Common use of Protection of Agent - Advances and Payments Clause in Contracts

Protection of Agent - Advances and Payments. 16.6.1 Unless the Agent shall have been notified in writing by any Lender prior to a Drawdown Date that such Lender does not intend to make available to the Agent such Lender’s Applicable Percentage of such Advance, the Agent may assume that such Lender has made such Lender’s Applicable Percentage of such Advance available to the Agent on the Drawdown Date and the Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Agent by such Lender, the Agent shall be entitled to recover such amount (together with interest thereon at the rate determined by the Agent as being its applicable rate for interbank compensation based on prevailing banking industry standards) on demand from such Lender or, if such Lender fails to reimburse the Agent for such amount on demand, from the Borrower. 16.6.2 Unless the Agent shall have been notified in writing by the Borrower prior to the date on which any payment is due hereunder that the Borrower does not intend to make such payment, the Agent may assume that the Borrower will make such payment when due and the Agent may, in reliance upon such assumption, make available to each Lender on such payment date an amount equal to such Lender’s pro rata share of such assumed payment. If it is established that the Borrower has not in fact made such payment to the Agent, each Lender shall forthwith on demand repay to the Agent the amount made available to such Lender (together with interest thereon at the rate determined by the Agent as being its applicable rate for interbank compensation based on prevailing banking industry standards).

Protection of Agent - Advances and Payments. 16.6.1 a) Unless the Agent shall have been notified in writing or by fax by any Lender prior to a Drawdown Date the date of an Advance requested hereunder that such Lender does not intend to make available to the Agent such Lender’s 's Applicable Percentage of such Advance, the Agent may assume that such Lender has made such Lender’s 's Applicable Percentage of such Advance available to the Agent on the Drawdown Date date of such Advance and the Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Agent by such Lender, , 1} the Agent shall be entitled to recover such amount (together with interest thereon at the highest rate determined by applicable to the Agent as being its applicable rate for interbank compensation based on prevailing banking industry standardsAdvances) on demand from such Lender or, if such Lender fails to reimburse the Agent for such amount on demand, from the Borrower, in such case with interest thereon at the rate applicable to the Advance in question. Any such payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that has failed to make such payment to the Agent. 16.6.2 b) Unless the Agent shall have been notified in writing by the Borrower prior to the date on which any payment is due hereunder that the Borrower does not intend to make such payment, the Agent may assume that the Borrower will make has made such payment when due and the Agent may, in reliance upon such assumption, make available to each Lender on such payment date an amount equal to such Lender’s 's pro rata share of such assumed payment. If it is established that the Borrower has not in fact made such payment to the Agent, each Lender shall forthwith on demand repay to the Agent the amount made available to such Lender (together with interest thereon at the rate determined by applicable to the Agent as being its applicable rate for interbank compensation based on prevailing banking industry standardsAdvance in question).