Common use of Notice to Lenders; Funding of Loans Clause in Contracts

Notice to Lenders; Funding of Loans. (a) Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly (but in any event on the same day such Notice of Borrowing is received by the Administrative Agent) notify each Lender participating therein of the contents thereof and of such Xxxxxx’s ratable share of such Borrowing. (b) On the date of each Borrowing (other than a Borrowing of Swingline Loans), each Lender participating therein shall make available its ratable share of such Borrowing not later than (w) 1:30 P.M. (New York City time) on the date of each Borrowing denominated in Dollars, (x) 1:30 P.M. (London time) on the date of each Borrowing denominated in Euros, (y) 1:30 P.M. (London time) on the date of each Borrowing denominated in Pounds Sterling and (z) 1:30 P.M. (local time) on the date of each Borrowing denominated in an Alternative Currency (other than Euro and Pounds Sterling) in funds immediately available to the Administrative Agent at its office specified in or pursuant to Section 11.01 for the relevant currency. Unless the Administrative Agent determines that any applicable condition specified in Article 3 has not been satisfied, the Administrative Agent shall make such aggregate funds available to the applicable Borrower by depositing the proceeds thereof, in like funds as received by the Administrative Agent, in the account of such Borrower with the Administrative Agent as promptly as practicable, but in no event later than (w) 2:00 P.M. (New York City time) on the date of each Borrowing denominated in Dollars, (x) 2:00 P.M. (London time) on the date of each Borrowing denominated in Euros, (y) 2:00 P.M. (London time) on the date of each Borrowing denominated in Pounds Sterling and (z) 2:00 P.M. (local time) on the date of each Borrowing denominated in an Alternative Currency (other than Euro and Pounds Sterling). On the date of each Borrowing of Swingline Loans, the applicable Swingline Lender shall make available its Borrowing not later than (x) 4:00 P.M. (New York City time) in the case of each Swingline Loan denominated in Dollars and (y) 4:00 P.M. (London time) in the case of each Swingline Loan denominated in Euro, in immediately available funds to the account of the applicable Borrower. (c) Unless the Administrative Agent shall have received notice from a Lender, prior to (w) 1:30 P.M. (New York City time) on the date of each Borrowing denominated in Dollars, (x) 1:30 P.M. (London time) on the date of each Borrowing denominated in Euros, (y) 1:30 P.M. (London time) on the date of each Borrowing denominated in Pounds Sterling and (z) 1:30 P.M. (local time) on the date of each Borrowing denominated in an Alternative Currency (other than Euro and Pounds Sterling), that such Lender will not make available to the Administrative Agent such Xxxxxx’s share of such Borrowing, the Administrative Agent may assume that such Xxxxxx has made such share available to the Administrative Agent on the date of such Borrowing in accordance with Section 2.04(b) and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such share available to the Administrative Agent, such Lender and such Borrower severally agree 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 such Borrower until the date such amount is repaid to the Administrative Agent, at the applicable Overnight Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Loan included in such Borrowing for purposes of this Agreement. Nothing contained in this Section 2.04(c) shall relieve any Lender which has failed to make available its share of any Borrowing hereunder from its obligation to do so in accordance with the terms hereof. (d) The failure of any Lender to make available to the Administrative Agent its share of any Borrowing on the date of such Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make available to the Administrative Agent its share of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make available the share of any Borrowing to be made available by such other Lender on such date of Borrowing.

Notice to Lenders; Funding of Loans. (a) Upon receipt of a Notice of Borrowing, the Administrative Agent shall promptly (but in any event on the same day such Notice of Borrowing is received by the Administrative Agent) notify each Lender participating therein of the contents thereof and of such XxxxxxLender’s ratable share of such Borrowing. (b) On the date of each Borrowing (other than a Borrowing of Swingline Loans), each Lender participating therein shall make available its ratable share of such Borrowing not later than (w) 1:30 P.M. (New York City time) on the date of each Borrowing denominated in Dollars, (x) 1:30 P.M. (London time) on the date of each Borrowing denominated in Euros, (y) 1:30 P.M. (London time) on the date of each Borrowing denominated in Pounds Sterling and (z) 1:30 P.M. (local time) on the date of each Borrowing denominated in an Alternative Currency (other than Euro and Pounds Sterling) in funds immediately available to the Administrative Agent at its office specified in or pursuant to Section 11.01 for the relevant currency. Unless the Administrative Agent determines that any applicable condition specified in Article 3 has not been satisfied, the Administrative Agent shall make such aggregate funds available to the applicable Borrower by depositing the proceeds thereof, in like funds as received by the Administrative Agent, in the account of such Borrower with the Administrative Agent as promptly as practicable, but in no event later than (w) 2:00 P.M. (New York City time) on the date of each Borrowing denominated in Dollars, (x) 2:00 P.M. (London time) on the date of each Borrowing denominated in Euros, (y) 2:00 P.M. (London time) on the date of each Borrowing denominated in Pounds Sterling and (z) 2:00 P.M. (local time) on the date of each Borrowing denominated in an Alternative Currency (other than Euro and Pounds Sterling). On the date of each Borrowing of Swingline Loans, the applicable Swingline Lender shall make available its Borrowing not later than (x) 4:00 P.M. (New York City time) in the case of each Swingline Loan denominated in Dollars and (y) 4:00 P.M. (London time) in the case of each Swingline Loan denominated in Euro, in immediately available funds to the account of the applicable Borrower. (c) Unless the Administrative Agent shall have received notice from a Lender, prior to (w) 1:30 P.M. (New York City time) on the date of each Borrowing denominated in Dollars, (x) 1:30 P.M. (London time) on the date of each Borrowing denominated in Euros, (y) 1:30 P.M. (London time) on the date of each Borrowing denominated in Pounds Sterling and (z) 1:30 P.M. (local time) on the date of each Borrowing denominated in an Alternative Currency (other than Euro and Pounds Sterling), that such Lender will not make available to the Administrative Agent such XxxxxxLender’s share of such Borrowing, the Administrative Agent may assume that such Xxxxxx Lender has made such share available to the Administrative Agent on the date of such Borrowing in accordance with Section 2.04(b) and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such share available to the Administrative Agent, such Lender and such Borrower severally agree 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 such Borrower until the date such amount is repaid to the Administrative Agent, at the applicable Overnight Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Loan included in such Borrowing for purposes of this Agreement. Nothing contained in this Section 2.04(c) shall relieve any Lender which has failed to make available its share of any Borrowing hereunder from its obligation to do so in accordance with the terms hereof. (d) The failure of any Lender to make available to the Administrative Agent its share of any Borrowing on the date of such Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make available to the Administrative Agent its share of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make available the share of any Borrowing to be made available by such other Lender on such date of Borrowing.