Common use of Non-Receipt of Funds by the Agents Clause in Contracts

Non-Receipt of Funds by the Agents. Unless an Agent shall have been notified by a Purchaser or the Owner (the “Payor”) prior to the date on which the Payor is to make payment to such Agent of (in the case of a Purchaser) the proceeds of a Note to be made by it hereunder or (in the case of the Owner) a payment to such Agent for account of one or more of the Purchasers hereunder (such payment being herein called the “Required Payment”), which notice shall be effective upon receipt, that the Payor does not intend to make the Required Payment to such Agent, such Agent may assume that the Required Payment has been made and may, in reliance upon such assumption (but shall not be required to), make the amount thereof available to the intended recipient(s) on such date and, if the Payor has not in fact made the Required Payment to such Agent, the recipient(s) of such payment shall, on demand, repay to such Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by such Agent until the date such Agent recovers such amount at a rate per annum equal to the Federal Funds Rate for such day and, if such recipient(s) shall fail promptly to make such payment, such Agent shall be entitled to recover such amount, from the Payor, together with interest as aforesaid.

Non-Receipt of Funds by the Agents. Unless an Agent shall have been notified by a Purchaser Loan Participant or the Owner Borrower (the “Payor”) prior to the date on which the Payor is to make payment to such Agent of (in the case of a PurchaserLoan Participant) the proceeds of a Note Loan to be made by it hereunder or (in the case of the OwnerBorrower) a payment to such Agent for account of one or more of the Purchasers Loan Participants hereunder (such payment being herein called the “Required Payment”), which notice shall be effective upon receipt, that the Payor does not intend to make the Required Payment to such Agent, such Agent may assume that the Required Payment has been made and may, in reliance upon such assumption (but shall not be required to), make the amount thereof available to the intended recipient(s) on such date and, if the Payor has not in fact made the Required Payment to such Agent, the recipient(s) of such payment shall, on demand, repay to such Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by such Agent until the date such Agent recovers such amount at a rate per annum equal to the Federal Funds Rate for such day and, if such recipient(s) shall fail promptly to make such payment, such Agent shall be entitled to recover such amount, from the Payor, together with interest as aforesaid.

Non-Receipt of Funds by the Agents. Unless an the applicable Agent shall have been notified by a Purchaser Bank or the Owner applicable Borrower (the “"Payor”") prior to the date on which the Payor such Bank is to make payment to such Agent of (in the case of a Purchaser) the proceeds of a Note an Advance to be made or participated in as applicable, by it hereunder or (in the case of the Owner) such Borrower is to make a payment to such Agent for the account of one or more of the Purchasers hereunder Banks, as the case may be (such payment being herein called the “"Required Payment”"), which notice shall be effective upon receipt, that the Payor does not intend to make the Required Payment to such Agent, such Agent may assume that the Required Payment has been made and may, in reliance upon such assumption (but shall not be required to), make the amount thereof available to the intended recipient(s) recipient on such date and, if the Payor has not in fact made the Required Payment to such Agent, the recipient(s) recipient of such payment shall, on demand, repay pay to such Agent the amount so made available to it together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by such Agent until the date such Agent recovers such amount at a rate per annum equal to the Federal Funds Rate for such day and, if such recipient(s) shall fail promptly to make such payment, such Agent shall be entitled to recover such amount, from the Payor, together with interest as aforesaidperiod.

Non-Receipt of Funds by the Agents. Unless an Agent shall have been notified by a Purchaser Financier or the Owner (the “Payor”) prior to the date on which the Payor is to make payment to such Agent of (in the case of a PurchaserFinancier) the proceeds of a Note to be made by it hereunder or (in the case of the Owner) a payment to such Agent for account of one or more of the Purchasers Financiers hereunder (such payment being herein called the “Required Payment”), which notice shall be effective upon receipt, that the Payor does not intend to make the Required Payment to such Agent, such Agent may assume that the Required Payment has been made and may, in reliance upon such assumption (but shall not be required to), make the amount thereof available to the intended recipient(s) on such date and, if the Payor has not in fact made the Required Payment to such Agent, the recipient(s) of such payment shall, on demand, repay to such Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by such Agent until the date such Agent recovers such amount at a rate per annum equal to the Federal Funds Rate for such day and, if such recipient(s) shall fail promptly to make such payment, such Agent shall be entitled to recover such amount, from the Payor, together with interest as aforesaid.