Common use of Reliance by Agent on Banks for Funding Clause in Contracts

Reliance by Agent on Banks for Funding. Unless the Agent shall have received notice from a Bank prior to a funding date that such Bank will not make available to the Agent such Bank's portion of net disbursements of Loans, the Agent may assume that such Bank has made such portion available to the Agent in accordance with Section 8.1 above and the Agent may, in reliance upon such assumption, make Loans to the Borrower. If and to the extent that such Bank has not made such portion available to the Agent on or prior to any funding date, such Bank and the Borrower severally agree to repay to the Agent immediately upon demand, in immediately available funds, such unpaid amount, together with interest thereon at the Federal Funds Rate for each day from the applicable funding date until such amount is repaid to the Agent. If such Bank shall repay to the Agent such corresponding amount, such amount shall constitute a Loan made by such Bank for purposes of this Agreement. The failure by any Bank to pay its portion of a Loan made by the Agent shall not relieve any other Bank of its obligation to pay its portion of net disbursements of Loans, but no Bank shall be responsible for the failure of any other Bank to make its net share of Loans to be made by such other Bank on such funding date.

Reliance by Agent on Banks for Funding. Unless the Agent shall have received notice from a Bank prior to a funding date that such Bank will not make available to the Agent such Bank's portion of net disbursements of Loans, the Agent may assume that such Bank has made such portion available to the Agent in accordance with Section 8.1 above and the Agent may, in reliance upon such assumption, make Loans to the BorrowerBorrowers. If and to the extent that such Bank has not made such portion available to the Agent on or prior to any funding date, such Bank and the Borrower Borrowers severally agree to repay to the Agent immediately upon demand, in immediately available funds, such unpaid amount, together with interest thereon at the Federal Funds Rate for each day from the applicable funding date until such amount is repaid to the Agent. If such Bank shall repay to the Agent such corresponding amount, such amount shall constitute a Loan made by such Bank for purposes of this Agreement. The failure by any Bank to pay its portion of a Loan made by the Agent shall not relieve any other Bank of its obligation to pay its portion of net disbursements of Loans, but no Bank shall be responsible for the failure of any other Bank to make its net share of Loans to be made by such other Bank on such funding date.

Reliance by Agent on Banks for Funding. Unless the Agent shall have received notice from a Bank prior to a funding date that such Bank will not make available to the Agent such Bank's portion of net disbursements of Revolving Credit Loans, the Agent may assume that such Bank has made such portion available to the Agent in accordance with Section 8.1 7.1 above and the Agent may, in reliance upon such assumption, make Revolving Credit Loans to the Borrower. If and to the extent that such Bank has not made such portion available to the Agent on or prior to any funding date, such Bank and the Borrower severally agree to repay to the Agent immediately upon demand, in immediately available funds, such unpaid amount, together with interest thereon at the Federal Funds Rate for each day from the applicable funding date until such amount is repaid to the Agent. If such Bank shall repay to the Agent such corresponding amount, such amount shall constitute a Revolving Credit Loan made by such Bank for purposes of this Agreement. The failure by any Bank to pay its portion of a Revolving Credit Loan made by the Agent shall not relieve any other Bank of its obligation to pay its portion of net disbursements of Revolving Credit Loans, but no Bank shall be responsible for the failure of any other Bank to make its net share of Revolving Credit Loans to be made by such other Bank on such funding date.