Upon its receipt of Sample Clauses

Upon its receipt of an Assignment and Assumption executed by an assigning Lender and an assignee, Agent shall, if such Assignment and Assumption has been properly completed and is in substantially the form of Exhibit A, (i) accept such Assignment and Assumption, (ii) record the information contained therein in the Loan Account, and (iii) give prompt notice thereof to Borrower (and, unless an Event of Default has occurred and is continuing, obtain Borrower's acknowledgment thereon). Upon request, Borrower will execute and deliver to Agent an appropriate replacement promissory note or replacement promissory notes in favor of each assignee (and assignor, 94 102 if such assignor is retaining a portion of its Commitment and Loans) reflecting such assignee's (and assignor's) Pro Rata Share(s) of the Facility. Upon execution and delivery of such replacement promissory notes the original promissory note or notes evidencing all or a portion of the Commitments and Loans being assigned shall be canceled and returned to Borrower.
Sample 1
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Upon its receipt of a Drawdown Request from the Borrower, the Agent shall request each Bank by a written notice at least one Business Day prior to the Drawdown Date specified in the Drawdown Request, to advance payment according to the Agent's distribution, stating the date on which each Bank is to make available its Loan and the amount to be advanced by each Bank pursuant to the Drawdown Request. Each Bank shall, pursuant to such notice and this Agreement, make available its advance in immediately available funds not later than 12 a.m. on the Drawdown Date specified in the Drawdown Request, to the account designated by the Agent. The Agent supposedly may assume that each Bank is capable of advancing payment pursuant to the Agreement and, on the basis of such assumption, may further, but is not obligated to, make available the funds to the Borrower on schedule, unless the Agent has received a written notice from any of the Banks prior to the Drawdown Date stating that the Bank is unable to advance the Loan by its Commitment Ratio. Notwithstanding, the Agent is under no obligation to make available or advance any sum to the Borrower on behalf of the Banks, until the Agent actually receives the payment made available by the Banks pursuant to the Agreement. If the Agent makes available to the Borrower the amount of any advance to be made by any Bank which such Bank fails to make available to the Agent pursuant to the Agreement, the Borrower shall at any time upon the Agent's demand refund such amount to the Agent together with daily interest at the highest overnight loan rate posted on Reuters' PIBC page after the close of business each day, for the period from the Drawdown Date to the date of the Agent's actual receipt of the refund.
Sample 1

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