Common use of Payments by the Lenders Clause in Contracts

Payments by the Lenders. (a) Unless the Agent shall have received notice from a Lender on the Agreement Date or, with respect to each borrowing of a Loan denominated in U.S. Dollars after the Agreement Date, at least one (1) Business Day prior to the date of any such proposed Loan that such Lender will not make available to the Agent as and when required hereunder for the account of the Borrowers the amount of that Lender's Commitment Percentage of the Loan, the Agent may assume that each Lender has made such amount available to the Agent in Same Day Funds on the advance date and the Agent may (but shall not be so required), in reliance upon such assumption, make available to any Borrower on such date a corresponding amount. If and to the extent any Lender shall not have made its full amount available to the Agent in Same Day Funds and the Agent in such circumstances has made available to any Borrower such amount, that Lender shall on the next Business Day following the date of such advance make such amount available to the Agent, together with interest at the Federal Funds Rate for and determined as of each day during such period. A notice of the Agent submitted to any Lender with respect to amounts owing under this SECTION 2.14(A) shall be conclusive, absent manifest error. If such amount is so made available, such payment to the Agent shall constitute such Lender's Loan on the date of advance for all purposes of this Agreement. If such amount is not made available to the Agent on the next Business Day following the date of such advance, the Agent shall notify the Borrower Representative of such failure to fund and, upon demand by the Agent, the Borrowers shall pay such amount to the Agent for the Agent's account, together with interest thereon for each day elapsed since the date of such advance, at a rate per annum equal to the interest rate applicable at the time to the Loans comprising such advance. This paragraph (a) shall only apply to Loans denominated in U.S. Dollars. Each Offshore Currency Lender will advance each Offshore Currency Loan directly to the applicable Borrower, in accordance with SECTION 2.13 hereof, and will promptly deliver a notice confirming such Loan to the Agent.

Appears in 1 contract

Samples: Credit Agreement (International Murex Technologies Corp)

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Payments by the Lenders. to the Administrative Agent. --------------------------------------------------- (a) Unless the Administrative Agent shall have received receives notice from a Lender on the Agreement Date or, with respect to each borrowing of a Loan denominated in U.S. Dollars after the Agreement Date, at least one (1) Business Day prior to the date of a Borrowing of Offshore Rate Committed Loans or by 11:30 a.m. Chicago time on the day of any such proposed Loan Borrowing of Base Rate Committed Loans, that such Lender will not make available to the Agent as and when required hereunder to the Administrative Agent for the account of the Borrowers Company the amount of that such Lender's Commitment Percentage Pro Rata Share of the Loansuch Committed Borrowing, the Administrative Agent may assume that each such Lender has made such amount available to the Administrative Agent in Same Day Funds immediately available funds on the advance date Borrowing Date and the Administrative Agent may (but shall not be so required), in reliance upon such assumption, make available to any Borrower the Company on such date a corresponding amount. If and to the extent any Lender shall not have made its full amount available to the Administrative Agent in Same Day Funds immediately available funds and the Administrative Agent in such circumstances has made available to any Borrower the Company such amount, that such Lender shall on the next Business Day following the date of such advance Borrowing Date make such amount available to the Administrative Agent, together with interest at the Federal Funds Rate for and determined as of each day during such periodRate. A notice of the Administrative Agent submitted to any Lender with respect to amounts owing under this SECTION 2.14(Asubsection (a) -------------- shall be conclusive, absent manifest error. If such amount is so made available, such payment to the Administrative Agent shall constitute such Lender's Committed Loan on the date of advance Borrowing for all purposes of this Agreement. If such amount is not made available to the Administrative Agent on the next Business Day following the date of such advanceBorrowing Date, the Administrative Agent shall will notify the Borrower Representative Company of such failure to fund and, upon demand by the Administrative Agent, the Borrowers Company shall pay such amount to the Administrative Agent for the Administrative Agent's account, together with interest thereon for each day elapsed since the date of such advanceBorrowing, at a rate per annum equal to the interest rate applicable at the time to the Committed Loans comprising such advance. This paragraph (a) shall only apply to Loans denominated in U.S. Dollars. Each Offshore Currency Lender will advance each Offshore Currency Loan directly to the applicable Borrower, in accordance with SECTION 2.13 hereof, and will promptly deliver a notice confirming such Loan to the AgentCommitted Borrowing.

Appears in 1 contract

Samples: Credit Agreement (Earthgrains Co /De/)

Payments by the Lenders. (a) Unless the appropriate Agent shall have received notice from a an applicable Lender on the Agreement Date or, with respect to each borrowing Borrowing of a Loan denominated in U.S. Dollars after the Agreement Date, at least one (1) Business Day prior to the date of any such proposed Loan that such Lender will not make available to the such Agent as and when required hereunder for the account of the Borrowers the amount of that Lender's Commitment Percentage of the Loan, the such Agent may assume that each such Lender has made such amount available to the such Agent in Same Day Funds on the advance date and the such Agent may (but shall not be so required), in reliance upon such assumption, make available to any a Borrower on such date a corresponding amount. If and to the extent any such Lender shall not have made its full amount available to the such Agent in Same Day Funds and the Agent in such circumstances has made available to any such Borrower such amount, that Lender shall on the next Business Day following the date of such advance make such amount available to the such Agent, together with interest at the Federal Funds Rate for and determined as of each day during such period. A notice of the such Agent submitted to any such Lender with respect to amounts owing under this SECTION 2.14(ASection 2.15(a) shall be conclusive, absent manifest error. If such amount is so made available, such payment to the such Agent shall constitute such Lender's Loan on the date of advance for all purposes of this Agreement. If such amount is not made available to the such Agent on the next Business Day following the date of such advance, the such Agent shall notify the Borrower Borrowers' Representative of such failure to fund and, upon demand by the such Agent, the Borrowers appropriate Borrower shall pay such amount to the such Agent for the such Agent's account, together with interest thereon for each day elapsed since the date of such advance, at a rate per annum equal to the interest rate applicable at the time to the Loans comprising such advance. This The foregoing provisions of this paragraph (a) shall only apply to Loans denominated in U.S. Dollars. Each Offshore Currency International Lender will advance each Offshore Currency Loan Revolving Pound Loans and CAPEX Pound Loans directly to the applicable International Borrower, in accordance with SECTION 2.13 Section 2.4 hereof, and will promptly deliver a notice confirming such Loan to the International Agent.

Appears in 1 contract

Samples: Credit Agreement (Law Companies Group Inc)

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Payments by the Lenders. (a) to the Administrative Agent. Unless the Administrative Agent shall have received receives notice from a Lender on the Agreement Date or, with respect to each borrowing of a Loan denominated in U.S. Dollars after the Agreement Date, at least one (1) Business Day prior to the date of a Borrowing of Offshore Rate Loans or by 12:00 noon Charlotte time on the day of any such proposed Loan Borrowing of Base Rate Loans, that such Lender will not make available to the Agent as and when required hereunder to the Administrative Agent for the account of the Borrowers Company the amount of that such Lender's Commitment Percentage Pro Rata Share of the Loansuch Borrowing, the Administrative Agent may assume that each such Lender has made such amount available to the Administrative Agent in Same Day Funds immediately available funds on the advance date Borrowing Date and the Administrative Agent may (but shall not be so required), in reliance upon such assumption, make available to any Borrower the Company on such date a corresponding amount. If and to the extent any Lender shall not have made its full amount available to the Administrative Agent in Same Day Funds immediately available funds and the Administrative Agent in such circumstances has made available to any Borrower the Company such amount, that such Lender shall on the next Business Day following the date of such advance Borrowing Date make such amount available to the Administrative Agent, together with interest at the Federal Funds Rate for and determined as of each day during such periodRate. A notice of the Administrative Agent submitted to any Lender with respect to amounts owing under this SECTION 2.14(Asubsection (a) shall be conclusive, absent manifest error. If such amount is so made available, such payment to the Administrative Agent shall constitute such Lender's Loan on the date of advance Borrowing for all purposes of this Agreement. If such amount is not made available to the Administrative Agent on the next Business Day following the date of such advanceBorrowing Date, the Administrative Agent shall will notify the Borrower Representative Company of such failure to fund and, upon demand by the Administrative Agent, the Borrowers Company shall pay such amount to the Administrative Agent for the Administrative Agent's account, together with interest thereon for each day elapsed since the date of such advanceBorrowing, at a rate per annum equal to the interest rate applicable at the time to the Loans comprising such advanceBorrowing. This paragraph (a) The failure of any Lender to make any Loan on any Borrowing Date shall only apply not relieve any other Lender of any obligation hereunder to Loans denominated in U.S. Dollars. Each Offshore Currency make a Loan on such Borrowing Date, but no Lender will advance each Offshore Currency Loan directly shall be responsible for the failure of any other Lender to make the applicable Borrower, in accordance with SECTION 2.13 hereof, and will promptly deliver a notice confirming such Loan to the Agentbe made by such other Lender on any Borrowing Date.

Appears in 1 contract

Samples: Credit Agreement (Lance Inc)

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