Common use of Presumptions of Payment Clause in Contracts

Presumptions of Payment. 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 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 the relevant 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 Federal Funds Effective Rate.

Presumptions of Payment. Unless the Administrative Agent shall have received notice from a Borrower an Account Party prior to the date on which any payment is due to the Administrative Agent for account of the relevant Lenders hereunder that such Borrower Account Party will not make such payment, the Administrative Agent may assume that such Borrower Account Party has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the relevant Lenders the amount due. In such event, if the relevant Borrower Account Party has 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 Federal Funds Effective Rate.

Presumptions of Payment. Unless the Administrative Agent shall have received notice from a Borrower an Account Party prior to the date on which any payment is due to the Administrative Agent for account of the Lenders hereunder that such Borrower Account Party will not make such payment, the Administrative Agent may assume that such Borrower Account Party 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 the relevant Borrower Account Party 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 Federal Funds Effective Rate.

Presumptions of Payment. Unless the Administrative Agent shall have received notice from a Borrower an Account Party prior to the date on which any payment is due to the LETTER OF CREDIT AND REIMBURSEMENT AGREEMENT Administrative Agent for account of the Lenders hereunder that such Borrower Account Party will not make such payment, the Administrative Agent may assume that such Borrower Account Party 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 the relevant Borrower Account Party 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 Federal Funds Effective Rate.

Presumptions of Payment. Unless the Administrative Agent shall have received notice from a Borrower an Account Party prior to the date on which any payment is due from such Account Party to the Administrative Agent for account of the Lenders hereunder that such Borrower Account Party will not make such payment, the Administrative Agent may assume that such Borrower Account Party 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 the relevant Borrower such Account Party 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 CREDIT AGREEMENT 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 Federal Funds Effective Rate.

Presumptions of Payment. 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 account of the Lenders 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 to the Lenders the amount due. In such event, if the relevant 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 Credit Agreement ---------------- 40 - 36 - date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Federal Funds Effective Rate.