Presumption by Agent Sample Clauses
The "Presumption by Agent" clause establishes that an agent is assumed to act within the scope of their authority unless proven otherwise. In practice, this means that third parties dealing with the agent can generally rely on the agent's actions as being authorized by the principal, unless there is clear evidence to the contrary. This clause helps facilitate smooth business transactions by reducing the need for constant verification of an agent's authority, thereby promoting efficiency and trust in agency relationships.
Presumption by Agent. Unless the Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Agent such ▇▇▇▇▇▇’s share of such Borrowing, the Agent may assume that such Lender has made such share available on such date in accordance with Section 2.04(a) and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Agent, then the applicable Lender and the Borrower severally agree to pay to the Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation, and (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to such Loans. If the Borrower and such Lender shall pay such interest to the Agent for the same or an overlapping period, the Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Agent, then the 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 Agent.
Presumption by Agent. Unless the Agent shall have received notice from a DIP Lender prior to the proposed date of any Borrowing that such DIP Lender will not make available to the Agent such DIP Lender’s Pro Rata DIP Share of such Borrowing, the Agent may assume that such DIP Lender has made such share available on such date in accordance with Section 2.06(a) and may (but shall not be required to), in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a DIP Lender does not in fact make its Pro Rata DIP Share of the applicable Borrowing available to the Agent, then such DIP Lender and the Borrower severally agree to pay to the Agent, immediately upon demand, such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower by the Agent to, but excluding, the date of payment to the Agent, at (i) in the case of a payment made by such DIP Lender, the Federal Funds Effective Rate and (ii) in the case of a payment made by the Borrower, the interest rate applicable to the DIP Loans. If the Borrower and such DIP Lender shall pay such interest to the Agent for the same or an overlapping period, the Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such DIP Lender pays its Pro Rata DIP Share of the applicable Borrowing to the Agent, then the amount so paid shall constitute such DIP Lender’s DIP Loan in such Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a DIP Lender, if any, that shall have failed to make such payment to the Agent.
Presumption by Agent. Unless the Agent shall have received notice from a Borrower prior to the date on which any payment is due to any Lender hereunder that such Borrower will not make such payment in full, the Agent may assume that such Borrower has made such payment in full to the Agent on such date and the Agent may, in reliance upon such assumption, cause to be distributed to each such Lender on such due date an amount equal to the amount then due such Lender. If and to the extent such Borrower shall not have so made such payment in full to the Agent, each such Lender shall repay to the Agent forthwith on demand such amount distributed to such Lender together with interest thereon, for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount to the Agent, at the Federal Funds Effective Rate.