Payment Reliance Sample Clauses
The Payment Reliance clause establishes that a party is entitled to rely on the receipt of payments as evidence of the other party’s compliance with its financial obligations under the agreement. In practice, this means that if payments are made as scheduled and in the correct amounts, the receiving party can assume that the payer is fulfilling their contractual duties regarding payment. This clause helps streamline the administration of the contract by reducing the need for additional verification or documentation, thereby ensuring efficiency and minimizing disputes over whether payment obligations have been met.
Payment Reliance. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each Lender, as the case may be, severally agrees to repay to the Administrative 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 Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.
Payment Reliance. (a) Unless the Administrative Agent shall have been notified by a Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s Percentage of such Borrowing, the Administrative Agent may assume that such Lender has made such share available to the Administrative Agent on such date in accordance with Section 2.1.3 and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its Percentage of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, and (ii) in the case of a payment to be made by Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its Percentage of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to this Administrative Agent. Nothing in this Section or elsewhere in this Agreement or the other Loan Documents shall be deemed to require the Administrative Agent (or any other Lender) to advance funds on behalf of any Lender or to relieve any Lender from its obligations to fulfill its commitments hereunder or to prejudice any rights that the Administrative Agent or the Borrower may have against any Lender as a result of any default by such Lender hereunder.
(b) Unless the Administrative Agent shall have received notice from Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that...
Payment Reliance. Seller acknowledges that it relies on the credit and ability to pay of Buyer’s customer, and not the Buyer, for payment for work performed. Seller agrees that as a condition precedent to Buyer’s obligation to make any payment to Seller, the Buyer must first receive payment from its customer. If Buyer does not receive any part of the payment from its customer in respect to Seller’s work, whether because of a claimed defect or deficiency in Seller’s work or for any other reason, Buyershall not be liable to Sellerfor any sums in any respect. If Buyerincurs any cost or expense of any nature in preparing for the prosecution of, and prosecuting any claim against the Buyer’s customer, whether by means of negotiations, arbitration or legal action, arising out of Buyer’s customer’s refusal to pay Buyer for work done by Seller, Buyer shall be entitled to deduct such costs and expenses, including actual attorney’s fees, from the amount due Seller.
Payment Reliance. Unless the Administrative Agent shall have received notice from either Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrowers have not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender, with interest thereon at the Applicable LIBOR Margin, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent.
Payment Reliance. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the
Payment Reliance. 30 11.10 Successor........................................................ 30 11.11 Loans and Acceptances by the Agent............................... 31 11.12 Deutsche Bank Canada as the Agent................................ 31 11.13 Changes.......................................................... 31 11.14 Waivers.......................................................... 31 11.15
Payment Reliance. Unless the Agent will have been notified by ---------------- telephone, confirmed in writing, by the Borrower prior to the time fixed for payment by the Borrower of any amount under the Documents, that the Borrower will not make the required payment on the date specified therefor, the Agent may, but will not be obligated to, assume that the Borrower has made such payment on such date and, in reliance on such assumption, make available to the Banks their respective Bank's Proportions of such amount. If such payment is not made by the Borrower forthwith upon request by the Agent each Bank will return the amount received by it in respect thereof, with interest at the usual rate of interest for inter-bank settlements.