Common use of RELIANCE OF AGENT ON PAYMENTS BY THE COMPANY Clause in Contracts

RELIANCE OF AGENT ON PAYMENTS BY THE COMPANY. Unless the Agent shall have received notice from the Company prior to the date on which any payment is due to the Lenders hereunder that the Company will not make such payment in full, the Agent may assume that the Company has made such payment in full to the Agent on such date, and the Agent may (but shall not be required to), in reliance upon such assumption, cause to be distributed to each Lender on such due date the amount then due such Lender. If and to the extent the Company shall not have made such payment in full to the Agent, each Lender shall repay to the Agent on demand such amount distributed to such Lender, together with interest thereon for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount to the Agent, at the Federal Funds Rate as in effect for each such day.

RELIANCE OF AGENT ON PAYMENTS BY THE COMPANY. Unless the Agent shall have received notice from the Company prior to the date on which any payment is due to the Lenders Banks hereunder that the Company will not make such payment in full, the Agent may assume that the Company has made such payment in full to the Agent on such date, and the Agent may (but shall not be required to), in reliance upon such assumption, cause to be distributed to each Lender Bank on such due date the amount then due such LenderBank. If and to the extent the Company shall not have made such payment in full to the Agent, each Lender Bank shall repay to the Agent on demand such amount distributed to such LenderBank, together with interest thereon for each day from the date such amount is distributed to such Lender Bank until the date such Lender Bank repays such amount to the Agent, at the Federal Funds Rate as in effect for each such day.