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 2 contracts
Samples: Loan Agreement (MGM Grand Inc), Syndicated Credit Agreement (Thermadyne Holdings Corp /De)
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
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)
