Common use of Presumptions of Payment Clause in Contracts

Presumptions of Payment. Unless the Administrative Agent shall have received notice from Borrower prior to the date on which any payment is due to the Administrative Agent for account of the Lenders hereunder that Borrower will not make such payment, the Administrative Agent may assume that 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 to them. In such event, if Borrower has not in fact made such payment within one (1) Business Day after such due date, 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.

Presumptions of Payment. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumptionassumption but without any obligation to do so, distribute to the Lenders the amount due to themdue. In such event, if the Borrower has not in fact made such payment within one (1) Business Day after such due datepayment, 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, for the first five Business Days 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 compensationcompensation and thereafter at the Base Rate. A notice of Administrative Agent to any Lender or the Borrower with respect to any amount owing under this Section 2.16(e) shall be conclusive, absent manifest error.

Presumptions of Payment. Unless the Administrative Agent shall have received notice from Borrower Borrowers prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that Borrower Borrowers will not make such payment, the Administrative Agent may assume that Borrower has Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumptionassumption but without any obligation to do so, distribute to the Lenders the amount due to themdue. In such event, if Borrower has Borrowers have not in fact made such payment within one (1) Business Day after such due datepayment, 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, for the first 5 Business Days 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 compensationcompensation and thereafter at the Base Rate. A notice of Administrative Agent to any Lender or Borrowers with respect to any amount owing under this Section 2.17(e) shall be conclusive, absent manifest error.

Presumptions of Payment. Unless the Administrative Agent shall have received notice from Borrower Borrowers prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that Borrower Borrowers will not make such payment, the Administrative Agent may assume that Borrower has Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumptionassumption but without any obligation to do so, distribute to the Lenders the amount due to themdue. In such event, if Borrower has Borrowers have not in fact made such payment within one (1) Business Day after such due datepayment, 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, for the first 5 Business Days, at the greater applicable Overnight Rate, and thereafter at the Base Rate. A notice of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance to any Lender or Borrowers with banking industry rules on interbank compensationrespect to any amount owing under this Section 2.17(e) shall be conclusive, absent manifest error.