Common use of Failure of Lender to Fund Clause in Contracts

Failure of Lender to Fund. (a) Unless the Agent has actual knowledge that a Lender has not made or will not make available to the Agent for value on a Borrowing Date the applicable amount required from such Lender pursuant to Article 2, the Agent shall be entitled to assume that such amount has been or will be received from such Lender when so due and the Agent may (but shall not be obliged to), in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not in fact received by the Agent from such Lender on such Borrowing Date and the Agent has made available a corresponding amount to the Borrower on such Borrowing Date as aforesaid, such Lender shall pay to the Agent on demand an amount equal to the product of (i) the rate per annum then in use at the Branch as a syndicate lender late payment rate, multiplied by (ii) the amount that should have been paid to the Agent by such Lender on such Borrowing 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 Borrowing Date to but excluding the date on which the amount is received by the Agent from such Lender and the denominator of which is three hundred and sixty-five (365). A certificate of the Agent containing details of the amount owing by a Lender under this Section 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 Borrowing Date, the Agent shall be entitled to recover from the Borrower, on demand, 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.

Appears in 3 contracts

Samples: Assignment Agreement (Midamerican Energy Co), Credit Agreement (Midamerican Funding LLC), Credit Agreement (Pacificorp /Or/)

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Failure of Lender to Fund. (a) Unless the Administrative Agent has actual knowledge that a Lender has not made or will not make available to the Administrative Agent for value on a Borrowing Date the applicable amount required from such Lender pursuant to Article 2, the Administrative Agent shall be entitled to assume that such amount has been or will be received from such Lender when so due and the Administrative Agent may (but shall not be obliged to), in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not in fact received by the Administrative Agent from such Lender on such Borrowing Date and the Administrative Agent has made available a corresponding amount to the Borrower on such Borrowing Date as aforesaid, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the rate per annum then in use at the Branch as a syndicate lender late payment rate, multiplied by (ii) the amount that should have been paid to the Administrative Agent by such Lender on such Borrowing 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 Borrowing Date to but excluding the date on which the amount is received by the Administrative Agent from such Lender and the denominator of which is three hundred and sixty-five (365). A certificate of the Administrative Agent containing details of the amount owing by a Lender under this Section shall be binding and conclusive in the absence of manifest error. If any such amount is not in fact received by the Administrative Agent from such Lender on such Borrowing Date, the Administrative Agent shall be entitled to recover from the Borrower, on demand, the related amount made available by the Administrative Agent to the Borrower as aforesaid together with interest thereon at the applicable rate per annum payable by the Borrower hereunder.

Appears in 3 contracts

Samples: Credit Agreement (Midamerican Funding LLC), Credit Agreement (Pacificorp /Or/), Credit Agreement (Berkshire Hathaway Energy Co)

Failure of Lender to Fund. (a) Unless Administrative Agent shall have been notified by any Lender prior to the Agent has actual knowledge Closing Date that a such Lender has does not made or will not intend to make available to Administrative Agent such Lender’s Proportionate Share of the Loan requested on such date, Administrative Agent for value on a Borrowing Date the applicable amount required from such Lender pursuant to Article 2, the Agent shall be entitled to may assume that such Lender has made such amount has been or will be received from available to Administrative Agent on such Lender when so due date in accordance with the prior paragraph, and the Administrative Agent may (but shall not be obliged to)may, in its sole discretion and in reliance upon such assumptionassumption (but without any obligation), make available to the Borrower a corresponding amountamount on such date. If such corresponding amount is not in fact received by the Agent from such Lender on such Borrowing Date and the Agent has made available a corresponding amount to the Borrower on such Borrowing Date as aforesaid, such Lender shall pay to the Agent on demand an amount equal to the product of (i) the rate per annum then in use at the Branch as a syndicate lender late payment rate, multiplied by (ii) the amount that should have been paid to the Administrative Agent by such Lender on such Borrowing Date and was notLender, multiplied by (iii) a fraction, the numerator of which is the number of days that have elapsed from and including such Borrowing Date to but excluding the date on which the amount is received by the Agent from such Lender and the denominator of which is three hundred and sixty-five (365). A certificate of the Agent containing details of the amount owing by a Lender under this Section 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 Borrowing Date, the Administrative Agent shall be entitled to recover such corresponding amount on demand (and, in any event, within two Banking Days from the Borrower, on demand, the related amount made available by the Agent to the Borrower as aforesaid Closing Date) from such Lender together with interest thereon thereon, for each day from the Closing Date until the date such amount is paid to Administrative Agent, at the applicable Federal Funds Rate for the first two Banking Days after such date. If such Lender pays such amount to Administrative Agent, then such amount (excluding any interest paid to Administrative Agent thereon) shall constitute such Lender’s Proportionate Share of such Loan. If such Lender does not pay such corresponding amount forthwith upon Administrative Agent’s demand therefor or within two Banking Days from the Closing Date, Administrative Agent may notify Borrower and Borrower shall immediately pay such corresponding amount to Administrative Agent together with interest thereon, for each day from the Closing Date until the date such amount is paid to Administrative Agent, at the rate per annum then payable under this Agreement for Base Rate Loans. Nothing in this Section 2.1.4(c) shall be deemed to relieve any Lender from its obligation to fulfill its obligations hereunder or to prejudice any rights that Borrower may have against any Lender as a result of any default by the Borrower such Lender hereunder.

Appears in 2 contracts

Samples: Credit Agreement (CNX Resources Corp), Credit Agreement (CNX Resources Corp)

Failure of Lender to Fund. (a) 9.3.1 Unless the Agent has actual knowledge that a Lender has not made or will not make available to the Agent for value on a Borrowing Drawdown Date the applicable amount required from such Lender pursuant to Article 2Sections 5.11 or 5.15, the Agent shall be entitled to assume that such amount has been or will be received from such Lender when so due and the Agent may (but shall not be obliged to), in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not in fact received by the Agent from such Lender on such Borrowing Drawdown Date and the Agent has made available a corresponding amount to the Borrower on such Borrowing Drawdown Date as aforesaid, such Lender shall pay to the Agent on demand an amount equal to the product of (i) the rate Interbank Reference Rate per annum then in use at the Branch as a syndicate lender late payment rate, multiplied by (ii) the amount that should have been paid to the Agent by such Lender on such Borrowing 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 Borrowing 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 three hundred and sixty-five (365). A certificate of the Agent containing details of the amount owing by a Lender under this Section 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 Borrowing Drawdown Date, the Agent shall be entitled to recover from the Borrower, on demand, 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.

Appears in 2 contracts

Samples: Assignment Agreement (Norske Skog Canada LTD), Assignment Agreement (Norske Skog Canada LTD)

Failure of Lender to Fund. (a1) Unless the Agent has actual knowledge that a Lender has not made or will not make available to the Agent for value on a Borrowing Drawdown Date the applicable amount required from such Lender pursuant to Article 2Sections 5.6 or 5.10, the Agent shall be entitled to assume that such amount has been or will be received from such Lender when so due and the Agent may (but shall not be obliged to), in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not in fact received by the Agent from such Lender on such Borrowing Drawdown Date and the Agent has made available a corresponding amount to the Borrower on such Borrowing Drawdown Date as aforesaid, such Lender shall pay to the Agent on demand such amount together with an amount equal to the product of (ia) the rate Interbank Reference Rate per annum then in use at the Branch as a syndicate lender late payment rate, multiplied by (iib) the amount that should have been paid to the Agent by such Lender on such Borrowing Drawdown Date and was not, multiplied by (iiic) a fraction, the numerator of which is the number of days that have elapsed from and including such Borrowing 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 three hundred and sixty-five (365)the number of days in the calendar year in which the same is to be ascertained. A certificate of the Agent containing details of the amount amounts owing by a Lender under this Section shall be binding and conclusive in the absence of manifest error. If any such principal amount is not in fact received by the Agent from such Lender on such Borrowing Drawdown Date, the Agent shall be entitled to recover from the Borrower, on demand, 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.

Appears in 2 contracts

Samples: Restricted Stock Unit Award Agreement, Assignment Agreement (Waste Management Inc)

Failure of Lender to Fund. (a) 12.3.1 Unless the Agent has actual knowledge that a Lender has not made or will not make available to the Agent for value on a Borrowing Drawdown Date the applicable amount required from such Lender pursuant to Article 2Sections 8.11 or 8.16, the Agent shall be entitled to assume that such amount has been or will be received from such Lender when so due and the Agent may (but shall not be obliged to), in reliance upon such assumption, make available to the relevant Borrower a corresponding amount. If such amount is not in fact received by the Agent from such Lender on such Borrowing Drawdown Date and the Agent has made available a corresponding amount to the a Borrower on such Borrowing Drawdown Date as aforesaid, such Lender shall pay to the Agent on demand an amount equal to the product of (i) the rate Interbank Reference Rate per annum then in use at the Branch as a syndicate lender late payment rate, multiplied by (ii) the amount that should have been paid to the Agent by such Lender on such Borrowing 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 Borrowing 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 three hundred and sixty-five (365). A certificate of the Agent containing details of the amount owing by a Lender under this Section 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 Borrowing Drawdown Date, the Agent shall be entitled to recover from the relevant Borrower, on demand, 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.

Appears in 1 contract

Samples: Credit Agreement (CHC Helicopter Corp)

Failure of Lender to Fund. (a) 8.3.1 Unless the Agent has actual knowledge that a Lender has not made or will not make available to the Agent for value on a Borrowing Drawdown Date the applicable amount required from such Lender pursuant to Article 2Sections 4.8 or 4.13, the Agent shall be entitled to assume that such amount has been or will be received from such Lender when so due and the Agent may (but shall not be obliged to), in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not in fact received by the Agent from such Lender on such Borrowing Drawdown Date and the Agent has made available a corresponding amount to the Borrower on such Borrowing Drawdown Date as aforesaid, such Lender shall pay to the Agent on demand an amount equal to the product of (i) the rate Interbank Reference Rate per annum then in use at the Branch as a syndicate lender late payment rate, multiplied by (ii) the amount that should have been paid to the Agent by such Lender on such Borrowing 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 Borrowing 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 three hundred and sixty-five (365). A certificate of the Agent containing details of the amount owing by a Lender under this Section 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 Borrowing Drawdown Date, the Agent shall be entitled to recover from the Borrower, on demand, 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.

Appears in 1 contract

Samples: Credit Agreement (Rogers Communications Inc)

Failure of Lender to Fund. (a) Unless the Agent has actual knowledge that a Lender has not made or will not make available to the Agent for value on a Borrowing Date the applicable amount required from such Lender pursuant to Article 2, the Agent shall be entitled to assume that such amount has been or will be received from such Lender when so due and the Agent may (but shall not be obliged to), in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not in fact received by the Agent from such Lender on such Borrowing Date and the Agent has made available a corresponding amount to the Borrower on such Borrowing Date as aforesaid, such Lender shall pay to the Agent on demand an amount equal to the product of (i) the rate per annum then in use at the Branch as a syndicate lender late payment rate, multiplied by (ii) the amount that should have been paid to the Agent by such Lender on such Borrowing Date and was not, multiplied by (iii) a fraction, the numerator of which is the number of days that have elapsed from LEGAL_l:28867748.6 and including such Borrowing Date to but excluding the date on which the amount is received by the Agent from such Lender and the denominator of which is three hundred and sixty-five (365). A certificate of the Agent containing details of the amount owing by a Lender under this Section 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 Borrowing Date, the Agent shall be entitled to recover from the Borrower, on demand, 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.

Appears in 1 contract

Samples: Credit Agreement (Berkshire Hathaway Energy Co)

Failure of Lender to Fund. (a) Unless the Agent has actual knowledge that a Lender has not made or will not make available to the Agent for value on a Borrowing Drawdown Date the applicable amount required from such Lender pursuant to Article 2this Agreement, the Agent shall be entitled to assume that such amount has been or will be received from such Lender when so due and the Agent may (but shall not be obliged to), in reliance upon such assumption, make available to the a Borrower a corresponding amount. If such amount is not in fact received by the Agent from such Lender on such Borrowing Drawdown Date and the Agent has made available a corresponding amount to the a Borrower on such Borrowing Drawdown Date as aforesaid, such Lender shall pay to the Agent on demand an amount equal to the product of (i) the rate Interbank Reference Rate per annum then in use at the Branch as a syndicate lender late payment rate, multiplied by (ii) the amount that should have been paid to the Agent by such Lender on such Borrowing 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 Borrowing 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 three hundred and sixty-five (365)365 or 366, as applicable. A certificate of the Agent containing details of the amount owing by a Lender under this Section 9.3 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 Borrowing Drawdown Date, the Agent shall be entitled to recover from the Borrower, Borrowers on demand, the related amount made available by the Agent to the a Borrower as aforesaid together with interest thereon at the applicable rate per annum payable by the applicable Borrower hereunder.

Appears in 1 contract

Samples: Credit Agreement (MDC Partners Inc)

Failure of Lender to Fund. (a) Unless the Agent has actual knowledge that a Lender has not made or will not make available to the Agent for value on the date requested for an Advance by the Borrower under a Borrowing Date the applicable amount required from Credit Facility (a "Drawdown Date") such Lender pursuant to Article 2Lender's Proportionate Share of such Advance requested, the Agent shall be entitled to assume that such amount has been or will be received from such Lender when so due and the Agent may (but shall not be obliged to), in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not in fact received by the Agent from such Lender on such Borrowing Drawdown Date and the Agent has made available a corresponding amount to the Borrower on such Borrowing Drawdown Date as aforesaid, such Lender shall pay to the Agent on demand an amount equal to the product of (i) the interest rate per annum then in use at applicable to the Branch as a syndicate lender late payment rate, Advance multiplied by (ii) the amount that should have been paid to the Agent by such Lender on such Borrowing 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 Borrowing 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 three hundred and sixty-five (365). A certificate of the Agent containing details of the amount owing by a Lender under this Section section shall be binding and conclusive in the absence of manifest errordeemed to be prima facie correct. If any such amount is not in fact received by the Agent from such Lender on such Borrowing DateDrawdown Date , the Agent shall be entitled to recover from the Borrower, on demand, 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 hereunderhereunder (but for greater certainty, without prejudice to any claim which the Borrower might have against such Lender as a result of such Lender not having made its Proportionate Share of such Advance).

Appears in 1 contract

Samples: Credit Agreement (Sterling Chemical Inc)

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Failure of Lender to Fund. (a) Unless the Administrative Agent has actual knowledge that a Lender has not made or will not make available to the Administrative Agent for value on a Borrowing Date the applicable amount required from such Lender pursuant to Article ARTICLE 2, the Administrative Agent shall be entitled to assume that such amount has been or will be received from such Lender when so due and the Administrative Agent may (but shall not be obliged to), in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not in fact received by the Administrative Agent from such Lender on such Borrowing Date and the Administrative Agent has made available a corresponding amount to the Borrower on such Borrowing Date as aforesaid, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the rate per annum then in use at the Branch as a syndicate lender late payment rate, multiplied by (ii) the amount that should have been paid to the Administrative Agent by such Lender on such Borrowing 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 Borrowing Date to but excluding the date on which the amount is received by the Administrative Agent from such Lender and the denominator of which is three hundred and sixty-five (365). A certificate of the Administrative Agent containing details of the amount owing by a Lender under this Section shall be binding and conclusive in the absence of manifest error. If any such amount is not in fact received by the Administrative Agent from such Lender on such Borrowing Date, the Administrative Agent shall be entitled to recover from the Borrower, on demand, the related amount made available by the Administrative Agent to the Borrower as aforesaid together with interest thereon at the applicable rate per annum payable by the Borrower hereunder.

Appears in 1 contract

Samples: Midamerican Energy Co

Failure of Lender to Fund. (a) Unless the Administrative Agent has actual knowledge that a Lender has not made or will not make available to the Administrative Agent for value on a Borrowing Date the applicable amount required from such Lender pursuant to Article 2, the Administrative Agent shall be entitled to assume that such amount has been or will be received from such Lender when so due and the Administrative Agent may (but shall not be obliged to), in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not in fact received by the Administrative Agent from such Lender on such Borrowing Date and the Administrative Agent has made available a corresponding amount to the Borrower on such Borrowing Date as aforesaid, such Lender shall pay to the Administrative Agent on demand an amount equal to the product of (i) the rate per annum then in use at the Branch as a syndicate lender late payment rate, multiplied by (ii) the amount that should have been paid to the Administrative Agent by such Lender on such Borrowing 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 Borrowing Date to but excluding the date on which the amount is received by the Administrative Agent from such Lender and the denominator of which is three hundred and sixty-five (365). A certificate of the Administrative Agent containing details of the amount owing by a Lender under this Section shall be binding and conclusive in the absence of manifest error. If any such amount is not in fact received by the Administrative Agent from such Lender on such Borrowing Date, the Administrative Agent shall be entitled to recover from the Borrower, on demand, the related amount made available by the Administrative Agent to the Borrower as aforesaid together with interest thereon at the applicable rate per annum payable by the Borrower hereunder.. LEGAL_1:60252742.8

Appears in 1 contract

Samples: Credit Agreement (Midamerican Funding LLC)

Failure of Lender to Fund. (a) Unless Administrative Agent shall have been notified by any Lender prior to the Agent has actual knowledge applicable date of a Borrowing that a such Lender has does not made or will not intend to make available to Administrative Agent the amount of such Lender’s Proportionate Share of the Loan requested on such date, Administrative Agent for value on a Borrowing Date the applicable amount required from such Lender pursuant to Article 2, the Agent shall be entitled to may assume that such Lender has made such amount has been or will be received from available to Administrative Agent on such Lender when so due date in accordance with the prior paragraph and the Administrative Agent may (but shall not be obliged to)may, in its sole discretion and in reliance upon such assumption, make available to the Borrower Borrowers a corresponding amountamount on such date. If such corresponding amount is not in fact received by the Agent from such Lender on such Borrowing Date and the Agent has made available a corresponding amount to the Borrower on such Borrowing Date as aforesaid, such Lender shall pay to the Agent on demand an amount equal to the product of (i) the rate per annum then in use at the Branch as a syndicate lender late payment rate, multiplied by (ii) the amount that should have been paid to the Administrative Agent by such Lender on such Borrowing Date and was notLender, multiplied by (iii) a fraction, the numerator of which is the number of days that have elapsed from and including such Borrowing Date to but excluding the date on which the amount is received by the Agent from such Lender and the denominator of which is three hundred and sixty-five (365). A certificate of the Agent containing details of the amount owing by a Lender under this Section 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 Borrowing Date, the Administrative Agent shall be entitled to recover such corresponding amount on demand (and, in any event, within two Business Days from the Borrower, on demand, the related amount made available by the Agent to the Borrower as aforesaid applicable date of such Borrowing) from such Lender together with interest thereon thereon, for each day from the applicable date of such Borrowing until the date such amount is paid to Administrative Agent, at the Federal Funds Rate for the first two Business Days after such date. If such Lender pays such amount to Administrative Agent, then such amount shall constitute such Lender’s Proportionate Share of such Loan included in such Loan. If such Lender does not pay such corresponding amount forthwith upon Administrative Agent’s demand therefor or within two Business Days from the applicable date of such Borrowing, Administrative Agent shall promptly notify Borrowers and Borrowers shall immediately pay such corresponding amount to Administrative Agent together with interest thereon, for each day from the applicable date of such Borrowing until the date such amount is paid to Administrative Agent, at the rate per annum then payable under this Agreement for Base Rate Loans. Nothing in this Section 2.1.7(d) shall be deemed to relieve any Lender from its obligation to fulfill its obligations hereunder or to prejudice any rights that Borrowers may have against any Lender as a result of any default by the Borrower such Lender hereunder.

Appears in 1 contract

Samples: Credit Agreement (Renegy Holdings, Inc.)

Failure of Lender to Fund. (a) 10.3.1 Unless the Agent has actual knowledge that a Lender has not made or will not make available to the Agent for value on a Borrowing Drawdown Date the applicable amount required from such Lender pursuant to Article 2VI, the Agent shall be entitled to assume that such amount has been or will be received from such Lender when so due and the Agent may (but shall not be obliged to), in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not in fact received by the Agent from such Lender on such Borrowing Drawdown Date and the Agent has made available a corresponding amount to the Borrower on such Borrowing Drawdown Date as aforesaid, such Lender shall pay to the Agent on demand an amount equal to the product of (i) the rate Interbank Reference Rate per annum then in use at the Branch as a syndicate lender late payment rate, multiplied by (ii) the amount that should have been paid to the Agent by such Lender on such Borrowing 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 Borrowing 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 three hundred and sixty-five (365). A certificate of the Agent containing details of the amount owing by a Lender under this Section 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 Borrowing Drawdown Date, the Agent shall be entitled to recover from the Borrower, on demand, 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.

Appears in 1 contract

Samples: Credit Agreement (Omega Cabinets LTD)

Failure of Lender to Fund. (a) Unless the Administrative Agent has actual knowledge that a Lender has not made or will not make available to the Administrative Agent for value on a Borrowing Drawdown Date the applicable amount required from such Lender pursuant to Article 2Sections 6.7 or 6.10 or its Proportionate Share of a deemed Advance under Section 6.13, the Administrative Agent shall be entitled to assume that such amount has been or will be received from such Lender when so due and the Administrative Agent may (but shall not be obliged to), in reliance upon such assumption, make available to the Borrower a corresponding amountamount (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 Administrative Agent from such Lender on such Borrowing Drawdown Date and the Administrative Agent has made available a corresponding amount to the Borrower on such Borrowing Drawdown Date as aforesaidaforesaid (or is deemed to have made an Advance to the Borrower in such amount), such Lender shall pay to the Administrative Agent on demand an amount equal to the aggregate of the applicable amount required from such Lender pursuant to Sections 6.7 or 6.10 or its Proportionate Share of a deemed Advance under Section 6.13 plus an amount equal to the product of (i) the rate per annum then in use at applicable to overnight deposits made with the Branch as a syndicate lender late payment rate, Administrative Agent for amounts approximately equal to the amount required from such Lender multiplied by (ii) the amount that should have been paid to the Administrative Agent by such Lender on such Borrowing 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 Borrowing Drawdown Date to but excluding the date on which the amount is received by the Administrative Agent from such Lender and the denominator of which is three hundred 360 if the Advance is a LIBOR Advance and sixty-five (365)365 in all other cases. A certificate of the Administrative Agent containing details of the amount owing by a Lender under this Section 10.3(a) shall be binding and conclusive in the absence of manifest error. If any such amount is not in fact received by the Administrative Agent from such Lender on such Borrowing Drawdown Date, the Administrative Agent shall be entitled to recover from the Borrower, on demand, the related amount made available by the Administrative Agent to the Borrower as aforesaid together with interest thereon at the applicable rate per annum payable by the Borrower hereunder.

Appears in 1 contract

Samples: Credit Agreement (Enerplus Resources Fund)

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