Payments by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from a Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that such Borrower will not make such payment, the 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 Lenders the amount due. In such event, if such Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, 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 Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
Appears in 8 contracts
Samples: Credit Agreement (Northern Illinois Gas Co /Il/ /New/), Credit Agreement (Nicor Inc), Credit Agreement (Northern Illinois Gas Co /Il/ /New/)
Payments by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from a the applicable Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders any Lender hereunder that such the applicable Borrower will not make such payment, the Administrative Agent may assume that such the applicable Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute the amount due to the Lenders the amount dueLenders. In such event, if such the applicable Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, Lender 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 Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with prevailing banking industry rules practice on interbank compensation.
Appears in 8 contracts
Samples: Credit Agreement (Open Text Corp), Credit Agreement (Vail Resorts Inc), Credit Agreement (Open Text Corp)
Payments by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from a the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders any Lender hereunder that such the Borrower will not make such payment, the Administrative Agent may assume that such the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute the amount due to the Lenders the amount dueLenders. In such event, if such the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, Lender 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 Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with prevailing banking industry rules practice on interbank compensation.
Appears in 4 contracts
Samples: Bridge Loan Agreement (Open Text Corp), Credit Agreement (Open Text Corp), Credit Agreement (Open Text Corp)
Payments by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from a Borrower the Borrowers prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders any Lender hereunder that such Borrower the Borrowers will not make such payment, the Administrative Agent may assume that such Borrower has the Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute the amount due to the Lenders the amount dueLenders. In such event, if such Borrower has the Borrowers have not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, Lender 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 Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with prevailing banking industry rules practice on interbank compensation.. Section 13.12
Appears in 3 contracts
Samples: Credit Agreement (Lithia Motors Inc), Credit Agreement (Lithia Motors Inc), Credit Agreement (Lithia Motors Inc)
Payments by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from a Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that such Borrower will not make such payment, the 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 Lenders the amount due. In such event, if such Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, 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 Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
Appears in 2 contracts
Samples: Credit Agreement (Highland Floating Rate Fund), Credit Agreement (Highland Funds I)
Payments by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from a Borrower Borrowers prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that such Borrower Borrowers will not make such payment, the Administrative Agent may assume that such Borrower has Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if such Borrower has Borrowers have not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, 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 Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
Appears in 1 contract
Samples: Margin Loan Agreement (Blackstone Holdings III L.P.)
Payments by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from a Borrower Borrowers prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or LC Issuer hereunder that such Borrower Borrowers will not make such payment, the Administrative Agent may assume that such Borrower has Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or LC Issuer the amount due. In such event, if such Borrower has Borrowers have not in fact made such payment, then each of the Lenders or LC Issuer severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such LenderLender or LC Issuer, 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 Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
Appears in 1 contract
Payments by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from a the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders any Lender hereunder that such the Borrower will not make such payment, the Administrative Agent may assume that such the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute the amount due to the Lenders the amount dueLenders. In such event, if such the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, Lender 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 Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with prevailing banking industry rules practice on interbank compensation.. ARTICLE 12
Appears in 1 contract
Samples: Credit Agreement (Open Text Corp)
Payments by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from a the Borrower Agent prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that such Borrower the Borrowers will not make such payment, the Administrative Agent may assume that such Borrower has the Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if such Borrower has the Borrowers have not in fact made such payment, then each of the Lenders Lenders, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, 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 Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
Appears in 1 contract
Samples: Credit Agreement (Arhaus, Inc.)
Payments by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from a the applicable Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders any Lender hereunder that such the applicable Borrower will not make such payment, the Administrative Agent may assume that such the applicable Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute the amount due to the Lenders the amount dueLenders. In such event, if such the applicable Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, Lender 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 Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with prevailing banking industry rules practice on interbank compensation.. ARTICLE 13
Appears in 1 contract
Samples: Credit Agreement (Open Text Corp)
Payments by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from a Borrower the Company prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that such a Borrower will not make such payment, the 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 Appropriate Lenders the amount due. In such event, if such Borrower has not in fact made such payment, then each of the Appropriate Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, in Same Day 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 Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensationOvernight Rate.
Appears in 1 contract
Payments by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from a Borrower Borrowers prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that such Borrower Borrowers will not make such payment, the Administrative Agent may assume that such Borrower has Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if such Borrower has Borrowers have not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, 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 Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
Appears in 1 contract
Payments by Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from a Borrower Borrowers prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that such Borrower Borrowers will not make such payment, the Administrative Agent may assume that such Borrower has Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if such Borrower has Borrowers have not in fact made such payment, then each of the Lenders Lender severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, 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 Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
Appears in 1 contract
Samples: Margin Loan Agreement (Blackstone Holdings III L.P.)