Procedure for Making Loans. (1) The Agent shall make Loans available to the Borrower as required hereunder by debiting the account of the Agent to which the Lenders’ Rateable Portions of such Loans have been credited in accordance with Section 2.12 (or causing such account to be debited) and, in the absence of other arrangements agreed to by the Agent and the Borrower in writing, by crediting the account of the Borrower or, at the expense of the Borrower, transferring (or causing to be transferred) like funds in accordance with the instructions of the Borrower as set forth in the Drawdown Notice, Rollover Notice or Conversion Notice, as the case may be, in respect of each Loan; provided that the obligation of the Agent hereunder to effect such a transfer shall be limited to taking such steps as are commercially reasonable to implement such instructions, which steps once taken shall constitute conclusive and binding evidence that such funds were advanced hereunder in accordance with the provisions relating thereto and the Agent shall not be liable for any damages, claims or costs which may be suffered by the Borrower and occasioned by the failure of such Loan to reach the designated destination. (2) Unless the Agent has been notified by a Lender at least one Banking Day prior to the Drawdown Date, Rollover Date or Conversion Date, as the case may be, requested by the Borrower that such Lender will not make available to the Agent its Rateable Portion of such Loan, the Agent may assume that such Lender has made or will make such portion of the Loan available to the Agent on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, in accordance with the provisions hereof and the Agent may, but shall be in no way obligated to, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent such Lender shall not have so made its Rateable Portion of a Loan available to the Agent, such Lender agrees to pay to the Agent forthwith on demand such Lender’s Rateable Portion of the Loan and all reasonable costs and expenses incurred by the Agent in connection therewith together with interest thereon (at the rate payable hereunder by the Borrower in respect of such Loan or, in the case of funds made available in anticipation of a Lender remitting proceeds of a Bankers’ Acceptance, at the rate of interest per annum applicable to Canadian Prime Rate Loans) for each day from the date such amount is made available to the Borrower until the date such amount is paid to the Agent; provided, however, that notwithstanding such obligation if such Lender fails to so pay, the Borrower covenants and agrees that, without prejudice to any rights the Borrower may have against such Lender, it shall repay such amount to the Agent forthwith after demand therefor by the Agent. The amount payable to the Agent pursuant hereto shall be set forth in a certificate delivered by the Agent to such Lender and the Borrower (which certificate shall contain reasonable details of how the amount payable is calculated) and shall be prima facie evidence thereof, in the absence of manifest error. If such Lender makes the payment to the Agent required herein, the amount so paid shall constitute such Lender’s Rateable Portion of the Loan for purposes of this Agreement. The failure of any Lender to make its Rateable Portion of any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make its Rateable Portion of such Loan on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, but no Lender shall be responsible for the failure of any other Lender to make the Rateable Portion of any Loan to be made by such other Lender on the date of any Drawdown, Rollover or Conversion, as the case may be.
Appears in 3 contracts
Samples: Credit Agreement (Enbridge Inc), Credit Agreement (Pacific Energy Partners Lp), Credit Agreement (Trident Resources Corp)
Procedure for Making Loans. (1) The Agent shall make Loans available to the Borrower as required hereunder by debiting the account of the Agent to which the Lenders’ Rateable Portions of such Loans have been credited in accordance with Section 2.12 (or causing such account to be debited) and, in the absence of other arrangements agreed to by the Agent and the Borrower in writing, by crediting the United States Dollar or Canadian Dollar account of the Borrower Borrower, as applicable, at the Agent or, at the expense of the Borrower, transferring (or causing to be transferred) like funds in accordance with the instructions of the Borrower as set forth in the Drawdown Notice, Rollover Notice or Conversion Notice, as the case may be, in respect of each Loan; provided that the obligation of the Agent hereunder to effect such a transfer shall be limited to taking such steps as are commercially reasonable to implement such instructions, which steps once taken shall constitute conclusive and binding evidence that such funds were advanced hereunder in accordance with the provisions relating thereto and the Agent shall not be liable for any damages, claims or costs which may be suffered by the Borrower and occasioned by the failure of such Loan to reach the designated destination.
(2) Unless the Agent has been notified by a Lender at least one Banking Day prior to the Drawdown Date, Rollover Date or Conversion Date, as the case may be, requested by the Borrower that such Lender will not make available to the Agent its Rateable Portion of such Loan, the Agent may assume that such Lender has made or will make such portion of the Loan available to the Agent on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, in accordance with the provisions hereof and the Agent may, but shall be in no way obligated to, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent such Lender shall not have so made its Rateable Portion of a Loan available to the Agent, such Lender agrees to pay to the Agent forthwith on demand such Lender’s Rateable Portion of the Loan and all reasonable costs and expenses incurred by the Agent in connection therewith together with interest thereon (at the rate payable hereunder by the Borrower in respect of such Loan or, in the case of funds made available in anticipation of a Lender remitting proceeds of a Bankers’ Acceptance, at the rate of interest per annum applicable to Canadian Prime Rate Loans) for each day from the date such amount is made available to the Borrower until the date such amount is paid to the Agent; provided, however, that notwithstanding such obligation if such Lender fails to so pay, the Borrower covenants and agrees that, without prejudice to any rights the Borrower may have against such Lender, it shall repay such amount to the Agent forthwith after demand therefor by the Agent. The amount payable to the Agent pursuant hereto shall be set forth in a certificate delivered by the Agent to such Lender and the Borrower (which certificate shall contain reasonable details of how the amount payable is calculated) and shall be prima facie conclusive and binding evidence thereof, thereof in the absence of manifest error. If such Lender makes the payment to the Agent required herein, the amount so paid shall constitute such Lender’s Rateable Portion of the Loan for purposes of this Agreement. The failure of any Lender to make its Rateable Portion of any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make its Rateable Portion of such Loan on the Drawdown Date, Rollover Date or Conversion Date, as the case may be; for certainty, but without derogating from the operation of Section 13.14 or Section 14.2, no Lender shall be responsible for the failure of obligations or any other Lender to make the Rateable Portion of any Loan to be made by such other Lender on the date of any Drawdown, Rollover or Conversion, as the case may behereunder.
Appears in 2 contracts
Samples: Credit Agreement (Potash Corp of Saskatchewan Inc), Credit Agreement (Potash Corp of Saskatchewan Inc)
Procedure for Making Loans. (1) The Agent shall make Loans available to the Borrower as required hereunder by debiting the account of the Agent to which the Lenders’ Rateable Portions of such Loans have been credited in accordance with Section 2.12 (or causing such account to be debited) andEach Canadian Tranche A Lender and each U.S. Tranche A Lender and Tranche B Lender shall, in the absence of other arrangements agreed to by the Agent and the Borrower Borrowers in writing, by crediting in accordance with Section 3.03 make Loans available to the account of Canadian Borrower and the Borrower or, at the expense of the U.S. Borrower, respectively, as required hereunder by transferring (or causing to be transferred) like funds to the Agent which in turn will transfer such funds in accordance with the instructions of the Canadian Borrower as set forth in or the Drawdown Notice, Rollover Notice or Conversion NoticeU.S. Borrower, as the case may be, as set forth in the Borrowing Notice in respect of each Loan; provided that the obligation of the Agent each Lender hereunder to effect such a transfer shall be limited to taking such steps as are commercially reasonable to implement such instructions, which steps once taken shall constitute conclusive and binding prima facie evidence that such funds were advanced hereunder in accordance with the provisions relating thereto and the Agent and the Lenders shall not be liable for any damages, claims or costs which may be suffered by the Canadian Borrower or the U.S. Borrower and occasioned by the failure of such Loan to reach the designated destination.
destination (2) Unless in which event the Agent has been notified by a Lender at least one Banking Day prior to Canadian Borrower or the Drawdown Date, Rollover Date or Conversion DateU.S. Borrower, as the case may be, requested by the Borrower that such Lender will shall for greater certainty be deemed not make available to have received an Advance hereunder). If and to the Agent extent any Lender fails to make its Rateable Portion of such Loana Loan available to the Canadian Borrower or the U.S. Borrower, as the case may be, in accordance with any Borrowing Notice, the Agent may assume that such Lender has made or will make such portion of the Loan available to the Agent Canadian Borrower or the U.S. Borrower, as the case may be, on the Drawdown Borrowing Date, Rollover Date or Conversion Date, as the case may be, in accordance with the provisions hereof and the Agent may, but shall be in no way obligated to, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent such Lender shall not have so made its Rateable Portion of a Loan available to the Agent, such Lender agrees to pay to the Agent forthwith on demand such Lender’s 's Rateable Portion of the Loan and all reasonable costs and expenses incurred by the Agent in connection therewith together with interest thereon (at the rate payable hereunder thereunder by the Canadian Borrower or the U.S. Borrower, as the case may be, in respect of such Loan or, in the case of funds made available in anticipation of a Lender remitting proceeds of a Bankers’ Acceptance, at the rate of interest per annum applicable to Canadian Prime Rate LoansLoan) for each day from the date such amount is made available to the such Borrower until the date such amount is paid to the Agent; provided, however, that notwithstanding such obligation if such Lender fails to so pay, the Canadian Borrower covenants and agrees that, or the U.S. Borrower shall without prejudice to any rights the Canadian Borrower or the U.S. Borrower may have against such Lender, it shall repay such amount to the Agent forthwith after demand therefor by the Agent. The amount payable to the Agent pursuant hereto shall be as set forth in a certificate delivered by the Agent to such Lender and the Canadian Borrower or the U.S. Borrower, as the case may be, (which certificate shall contain reasonable details of how the amount payable is calculated) and shall be prima facie evidence thereof, in the absence of manifest errorsuch amount. If such Lender makes the payment to the Agent required herein, the amount so paid (otherwise than in respect of such costs, charges and expenses of the Agent) shall constitute such Lender’s 's Rateable Portion of the Loan for purposes of this Agreement. The failure of any Lender to make its Rateable Portion of any the Loan shall not relieve any other Lender of its obligation, if any, hereunder to make its Rateable Portion of such the Loan on the Drawdown Borrowing Date, Rollover Date or Conversion Date, as the case may be, but no Lender shall be responsible for the failure of any other Lender to make the Rateable Portion of any the Loan to be made by such other Lender on the date of any DrawdownAdvance, Rollover or Conversion, as the case may be.
Appears in 1 contract
Procedure for Making Loans. (1) The Agent shall make Loans available to the Borrower as required hereunder by debiting the account of the Agent to which the Lenders’ Rateable Portions of such Loans have been credited in accordance with Section 2.12 (or causing such account to be debited) and, in the absence of other arrangements agreed to by the Agent and the Borrower in writing, by crediting the United States Dollar or Canadian Dollar account of the Borrower Borrower, as applicable, at the Agent or, at the expense of the Borrower, transferring (or causing to be transferred) like funds in accordance with the instructions of the Borrower as set forth in the Drawdown Notice, Rollover Notice or Conversion Notice, as the case may be, in respect of each Loan; provided that the obligation of the Agent hereunder to effect such a transfer shall be limited to taking such steps as are commercially reasonable to implement such instructions, which steps once taken shall constitute conclusive and binding evidence that such funds were advanced hereunder in accordance with the provisions relating thereto and the Agent shall not be liable for any damages, claims or costs which may be suffered by the Borrower and occasioned by the failure of such Loan to reach the designated destination.
(2) Unless the Agent has been notified by a Lender at least one Banking Day prior to the Drawdown Date, Rollover Date or Conversion Date, as the case may be, requested by the Borrower that such Lender will not make available to the Agent its Rateable Portion of such Loan, the Agent may assume that such Lender has made or will make such portion of the Loan available to the Agent on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, in accordance with the provisions hereof and the Agent may, but shall be in no way obligated to, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent such Lender shall not have so made its Rateable Portion of a Loan available to the Agent, such Lender agrees to pay to the Agent forthwith on demand such Lender’s Rateable Portion of the Loan and all reasonable costs and expenses incurred by the Agent in connection therewith together with interest thereon (at the rate payable hereunder by the Borrower in respect of such Loan or, in the case of funds made available in anticipation of a Lender remitting proceeds of a Bankers’ Acceptance, at the rate of interest per annum applicable to Canadian Prime Rate Loans) for each day from the date such amount is made available to the Borrower until the date such amount is paid to the Agent; provided, however, that notwithstanding such obligation if such Lender fails to so pay, the Borrower covenants and agrees that, without prejudice to any rights the Borrower may have against such Lender, it shall repay such amount to the Agent forthwith after demand therefor by the Agent. The amount payable to the Agent pursuant hereto shall be set forth in a certificate delivered by the Agent to such Lender and the Borrower (which certificate shall contain reasonable details of how the amount payable is calculated) and shall be prima facie conclusive and binding evidence thereof, thereof in the absence of manifest error. If such Lender makes the payment to the Agent required herein, the amount so paid shall constitute such Lender’s Rateable Portion of the Loan for purposes of this Agreement. The failure of any Lender to make its Rateable Portion of any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make its Rateable Portion of such Loan on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, but no Lender shall be responsible for the failure of any other Lender to make the Rateable Portion of any Loan to be made by such other Lender on the date of any Drawdown, Rollover or Conversion, as the case may be.
Appears in 1 contract
Procedure for Making Loans. (1a) The Agent shall make Loans available to the Borrower as required hereunder by debiting the account of the Agent Agent’s Account to which the Lenders’ Rateable Portions Pro Rata Share of such Loans have been credited in accordance with Section 2.12 2.7(b) (or causing such account to be debited) and, in the absence of other arrangements agreed to by the Agent and the Borrower in writing, by crediting the account of the Borrower or, at the expense of the Borrower, transferring (or causing to be transferred) like funds in accordance with the instructions of the Borrower as set forth in the Drawdown Notice, Rollover Notice or Conversion Conversion/Rollover/Repayment Notice, as the case may be, in respect of each Loan; provided that the obligation of the Agent hereunder to effect such a transfer shall be limited to taking such steps as are commercially reasonable to implement such instructions, which steps once taken shall constitute conclusive and binding evidence that such funds were advanced hereunder in accordance with the provisions relating thereto and the Agent shall not be liable for any damages, claims or costs which may be suffered by the Borrower and occasioned by the failure of such Loan to reach the designated destination.
(2b) Unless the Agent has been notified by a Lender at least one Banking Day prior to the Drawdown Date, Rollover Date or Conversion Date, as the case may be, requested by the Borrower that such Lender will not make available to the Agent its Rateable Portion Pro Rata Share of such Loan, the Agent may assume that such Lender has made or will make such portion of the Loan available to the Agent on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, in accordance with the provisions hereof and the Agent may, but (unless the Agent shall have received the relevant funds from the Lenders) shall be in no way obligated to, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent such Lender shall not have so made its Rateable Portion Pro Rata Share of a Loan available to the Agent, such Lender agrees to pay to the Agent forthwith on demand such Lender’s Rateable Portion Pro Rata Share of the Loan and all reasonable costs and expenses incurred by the Agent in connection therewith together with interest thereon (at the rate payable hereunder by the Borrower in respect of such Loan or, in the case of funds made available in anticipation of a Lender remitting proceeds of a Bankers’ Acceptance, at the rate of interest per annum applicable to Canadian Prime Rate Loans) for each day from the date such amount is made available to the Borrower until the date such amount is paid to the Agent; provided, however, that notwithstanding such obligation if such Lender fails to so pay, the Borrower covenants and agrees that, without prejudice to any rights the Borrower may have against such Lender, it shall repay such amount to the Agent forthwith after demand therefor by the Agent. The amount payable to the Agent pursuant hereto shall be set forth in a certificate delivered by the Agent to such Lender and the Borrower (which certificate shall contain reasonable details of how the amount payable is calculated) and shall be prima facie evidence thereof, in the absence of manifest error. If such Lender makes the payment to the Agent required herein, the amount so paid shall constitute such Lender’s Rateable Portion Pro Rata Share of the Loan for purposes of this Agreement. The failure of any Lender to make its Rateable Portion Pro Rata Share of any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make its Rateable Portion Pro Rata Share of such Loan on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, but no Lender shall be responsible for the failure of any other Lender to make the Rateable Portion Pro Rata Share of any Loan to be made by such other Lender on the date of any Drawdown, Rollover or Conversion, as the case may be.
Appears in 1 contract
Samples: Credit Agreement (North American Energy Partners Inc.)
Procedure for Making Loans. (1a) By delivering a Borrowing Request to the Agent on or before 10:00 a.m. on any Business Day the Borrower may request, on not less than three (3) nor more than five (5) Business Days' notice (counting the date on which such Borrowing Request is given), that Loans be made by all Lenders on the Borrowing Date, and in the Principal Amount, in each case as specified in such Borrowing Request. Upon receipt of a Borrowing Request, the Agent shall promptly notify each Lender of the contents thereof, and such Borrowing Request shall not thereafter be revocable unless such revocation is made with the consent of the Agent.
(b) The aggregate Principal Amount of Loans requested to be made in any Borrowing Request shall not be less than U.S.$5,000,000 and shall be in an integral multiple of U.S.$1,000,000.
(c) Subject to the terms and conditions of this Agreement (including Clause 6), the Loans requested to be made in a Borrowing Request shall be made on the requested Borrowing Date. On such Borrowing Date and subject to such terms and conditions, each Lender shall, on or before 11:00 a.m., credit such Dollar account of the Agent at its Dollar Lending Office as the Agent may notify to the Lenders with an amount of Dollars equal to such Lender's Percentage of the aggregate Principal Amount of the Loans to be made pursuant to such Borrowing Request. To the extent funds are received by the Agent from the Lenders in respect of the Loans requested by each Borrowing Request (but subject to clause (d)) the Agent shall make Loans such funds available to the Borrower as required hereunder by debiting crediting the account of the Agent to which the Lenders’ Rateable Portions Principal Amount of such Loans have been credited in accordance with Section 2.12 (or causing such account to be debited) and, in the absence of other arrangements agreed Operating Account. No Lender's obligation to by the Agent and the Borrower in writing, by crediting the account of the Borrower or, at the expense of the Borrower, transferring (or causing to be transferred) like funds in accordance with the instructions of the Borrower make any Loan as set forth in the Drawdown Notice, Rollover Notice or Conversion Notice, as the case may be, in respect of each Loan; provided that the obligation of the Agent hereunder to effect such a transfer aforesaid shall be limited affected by any other Lender's failure to taking such steps as are commercially reasonable to implement such instructions, which steps once taken shall constitute conclusive and binding evidence that such funds were advanced hereunder in accordance with the provisions relating thereto and the Agent shall not be liable for make any damages, claims or costs which may be suffered by the Borrower and occasioned by the failure of such Loan to reach the designated destinationother Loan.
(2d) Unless the Agent has been notified by shall have received written notice from a Lender at least one Banking Day prior to 5:00 p.m. on the Drawdown Date, Rollover day prior to a Borrowing Date or Conversion Date, as the case may be, requested by the Borrower that such Lender will not make available the Principal Amount which would constitute its Percentage of the aggregate Principal Amount of Loans to be made on such Borrowing Date pursuant to the Agent its Rateable Portion of such Loanrelevant Borrowing Request, the Agent may assume that such Lender has made or will make such portion of the Loan Principal Amount available to the Agent on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, in accordance with the provisions hereof and the Agent may, but shall be in no way obligated to, in reliance upon on such assumption, make available to the Borrower on such date a corresponding amount. If and In the event that the Agent makes such corresponding amount available to the extent Borrower and the relevant Lender has not in fact made such Lender shall not have so made its Rateable Portion of a Loan amount available to the Agent, then such Lender agrees to pay to the Agent forthwith on demand such Lender’s Rateable Portion of the Loan and all reasonable costs and expenses incurred by the Agent in connection therewith corresponding amount together with interest thereon (at the rate payable hereunder by the Borrower in respect of such Loan orthereon, in the case of funds made available in anticipation of a Lender remitting proceeds of a Bankers’ Acceptance, at the rate of interest per annum applicable to Canadian Prime Rate Loans) for each day from the date such corresponding amount is was made available by the Agent to the Borrower until to the date such amount is paid by the Lender to the Agent; provided, however, at the interest rate applicable at the time to the Loans requested to be made pursuant to the relevant Borrowing Request. In the event that notwithstanding such obligation if corresponding amount and such interest is not paid to the Agent by such Lender fails to so paywithin five (5) Business Days of the Agent having made written demand for such amount, then the Borrower covenants and agrees that, without prejudice to any rights the Borrower may have against such Lender, it shall repay such corresponding amount to the Agent forthwith after demand therefor by together with interest thereon, for each day from the Agent. The date such corresponding amount payable to the Agent pursuant hereto shall be set forth in a certificate delivered was made available by the Agent to such Lender and the Borrower (which certificate shall contain reasonable details of how the amount payable is calculated) and shall be prima facie evidence thereof, in the absence of manifest error. If such Lender makes the payment to the Agent required hereindate such amount is paid by the Borrower to the Agent, at the amount so paid shall constitute such Lender’s Rateable Portion of interest rate applicable at the Loan for purposes of this Agreement. The failure of any Lender time to make its Rateable Portion of any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make its Rateable Portion of such Loan on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, but no Lender shall be responsible for the failure of any other Lender to make the Rateable Portion of any Loan Loans requested to be made by such other Lender on pursuant to the date of any Drawdown, Rollover or Conversion, as the case may berelevant Borrowing Request.
Appears in 1 contract
Procedure for Making Loans. (1a) By delivering a Borrowing Request to the Agent on or before 10:00 a.m. on any Business Day the Borrower may request, on not less than three (3) nor more than five (5) Business Days' notice (counting the date on which such Borrowing Request is given), that Loans of either type be made by all Lenders on the Borrowing Date, and in the principal amount, in each case as specified in such Borrowing Request. Upon receipt of a Borrowing Request, the Agent shall promptly notify each Lender of the contents thereof, and such Borrowing Request shall not thereafter be revocable.
(b) The aggregate principal amount of Loans requested to be made in any Borrowing Request shall be in an integral multiple of U.S.$1,000,000.
(c) Subject to the terms and conditions of this Agreement (including Clause 5), the Loans requested to be made in a Borrowing Request shall be made on the requested Borrowing Date. On such Borrowing Date and subject to such terms and conditions, each Lender shall, on or before 11:00 a.m., credit such Dollar account of the Agent at its Dollar Lending Office as the Agent may notify to the Lenders with an amount of Dollars equal to such Lender's Funding Percentage of the aggregate principal amount of the type of Loans to be made pursuant to such Borrowing Request. To the extent funds are received by the Agent from the Lenders in respect of the Loans requested by each Borrowing Request (but subject to clause (d)) the Agent shall make Loans such funds available to the Borrower as required hereunder by debiting crediting the account of the Agent to which the Lenders’ Rateable Portions principal amount of such Loans have been credited in accordance with Section 2.12 (or causing such account to be debited) and, in the absence of other arrangements agreed Operating Account. No Lender's obligation to by the Agent and the Borrower in writing, by crediting the account of the Borrower or, at the expense of the Borrower, transferring (or causing to be transferred) like funds in accordance with the instructions of the Borrower make any Loan as set forth in the Drawdown Notice, Rollover Notice or Conversion Notice, as the case may be, in respect of each Loan; provided that the obligation of the Agent hereunder to effect such a transfer aforesaid shall be limited affected by any other Lender's failure to taking such steps as are commercially reasonable to implement such instructions, which steps once taken shall constitute conclusive and binding evidence that such funds were advanced hereunder in accordance with the provisions relating thereto and the Agent shall not be liable for make any damages, claims or costs which may be suffered by the Borrower and occasioned by the failure of such Loan to reach the designated destinationother Loan.
(2d) Unless the Agent has been notified by shall have received written notice from a Lender at least one Banking Day prior to 5:00 p.m. on the Drawdown Date, Rollover day prior to a Borrowing Date or Conversion Date, as the case may be, requested by the Borrower that such Lender will not make available the principal amount which would constitute its Funding Percentage of the aggregate principal amount of the relevant type of Loans to be made on such Borrowing Date pursuant to the Agent its Rateable Portion of such Loanrelevant Borrowing Request, the Agent may assume that such Lender has made or will make such portion of the Loan principal amount available to the Agent on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, in accordance with the provisions hereof and the Agent may, but shall be in no way obligated to, in reliance upon on such assumption, make available to the Borrower on such date a corresponding amount. If and In the event that the Agent makes such corresponding amount available to the extent Borrower and the relevant Lender has not in fact made such Lender shall not have so made its Rateable Portion of a Loan amount available to the Agent, then such Lender agrees to pay to the Agent forthwith on demand such Lender’s Rateable Portion of the Loan and all reasonable costs and expenses incurred by the Agent in connection therewith corresponding amount together with interest thereon (at the rate payable hereunder by the Borrower in respect of such Loan orthereon, in the case of funds made available in anticipation of a Lender remitting proceeds of a Bankers’ Acceptance, at the rate of interest per annum applicable to Canadian Prime Rate Loans) for each day from the date such corresponding amount is was made available by the Agent to the Borrower until to the date such amount is paid by the Lender to the Agent; provided, however, at the interest rate applicable at the time to the Loans requested to be made pursuant to the relevant Borrowing Request. In the event that notwithstanding such obligation if corresponding amount and such interest is not paid to the Agent by such Lender fails to so paywithin five (5) Business Days of the Agent having made written demand for such amount, then the Borrower covenants and agrees that, without prejudice to any rights the Borrower may have against such Lender, it shall repay such corresponding amount to the Agent forthwith after demand therefor by together with interest thereon, for each day from the Agent. The date such corresponding amount payable to the Agent pursuant hereto shall be set forth in a certificate delivered was made available by the Agent to such Lender and the Borrower (which certificate shall contain reasonable details of how the amount payable is calculated) and shall be prima facie evidence thereof, in the absence of manifest error. If such Lender makes the payment to the Agent required hereindate such amount is paid by the Borrower to the Agent, at the amount so paid shall constitute such Lender’s Rateable Portion of interest rate applicable at the Loan for purposes of this Agreement. The failure of any Lender time to make its Rateable Portion of any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make its Rateable Portion of such Loan on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, but no Lender shall be responsible for the failure of any other Lender to make the Rateable Portion of any Loan Loans requested to be made by such other Lender on pursuant to the date of any Drawdown, Rollover or Conversion, as the case may berelevant Borrowing Request.
Appears in 1 contract
Procedure for Making Loans. (1) The Agent shall make Loans available By delivering a Borrowing Request to the Borrower as required hereunder by debiting the account of the Administrative Agent to which the Lenders’ Rateable Portions of such Loans have been credited in accordance with Section 2.12 on or before 10:00 a.m. (or causing such account to be debitedLondon time) and, in the absence of other arrangements agreed to by the Agent and the Borrower in writingmay request, on any Business Day occurring prior to the Commitment Termination Date, on not less than three nor more than five Business Days' notice (counting the date on which such notice is given), that Loans be made by crediting all Lenders on the account of the Borrower or, at the expense of the Borrower, transferring (or causing to be transferred) like funds in accordance with the instructions of the Borrower as Business Day set forth in such Borrowing Request in an aggregate minimum amount of $5,000,000 and an integral multiple of $1,000,000. All Loans to be made pursuant to the Drawdown Noticesame Borrowing Request shall be made equally between tranches of Loans. Any Tranche B Gold Loans requested to be made in such Borrowing Request shall be made in the Gold equivalent of the Principal Amount of all Loans requested pursuant to such Borrowing Request allocable to the Tranche B Loans. No more than one Borrowing Request may be delivered during any one calendar month; provided, Rollover Notice or Conversion Noticehowever, as the case may bethat, in respect connection -------- ------- with the initial Borrowing, two Borrowing Requests may be delivered on the same date. Upon receipt of each Loan; provided that Borrowing Request, the obligation Administrative Agent shall promptly notify each Lender of the Agent hereunder contents thereof and of such Lender's Funding Percentage of each tranche of the requested Borrowing, and such Borrowing Request shall not thereafter be revocable by the Borrower. Subject to effect such a transfer the terms and conditions of this Agreement (including the first paragraph of this Section and Article 5), the Loans requested to be made in any --------- Borrowing Request shall be limited to taking such steps as are commercially reasonable to implement such instructions, which steps once taken shall constitute conclusive and binding evidence that such funds were advanced hereunder in accordance with the provisions relating thereto and the Agent shall not be liable for any damages, claims or costs which may be suffered by the Borrower and occasioned by the failure of such Loan to reach the designated destination.
(2) Unless the Agent has been notified by a Lender at least one Banking Day prior to the Drawdown Date, Rollover Date or Conversion Date, as the case may be, requested by the Borrower that such Lender will not make available to the Agent its Rateable Portion of such Loan, the Agent may assume that such Lender has made or will make such portion of the Loan available to the Agent on the Drawdown DateBusiness Day specified therein. On such Business Day and subject to such terms and conditions, Rollover Date each Lender shall, on or Conversion Date, as the case may be, in accordance with the provisions hereof and the Agent may, but shall be in no way obligated to, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent such Lender shall not have so made its Rateable Portion of a Loan available to the Agent, such Lender agrees to pay to the Agent forthwith on demand such Lender’s Rateable Portion of the Loan and all reasonable costs and expenses incurred by the Agent in connection therewith together with interest thereon before (at the rate payable hereunder by the Borrower in respect of such Loan ora) 11:00 a.m. (New York City time), in the case of Dollar Loans, credit such Dollar account of the Administrative Agent at its Dollar Lending Office as the Administrative Agent may notify to the Lenders from time to time with an amount of Dollars or (b) 11:00 a.m. (London time), in the case of Tranche B Gold Loans, credit such unallocated loco London gold account of the Administrative Agent at its Gold Lending Office as the Administrative Agent may notify to the Tranche B Lenders from time to time with those ounces of Gold, in each case, equal to such Lender's Funding Percentage of each tranche of the Loans requested to be made pursuant to such Borrowing Request. To the extent funds made available in anticipation of a Lender remitting proceeds of a Bankers’ Acceptance, at are received by the rate of interest per annum applicable to Canadian Prime Rate Loans) for each day Administrative Agent from the date Lenders in respect of the Borrowing requested by such amount is made Borrowing Request, the Administrative Agent shall make such funds available to the Borrower until by crediting the date Principal Amount of such amount is paid Loans to such Dollar account in New York City as the Borrower may designate in writing to the AgentAdministrative Agent (in the case of Dollar Loans) or to the Gold Account (in the case of Tranche B Gold Loans); provided, however, that notwithstanding such obligation if such Lender fails to so pay, the Borrower covenants and agrees that, without prejudice to any rights the Borrower may have against such Lender, it shall repay such amount to the Agent forthwith after demand therefor by the Agent. The amount payable to the Agent pursuant hereto shall be set forth in a certificate delivered by the Agent to such Lender and the Borrower (which certificate shall contain reasonable details of how the amount payable is calculated) and shall be prima facie evidence thereof, in the absence case of manifest error. If such Lender makes -------- ------- the payment to initial Loans the Administrative Agent required herein, the amount so paid shall constitute such Lender’s Rateable Portion of the Loan for purposes of this Agreement. The failure of any Lender to make its Rateable Portion of any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make its Rateable Portion of such Loan on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, but no Lender shall be responsible for the failure of any other Lender to make the Rateable Portion of any Loan to be made by such other Lender on the date of any Drawdown, Rollover or Conversion, as the case may be.such
Appears in 1 contract
Samples: Loan Agreement (Amax Gold Inc)
Procedure for Making Loans. (1) The Agent shall make Loans available to the Borrower as required hereunder by debiting the account of the Agent to which the Lenders’ ' Rateable Portions of such Loans have been credited in accordance with Section 2.12 (or causing such account to be debited) and, in the absence of other arrangements agreed to by the Agent and the Borrower in writing, by crediting the account of the Borrower or, at the expense of the Borrower, transferring (or causing to be transferred) like funds in accordance with the instructions of the Borrower as set forth in the Drawdown Notice, Rollover Notice or Conversion Notice, as the case may be, in respect of each Loan; provided that the obligation of the Agent hereunder to effect such a transfer shall be limited to taking such steps as are commercially reasonable to implement such instructions, which steps once taken shall constitute conclusive and binding evidence that such funds were advanced hereunder in accordance with the provisions relating thereto and the Agent shall not be liable for any damages, claims or costs which may be suffered by the Borrower and occasioned by the failure of such Loan to reach the designated destination.
(2) Unless the Agent has been notified by a Lender at least one Banking Day prior to the Drawdown Date, Rollover Date or Conversion Date, as the case may be, requested by the Borrower that such Lender will not make available to the Agent its Rateable Portion of such Loan, the Agent may assume that such Lender has made or will make such portion of the Loan available to the Agent on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, in accordance with the provisions hereof and the Agent may, but shall be in no way obligated to, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent such Lender shall not have so made its Rateable Portion of a Loan available to the Agent, such Lender Lxxxxx agrees to pay to the Agent forthwith on demand such Lender’s Lxxxxx's Rateable Portion of the Loan and all reasonable costs and expenses incurred by the Agent in connection therewith together with interest thereon (at the rate payable hereunder by the Borrower in respect of such Loan or, in the case of funds made available in anticipation of a Lender remitting proceeds of a Bankers’ ' Acceptance, at the rate of interest per annum applicable to Canadian Prime Rate Loans) for each day from the date such amount is made available to the Borrower until the date such amount is paid to the Agent; provided, however, that notwithstanding such obligation if such Lender fails to so pay, the Borrower covenants and agrees that, without prejudice to any rights the Borrower may have against such Lender, it shall repay such amount to the Agent forthwith after demand therefor by the Agent. The amount payable to the Agent pursuant hereto shall be set forth in a certificate delivered by the Agent to such Lender and the Borrower (which certificate shall contain reasonable details of how the amount payable is calculated) and shall be prima facie evidence thereof, in the absence of manifest error. If such Lender makes the payment to the Agent required herein, the amount so paid shall constitute such Lender’s 's Rateable Portion of the Loan for purposes of this Agreement. The failure of any Lender to make its Rateable Portion of any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make its Rateable Portion of such Loan on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, but no Lender shall be responsible for the failure of any other Lender to make the Rateable Portion of any Loan to be made by such other Lender on the date of any Drawdown, Rollover or Conversion, as the case may be.
Appears in 1 contract
Procedure for Making Loans. (1a) By delivering a Borrowing Request to the Agent on or before 10:00 a.m. on any Business Day the Borrower may request, on not less than three (3) nor more than five (5) Business Days' notice (counting the date on which such Borrowing Request is given), that Loans be made by all Lenders on the Borrowing Date, and in the principal amount, in each case as specified in such Borrowing Request. Upon receipt of a Borrowing Request, the Agent shall promptly notify each Lender of the contents thereof, and such Borrowing Request shall not thereafter be revocable.
(b) The aggregate principal amount of Loans requested to be made in any Borrowing Request shall be in an integral multiple of U.S.$1,000,000.
(c) Subject to the terms and conditions of this Agreement (including Clause 5 (Conditions Precedent to Making Loans)), the Loans requested to be made in a Borrowing Request shall be made on the requested Borrowing Date. On such Borrowing Date and subject to such terms and conditions, each Lender shall, on or before 11:00 a.m., credit such Dollar account of the Agent at its Dollar Lending Office as the Agent may notify to the Lenders with an amount of Dollars equal to such Lender's Funding Percentage of the aggregate principal amount of the Loans to be made pursuant to such Borrowing Request. To the extent funds are received by the Agent from the Lenders in respect of the Loans requested by each Borrowing Request (but subject to clause (d)) the Agent shall make Loans such funds available to the Borrower as required hereunder by debiting crediting the account of the Agent to which the Lenders’ Rateable Portions principal amount of such Loans have been credited in accordance with Section 2.12 (or causing to such account as the Borrower notifies to be debited) and, in the absence of other arrangements agreed to by the Agent and the Borrower in writing, by crediting the account of the Borrower or, at the expense of the Borrower, transferring (or causing from time to be transferred) like funds in accordance with the instructions of the Borrower time. No Lender's obligation to make any Loan as set forth in the Drawdown Notice, Rollover Notice or Conversion Notice, as the case may be, in respect of each Loan; provided that the obligation of the Agent hereunder to effect such a transfer aforesaid shall be limited affected by any other Lender's failure to taking such steps as are commercially reasonable to implement such instructions, which steps once taken shall constitute conclusive and binding evidence that such funds were advanced hereunder in accordance with the provisions relating thereto and the Agent shall not be liable for make any damages, claims or costs which may be suffered by the Borrower and occasioned by the failure of such Loan to reach the designated destinationother Loan.
(2d) Unless the Agent has been notified by shall have received written notice from a Lender at least one Banking Day prior to 5:00 p.m. on the Drawdown Date, Rollover day prior to a Borrowing Date or Conversion Date, as the case may be, requested by the Borrower that such Lender will not make available the principal amount which would constitute its Funding Percentage of the aggregate principal amount of the Loans to be made on such Borrowing Date pursuant to the Agent its Rateable Portion of such Loanrelevant Borrowing Request, the Agent may assume that such Lender has made or will make such portion of the Loan principal amount available to the Agent on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, in accordance with the provisions hereof and the Agent may, but shall be in no way obligated to, in reliance upon on such assumption, make available to the Borrower on such date a corresponding amount. If and In the event that the Agent makes such corresponding amount available to the extent Borrower and the relevant Lender has not in fact made such Lender shall not have so made its Rateable Portion of a Loan amount available to the Agent, then such Lender agrees to pay to the Agent forthwith on demand such Lender’s Rateable Portion of the Loan and all reasonable costs and expenses incurred by the Agent in connection therewith corresponding amount together with interest thereon (at the rate payable hereunder by the Borrower in respect of such Loan orthereon, in the case of funds made available in anticipation of a Lender remitting proceeds of a Bankers’ Acceptance, at the rate of interest per annum applicable to Canadian Prime Rate Loans) for each day from the date such corresponding amount is was made available by the Agent to the Borrower until to the date such amount is paid by the Lender to the Agent; provided, however, at the interest rate applicable at the time to the Loans requested to be made pursuant to the relevant Borrowing Request. In the event that notwithstanding such obligation if corresponding amount and such interest is not paid to the Agent by such Lender fails to so paywithin five (5) Business Days of the Agent having made written demand for such amount, then the Borrower covenants and agrees that, without prejudice to any rights the Borrower may have against such Lender, it shall repay such corresponding amount to the Agent forthwith after demand therefor by together with interest thereon, for each day from the Agent. The date such corresponding amount payable to the Agent pursuant hereto shall be set forth in a certificate delivered was made available by the Agent to such Lender and the Borrower (which certificate shall contain reasonable details of how the amount payable is calculated) and shall be prima facie evidence thereof, in the absence of manifest error. If such Lender makes the payment to the Agent required hereindate such amount is paid by the Borrower to the Agent, at the amount so paid shall constitute such Lender’s Rateable Portion of interest rate applicable at the Loan for purposes of this Agreement. The failure of any Lender time to make its Rateable Portion of any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make its Rateable Portion of such Loan on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, but no Lender shall be responsible for the failure of any other Lender to make the Rateable Portion of any Loan Loans requested to be made by such other Lender on pursuant to the date of any Drawdown, Rollover or Conversion, as the case may berelevant Borrowing Request.
Appears in 1 contract
Samples: Revolving Credit Facility Agreement (Randgold Resources LTD)
Procedure for Making Loans. (1a) By delivering a Borrowing Request to the Facility Agent on or before 10:00 a.m. on any Business Day the Borrower may request, on not less than three (3) nor more than five (5) Business Days’ notice (counting the date on which such Borrowing Request is given), that Loans be made by all Lenders on the Borrowing Date, and in the Principal Amount, in each case as specified in such Borrowing Request. Upon receipt of a duly completed Borrowing Request, the Facility Agent shall promptly notify each Lender of the contents thereof, and such Borrowing Request shall not thereafter be revocable.
(b) The aggregate Principal Amount of Loans requested to be made in any Borrowing Request shall be in an integral multiple of U.S.$1,000,000.
(c) Subject to the terms and conditions of this Agreement (including Clause 5 (Conditions Precedent to Making Loans)), the Loans requested to be made in a Borrowing Request shall be made on the requested Borrowing Date. On such Borrowing Date and subject to such terms and conditions, each Lender shall, on or before 11:00 a.m., credit such Dollar account of the Facility Agent at its Dollar Lending Office as the Facility Agent may notify to the Lenders with an amount of Dollars equal to such Lender’s Tranche A Funding Percentage, Tranche B Funding Percentage and/or Tranche C Funding Percentage of the aggregate Principal Amount of the Tranche A Loans, Tranche B Loans and/or Tranche C Loans, respectively to be made pursuant to such Borrowing Request. To the extent funds are received by the Facility Agent from the Lenders in respect of the Loans requested by each Borrowing Request (but subject to clause (d)) the Facility Agent shall make Loans such funds available to the Borrower as required hereunder by debiting crediting the account of the Agent to which the Lenders’ Rateable Portions Principal Amount of such Loans have been credited in accordance with Section 2.12 (or causing to such account to be debited) and, in the absence of other arrangements agreed to by the Agent and as the Borrower in writing, by crediting may notify to the account of the Borrower or, at the expense of the Borrower, transferring (or causing Facility Agent from time to be transferred) like funds in accordance with the instructions of the Borrower time. No Lender’s obligation to make any Loan as set forth in the Drawdown Notice, Rollover Notice or Conversion Notice, as the case may be, in respect of each Loan; provided that the obligation of the Agent hereunder to effect such a transfer aforesaid shall be limited affected by any other Lender’s failure to taking such steps as are commercially reasonable to implement such instructions, which steps once taken shall constitute conclusive and binding evidence that such funds were advanced hereunder in accordance with the provisions relating thereto and the Agent shall not be liable for make any damages, claims or costs which may be suffered by the Borrower and occasioned by the failure of such Loan to reach the designated destinationother Loan.
(2d) Unless the Facility Agent has been notified by shall have received written notice from a Lender at least one Banking Day prior to 5:00 p.m. on the Drawdown Date, Rollover day prior to a Borrowing Date or Conversion Date, as the case may be, requested by the Borrower that such Lender will not make available the Principal Amount which would constitute its Tranche A Funding Percentage, Tranche B Funding Percentage and/or Tranche C Funding Percentage of the aggregate Principal Amount of the Tranche A Loans, Tranche B Loans and Tranche C Loans, respectively, to be made on such Borrowing Date pursuant to the Agent its Rateable Portion of such Loanrelevant Borrowing Request, the Facility Agent may assume that such Lender has made or will make such portion of the Loan Principal Amount available to the Facility Agent on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, in accordance with the provisions hereof and the Agent may, but shall be in no way obligated to, in reliance upon on such assumption, make available to the Borrower on such date a corresponding amount. If and to In the extent event that the Facility Agent makes such Lender shall not have so made its Rateable Portion of a Loan corresponding amount available to the Borrower and the relevant Lender has not in fact made such amount available to the Facility Agent, then such Lender agrees to pay to the Facility Agent forthwith on demand such Lender’s Rateable Portion of the Loan and all reasonable costs and expenses incurred by the Agent in connection therewith corresponding amount together with interest thereon (at the rate payable hereunder by the Borrower in respect of such Loan orthereon, in the case of funds made available in anticipation of a Lender remitting proceeds of a Bankers’ Acceptance, at the rate of interest per annum applicable to Canadian Prime Rate Loans) for each day from the date such corresponding amount is was made available by the Facility Agent to the Borrower until to the date such amount is paid by the Lender to the Facility Agent; provided, however, at the interest rate applicable at the time to the Loans requested to be made pursuant to the relevant Borrowing Request. In the event that notwithstanding such obligation if corresponding amount and such interest is not paid to the Facility Agent by such Lender fails to so paywithin five (5) Business Days of the Facility Agent having made written demand for such amount, then the Borrower covenants and agrees that, without prejudice to any rights the Borrower may have against such Lender, it shall repay such corresponding amount to the Facility Agent forthwith after demand therefor together with interest thereon, for each day from the date such corresponding amount was made available by the Agent. The amount payable Facility Agent to the Agent pursuant hereto shall be set forth in a certificate delivered Borrower to the date such amount is paid by the Agent to such Lender and the Borrower (which certificate shall contain reasonable details of how the amount payable is calculated) and shall be prima facie evidence thereof, in the absence of manifest error. If such Lender makes the payment to the Agent required hereinFacility Agent, at the amount so paid shall constitute such Lender’s Rateable Portion of interest rate applicable at the Loan for purposes of this Agreement. The failure of any Lender time to make its Rateable Portion of any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make its Rateable Portion of such Loan on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, but no Lender shall be responsible for the failure of any other Lender to make the Rateable Portion of any Loan Loans requested to be made by such other Lender on pursuant to the date of any Drawdown, Rollover or Conversion, as the case may berelevant Borrowing Request.
Appears in 1 contract
Samples: Loan Agreement (Yamana Gold Inc)
Procedure for Making Loans. (1a) The Administrative Agent shall make Loans available to the Borrower as required hereunder by debiting the account of the Administrative Agent to which the Lenders’ Rateable Portions each Lender's share of such Loans have has been credited in accordance with Section 2.12 (or causing such account to be debited) and, in the absence of other arrangements agreed to by the Administrative Agent and the Borrower in writing, by crediting the account of the Borrower or, at the expense of the Borrower, transferring (or causing to be transferred) like funds in accordance with the instructions of the Borrower as set forth in the Drawdown Notice, Rollover Notice or Conversion Notice, as the case may be, in respect of each Loan; provided that the obligation of the Administrative Agent hereunder to effect such a transfer shall be limited to taking such steps as are commercially reasonable to implement such instructions, which steps once taken shall constitute conclusive and binding evidence that such funds were advanced hereunder in accordance with the provisions relating thereto thereto, and the Administrative Agent shall not be liable for any damages, claims or costs which may be suffered by the Borrower and occasioned by the failure of such Loan to reach the designated destination.
(2b) Unless the Administrative Agent has been notified by a Lender at least one 1 Banking Day prior to the Drawdown Date, Rollover Date or Conversion Date, as the case may be, requested by the Borrower that such Lender will not make available to the Administrative Agent its Rateable Portion Lender's share of such Loan, the Administrative Agent may assume that such Lender has made or will make such portion of the Loan available to the Administrative Agent on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, in accordance with the provisions hereof and the Administrative Agent may, but shall be in no way obligated to, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent such Lender shall not have so made its Rateable Portion Lender's share of a Loan available to the Administrative Agent, such Lender agrees to pay to the Administrative Agent forthwith on demand such Lender’s Rateable Portion 's share of the Loan and all reasonable costs and expenses incurred by the Administrative Agent in connection therewith together with interest thereon (at the a rate payable hereunder determined by the Borrower Administrative Agent in respect accordance with its usual banking practices for similar advances to financial institutions of like standing to such Loan or, in the case of funds made available in anticipation of a Lender remitting proceeds of a Bankers’ Acceptance, at the rate of interest per annum applicable to Canadian Prime Rate LoansLender) for each day from the date such amount is made available to the Borrower until the date such amount is paid to the Administrative Agent; provided, however, that notwithstanding such obligation obligation, if such Lender fails to so pay, the Borrower covenants and agrees that, without prejudice to any rights the Borrower may have against such Lender, it shall repay such amount to the Administrative Agent forthwith after demand therefor by the Administrative Agent. The amount payable to the Administrative Agent pursuant hereto shall be set forth in a certificate delivered by the Administrative Agent to such Lender and the Borrower (which certificate shall contain reasonable details of how the amount payable is calculated) and shall be prima facie evidence thereof, in the absence of manifest error. If such Lender makes the payment to the Administrative Agent required herein, the amount so paid shall constitute such Lender’s Rateable Portion 's share of the Loan for purposes of this Agreement. The failure of any Lender to make its Rateable Portion such Lender's share of any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make its Rateable Portion such Lender's share of such Loan on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, but no Lender shall be responsible for the failure of any other Lender to make the Rateable Portion such Lender's share of any Loan to be made by such other Lender on the date of any Drawdown, Rollover or Conversion, as the case may be.
(c) Subject to the terms and conditions of this Agreement, on each Drawdown Date in respect of a Drawdown, in immediately available funds for good value:
(i) each Revolving Lender will make available to the Borrower the same proportion of the Loans which are the subject of such Drawdown as the amount of such Revolving Lender's Commitment at such time bears to the aggregate of the Commitments of all Revolving Lenders at such time, by forwarding to the Administrative Agent the amount of Loans required to be made available by such Revolving Lender; and
(ii) each Revolving Lender will make available to the Borrower the same proportion of such Loans by way of Bankers' Acceptances (or, if such Revolving Lender is a Non-Acceptance Lender, BA Equivalent Loans in lieu thereof) which are the subject of such Drawdown as the amount of such Revolving Lender's Commitment at such time bears to the aggregate amount of the Commitments of all Revolving Lenders at such time by forwarding to the Administrative Agent the amount of the Discount Proceeds in respect of such Bankers' Acceptances or BA Equivalent Loans required to be accepted and (as the case may be) purchased or made by such Revolving Lender (less the amount of applicable fees payable by the Borrower to such Lender pursuant to Section 6.2 or 6.
(d) Subject to the terms and conditions of this Agreement, on each Conversion Date and Rollover Date in respect of a Conversion or Rollover of a Loan, in immediately available funds for good value, each Lender that was a Revolving Lender on the Drawdown Date in respect of such Loan and therefore participated in such Loan, or to which has been assigned all or part of the Commitment of a financial institution that was a Revolving Lender on the Drawdown Date in respect of such Loan and therefore participated in such Loan will Convert or Rollover the same proportion of such Loan as the amount of such Lender's Commitment on such Conversion Date or Rollover Date, as applicable, bears to the aggregate amount of the Commitments on such Conversion Date or Rollover Date, as applicable, of all Lenders that were Revolving Lenders on the Drawdown Date in respect of such Loan and therefore participated in such Loan and are participating in such Conversion and Rollover.
Appears in 1 contract
Samples: Credit Agreement (Keyspan Corp)
Procedure for Making Loans. (1) The Agent shall make Loans available to the Borrower as required hereunder by debiting the account of the Agent to which the Lenders’ Rateable Portions of such Loans have been credited in accordance with Section 2.12 (or causing such account to be debited) and, in the absence of other arrangements agreed to by the Agent and the Borrower in writing, by crediting the United States Dollar or Canadian Dollar account of the Borrower Borrower, as applicable, at the Agent or, at the expense of the Borrower, transferring (or causing to be transferred) like funds in accordance with the instructions of the Borrower as set forth in the Drawdown Notice, Rollover Notice or Conversion Notice, as the case may be, in respect of each Loan; provided that the obligation of the Agent hereunder to effect such a transfer shall be limited to taking such steps as are commercially reasonable to implement such instructions, which steps once taken shall constitute conclusive and binding evidence that such funds were advanced hereunder in accordance with the provisions relating thereto and the Agent shall not be liable for any damages, claims or costs which may be suffered by the Borrower and occasioned by the failure of such Loan to reach the designated destination.
(2) Unless the Agent has been notified by a Lender at least one Banking Day prior to the Drawdown Date, Rollover Date or Conversion Date, as the case may be, requested by the Borrower that such Lender will not make available to the Agent its Rateable Portion of such Loan, the Agent may assume that such Lender has made or will make such portion of the Loan available to the Agent on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, in accordance with the provisions hereof and the Agent may, but shall be in no way obligated to, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent such Lender shall not have so made its Rateable Portion of a Loan available to the Agent, such Lender agrees to pay to the Agent forthwith on demand such Lender’s Rateable Portion of the Loan and all reasonable costs and expenses incurred by the Agent in connection therewith together with interest thereon (at the rate payable hereunder by the Borrower in respect of such Loan or, in the case of funds made available in anticipation of a Lender remitting proceeds of a Bankers’ Acceptance, at the rate of interest per annum applicable to Canadian Prime Rate Loans) for each day from the date such amount is made available to the Borrower until the date such amount is paid to the Agent; provided, however, that notwithstanding such obligation if such Lender fails to so pay, the Borrower covenants and agrees that, without prejudice to any rights the Borrower may have against such Lender, it shall repay such amount to the Agent forthwith after demand therefor by the Agent. The amount payable to the Agent pursuant hereto shall be set forth in a certificate delivered by the Agent to such Lender and the Borrower (which certificate shall contain reasonable details of how the amount payable is calculated) and shall be prima facie conclusive and binding evidence thereof, thereof in the absence of manifest error. If such Lender makes the payment to the Agent required herein, the amount so paid shall constitute such Lender’s Rateable Portion of the Loan for purposes of this Agreement. The failure of any Lender to make its Rateable Portion of any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make its Rateable Portion of such Loan on the Drawdown Date, Rollover Date or Conversion Date, as the case may be; for certainty, but without derogating from the operation of Section 13.14 or Section 14.2, no Lender shall be responsible for the failure obligations of any other Lender to make the Rateable Portion of any Loan to be made by such other Lender on the date of any Drawdown, Rollover or Conversion, as the case may behereunder.
Appears in 1 contract
Samples: Revolving Term Credit Facility (Potash Corp of Saskatchewan Inc)
Procedure for Making Loans. By delivering the Borrowing Request to the Agent on or before 10:00 a.m., London time, the Borrower may request on any Business Day scheduled to coincide with or occurring prior to the Commitment Termination Date, on not less than three (13) The nor more than five (5) Business Days' notice (counting the date on which such Borrowing Request is given), that the Loans be made by all Lenders on the Borrowing Date set forth in the Borrowing Request in the principal amount specified in the Borrowing Request. Upon receipt of the Borrowing Request, the Agent shall promptly notify each Lender of the contents thereof, and the Borrowing Request shall not thereafter be revocable by the Borrower. Subject to the terms and conditions of this Agreement, the Loans requested to be made in the Borrowing Request shall be made on the requested Borrowing Date. On such Business Day and subject to such terms and conditions, each Lender shall, on or before 11:00 a.m., London time credit such Dollar account of the Agent at its Lending Office as the Agent may notify to the Lenders with an amount of Dollars, in each case equal to such Lender's Percentage of the aggregate principal amount of the Loans to be made pursuant to the Borrowing Request. To the extent funds are received by the Agent from the Lenders, the Agent shall make Loans such funds available to the Borrower as required hereunder by debiting crediting the account of the Agent to which the Lenders’ Rateable Portions principal amount of such Loans have been credited in accordance with Section 2.12 to such account as the Borrower may designate. No Lender's obligation to make its Loan as aforesaid shall be affected by any other Lender's failure to make its Loan. Notwithstanding any other provision of this Agreement, no Loans shall be made until such time as the Borrower has received telephonic or facsimile confirmation from Barclays Bank Plc (or causing such account to be debited) andits authorized representative), in the absence of other arrangements agreed to by the Agent and the Borrower in writing, by crediting shall have confirmed the account of the Borrower or, at the expense of the Borrower, transferring (or causing to be transferred) like funds in accordance with the instructions of the Borrower as set forth in the Drawdown Notice, Rollover Notice or Conversion Notice, as the case may be, in respect of each Loan; provided that the obligation of the Agent hereunder to effect such a transfer shall be limited to taking such steps as are commercially reasonable to implement such instructions, which steps once taken shall constitute conclusive and binding evidence that such funds were advanced hereunder in accordance with the provisions relating thereto and the Agent shall not be liable for any damages, claims or costs which may be suffered by the Borrower and occasioned by the failure of such Loan to reach the designated destination.
(2) Unless the Agent has been notified by a Lender at least one Banking Day prior to the Drawdown Date, Rollover Date or Conversion Date, as the case may be, requested by the Borrower that such Lender will not make available to the Agent its Rateable Portion of such Loan, the Agent may assume that such Lender has made or will make such portion of the Loan available to the Agent on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, in accordance with the provisions hereof and the Agent may, but shall be in no way obligated to, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent such Lender shall not have so made its Rateable Portion of a Loan available same to the Agent, such Lender agrees to pay to that the Agent forthwith on demand such Lender’s Rateable Portion transfers of the Loan funds and all reasonable costs and expenses incurred assignments of loans as contemplated by the Agent in connection therewith together with interest thereon (at the rate payable hereunder by the Borrower in respect of such Loan or, in the case of funds made available in anticipation of a Lender remitting proceeds of a Bankers’ Acceptance, at the rate of interest per annum applicable to Canadian Prime Rate Loans) for each day from the date such amount is made available to the Borrower until the date such amount is paid to the Agent; provided, however, that notwithstanding such obligation if such Lender fails to so pay, the Borrower covenants and agrees that, without prejudice to any rights the Borrower may have against such Lender, it shall repay such amount to the Agent forthwith after demand therefor by the Agent. The amount payable to the Agent pursuant hereto Restructuring Agreement shall be set forth in a certificate delivered by the Agent to such Lender and the Borrower (which certificate shall contain reasonable details of how the amount payable is calculated) and shall be prima facie evidence thereof, in the absence of manifest error. If such Lender makes the payment to the Agent required herein, the amount so paid shall constitute such Lender’s Rateable Portion of the Loan for purposes of this Agreement. The failure of any Lender to make its Rateable Portion of any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make its Rateable Portion of such Loan on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, but no Lender shall be responsible for the failure of any other Lender to make the Rateable Portion of any Loan to be made by such other Lender on the date of any Drawdown, Rollover or Conversion, as the case may beprocess.
Appears in 1 contract
Samples: Loan Agreement (Amax Gold Inc)
Procedure for Making Loans. (1a) By delivering a Borrowing Request to the Facility Agent on or before 11:00 a.m. on any Business Day the Borrower may request, on not less than five (5) nor more than seven (7) Business Days' notice (counting the date on which such Borrowing Request is given), that Loans be made by all Lenders on the Borrowing Date, and in the principal amount, in each case as specified in such Borrowing Request. Upon receipt of a Borrowing Request, the Facility Agent shall promptly notify each Lender and the Principal Facilities Agent of the contents thereof, and such Borrowing Request shall not thereafter be revocable.
(b) The aggregate principal amount of Loans requested to be made in any Borrowing Request shall be in an integral multiple of U.S.$1,000,000 and, when aggregated with the Loans to be made on the same Borrowing Date under the Tranche A Loan Agreement, shall be in a minimum amount of U.S.$10,000,000 and a maximum amount of U.S.$25,000,000; provided, however, that the initial Loans may, subject to the other terms and conditions of the Finance Documents, be in such amount as shall enable the Borrower to comply with the condition precedent set forth in Clause 8.1(p) of the Common Terms Agreement..
(c) Subject to the terms and conditions of this Agreement (including Clause 4), the Loans requested to be made in a Borrowing Request shall be made on the requested Borrowing Date. On such Borrowing Date and subject to such terms and conditions, each Lender shall, on or before 11:00 a.m., credit such Dollar account of the Principal Facilities Agent at its Dollar Lending Office as the Principal Facilities Agent may notify to the Lenders with an amount of Dollars equal to such Xxxxxx's Funding Percentage of the aggregate principal amount of the Loans to be made pursuant to such Borrowing Request. To the extent funds are received by the Principal Facilities Agent from the Lenders in respect of the Loans requested by each Borrowing Request (but subject to clause (d)) the Principal Facilities Agent shall make Loans such funds available to the Borrower as required hereunder by debiting crediting the account of the Agent to which the Lenders’ Rateable Portions principal amount of such Loans have been credited in accordance with Section 2.12 (or causing such account to be debited) and, in the absence of other arrangements agreed Moscow Dollar Account. No Lender's obligation to by the Agent and the Borrower in writing, by crediting the account of the Borrower or, at the expense of the Borrower, transferring (or causing to be transferred) like funds in accordance with the instructions of the Borrower make any Loan as set forth in the Drawdown Notice, Rollover Notice or Conversion Notice, as the case may be, in respect of each Loan; provided that the obligation of the Agent hereunder to effect such a transfer aforesaid shall be limited affected by any other Lender's failure to taking such steps as are commercially reasonable to implement such instructions, which steps once taken shall constitute conclusive and binding evidence that such funds were advanced hereunder in accordance with the provisions relating thereto and the Agent shall not be liable for make any damages, claims or costs which may be suffered by the Borrower and occasioned by the failure of such Loan to reach the designated destinationother Loan.
(2d) Unless the Principal Facilities Agent has been notified by shall have received written notice from a Lender at least one Banking Day prior to 5:00 p.m. on the Drawdown Date, Rollover day prior to a Borrowing Date or Conversion Date, as the case may be, requested by the Borrower that such Lender will not make available the principal amount which would constitute its Funding Percentage of the aggregate principal amount of the Loans to be made on such Borrowing Date pursuant to the Agent its Rateable Portion of such Loanrelevant Borrowing Request, the Principal Facilities Agent may assume that such Lender Xxxxxx has made or will make such portion of the Loan principal amount available to the Principal Facilities Agent on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, in accordance with the provisions hereof and the Agent may, but shall be in no way obligated to, in reliance upon on such assumption, make available to the Borrower on such date a corresponding amount. If and to In the extent event that the Principal Facilities Agent makes such Lender shall not have so made its Rateable Portion of a Loan corresponding amount available to the Borrower and the relevant Lender has not in fact made such amount available to the Principal Facilities Agent, then such Lender Xxxxxx agrees to pay to the Principal Facilities Agent forthwith on demand such Lender’s Rateable Portion of the Loan and all reasonable costs and expenses incurred by the Agent in connection therewith corresponding amount together with interest thereon (at the rate payable hereunder by the Borrower in respect of such Loan orthereon, in the case of funds made available in anticipation of a Lender remitting proceeds of a Bankers’ Acceptance, at the rate of interest per annum applicable to Canadian Prime Rate Loans) for each day from the date such corresponding amount is was made available by the Principal Facilities Agent to the Borrower until to the date such amount is paid by the Lender to the Principal Facilities Agent; provided, however, at the interest rate (calculated pursuant to Clause 3.2(a)) applicable at the time to the Loans requested to be made pursuant to the relevant Borrowing Request. In the event that notwithstanding such obligation if corresponding amount and such interest is not paid to the Principal Facilities Agent by such Lender fails to so paywithin five (5) Business Days of the Principal Facilities Agent having made written demand for such amount, then the Borrower covenants and agrees that, without prejudice to any rights the Borrower may have against such Lender, it shall repay such corresponding amount to the Principal Facilities Agent forthwith after demand therefor together with interest thereon, for each day from the date such corresponding amount was made available by the Agent. The amount payable Principal Facilities Agent to the Agent pursuant hereto shall be set forth in a certificate delivered Borrower to the date such amount is paid by the Agent to such Lender and the Borrower (which certificate shall contain reasonable details of how the amount payable is calculated) and shall be prima facie evidence thereof, in the absence of manifest error. If such Lender makes the payment to the Agent required hereinPrincipal Facilities Agent, at the amount so paid shall constitute such Lender’s Rateable Portion of interest rate applicable at the Loan for purposes of this Agreement. The failure of any Lender time to make its Rateable Portion of any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make its Rateable Portion of such Loan on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, but no Lender shall be responsible for the failure of any other Lender to make the Rateable Portion of any Loan Loans requested to be made by such other Lender on pursuant to the date of any Drawdown, Rollover or Conversion, as the case may berelevant Borrowing Request.
Appears in 1 contract
Procedure for Making Loans. (1) The applicable Agent shall make Loans available to the applicable Borrower as required hereunder by debiting the account of the applicable Agent to which the Lenders’ Rateable Portions of such Loans have been credited in accordance with Section 2.12 (or causing such account to be debited) and, in the absence of other arrangements agreed to by the applicable Agent and the a Borrower in writing, by crediting the account of the applicable Borrower or, at the expense of the applicable Borrower, transferring (or causing to be transferred) like funds in accordance with the instructions of the applicable Borrower as set forth in the Drawdown Notice, Rollover Notice or Conversion Notice, as the case may be, in respect of each Loan; provided that the obligation of the each Agent hereunder to effect such a transfer shall be limited to taking such steps as are commercially reasonable to implement such instructions, which steps once taken shall constitute conclusive and binding evidence that such funds were advanced hereunder in accordance with the provisions relating thereto and the Agent Agents shall not be liable for any damages, claims or costs which may be suffered by the applicable Borrower and occasioned by the failure of such Loan to reach the designated destination.
(2) Unless the applicable Agent has been notified by a Lender at least one Banking Day prior to the Drawdown Date, Rollover Date or Conversion Date, as the case may be, requested by the a Borrower that such Lender will not make available to the applicable Agent its Rateable Portion of such Loan, the applicable Agent may assume that such Lender has made or will make such portion of the Loan available to the applicable Agent on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, in accordance with the provisions hereof and the applicable Agent may, but shall be in no way obligated to, in reliance upon such assumption, make available to the such Borrower on such date a corresponding amount. If and to the extent such Lender shall not have so made its Rateable Portion of a Loan available to the applicable Agent, such Lender agrees to pay to the applicable Agent forthwith on demand such Lender’s Rateable Portion of the Loan and all reasonable costs and expenses incurred by the applicable Agent in connection therewith together with interest thereon (at the rate payable hereunder by the applicable Borrower in respect of such Loan or, in the case of funds made available in anticipation of a Lender remitting proceeds of a Bankers’ Acceptance, at the rate of interest per annum applicable to Canadian Prime Rate Loans) for each day from the date such amount is made available to the applicable Borrower until the date such amount is paid to the applicable Agent; provided, however, that notwithstanding such obligation if such Lender fails to so pay, the applicable Borrower covenants and agrees that, without prejudice to any rights the such Borrower may have against such Lender, it shall repay such amount to the applicable Agent forthwith after demand therefor by the applicable Agent. The amount payable to the applicable Agent pursuant hereto shall be set forth in a certificate delivered by the applicable Agent to such Lender and the such Borrower (which certificate shall contain reasonable details of how the amount payable is calculated) and shall be prima facie evidence thereof, in the absence of manifest error. If such Lender makes the payment to the applicable Agent required herein, the amount so paid shall constitute such Lender’s Rateable Portion of the Loan for purposes of this Agreement. The failure of any Lender to make its Rateable Portion of any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make its Rateable Portion of such Loan on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, but no Lender shall be responsible for the failure of any other Lender to make the Rateable Portion of any Loan to be made by such other Lender on the date of any Drawdown, Rollover or Conversion, as the case may be.
Appears in 1 contract
Samples: Credit Agreement (Nexen Inc)
Procedure for Making Loans. (1) The With respect to the Syndicated Facility, the Agent shall make Loans available to the Canadian Borrower as required hereunder by debiting the account of the Agent to which the Lenders’ Rateable Portions of such Loans have been credited in accordance with Section 2.12 (or causing such account to be debited) and, in the absence of other arrangements agreed to by the Agent and the Canadian Borrower in writing, by crediting the account of the Canadian Borrower or, at the expense of the Canadian Borrower, transferring (or causing to be transferred) like funds in accordance with the instructions of the Canadian Borrower as set forth in the Drawdown Notice, Rollover Notice or Conversion Notice, as the case may be, in respect of each Loan; provided that the obligation of the Agent hereunder to effect such a transfer shall be limited to taking such steps as are commercially reasonable to implement such instructions, which steps once taken shall constitute conclusive and binding evidence that such funds were advanced hereunder in accordance with the provisions relating thereto and the Agent shall not be liable for any damages, claims or costs which may be suffered by the Canadian Borrower and occasioned by the failure of such Loan to reach the designated destination.
(2) Unless With respect to the Syndicated Facility, unless the Agent has been notified by a Lender at least one Banking Day prior to the Drawdown Date, Rollover Date or Conversion Date, as the case may be, requested by the Canadian Borrower that such Lender will not make available to the Agent its Rateable Portion of such Loan, the Agent may assume that such Lender has made or will make such portion of the Loan available to the Agent on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, in accordance with the provisions hereof and the Agent may, but shall be in no way obligated to, in reliance upon such assumption, make available to the Canadian Borrower on such date a corresponding amount. If and to the extent such Lender shall not have so made its Rateable Portion of a Loan available to the Agent, such Lender agrees to pay to the Agent forthwith on demand such Lender’s Rateable Portion of the Loan and all reasonable costs and expenses incurred by the Agent in connection therewith together with interest thereon (at the rate payable hereunder by the Canadian Borrower in respect of such Loan or, in the case of funds made available in anticipation of a Lender remitting proceeds of a Bankers’ Acceptance, at the rate of interest per annum applicable to Canadian Prime Rate Loans) for each day from the date such amount is made available to the Canadian Borrower until the date such amount is paid to the Agent; provided, however, that notwithstanding such obligation if such Lender fails to so pay, the Canadian Borrower covenants and agrees that, without prejudice to any rights the Canadian Borrower may have against such Lender, it shall repay such amount to the Agent forthwith after demand therefor by the Agent. The amount payable to the Agent pursuant hereto shall be set forth in a certificate delivered by the Agent to such Lender and the Canadian Borrower (which certificate shall contain reasonable details of how the amount payable is calculated) and shall be prima facie evidence thereof, in the absence of manifest error. If such Lender makes the payment to the Agent required herein, the amount so paid shall constitute such Lender’s Rateable Portion of the Loan for purposes of this Agreement. The failure of any Lender to make its Rateable Portion of any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make its Rateable Portion of such Loan on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, but no Lender shall be responsible for the failure of any other Lender to make the Rateable Portion of any Loan to be made by such other Lender on the date of any Drawdown, Rollover or Conversion, as the case may be.
Appears in 1 contract
Samples: Credit Agreement (Enerflex Ltd.)
Procedure for Making Loans. (1) The Agent shall make Loans available to the Borrower as required hereunder by debiting the account of the Agent to which the Lenders’ Rateable Portions of such Loans have been credited in accordance with Section 2.12 (or causing such account to be debited) and, in the absence of other arrangements agreed to by the Agent and the Borrower in writing, by crediting the account of the Borrower or, at the expense of the Borrower, transferring (or causing to be transferred) like funds in accordance with the instructions of the Borrower as set forth in the Drawdown Notice, Rollover Notice or Conversion Notice, as the case may be, in respect of each Loan; provided that the obligation of the Agent hereunder to effect such a transfer shall be limited to taking such steps as are commercially reasonable to implement such instructions, which steps once taken shall constitute conclusive and binding evidence that such funds were advanced hereunder in accordance with the provisions relating thereto and the Agent shall not be liable for any damages, claims or costs which may be suffered by the Borrower and occasioned by the failure of such Loan to reach the designated destination.
(2) Unless the Agent has been notified by a Lender at least one Banking Day prior to the Drawdown Date, Rollover Date or Conversion Date, as the case may be, requested by the Borrower that such Lender will not make available to the Agent its Rateable Portion of such Loan, the Agent may assume that such Lender has made or will make such portion of the Loan available to the Agent on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, in accordance with the provisions hereof and the Agent maymay in its sole discretion, but shall be in no way obligated to, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent such Lender shall not have so made its Rateable Portion of a Loan available to the Agent, such Lender agrees to pay to the Agent forthwith on demand such Lender’s Rateable Portion of the Loan and all reasonable costs and expenses incurred by the Agent in connection therewith together with interest thereon (at the rate payable hereunder by the Borrower in respect of such Loan or, in the case of funds made available in anticipation of a Lender remitting proceeds of a Bankers’ Acceptance, at the rate of interest per annum applicable to Canadian Prime Rate Loans) for each day from the date such amount is made available to the Borrower until the date such amount is paid to the Agent; provided, however, that notwithstanding such obligation if such Lender fails to so pay, the Borrower covenants and agrees that, without prejudice to any rights the Borrower may have against such Lender, it shall repay such amount to the Agent forthwith after demand therefor by the Agent. The amount payable to the Agent pursuant hereto shall be set forth in a certificate delivered by the Agent to such Lender and the Borrower (which certificate shall contain reasonable details of how the amount payable is calculated) and shall be prima facie evidence thereof, in the absence of manifest error. If such Lender makes the payment to the Agent required herein, the amount so paid shall constitute such Lender’s Rateable Portion of the Loan for purposes of this Agreement. The failure of any Lender to make its Rateable Portion of any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make its Rateable Portion of such Loan on the Drawdown Date, Rollover Date or Conversion Date, as the case may be, but no Lender shall be responsible for the failure of any other Lender to make the Rateable Portion of any Loan to be made by such other Lender on the date of any Drawdown, Rollover or Conversion, as the case may be.
Appears in 1 contract
Samples: Credit Agreement (Enbridge Inc)