Special Payment Provisions. Unless the Agent shall have been notified by any Bank prior to any date of a Borrowing that such Bank does not intend to make available to the Agent such Bank's portion of the Loans to be made on such date, the Agent may assume that such Bank has made such amount available to the Agent on such date of a Borrowing and the Agent may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount. If such amount is not in fact made available to the Agent by such Bank, the Agent shall be entitled to recover such amount on demand from such Bank. If such Bank does not pay such amount forthwith upon the Agent's demand therefor, the Agent shall promptly notify the applicable Borrower and the applicable Borrower shall pay such amount to the Agent. The Agent shall also be entitled to recover from such Bank or the applicable Borrower, as the case may be, interest on such amount in respect of each day from the date such amount was made available by the Agent to the applicable Borrower to the date such amount is recovered by the Agent, at a rate per annum equal to (i) in the case of such Bank, the Federal Funds Rate and (ii) in the case of either Borrower, the applicable rate provided in Section 2.1 for the applicable Type of Loan. Nothing herein shall be deemed to relieve any Bank from its obligation to fulfill its Commitment hereunder or to prejudice any rights which the applicable Borrower may have against any Bank as a result of the failure of such Bank to perform its obligations hereunder.
Appears in 4 contracts
Samples: 5 Year Revolving Credit Agreement (Pp&l Inc), 5 Year Revolving Credit Agreement (Pp&l Resources Inc), 364 Day Revolving Credit Agreement (Pp&l Inc)
Special Payment Provisions. Unless the Agent shall have been -------------------------- notified by any Bank prior to any date of a Borrowing that such Bank does not intend to make available to the Agent such Bank's portion of the Loans to be made on such date, the Agent may assume that such Bank has made such amount available to the Agent on such date of a Borrowing and the Agent may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount. If such amount is not in fact made available to the Agent by such Bank, the Agent shall be entitled to recover such amount on demand from such Bank. If such Bank does not pay such amount forthwith upon the Agent's demand therefor, the Agent shall promptly notify the applicable Borrower and the applicable Borrower shall pay such amount to the Agent. The Agent shall also be entitled to recover from such Bank or the applicable Borrower, as the case may be, interest on such amount in respect of each day from the date such amount was made available by the Agent to the applicable Borrower to the date such amount is recovered by the Agent, at a rate per annum equal to (i) in the case of such Bank, the Federal Funds Rate and (ii) in the case of either Borrower, the applicable rate provided in Section (S) 2.1 for the applicable Type of Loan. Nothing herein shall be deemed to relieve any Bank from its obligation to fulfill its Commitment hereunder or to prejudice any rights which the applicable Borrower may have against any Bank as a result of the failure of such Bank to perform its obligations hereunder.
Appears in 3 contracts
Samples: 364 Day Revolving Credit Agreement (PPL Electric Utilities Corp), 364 Day Revolving Credit Agreement (Pp&l Resources Inc), 364 Day Revolving Credit Agreement (Pp&l Inc)
Special Payment Provisions. Unless the Agent shall have been notified by any Bank prior to any date of a Borrowing Date that such Bank does not intend to make available to the Agent such Bank's portion of the Loans to be made on such date, the Agent may assume that such Bank has made such amount available to the Agent on such date of a Borrowing Date and the Agent may, in reliance upon such assumption, make available to the applicable Borrower Resources a corresponding amount. If such amount is not in fact made available to the Agent by such Bank, the Agent shall be entitled to recover such amount on demand from such Bank. If such Bank does not pay such amount forthwith upon the Agent's demand therefor, the Agent shall promptly notify the applicable Borrower Resources and the applicable Borrower Resources shall pay such amount to the Agent. The Agent shall also be entitled to recover from such Bank or the applicable BorrowerResources, as the case may be, interest on such amount in respect of each day from the date such amount was made available by the Agent to the applicable Borrower Resources to the date such amount is recovered by the Agent, at a rate per annum equal to (i) in the case of such Bank, the Federal Funds Rate and (ii) in the case of either BorrowerResources, the applicable rate provided in Section Sec. 2.1 for the applicable Type of Loan. Nothing herein shall be deemed to relieve any Bank from its obligation to fulfill its Commitment hereunder or to prejudice any rights which the applicable Borrower Resources may have against any Bank as a result of the failure of such Bank to perform its obligations hereunder.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Pp&l Resources Inc), Revolving Credit Agreement (Pennsylvania Power & Light Co /Pa)
Special Payment Provisions. Unless the Agent shall have been notified -------------------------- by any Bank prior to any date of a Borrowing that such Bank does not intend to make available to the Agent such Bank's portion of the Loans to be made on such date, the Agent may assume that such Bank has made such amount available to the Agent on such date of a Borrowing and the Agent may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount. If such amount is not in fact made available to the Agent by such Bank, the Agent shall be entitled to recover such amount on demand from such Bank. If such Bank does not pay such amount forthwith upon the Agent's demand therefor, the Agent shall promptly notify the applicable Borrower and the applicable Borrower shall pay such amount to the Agent. The Agent shall also be entitled to recover from such Bank or the applicable Borrower, as the case may be, interest on such amount in respect of each day from the date such amount was made available by the Agent to the applicable Borrower to the date such amount is recovered by the Agent, at a rate per annum equal to (i) in the case of such Bank, the Federal Funds Rate and (ii) in the case of either the Borrower, the applicable rate provided in Section (S) 2.1 for the applicable Type of Loan. Nothing herein shall be deemed to relieve any Bank from its obligation to fulfill its Commitment hereunder or to prejudice any rights which the applicable Borrower may have against any Bank as a result of the failure of such Bank to perform its obligations hereunder.
Appears in 2 contracts
Samples: Credit Agreement (PPL Electric Utilities Corp), Revolving Credit Agreement (PPL Electric Utilities Corp)
Special Payment Provisions. Unless the Paying Agent shall have --------------------------- been notified by any Bank prior to any date of a Borrowing that such Bank does not intend to make available to the Paying Agent such Bank's portion of the total amount of the Syndicate Loans to be made on such datedate (as determined in accordance with (S)1.6), the Paying Agent may (but shall not be obligated to) assume that such Bank has made such amount available to the Paying Agent on such borrowing date of a Borrowing and the Paying Agent may, in reliance upon such assumption, make available to the applicable Borrower Company a corresponding amount. If such corresponding amount is not in fact made available to the Paying Agent by such Bank, the Paying Agent shall be entitled to recover such corresponding amount on demand from such Bank, which demand shall be made in a reasonably prompt manner. If such Bank does not pay such corresponding amount forthwith upon the Paying Agent's demand therefor, the Paying Agent shall promptly notify the applicable Borrower Company and the applicable Borrower Company shall pay such corresponding amount to the Paying Agent. The Paying Agent shall also be entitled to recover from such Bank or the applicable Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Paying Agent to the applicable Borrower Company to the date such corresponding amount is recovered by the Paying Agent, (x) in the case of the Company at a rate per annum equal to the applicable rate provided in the appropriate clause of (iS)1.8 for Base Rate Loans, Fixed CD Rate Loans or Eurodollar Loans, as the case may be and (y) in the case of such Bankthe Banks, at the overnight Federal Funds Rate and (ii) funds rate in the case of either Borrower, the applicable rate provided in Section 2.1 for the applicable Type of Loaneffect from time to time. Nothing herein shall be deemed to relieve any Bank from its obligation to fulfill its Commitment hereunder or to prejudice any rights which the applicable Borrower Company may have against any Bank as a result of the failure of any default by such Bank to perform its obligations hereunder.
Appears in 1 contract
Samples: Credit Agreement (Mead Corp)
Special Payment Provisions. Unless the Agent shall have been notified by any Bank prior to any date of a Borrowing of a Syndicate Loan that such Bank does not intend to make available to the Agent such Bank's portion of the total amount of the Syndicate Loans to be made on such datedate (as determined in accordance with section 1.6), the Agent may (but shall not be obligated to) assume that such Bank has made such amount available to the Agent on such borrowing date of a Borrowing and the Agent may, in reliance upon such assumption, make available to the applicable Borrower Company a corresponding amount. If such corresponding amount is not in fact made available to the Agent by such Bank, the Agent shall be entitled to recover such corresponding amount on demand from such Bank, which demand shall be made in a reasonably prompt manner. If such Bank does not pay such corresponding amount forthwith upon the Agent's demand therefor, the Agent shall promptly notify the applicable Borrower Company and the applicable Borrower Company shall pay such corresponding amount to the Agent. The Agent shall also be entitled to recover from such Bank or the applicable Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Agent to the applicable Borrower Company to the date such corresponding amount is recovered by the Agent, (x) in the case of the Company at a rate per annum equal to the applicable rate provided in the appropriate clause of section 1.7(a) for Base Rate Loans or Eurodollar Loans, as the case may be and (iy) in the case of such Bankthe Banks, at the Federal Funds Rate and (ii) in the case of either Borrower, the applicable rate provided in Section 2.1 for the applicable Type of Loaneffect from time to time. Nothing herein shall be deemed to relieve any Bank from its obligation to fulfill its Commitment hereunder or to prejudice any rights which the applicable Borrower Company may have against any Bank as a result of the failure of any default by such Bank to perform its obligations hereunder.
Appears in 1 contract
Samples: Credit Agreement (Alltel Corp)