Common use of Special Advances Clause in Contracts

Special Advances. If a Lender fails to fund its portion of any Advance, in whole or part (such amount, a “Deficiency”), within 10 Business Days after the date required hereunder and Administrative Agent shall not have funded such Deficiency under Section 3.03(b) hereof, Administrative Agent shall so notify the Lenders in writing, and within 3 Business Days after delivery of such notice, the Non-Defaulting Lenders shall have the right, but not the obligation, in their respective, sole and absolute discretion, to fund all or a portion of such Deficiency (the amount so funded by any such Non-Defaulting Lenders being referred to herein as a “Special Advance”) to Borrower. In such event, the Defaulting Lender and Borrower agree to pay to Administrative Agent for payment to the Lenders making the Special Advance, forthwith on demand such amount with interest thereon, for each day from and including the date such amount is made available to Borrower to but excluding the date of payment to Administrative Agent, at the interest rate that would have been applicable to such Deficiency if funded by the Defaulting Lender.