereon, for each day from and including the date such amount is made available to the Borrower until to but excluding the date such amount is repaid of payment to the Agent, at (a) in the case of a payment to be made by such Lender, the greater of the Federal Funds RateRate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Agent in connection with the foregoing, and (b) in the case of a payment to be made by the Borrower, the interest rate applicable to Loans. If such Bank shall repay to the Agent such corresponding amount, such amount so repaid shall constitute such Bank's Loan as part of such Borrowing for purposes of this Agreement. If such amount is not made available by such Bank to the Agent on the Business Day following the Borrowing date, the Agent shall notify the Borrower of and such failure to fund and, upon demand by the Agent, the Borrower Lender shall pay such amount interest to the Agent for the Agent's Accountsame or an overlapping period, together with interest thereon for each day elapsed since the date Agent shall promptly remit to the Borrower the amount of such Borrowing, at a rate per annum equal interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the interest rate applicable at Agent, then the time amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Loans comprising such BorrowingAgent.

Appears in 1 contract

Samples: Credit Agreement (Aquaventure Holdings LLC)

Non-Receipt of Funds. Unless the Administrative Agent shall have received notice from a Bank Lender prior to the date of any Borrowing that such Bank Lender shall not make available to the Administrative Agent (if applicable) a Loan in an amount equal to such Bank's Lender’s Pro Rata Share of such Borrowing, the Administrative Agent may assume that such Bank Lender has made such portion Loan available to the Administrative Agent on the date of such Borrowing in accordance with Section 2.02(b) and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower Borrowers on such date a corresponding amount. If and to the extent such Bank Lender shall not have so made such Pro Rata Share Loan available to the Administrative Agent, and the Administrative Agent in such circumstances shall have made available funds to the Borrower Borrowers such amount, such Bank Lender agrees to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower Borrowers until the date such amount is repaid to the Administrative Agent, at the Federal Funds Rate, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing. If such Bank Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Bank's Lender’s Loan as part of such Borrowing for purposes of this Agreement. If such amount is not made available by such Bank Lender to the Administrative Agent on the Business Day following the Borrowing date, the Administrative Agent shall notify the Borrower Borrowers of such failure to fund and, upon demand by the Administrative Agent, the Borrower Borrowers shall pay such amount to the Administrative Agent for the Administrative Agent's ’s Account, together with interest thereon for each day elapsed since the date of such Borrowing, at a rate per annum equal to the interest rate applicable at the time to the Loans comprising such Borrowing.

Appears in 1 contract

Samples: Credit Agreement (Shaw Group Inc)

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