Common use of Presumption by the Administrative Agent Clause in Contracts

Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing (or in the case of any ABR Borrowing, on or prior to the proposed date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender's share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the relevant Account Party a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the relevant Account Party severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to such Account Party to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the Federal Funds Effective Rate or (ii) in the case of such Account Party, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender's Loan included in such Borrowing.

Appears in 4 contracts

Samples: 364 Day Credit Agreement (Xl Capital LTD), Credit Agreement (Xl Capital LTD), Credit Agreement (Xl Capital LTD)

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Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing (or in the case of any ABR Borrowing, on or prior to the proposed date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender's ’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the relevant Account Party Company a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the relevant Account Party Company severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to such Account Party the Company to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the Federal Funds Effective Rate or (ii) in the case of such Account Partythe Company, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender's ’s Loan included in such Borrowing.

Appears in 3 contracts

Samples: Credit Agreement (Xl Group PLC), Credit Agreement (Xl Group PLC), Credit Agreement (Xl Group PLC)

Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing (or in the case of any ABR Borrowing, on or prior to the proposed date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender's ’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the relevant Account Party a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the relevant Account Party severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to such Account Party to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the Federal Funds Effective Rate or (ii) in the case of such Account Party, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender's ’s Loan included in such Borrowing.

Appears in 3 contracts

Samples: Unsecured Credit Agreement (Xl Group PLC), Assignment and Assumption (Xl Group PLC), Credit Agreement (Xl Capital LTD)

Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing (or in the case of any ABR BR Borrowing, on or prior to the proposed date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender's share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the relevant Account Party a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the relevant Account Party severally agree agrees to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to such Account Party to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the Federal Funds Effective Rate or (ii) in the case of such Account Party, the interest rate applicable to ABR BR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender's Loan included in such Borrowing.

Appears in 2 contracts

Samples: Credit Agreement (Security Capital Assurance LTD), Credit Agreement (Security Capital Assurance LTD)

Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing (or in the case of any ABR Borrowing, on or prior to the proposed date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender's share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the relevant Account Party applicable Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable such Lender and the relevant Account Party such Borrower severally agree to pay pay, without duplication, to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to such Account Party Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the Federal Funds Effective Rate or (ii) in the case of such Account PartyBorrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender's Loan included in such Borrowing.

Appears in 1 contract

Samples: Credit Agreement (Axis Capital Holdings L)

Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing (or in the case of any ABR Borrowing, on or prior to the proposed date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender's share of such Borrowing, the Administrative Agent may assume that such Lender has made such share 364-DAY CREDIT AGREEMENT available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the relevant Account Party Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the relevant Account Party Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to such Account Party Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the Federal Funds Effective Rate or (ii) in the case of such Account PartyBorrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender's Loan included in such Borrowing.

Appears in 1 contract

Samples: 364 Day Credit Agreement (Xl Capital LTD)

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Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date time of any the Borrowing (or in on the case of any ABR Borrowing, on or prior to the proposed date of such Borrowing) Funding Date that such Lender will not make available to the Administrative Agent such Lender's ’s share of such BorrowingBorrowing or Borrowings, the Administrative Agent may assume that such Lender has made such share of the Borrowing available on such date in accordance with paragraph (aSection 2.05(a) of this Section and may, in reliance upon such assumption, assumption make available to the relevant Account Party Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the relevant Account Party Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to such Account Party the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, 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 or (ii) in the case of such Account Partythe Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender's ’s Loan included in such Borrowing.

Appears in 1 contract

Samples: Assignment and Assumption (International Paper Co /New/)

Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Bank Lender prior to the proposed date of any Borrowing (or in the case of any ABR Borrowing, on or prior to the proposed date of such Borrowing) that such Bank Lender will not make available to the Administrative Agent such Bank Lender's share of such Borrowing, the Administrative Agent may assume that such Bank Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the relevant Account Party Borrower a corresponding amount. In such event, if a Bank Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable such Bank Lender and the relevant Account Party Borrower severally agree agree, without duplication, to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to such Account Party the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Bank Lender, the Federal Funds Effective Rate or (ii) in the case of such Account Partythe Borrower, the interest rate applicable to ABR Loans. If such Bank Lender pays such amount to the Administrative Agent, then such amount shall constitute such Bank Lender's Loan included in such Borrowing.

Appears in 1 contract

Samples: Credit Agreement (Orion Power Holdings Inc)

Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the applicable proposed date of any Borrowing (or in the case of any ABR Borrowing, on or prior to the proposed date of such Borrowing) Date that such Lender will not make available to the Administrative Agent such Lender's share ’s Percentage of such Borrowingthe applicable Requested Amount, the Administrative Agent may assume that such Lender has made such share Percentage of the applicable Requested Amount available on such date the Borrowing Date in accordance with paragraph (ab) of this Section and may, but shall not be obligated to, in reliance upon such assumption, make available to the relevant Account Party Borrower a corresponding amount. In such event, if a Lender has not in fact made its share Percentage of the applicable Borrowing Requested Amount available to the Administrative Agent, then the applicable Lender and the relevant Account Party severally agree Borrower agrees to pay to the Administrative Agent forthwith on demand such corresponding amount (without duplication) with interest thereon, for each day from and including the date such amount is made available to such Account Party the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such LenderLIBOR Rate, or the Federal Funds Effective Rate or (ii) in the case of such Account PartyBase Rate, the interest rate applicable to ABR Loansas applicable. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender's Loan ’s Advance included in such Borrowing.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Upstart Holdings, Inc.)

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