Agents Clawback Clause Samples

Agents Clawback. (1) Unless the Agent will have received notice from a Lender prior to the proposed date of any advance of funds that such Lender will not make available to the Agent such ▇▇▇▇▇▇’s share of such advance, the Agent may assume that such ▇▇▇▇▇▇ has made such share available on such date in accordance with the provisions of this Agreement concerning funding by ▇▇▇▇▇▇▇ and may, in reliance upon such assumption, make available to the Borrowers a corresponding amount. In such event if a Lender has not in fact made its share of the applicable advance available to the Agent, then the applicable Lender will pay to the Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrowers to but excluding the data of payment to the Agent, at a rate determined by the Agent in accordance with prevailing banking industry practice on Interbank compensation. If such Lender pays such amount to the Agent, then such amount will constitute such Lender’s Loan included in such advance. If such Lender does not do so forthwith, the Borrowers will pay to the Agent forthwith on demand such corresponding amount with interest thereon at the interest rate applicable to the advance in question. Any payment by the Borrowers will be without prejudice to any claim the Borrowers may have against a Lender that has failed to make such payment to the Agent. (2) Unless the Agent will have received notice from the Borrowers prior to the date on which any payment is due to the Agent for the account of any Lender hereunder that the Borrowers will not make such payment the Agent may assume that the Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute the amount due to the Lenders. In such event, if the Borrowers have not in fact made such payment, then each of the Lenders severally agrees to repay to the Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Agent, at a rate determined by the Agent in accordance with prevailing banking industry practice on Interbank compensation.