Common use of Borrower's Failure to Pay Clause in Contracts

Borrower's Failure to Pay. Unless the Agent (and, in the case of the Revolver Facility, the US Agent) has been notified in writing by the Borrowers under a Credit Facility at least one Business Day prior to the date on which any payment to be made by the Borrowers under such Credit Facility is due that the Borrowers do not intend to remit such payment, the Agent or the US Agent may, in its discretion, assume that the Borrowers have remitted such payment when so due and, in its discretion and reliance upon such assumption, make available to each Lender under the applicable Credit Facility on such payment date an amount equal to the portion of such payment which is due to such Lender pursuant to this Agreement. If the Borrowers do not in fact remit such payment to the Agent or the US Agent (as applicable), the Agent or the US Agent (without prejudice to any rights or remedies of the Lenders against the Borrowers) shall promptly notify each relevant Lender and each such Lender shall forthwith on demand repay to the Agent or the US Agent an amount equal to the portion of such assumed payment made available to such Lender, together with interest thereon until the date of repayment thereof at a rate determined by the Agent or the US Agent (such rate to be conclusive and binding on such Lender) in accordance with the usual banking practice of the Agent or the US Agent for similar advances to financial institutions of like standing as such Lender, but in no event greater than the Prime Rate (for amounts in Canadian Dollars) or the Base Rate or the NY Prime Rate, as determined by the Agent or the US Agent (for amounts in US Dollars).