Common use of Administrative Agent’s Right to Assume Funds Available for Advances Clause in Contracts

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, on the Banking Day of the proposed funding by the Administrative Agent of any Borrowing that such Lender does not intend to make available to the Administrative Agent such Lender’s portion of the total amount of such Borrowing, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 14 contracts

Samples: Credit Agreement (American States Water Co), Credit Agreement (American States Water Co), Credit Agreement (American States Water Co)

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Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender Bank no later than 10:00 a.m., California time, on the Banking Day time of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender Bank does not intend to make available to the Administrative Agent such LenderBank’s portion Pro Rata Share of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender Bank has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount. If the Administrative Agent has made funds available to any Borrower based on such assumption assumptions and such corresponding amount is not in fact made available to the Administrative Agent by such LenderBank, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such LenderBank, which demand shall be made in a reasonably prompt manner. If such Lender Bank does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent promptly shall notify the applicable Borrower and such Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender Bank interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to such Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rateaverage overnight federal funds rate. Nothing herein shall be deemed to relieve any Lender Bank from its obligation to fulfill its Commitments Pro Rata Share of the Commitment or to prejudice any rights which that the Administrative Agent or any Borrower may have against any Lender Bank as a result of any default by such Lender Bank hereunder.

Appears in 6 contracts

Samples: Credit Agreement (Amgen Inc), Credit Agreement (Amgen Inc), Credit Agreement (Amgen Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, on the Banking Day of the proposed funding by the Administrative Agent of any Borrowing that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such Borrowing, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 5 contracts

Samples: Credit Agreement (American States Water Co), Credit Agreement (American States Water Co), Credit Agreement (American States Water Co)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, a.m. on the Banking Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its share of the Commitments or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 5 contracts

Samples: Revolving Loan Agreement (Usec Inc), Term Loan Agreement (Safeskin Corp), Revolving Loan Agreement (Viasat Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender Bank no later than 10:00 a.m., California time, a.m. on the Banking Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender Bank does not intend to make available to the Administrative Agent such Lender’s Bank's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender Bank has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower or the relevant Co-Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower or a Co-Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such LenderBank, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such LenderBank. If such Lender Bank does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and or that Co-Borrower who shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender Bank interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower or the Co-Borrowers to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender Bank from its obligation to fulfill its Commitments share of the Commitment or to prejudice any rights which the Administrative Agent Agent, Borrower or any Co-Borrower may have against any Lender Bank as a result of any default by such Lender Bank hereunder.

Appears in 3 contracts

Samples: Day Loan Agreement (MGM Mirage), Day Loan Agreement (MGM Mirage), Day Loan Agreement (MGM Mirage)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, a.m. on the Banking Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its share of the Commitments or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 3 contracts

Samples: Revolving Loan Agreement (Viasat Inc), Revolving Loan Agreement (Viasat Inc), Revolving Loan Agreement (Viasat Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, on the Banking Business Day of prior to the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments share of the Commitment or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 2 contracts

Samples: Revolving Loan Agreement (Mandalay Resort Group), Loan Agreement (Mandalay Resort Group)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, on prior to the Banking Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s portion 's Pro Rata Share of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender, which demand shall be made in a reasonably prompt manner. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments Pro Rata Share or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 2 contracts

Samples: Loan Agreement (Mohegan Tribal Gaming Authority), Loan Agreement (Mohegan Tribal Gaming Authority)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California Las Vegas time, on the Banking Business Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower or the relevant Co-Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower or a Co-Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and or that Co-Borrower who shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower or the Co-Borrowers to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its share of the Commitments or to prejudice any rights which the Administrative Agent Agent, Borrower or any Co-Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 2 contracts

Samples: Loan Agreement (MGM Mirage), Loan Agreement (MGM Mirage)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, on prior to the Banking Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s portion Pro Rata Share of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender, which demand shall be made in a reasonably prompt manner. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments Pro Rata Share or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 2 contracts

Samples: Loan Agreement (Mohegan Tribal Gaming Authority), Loan Agreement (Mohegan Tribal Gaming Authority)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender Bank no later than 10:00 a.m., California time, on the Banking Day time of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender Bank does not intend to make available to the Administrative Agent such LenderBank’s portion its ratable share (based on the Banks’ Commitments) of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender Bank has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount. If the Administrative Agent has made funds available to the Borrower based on such assumption assumptions and such corresponding amount is not in fact made available to the Administrative Agent by such LenderBank, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such LenderBank, which demand shall be made in a reasonably prompt manner. If such Lender Bank does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent promptly shall notify the applicable Borrower and the Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender Bank interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rateaverage overnight federal funds rate. Nothing herein shall be deemed to relieve any Lender Bank from its obligation to fulfill its Commitments Commitment or to prejudice any rights which that the Administrative Agent or the Borrower may have against any Lender Bank as a result of any default by such Lender Bank hereunder.

Appears in 2 contracts

Samples: Assignment Agreement (Amgen Inc), Assignment Agreement (Amgen Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, on the Banking Day of the proposed funding by the Administrative Agent of any Borrowing Borrowing, that such Lender does not intend to make available to the Administrative Agent such Lender’s portion of the total amount of such Borrowing, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments commitments or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 2 contracts

Samples: Credit Agreement (California Steel Industries Inc), Credit Agreement (Keystone Automotive Industries Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender Bank no later than 10:00 a.m., California time, on the Banking Day time of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender Bank does not intend to make available to the Administrative Agent such LenderBank’s portion its ratable share (based on the Banks’ Commitments) of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender Bank has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount. If the Administrative Agent has made funds available to the Borrower based on such assumption assumptions and such corresponding amount is not in fact made available to the Administrative Agent by such LenderBank, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such LenderBank, which demand shall be made in a reasonably prompt manner. If such Lender Bank does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent promptly shall notify the applicable Borrower and the Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender Bank interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rateaverage overnight federal funds rate. Nothing herein shall be deemed to relieve any Lender Bank from its obligation to fulfill its Commitments Commitment or to prejudice any rights which that the Administrative Agent or the Borrower may have against any Lender Bank as a result of any default by such Lender hereunder.Bank hereunder.‌

Appears in 2 contracts

Samples: Term Loan Credit Agreement, Bridge Credit Agreement

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California Las Vegas time, on the Banking Business Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower or the relevant Co-Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower or a Co-Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent promptly shall notify Borrower and or that Co-Borrower who shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower or the Co-Borrowers to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments share of the Class A Funding Requirements or to prejudice any rights which the Administrative Agent Agent, Borrower or any Co-Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 2 contracts

Samples: Loan Agreement (MGM Resorts International), Loan Agreement (MGM Resorts International)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, 11:00 a.m. on the Banking Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower Borrowers a corresponding amount. If the Administrative Agent has made funds available to Borrower Borrowers based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower Borrowers and Borrower Borrowers shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower Borrowers to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its share of the Commitments or to prejudice any rights which the Administrative Agent or Borrower Borrowers may have against any Lender as a result of any default by such Lender hereunder.

Appears in 2 contracts

Samples: Reducing Revolving and Term Loan Agreement (Station Casinos Inc), Reducing Revolving Loan Agreement (Station Casinos Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender Bank no later than 10:00 a.m., a.m. California time, time on the Banking Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender Bank does not intend to make available to the Administrative Agent such Lender’s Bank's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender Bank has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower Borrowers a corresponding amount. If the Administrative Agent has made funds available to Borrower Borrowers based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such LenderBank, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such LenderBank. If such Lender Bank does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower Borrowers and Borrower Borrowers shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender Bank or Borrower interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower Borrowers to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to (i) from such Bank, the daily Federal Funds RateRate or (ii) from the Borrower, at the applicable rate for such Loan. Nothing herein shall be deemed to relieve any Lender Bank from its obligation to fulfill its Commitments Commitment or to prejudice any rights which the Administrative Agent or Borrower Borrowers may have against any Lender Bank as a result of any default by such Lender Bank hereunder.

Appears in 1 contract

Samples: Revolving Loan Agreement (BioMed Realty Trust Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 11:00 a.m., California time, on the Banking Business Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its share of the Commitments or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Loan Agreement (Station Casinos Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California Las Vegas time, on the Banking Business Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower or the relevant Co-Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower or a Co-Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent promptly shall notify Borrower and or that Co-Borrower who shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower or the Co-Borrowers to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its share of the Commitments or to prejudice any rights which the Administrative Agent Agent, Borrower or any Co-Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Loan Agreement (MGM Mirage)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, on the Banking Day of prior to the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s portion 's Pro Rata Share of the total amount of such BorrowingLoan (and provided that the Administrative Agent has given such Lender notice of such Loan in accordance with Section 2.1(c)), the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender Lender, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, Agent at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Credit Agreement (B&f Fabrications Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, a.m. on the Banking Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower Representative a corresponding amount. If the Administrative Agent has made funds available to Borrower Representative based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent promptly shall notify Borrower Representative and Borrower Representative shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower Representative to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments share of the Revolving Commitment or to prejudice any rights which the Administrative Agent or Borrower Borrowers may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Revolving Loan Agreement (Resmed Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, a.m. on the Banking Business Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower a the corresponding amount. If the Administrative Agent has made funds available to the Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify the Borrower and Borrower who shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result Pro Rata Share of any default by such Lender hereundereither Commitment.

Appears in 1 contract

Samples: Loan Agreement (Mississippi Band of Choctaw Indians Dba Choctaw RSRT DVLP E)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, a.m. on the Banking Business Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to the relevant Borrower a the corresponding amount. If the Administrative Agent has made funds available to Borrower the Borrowers based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify the relevant Borrower and Borrower who shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower the Borrowers to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunderPro Rata Shares Commitments.

Appears in 1 contract

Samples: Loan Agreement (Alliance Gaming Corp)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant a Lender no later than 10:00 a.m., California time, on the Banking Business Day of prior to the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s portion Pro Rata Share of the total amount of such Borrowingthat Loan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to (a) the daily Federal Funds RateRate for the first two days following a demand by the Administrative Agent and (b) thereafter, the rate of interest then payable by Borrower with respect to Base Rate Advances. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments share of the Commitment or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Loan Agreement (Wheeling Island Gaming Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, a.m. on the Banking Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available avail able to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower the Borrowers a corresponding amount. If the Administrative Agent has made funds available to Borrower the Borrowers based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower the Borrowers and Borrower the Borrowers shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower the Borrowers to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to either (i) the daily Federal Funds Rate, if such corresponding amount was made available by the Administrative Agent in Dollars, or (ii) the Administrative Agent's cost of funds for the Applicable Currency computed on the same basis as regular interest on Loans made hereunder in such Applicable Currency, if such corresponding amount was made available by the Administrative Agent in an Approved Offshore Currency, as applicable. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its share of the Commitments or to prejudice any rights which the Administrative Agent or Borrower the Borrowers may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Revolving Loan Agreement (Power One Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, on prior to the Banking Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s portion 's Pro Rata Share of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender, which demand shall be made in a reasonably prompt manner. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower Borrower, who shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments Pro Rata Share of either Commitment or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Loan Agreement (Station Casinos Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless For each Domestic Loan, unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m.the Business Day prior to the funding in the case of a Eurodollar Loan, California timeand no later than two hours prior to the funding of a Base Rate Loan, on the Banking Day of the proposed funding by the Administrative Agent of any Borrowing that such Lender does not intend to make available to the Administrative Agent such Lender’s portion 's Pro Rata Share of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amountamount to the Borrowers. If the Administrative Agent has made funds available to Borrower any of the Borrowers based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender, which demand shall be made in a reasonably prompt manner. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify the Company and that Borrower and that Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in with respect of to each day from the date such corresponding amount was made available by the Administrative Agent to Borrower any of the Borrowers to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds RateRate for such period. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments Pro Rata Share of any Commitment or to prejudice any rights which the Administrative Agent or Borrower Borrowers may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Loan Agreement (Bekins Co /New/)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 11:00 a.m., California Nevada time, on the Banking Business Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its share of the Commitments or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Loan Agreement (Station Casinos Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 11:00 a.m., California time, on the Banking Business Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its share of the Commitments or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Reducing Revolving Loan Agreement (Station Casinos Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, a.m. on the Banking Business Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a the corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower who shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments or to prejudice any rights which share of the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunderCommitment.

Appears in 1 contract

Samples: Loan Agreement (Anchor Gaming)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, a.m. on the Banking Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance reli- ance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments share of the Commitment or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Reducing Revolving Loan Agreement (Aztar Corp)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, a.m. on the Banking Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available avail able to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding correspond ing amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments share of the Commitment or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Revolving Loan Agreement (Usec Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 11:00 a.m., California Nevada time, on the Banking Business Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower Borrowers a corresponding amount. If the Administrative Agent has made funds available to Borrower Borrowers based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower Borrowers and Borrower Borrowers shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower Borrowers to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments Pro Rata Share or to prejudice any rights which the Administrative Agent or Borrower Borrowers may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Loan Agreement (Station Casinos Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, a.m. on the Banking Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available avail able to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding correspond ing amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its share of the Commitments or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Term Loan Agreement (Safeskin Corp)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, 11:00 a.m. on the Banking Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower Borrowers a corresponding amount. If the Administrative Agent has made funds available to Borrower Borrowers based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower Borrowers and Borrower Borrowers shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower Borrowers to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments share of the Commitment or to prejudice any rights which the Administrative Agent or Borrower Borrowers may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Term Loan Agreement (Station Casinos Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, a.m. on the Banking Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available avail able to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower Borrowers a corresponding amount. If the Administrative Agent has made funds available to Borrower Borrowers based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower Borrowers and Borrower Borrowers shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding correspond ing amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower Borrowers to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments share of the Commitments, or to prejudice any rights which the Administrative Agent or Borrower Borrowers may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Loan Agreement (Safeskin Corp)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., a.m. (California time, ) on the Banking Business Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Pro Rata Shares of the Commitments or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Loan Agreement (Pinnacle Entertainment Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender Bank no later than 10:00 a.m., California time, on the Banking Day of or LIBOR Banking Day, as applicable, prior to the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender Bank does not intend to make available to the Administrative Agent such Lender’s Bank's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender Bank has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such LenderBank, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such LenderBank. If such Lender Bank does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender Bank interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender Bank from its obligation to fulfill its share of the Commitments or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender Bank as a result of any default by such Lender Bank hereunder.

Appears in 1 contract

Samples: Revolving Loan Agreement (Del Webb Corp)

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Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., a.m. (California time, ) on the Banking Business Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a the corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower who shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunderCommitment.

Appears in 1 contract

Samples: Credit Agreement (Ducommun Inc /De/)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, a.m. on the Banking Business Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower who shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments share of the Commitment or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Loan Agreement (MGM Mirage)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California Los Angeles time, on the Banking Business Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its share of the Commitments or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.. Table of Contents

Appears in 1 contract

Samples: Credit and Security Agreement (Seracare Life Sciences Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender Bank no later than 10:00 a.m., California time, on the Banking Day of prior to the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender Bank does not intend to make available to the Administrative Agent such Lender’s Bank's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender Bank has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance reli- ance upon such assumption, make available to Borrower a corresponding corres- ponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such LenderBank, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such LenderBank. If such Lender Bank does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender Bank interest on such corresponding corres- ponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender Bank from its obligation to fulfill its Commitments share of the Commitment or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender Bank as a result of any default by such Lender Bank hereunder. 2.12 Extension of the Reduction Date and the Maturity Date. The Reduction Date and the Maturity Date may each be extended for one year periods at the request of Borrower and with the written consent of all of the Banks (which may be withheld in the sole and absolute discretion of each Bank) pursuant to this Section. Not earlier than June 1, 1997 nor later than August 1, 1997, or in the similar period in each subsequent year, and provided that Borrower is then in compliance with Section 7.1, Borrower may deliver to the Administrative Agent and the Banks a written request for a one year extension of the Reduction Date and the Maturity Date together with a Certificate of a Responsible Official signed by a Senior Officer on behalf of Borrower stating that the representations and warranties contained in Article 4 (other than (i) representations and warranties which expressly speak as of a particular date or are no longer true and correct as a result of a change which is not a violation of this Agreement, (ii) as otherwise disclosed by Borrower and approved in writing by the Requisite Banks and (iii) Sections 4.4(a), 4.6 (first sentence), 4.17 and 4.19) shall be true and correct on and as of the date of such Certificate. Each Bank shall, prior to August 20 of such year, notify the Administrative Agent whether (in its sole and absolute discretion) it consents to such request and the Administrative Agent shall, after receiving the notifications from all of the Banks or the expiration of such period, whichever is earlier, notify Borrower and the Banks of the results thereof. If all of the Banks have consented, then the Reduction Date and the Maturity Date shall each be extended for one year. If Banks holding at least 80% of the Commitment consent to the request for extension, but one or more Banks (each a "Non-Consenting Bank") notify the Administrative Agent that it will not consent to the request for extension (or fail to notify the Managing Agent in writing of its consent to the extension by August 20), Borrower may (i) cause such Non-Consenting Bank to be removed as a Bank under this Agreement pursuant to Section 11.15(a), (ii) voluntarily terminate the Pro Rata Share of Non-Consenting Bank in accordance with Section 11.15(b), or (iii) utilize a combination of the procedures described in clauses (i) and (ii) of this Section. If such removal is accomplished by assignment to an Eligible Assignee which has consented to the requested extension, then the request for extension shall be granted with the effect as set forth above. If such removal is accomplished by a voluntary reduction of the Commitment, then the Administrative Agent shall notify all of the Banks in writing thereof.

Appears in 1 contract

Samples: Loan Agreement (Circus Circus Enterprises Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, on the Banking Day of the proposed funding by the Administrative Agent of any Borrowing that such Lender Xxxxxx does not intend to make available to the Administrative Agent such LenderXxxxxx’s portion of the total amount of such Borrowing, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Credit Agreement (Golden State Water CO)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., a.m. (California time, ) on the Banking Business Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a the corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower who shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunderCommitment.

Appears in 1 contract

Samples: Credit Agreement (Ducommun Inc /De/)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, 11:00 a.m. on the Banking Business Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower Borrowers a corresponding amount. If the Administrative Agent has made funds available to Borrower Borrowers based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower Borrowers and Borrower Borrowers shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower Borrowers to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments Pro Rata Share or to prejudice any rights which the Administrative Agent or Borrower Borrowers may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Loan Agreement (Station Casinos Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, a.m. on the Banking Business Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower or the relevant Co-Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower or a Co-Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and or that Co-Borrower who shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower or the Co-Borrowers to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its share of the Commitments or to prejudice any rights which the Administrative Agent Agent, Borrower or any Co-Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Loan Agreement (MGM Mirage)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender Bank no later than 10:00 a.m., California time, on the Banking Day of prior to the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender Bank does not intend to make available to the Administrative Agent such Lender’s portion Bank's Pro Rata Share of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender Bank has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If the Administrative Agent has made funds available to the Borrower based on such assumption assumptions and such corresponding amount is not in fact made available to the Administrative Agent by such LenderBank, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such LenderBank, which demand shall be made in a reasonably prompt manner. If such Lender Bank does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify the Borrower and the Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender Bank interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rateactual cost to the Administrative Agent of funding such amount as notified by the Administrative Agent to such Bank. Nothing herein shall be deemed to relieve any Lender Bank from its obligation to fulfill its Commitments Pro Rata Share of the Commitment or to prejudice any rights which that the Administrative Agent or the Borrower may have against any Lender Bank as a result of any default by such Lender Bank hereunder.

Appears in 1 contract

Samples: Credit Agreement (Amgen Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender Bank no later than 10:00 a.m., California time, on the Banking Day time of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender Bank does not intend to make available to the Administrative Agent such LenderBank’s portion Pro Rata Share of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender Bank has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If the Administrative Agent has made funds available to the Borrower based on such assumption assumptions and such corresponding amount is not in fact made available to the Administrative Agent by such LenderBank, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such LenderBank, which demand shall be made in a reasonably prompt manner. If such Lender Bank does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent promptly shall notify the Borrower and the Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender Bank interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rateaverage overnight federal funds rate. Nothing herein shall be deemed to relieve any Lender Bank from its obligation to fulfill its Commitments Pro Rata Share of the Commitment or to prejudice any rights which that the Administrative Agent or the Borrower may have against any Lender Bank as a result of any default by such Lender Bank hereunder.

Appears in 1 contract

Samples: Assignment Agreement (Amgen Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, a.m. on the Banking Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, but shall not be obligated to, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its share of the Revolving Commitments or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Revolving Loan Agreement (Viasat Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, a.m. on the Banking Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available avail able to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding corre sponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding corres ponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its share of the Commitments or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Credit Agreement (Wild Oats Markets Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, on the Banking Day of prior to the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s portion 's Pro Rata Share of the total amount of such BorrowingLoan (and provided that the -------- Administrative Agent has given such Lender notice of such Loan in accordance with Section 2.1(d)), the Administrative Agent may assume that such Lender has made ------ such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Adminis-trative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Loan Agreement (Nevada Power Co)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant a Lender no later than 10:00 a.m., California time, on the Banking Day of prior to the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s portion Pro Rata Share of the total amount of such Borrowingthat Loan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to (a) the daily Federal Funds RateRate for the first two days following a demand by the Administrative Agent and (b) thereafter, the rate of interest then payable by Borrower with respect to Base Rate Advances. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments Commitment or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Credit Agreement (Hard Rock Hotel Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, a.m. on the Banking Business Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower a the corresponding amount. If the Administrative Agent has made funds available to the Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify the Borrower and Borrower who shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunderPro Rata Shares Commitments.

Appears in 1 contract

Samples: Loan Agreement (Alliance Gaming Corp)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant a Lender no later than 10:00 a.m., California time, on the Banking Day of prior to the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s portion 's Pro Rata Share of the total amount of such Borrowingthat Loan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to (a) the daily Federal Funds RateRate for the first two days following a demand by the Administrative Agent and (b) thereafter, the rate of interest then payable by Borrower with respect to Base Rate Advances. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments share of the Commitment or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Loan Agreement (Coast Resorts Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, on Bank prior to the Banking Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender Bank does not intend to make available to the Administrative Agent such LenderBank’s portion Pro Rata Share of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender Bank has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such LenderBank, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such LenderBank, which demand shall be made in a reasonably prompt manner. If such Lender Bank does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender Bank interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender Bank from its obligation to fulfill its Commitments Pro Rata Share or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender Bank as a result of any default by such Lender Bank hereunder.

Appears in 1 contract

Samples: Loan Agreement (NGA Holdco, LLC)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, a.m. on the Banking Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments share of the Commitment or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.the

Appears in 1 contract

Samples: Reducing Revolving Loan Agreement (American Coin Merchandising Trust Iv)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 11:00 a.m., California Nevada time, on the Banking Business Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower Borrowers a corresponding amount. If the Administrative Agent has made funds available to Borrower Borrowers based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent promptly shall notify Borrower Borrowers and Borrower Borrowers shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower Borrowers to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments Pro Rata Share or to prejudice any rights which the Administrative Agent or Borrower Borrowers may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Loan Agreement (Station Casinos Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, on Bank prior to the Banking Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender Bank does not intend to make available to the Administrative Agent such Lender’s portion Bank's Pro Rata Share of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender Bank has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such LenderBank, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such LenderBank, which demand shall be made in a reasonably prompt manner. If such Lender Bank does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender Bank interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender Bank from its obligation to fulfill its Commitments Pro Rata Share or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender Bank as a result of any default by such Lender Bank hereunder.

Appears in 1 contract

Samples: Loan Agreement (Eldorado Resorts LLC)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender Bank no later than 10:00 a.m., California time, on the Banking Day of prior to the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender Bank does not intend to make available to the Administrative Agent such Lender’s Bank's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender Bank has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such LenderBank, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such LenderBank. If such Lender Bank does not pay such corresponding amount forthwith forth- with upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender Bank interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender Bank from its obligation to fulfill its Commitments share of the Commitment or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender Bank as a result of any default by such Lender Bank hereunder.. 2.11

Appears in 1 contract

Samples: Loan Agreement (Circus Circus Enterprises Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender Bank no later than 10:00 a.m., California time, on the Banking Day of prior to the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender Bank does not intend to make available to the Administrative Agent such Lender’s Bank's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender Bank has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such LenderBank, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such LenderBank. If such Lender Bank does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender Bank interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender Bank from its obligation to fulfill its Commitments share of the Commitment or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender Bank as a result of any default by such Lender Bank hereunder.

Appears in 1 contract

Samples: Loan Agreement (Mirage Resorts Inc)

Administrative Agent’s Right to Assume Funds Available for Advances. Unless the Administrative Agent shall have been notified by any relevant Lender no later than 10:00 a.m., California time, a.m. on the Banking Day of the proposed funding by the Administrative Agent of any Borrowing Loan that such Lender does not intend to make available to the Administrative Agent such Lender’s 's portion of the total amount of such BorrowingLoan, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on the date of the Borrowing Loan and the Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount. If the Administrative Agent has made funds available to Borrower based on such assumption and such corresponding amount is not in fact made available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s 's demand therefor, the Administrative Agent promptly shall notify Borrower and Borrower shall pay such corresponding amount to the Administrative Agent. The Administrative Agent also shall be entitled to recover from such Lender interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to the daily Federal Funds Rate. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments share of the Commitment or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

Appears in 1 contract

Samples: Term Loan Agreement (Aztar Corp)

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