Common use of Failure of a Lender to Fund Clause in Contracts

Failure of a Lender to Fund. Should any Lender fail to make its Pro Rata Share of the requested Loan Advance available at the office of the Agent prior to 11:00 A.M. on the date of borrowing specified in the notice to such Lender, Agent shall notify Borrower of such default and, if Borrower so requests, Agent may, but shall not be obligated to, advance to the Borrower, on such Lender's behalf, out of funds otherwise available to Agent, such Lender's Pro Rata Share of such Loan Advance, or a portion thereof; provided, however, Agent shall not be authorized to make any such advance on behalf of any such Lender if prior to 11:00 A.M. on such date of borrowing, Agent shall have received a written instrument signed by a duly authorized officer of such Lender revoking the Agent's authority hereunder or stating that such Lender's Pro Rata Share is not required to be advanced pursuant to Section 15.14.1. If Agent advances such Lender's Pro Rata Share of such Loan Advance or a portion thereof as permitted hereby, Agent shall notify Borrower of such funding by Agent on the date of funding and such Lender shall reimburse (or if such Lender fails to pay such amount as hereinafter provided, Borrower shall repay) the Agent in full therefor within four (4) Business Days after the date of such Loan Advance (or, in the case of the Borrower's repayment, within one Business Day after demand by Agent for payment), together with interest on the principal amount so advanced by Agent at a rate per annum equal to the interest rate payable by Borrower from time to time on such Loan Advance or portion thereof while it is outstanding.

Appears in 1 contract

Samples: Loan Agreement (Procaccianti Hotel Reit, Inc.)

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Failure of a Lender to Fund. Should any Lender fail to make its Pro Rata Share of the requested Loan Advance available at the office of the Agent prior to 11:00 10:00 A.M. on the date of borrowing specified in the notice to such Lender, Agent shall notify Borrower of such default and, if Borrower so requests, Agent may, but shall not be obligated to, advance to the Borrower, on such Lender's ’s behalf, out of funds otherwise available to Agent, such Lender's ’s Pro Rata Share of such Loan Advance, or a portion thereof; provided, however, Agent shall not be authorized to make any such advance on behalf of any such Lender if prior to 11:00 10:00 A.M. on such date of borrowing, Agent shall have received a written instrument signed by a duly authorized officer of such Lender revoking the Agent's ’s authority hereunder or stating that such Lender's ’s Pro Rata Share is not required to be advanced pursuant to Section 15.14.110.3.1. If Agent advances such Lender's ’s Pro Rata Share of such Loan Advance or a portion thereof as permitted hereby, Agent shall notify Borrower of such funding by Agent on the date of funding and such Lender shall reimburse (or if such Lender fails to pay such amount as hereinafter provided, Borrower shall repay) the Agent in full therefor within four (4) Business Days after the date of such Loan Advance (or, in the case of the Borrower's ’s repayment, within one Business Day after demand by Agent for payment), together with interest on the principal amount so advanced by Agent at a rate per annum equal to the interest rate payable by Borrower from time to time on such Loan Advance or portion thereof while it is outstanding.

Appears in 1 contract

Samples: Loan Agreement (Firstcity Financial Corp)

Failure of a Lender to Fund. Should any Lender fail to make its Pro Rata Share of the requested Loan Advance available at the office of (a) Unless the Agent prior has actual knowledge that a Lender has not made or notice that a Lender will not make available to 11:00 A.M. the Agent for value on a Drawdown Date the date of borrowing specified in applicable amount required from such Lender pursuant to Section 5.6, the notice to such Lender, Agent shall notify Borrower of be entitled to assume that such default amount has been or will be received from such Lender when so due and, if Borrower so requestsnotwithstanding that the Agent has not received the applicable amount required from such Lender pursuant to Section 5.6, the Agent may, may (but shall not be obligated obliged to), advance in reliance upon such assumption, make available to the Borrower, Borrower a corresponding amount (except that no such amount shall be made available to the Borrower in the case of a deemed Advance). If such amount is not in fact received by the Agent from such Lender on such Lender's behalf, out of funds otherwise Drawdown Date and the Agent has made available a corresponding amount to Agentthe Borrower on such Drawdown Date as aforesaid (or is deemed to have made an Advance to the Borrower in such amount), such Lender's Pro Rata Share Lender shall pay to the Agent on demand an amount equal to the aggregate of such Loan Advance, or a portion thereof; provided, however, Agent shall not be authorized to make any such advance on behalf of any the applicable amount required from such Lender if prior to 11:00 A.M. on such date of borrowing, Agent shall have received a written instrument signed by a duly authorized officer of such Lender revoking the Agent's authority hereunder or stating that such Lender's Pro Rata Share is not required to be advanced pursuant to Section 15.14.1. If 5.6 plus an amount equal to the product of (i) the rate per annum applicable to overnight deposits made with the Agent advances for amounts approximately equal to the amount required from such Lender's Pro Rata Share Lender multiplied by (ii) the amount that should have been paid to the Agent by such Lender on such Drawdown Date and was not, multiplied by (iii) a fraction, the numerator of which is the number of days that have elapsed from and including such Loan Advance or a portion thereof as permitted hereby, Agent shall notify Borrower of such funding by Agent on Drawdown Date to but excluding the date of funding and on which the amount is received by the Agent from such Lender shall reimburse (and the denominator of which is 365 or if such Lender fails to pay such amount 366, as hereinafter provided, Borrower shall repay) the Agent in full therefor within four (4) Business Days after the date of such Loan Advance (orapplicable, in the case of all Advances. A certificate of the Agent containing details of the amount owing by a Lender under this Section 5.7(a) shall be binding and conclusive in the absence of manifest error. If any such amount is not in fact received by the Agent from such Lender on such Drawdown Date, the Agent shall be entitled to recover from the Borrower's repayment, within one Business Day on demand concurrently or after demand receipt of the certificate referred to below, the related amount made available by the Agent for payment), to the Borrower as aforesaid together with interest on thereon at the principal amount so advanced by Agent at a applicable rate per annum equal payable by the Borrower hereunder, without prejudice to any rights the Borrower may have against such Lender. The amount payable to the Agent pursuant hereto will be as set forth in a certificate delivered by the Agent to such non-paying Lender and the Borrower (which certificate will contain reasonable details of how the amount payable is calculated) and will be conclusive and binding, for all purposes, in the absence of manifest error. If the Borrower and such Lender shall pay such interest rate payable to the Agent for the same or an overlapping period, then the Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower from time for such period. If such Lender pays its share of the applicable advance to time the Agent, then the amount so paid shall constitute such Lender’s portion included in such advance. 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 the Agent. The failure of any Lender to make its Rateable Portion of the applicable Advance will not relieve any other Lender of its obligation, if any, hereunder to make its Rateable Portion of such Advance on the date that such Loan Advance or portion thereof while it is outstandingto take place, but no Lender will be responsible for the failure of any other Lender to provide its Rateable Portion of any such Advance under the applicable Credit Facility.

Appears in 1 contract

Samples: Credit Agreement (Obsidian Energy Ltd.)

Failure of a Lender to Fund. Should any Lender fail to make its Pro Rata Share share of the requested Loan Advance Borrowing available at the office of the Agent prior to 11:00 10:00 A.M. (Eastern Standard Time) on the date of borrowing specified in the notice to such Lender, Agent shall notify Borrower of such default and, if Borrower so requests, Agent may, but shall not be obligated to, advance to the Borrower, Borrower on such Lender's ’s behalf, out of funds otherwise available to Agent, such Lender's ’s Pro Rata Share share of such Loan AdvanceBorrowing, or a portion thereof; provided, however, Agent shall not be authorized to make any such advance on behalf of any such Lender if prior to 11:00 A.M. (Eastern Standard Time) on such date of borrowing, Agent shall have received a written instrument signed by a duly authorized officer of such Lender revoking the Agent's ’s authority hereunder or stating that such Lender's ’s Pro Rata Share share is not required to be advanced pursuant to Section 15.14.116.2.1. If Agent advances such Lender's ’s Pro Rata Share share of such Loan Advance Borrowing or a portion thereof as permitted hereby, Agent shall notify Borrower and such Lender of such funding by Agent on the date of funding and such Lender shall reimburse (or if such Lender fails to pay such amount as hereinafter provided, Borrower shall repay) the Agent in full therefor within four (4) Business Days after the date of such Loan Advance Borrowing (or, in the case of the Borrower's ’s repayment, within one Business Day after demand by Agent for payment), together with interest on the principal amount so advanced by Agent at a rate per annum equal to the interest rate payable by Borrower from time to time on such Loan Advance Borrowing or portion thereof while it is outstanding. Nothing contained in this Section 16.2.3 shall release any Lender from its obligation to fund its Pro Rata share of any requested Borrowing.

Appears in 1 contract

Samples: Revolving Credit Agreement (TNP Strategic Retail Trust, Inc.)

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Failure of a Lender to Fund. Should any Lender fail to make its Pro Rata Share of the requested Loan Advance available at the office of (a) Unless the Agent prior has actual knowledge that a Lender has not made or notice that a Lender will not make available to 11:00 A.M. the Agent for value on a Drawdown Date the date of borrowing specified in applicable amount required from such Lender pursuant to Section 5.6, the notice to such Lender, Agent shall notify Borrower of be entitled to assume that such default amount has been or will be received from such Lender when so due and, if Borrower so requestsnotwithstanding that the Agent has not received the applicable amount required from such Lender pursuant to Section 5.6, the Agent may, may (but shall not be obligated obliged to), advance in reliance upon such assumption, make available to the Borrower a corresponding amount (except that no such amount shall be made available to the Borrower in the case of a deemed Advance). If such amount is not in fact received by the Agent from such Lender on such Drawdown Date and the Agent has made available a corresponding amount to the Borrower on such Drawdown Date as aforesaid (or is deemed to have made an Advance to the Borrower in such amount), such Lender shall pay to the Agent on demand an amount equal to the aggregate of the applicable amount required from such Lender pursuant to Section 5.6 plus an amount equal to the product of (i) the rate per annum applicable to overnight deposits made with the Agent for amounts approximately equal to the amount required from such Lender multiplied by (ii) the amount that should have been paid to the Agent by such Lender on such Drawdown Date and was not, multiplied by (iii) a fraction, the numerator of which is the number of days that have elapsed from and including such Drawdown Date to but excluding the date on which the amount is received by the Agent from such Lender and the denominator of which is 365 in the case of all Advances. A certificate of the Agent containing details of the amount owing by a Lender under this Section 5.7 shall be binding and conclusive in the absence of manifest error. If any such amount is not in fact received by the Agent from such Lender on such Drawdown Date, the Agent shall be entitled to recover from the Borrower, on demand concurrently or after receipt of the certificate referred to below, the related amount made available by the Agent to the Borrower as aforesaid together with interest thereon at the applicable rate per annum payable by the Borrower hereunder, without prejudice to any rights the Borrower may have against such Lender's behalf. The amount payable to the Agent pursuant hereto will be as set forth in a certificate delivered by the Agent to such non-paying Lender and the Borrower (which certificate will contain reasonable details of how the amount payable is calculated) and will be conclusive and binding, out for all purposes, in the absence of funds otherwise available to Agent, such Lender's Pro Rata Share of such Loan Advance, or a portion thereof; provided, however, Agent shall not be authorized to make any such advance on behalf of any such Lender if prior to 11:00 A.M. on such date of borrowing, Agent shall have received a written instrument signed by a duly authorized officer of such Lender revoking the Agent's authority hereunder or stating that such Lender's Pro Rata Share is not required to be advanced pursuant to Section 15.14.1manifest error. If Agent advances such Lender's Pro Rata Share of such Loan Advance or a portion thereof as permitted hereby, Agent shall notify the Borrower of such funding by Agent on the date of funding and such Lender shall reimburse (pay such interest to the Agent for the same or if an overlapping period, then the Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender fails pays its share of the applicable Advance to pay the Agent, then the amount so paid shall constitute such amount as hereinafter provided, Lender’s portion included in such advance. Any payment by the Borrower shall repay) be without prejudice to any claim the Agent in full therefor within four (4) Business Days after Borrower may have against a Lender that shall have failed to make such payment to the Agent. The failure of any Lender to make its Rateable Portion of the applicable Advance will not relieve any other Lender of its obligation, if any, hereunder to make its Rateable Portion of such Advance on the date that such Advance is to take place, but no Lender will be responsible for the failure of any other Lender to provide its Rateable Portion of any such Loan Advance (or, in under the case of the Borrower's repayment, within one Business Day after demand by Agent for payment), together with interest on the principal amount so advanced by Agent at a rate per annum equal to the interest rate payable by Borrower from time to time on such Loan Advance or portion thereof while it is outstandingapplicable Credit Facility.

Appears in 1 contract

Samples: Credit Agreement (Obsidian Energy Ltd.)

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