Common use of Payments by Borrowers; Presumptions by Administrative Agent Clause in Contracts

Payments by Borrowers; Presumptions by Administrative Agent. Unless Administrative Agent shall have received notice from a Borrower prior to the time at which any payment is due to the applicable Agent for the account of Lenders or the Issuing Bank hereunder that such Borrower will not make such payment, the applicable Agent may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the relevant Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if such Borrower has not in fact made such payment, then each of the relevant Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the applicable Agent forthwith on demand the amount so distributed to that Lender or the Issuing Bank, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the applicable Agent, at the greater of (i) the Federal Funds Rate, with respect to payment in respect of the U.S. Revolver or the Canadian Prime Rate, with respect to payment in respect of the Canadian Revolver and (ii) a rate determined by the applicable Agent in accordance with banking industry rules on interbank compensation. A notice of Administrative Agent to any Lender or a Borrower with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error.

Payments by Borrowers; Presumptions by Administrative Agent. Unless the Applicable Administrative Agent shall have received notice from a Borrower prior to the time at which any payment is due to the applicable Applicable Administrative Agent for the account of the Lenders or the Issuing Bank L/C Issuer hereunder that such Borrower will not make such payment, the applicable Applicable Administrative Agent may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the relevant Appropriate Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if such the applicable Borrower has not in fact made such payment, then each of the relevant Appropriate Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the applicable Applicable Administrative Agent forthwith on demand the amount so distributed to that Lender or the Issuing Banksuch Appropriate Lender, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the applicable Applicable Administrative Agent, at the greater of (i) the Federal Funds Rate, with respect to payment in respect of the U.S. Revolver or the Canadian Prime Rate, with respect to payment in respect of the Canadian Revolver Effective Rate and (ii) a rate determined by the applicable Applicable Administrative Agent in accordance with banking industry rules on interbank compensation. A notice of the Applicable Administrative Agent to any Lender Lender, the L/C Issuer or a Borrower Holdings with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error.