Common use of Failure to Advance Clause in Contracts

Failure to Advance. If Agent does not receive each other Lender's Pro Rata Percentage of such requested cash advance and (a) Borrower requests that Agent fund such Lender's Pro Rata Percentage of such cash advance or (b) Agent otherwise elects, in its sole discretion, without any obligation at any time to any Lender to do so, to make the requested cash advance on behalf of such Lenders or any of them, Agent shall be entitled to receive each Lender's Pro Rata Percentage of each cash advance, together with interest at a per annum rate equal to the applicable interest rate set forth herein for the applicable Loan for such advance, during the period commencing on the date such cash advance is made and ending on (but excluding) the date Agent recovers such amount. Each Lender is absolutely and unconditionally obligated, without deduction or setoff of any kind, to forward to Agent its Pro Rata Percentage of each cash advance made pursuant to the terms of this Agreement. Agent shall also be entitled to recover any and all actual losses and damages (including, without limitation, reasonable attorneys' fees) from any Lender failing to remit upon demand of Agent. Agent may set off the obligations of a Lender under this paragraph against any distributions or payments of the Obligations which Agent would otherwise make available to such Lender at any time. Notwithstanding the foregoing, Agent shall have no duty or obligation at any time for any reason to make any advance on behalf of any Lender.

Failure to Advance. If Agent does not receive each other Lender's Pro Rata Percentage of such requested cash advance advance, and (a) Borrower requests that Agent fund such Lender's Pro Rata Percentage of such cash advance or (b) Agent otherwise elects, in its sole discretion, without any obligation at any time to any Lender to do so, to make the requested cash advance on behalf of such Lenders or any of them, Agent shall be entitled to receive each Lender's Pro Rata Percentage of each cash advance, together with interest at a per annum rate equal to the applicable interest rate set forth herein in Article 5 below for the applicable Loan for such advance, during the period commencing on the date such cash advance is made and ending on (but excluding) the date Agent recovers such amount. Each Lender is absolutely and unconditionally obligated, without deduction or setoff of any kind, to forward to Agent its Pro Rata Percentage of each cash advance made pursuant to the terms of this Agreement. To the extent Agent is not reimbursed by such Lender, Borrowers shall repay Agent immediately on demand, such amount. Agent shall also be entitled to recover any and all actual losses and damages (including, without limitation, reasonable attorneys' fees) from any Lender failing to remit upon demand of Agent. Agent may set off the obligations of a Lender under this paragraph against any distributions or payments of the Obligations Lender Indebtedness which Agent would otherwise make available to such Lender at any time. Notwithstanding the foregoing, Agent shall have no duty or obligation at any time for any reason to make any advance on behalf of any Lender.