UNANTICIPATED DEFAULT. (a) (ASSUMPTION AS TO PAYMENT) The Agent may assume that a party (the PAYER) due to make a payment for the account of another party (the RECIPIENT) makes that payment when due unless the Payer notifies the Agent at least one Business Day before the due date that the Payer will not be making the payment.
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Samples: Syndicated Credit Agreement (Thermadyne Holdings Corp /De), Loan Agreement (MGM Grand Inc)
UNANTICIPATED DEFAULT. (a) (ASSUMPTION AS TO PAYMENT) The Agent may assume that a party (the "PAYER") due to make a payment for the account of another party (the "RECIPIENT") makes that payment when due unless the Payer notifies the Agent at least one Business Day before the due date that the Payer will not be making the payment.
Appears in 1 contract
Samples: Senior Debt Facility Agreement (American Banknote Corp)
UNANTICIPATED DEFAULT. (a) (ASSUMPTION AS TO PAYMENT) The Agent may assume that a party (the PAYER) due to make a payment for the account of another party (the RECIPIENT) makes that payment when due unless the Payer notifies the Agent at least one 1 Business Day before the due date that the Payer will not be making the payment.
Appears in 1 contract
