Common use of Distribution of Payments by the Agent Clause in Contracts

Distribution of Payments by the Agent. The Agent shall promptly distribute to each Bank its Pro Rata Share of each payment received by the Agent under the Loan Instruments for the account of the Banks by credit to an account of such Bank at the Agent's Office or by wire transfer to an account of such Bank. Unless the Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Banks under the Loan Instruments that the Borrower will not make such payment in full, the Agent may assume that the Borrower has made such payment in full to the Agent on such date and the Agent in its sole discretion may, in reliance upon such assumption, cause to be distributed to each Bank on such due date a corresponding amount with respect to the amount then due such Bank. If and to the extent the Borrower shall not have so made such payment in full to the Agent and the Agent shall have so distributed to any Bank a corresponding amount, such Bank shall, on demand, repay to the Agent the amount so distributed together with interest thereon, for each day from the date such amount is distributed to such Bank until the date such Bank repays such amount to the Agent at the Prime Rate.

Distribution of Payments by the Agent. The Agent shall promptly distribute to each Bank its Pro Rata Share of each payment received by the Agent under the Loan Instruments for the account of the Banks by credit to an account of such Bank at the Agent's Office Bank identified at SECTION 8.2 or by wire transfer to an account of such Bank. Unless the Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Banks under the Loan Instruments that the Borrower will not make such payment in full, the Agent may assume that the Borrower has made such payment in full to the Agent on such date and the Agent in its sole discretion may, in reliance upon such assumption, cause to be distributed to each Bank on such due date a corresponding amount with respect to the amount then due such Bank. If and to the extent the Borrower shall not have so made such payment in full to the Agent and the Agent shall have so distributed to any Bank a corresponding amount, such Bank shall, on demand, repay to the Agent the amount so distributed together with interest thereon, for each day from the date such amount is distributed to such Bank until the date such Bank repays such amount to the Agent at the Prime Rate.

Distribution of Payments by the Agent. The On each Business Day, the Agent shall promptly distribute by 5:00 p.m. New York time to each Bank its Pro Rata Share ratable share of each payment received by the Agent under the Loan Instruments Documents at or before 12:00 noon on such Business Day for the account of the Banks by credit to an the account as provided in the Administrative Details Reply Form provided to the Agent and as amended from time to time. If such payment is received after 12:00 noon, then the Agent shall distribute by 11:00 a.m. the following Business Day to each Bank its ratable share of such Bank at payment received by the Agent's Office or by wire transfer to an account of such BankAgent under the Loan Documents in the manner set forth above. Unless the Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Banks under the Loan Instruments Documents that the Borrower will not make such payment in full, the Agent may assume that the Borrower has made such payment in full to the Agent on such date and the Agent in its sole discretion may, in reliance upon such assumption, cause to be distributed to each Bank on such due date a corresponding amount with respect to the amount then due such Bank. If and to the extent the Borrower shall not have so made such payment in full to the Agent and the Agent shall have so distributed to any Bank a corresponding amount, such Bank shall, on demand, repay to the Agent the amount so distributed together with interest thereon, for each day from the date such amount is distributed to such Bank until the date such Bank repays such amount to the Agent Agent, at the Federal Funds Rate until (and including) the third Business Day after demand is made and thereafter at the Prime Rate.