Common use of Borrowings and Payments Generally Clause in Contracts

Borrowings and Payments Generally. (a) Unless the Commercial Banks Facility Agent has received notice from the Borrower prior to the date on which any payment is due to the Commercial Banks Facility Agent for the account of the Commercial Bank Lenders hereunder that the Borrower will not make such payment, the Commercial Banks Facility Agent may assume that the Borrower has made such payment on such date in accordance with this Agreement and may, in reliance upon such assumption, distribute to the Commercial Bank Lenders the amount due. If the Borrower has not in fact made such payment, then each of the Commercial Bank Lenders severally agrees to repay to the Commercial Banks Facility Agent forthwith on demand the amount so distributed to such Commercial Bank Lender in immediately available funds 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 Commercial Banks Facility Agent, at the Federal Funds Effective Rate. A notice of the Commercial Banks Facility Agent to any Commercial Bank Lender with respect to any amount owing under this Section 3.11 shall be conclusive, absent manifest error.

Borrowings and Payments Generally. (a) Unless the Commercial Banks Facility Term Loan A Administrative Agent has received notice from the Borrower prior to the date on which any payment is due to the Commercial Banks Facility Term Loan A Administrative Agent for the account of the Commercial Bank Construction/Term Loan Lenders hereunder that the Borrower will not make such payment, the Commercial Banks Facility Term Loan A Administrative Agent may assume that the Borrower has made such payment on such date in accordance with this Agreement and may, in reliance upon such assumption, distribute to the Commercial Bank Construction/Term Loan Lenders the amount due. If the Borrower has not in fact made such payment, then each of the Commercial Bank Construction/Term Loan Lenders severally agrees to repay to the Commercial Banks Facility Term Loan A Administrative Agent forthwith on demand the amount so distributed to such Commercial Bank Construction/Term Loan Lender in immediately available funds 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 Commercial Banks Facility Term Loan A Administrative Agent, at the Federal Funds Effective Rate. A notice of the Commercial Banks Facility Term Loan A Administrative Agent to any Commercial Bank Construction/Term Loan Lender with respect to any amount owing under this Section 3.11 3.12 shall be conclusive, absent manifest error.