PAYMENTS ASSUMED Sample Clauses
The "Payments Assumed" clause defines which payment obligations are being taken on by a party under the agreement. Typically, this clause specifies that one party will assume responsibility for certain debts, fees, or ongoing payment commitments that were previously owed by another party. For example, in a business sale, the buyer might agree to assume the seller's outstanding vendor invoices or lease payments. The core function of this clause is to clearly allocate financial responsibility, ensuring all parties understand who is liable for specific payments after the agreement is executed.
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PAYMENTS ASSUMED. Unless the Administrative Agent shall have ---------------- received notice from the Borrower prior to the date on which any payment is due to the Lenders or any L/C Bank hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has made such payment in full to the Administrative Agent on such date and the Administrative Agent may, in reliance upon such assumption, but shall not be required to, cause to be distributed to each Lender or such L/C Bank on such due date an amount equal to the amount then due to such Lender or such L/C Bank. If and to the extent that the Borrower shall not have so made such payment in full to the Administrative Agent, each Lender and L/C Bank shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender or L/C Bank together with interest thereon, for each day from the date such amount is distributed to such Lender or L/C Bank until the date such Lender or L/C Bank repays such amount to the Administrative Agent, at the Federal Funds Rate with respect to the three-day period commencing from the date such amount is distributed to such Lender Party and at the interest rate applicable to Base Rate Advances at such time thereafter.
PAYMENTS ASSUMED. Unless the Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Lenders or any Issuing Bank hereunder that the Borrower will not make such payment in full, the Agent may assume that the Borrower has made such payment in full to the Agent on such date and the Agent may, in reliance upon such assumption, but shall not be required to, cause to be distributed to each Lender or such Issuing Bank on such due date an amount equal to the amount then due to such Lender or such Issuing Bank. If and to the extent that the Borrower shall not have so made such payment in full to the Agent, each Lender and Issuing Bank shall repay to the Agent forthwith on demand such amount distributed to such Lender or Issuing Bank together with interest thereon, for each day from the date such amount is distributed to such Lender or Issuing Bank until the date such Lender or Issuing Bank repays such amount to the Agent, at the Federal Funds Rate.
PAYMENTS ASSUMED. 23 (d) Application of Payments Specified by the Borrower........ 23 (e)
PAYMENTS ASSUMED. Unless the Agent shall have received notice from the Borrower prior to the date on which any payment is due to any Lender Party hereunder that the Borrower will not make such payment in full, the Agent may assume that the Borrower has made such payment in full to the Agent on such date and the Agent may, in reliance upon such assumption, but shall not be required to, cause to be distributed to each such Lender Party on such due date an amount equal to the amount then due to such Lender Party. If and to the extent that the Borrower shall not have so made such payment in full to the Agent, each such Lender Party shall repay to the Agent forthwith on demand such amount distributed to such Lender Party together with interest thereon, for each day from the date such amount is distributed to such Lender Party until the date such Lender Party repays such amount to the Agent, at the Federal Funds Rate.