Common use of Failure to Make Payments Clause in Contracts

Failure to Make Payments. Unless a Lender or a Borrower, as the case may be, notifies the Administrative Agent prior to the date on which it is scheduled to make payment to the Administrative Agent of (a) in the case of a Lender, the proceeds of a Loan or (b) in the case of a Borrower, a payment of principal, interest or fees to the Administrative Agent for the account of the Lenders, that it does not intend to make such payment, the Administrative Agent may assume that such payment has been made. The Administrative Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If a Lender or a Borrower, as the case may be, has not in fact made such payment to the Administrative Agent, the recipient of such payment shall, on demand by the Administrative Agent, repay to the Administrative Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by the Administrative Agent until the date the Administrative Agent recovers such amount at a rate per annum equal to (i) in the case of payment by a Lender, the Federal Funds Rate until the third Business Day after demand by the Administrative Agent and, thereafter, the interest rate applicable to the relevant Loan or (ii) in the case of payment by a Borrower, the interest rate applicable to the relevant obligation (or, if no interest rate is so specified, the Base Rate from time to time in effect). If and to the extent that a Borrower and a Lender shall both pay interest to the Administrative Agent for any period as a result of the foregoing provisions of this Section 7.4, the Administrative Agent shall promptly remit to the appropriate amount to the Person that made a payment pursuant to the immediately preceding sentence. Nothing in this Section 7.4 shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights that the Administrative Agent or any Borrower may have against any Lender as a result of any default by such Lender hereunder.

Failure to Make Payments. Unless the Company or a Lender or a Borrower, as the case may be, notifies has notified the Administrative Agent Agent, prior to the date on which any payment to be made by it is scheduled to make payment to the Administrative Agent of (a) in the case of a Lender, the proceeds of a Loan or (b) in the case of a Borrower, a payment of principal, interest or fees to the Administrative Agent for the account of the Lendersdue, that it does not intend to make remit such payment, the Administrative Agent may may, in its sole and absolute discretion, assume that the Company or such payment has been made. The Administrative Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If a Lender or a BorrowerLender, as the case may be, has not timely remitted such payment and may, in fact made its sole and absolute discretion and in reliance thereon, make available such payment to the Administrative Agent, the recipient of Person entitled thereto. If such payment shallwas not in fact remitted to the Administrative Agent in immediately available funds, then: (i) if the Company failed to make such payment, each Lender shall forthwith on demand by the Administrative Agent, repay to the Administrative Agent the amount so of such assumed payment made available to such Lender, together with interest thereon in respect of each day during the period commencing on from the date such amount was so made available by the Administrative Agent until to such Lender to the date such amount is repaid to the Administrative Agent recovers such amount at a rate per annum equal to (i) to, in the case of payment by a Lender(a) amounts owed in Dollars (x) for the first three days after demand, the Federal Funds NYFRB Rate until the third Business Day after demand by the Administrative Agent and, from time to time in effect and (y) thereafter, the interest rate applicable to the relevant Loan or (ii) in the case of payment by a Borrower, the interest rate applicable to the relevant obligation (or, if no interest rate is so specified, the Base Rate from time to time in effect). If effect and to (ii) in the extent that case of amounts owed not denominated in Dollars, a Borrower and a Lender shall both pay interest to rate determined by the Administrative Agent for any period as in accordance with banking industry rules on interbank compensation; and (ii) if a result of the foregoing provisions of this Section 7.4Lender failed to make such payment, the Administrative Agent shall promptly remit to notify the appropriate Company, and the Company shall pay such corresponding amount to the Person that Administrative Agent, together with interest thereon in respect of each day from the date such amount was made a payment pursuant available by the Administrative Agent to the immediately preceding sentenceCompany at a rate per annum equal to the interest rate applicable to the applicable borrowing. Nothing in this Section 7.4 clause (ii) shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights that which the Administrative Agent or any Borrower the Company may have against any Lender as a result of any default by such Lender hereunder.

Failure to Make Payments. Unless the applicable Borrower or a Lender or a Borrower, as the case may be, notifies has notified the Administrative Agent Agent, prior to the date on which any payment to be made by it is scheduled to make payment to the Administrative Agent of (a) in the case of a Lender, the proceeds of a Loan or (b) in the case of a Borrower, a payment of principal, interest or fees to the Administrative Agent for the account of the Lendersdue, that it does not intend to make remit such payment, the Administrative Agent may may, in its sole and absolute discretion, assume that such payment has been made. The Administrative Agent may, but shall not be obligated to, make the amount of Borrower or such payment available to the intended recipient in reliance upon such assumption. If a Lender or a BorrowerLender, as the case may be, has not timely remitted such payment and may, in fact made its sole and absolute discretion and in reliance thereon, make available such payment to the Administrative Agent, the recipient of Person entitled thereto. If such payment shallwas not in fact remitted to the Administrative Agent in immediately available funds, then: (i) if the applicable Borrower failed to make such payment, each Lender shall forthwith on demand by the Administrative Agent, repay to the Administrative Agent the amount so of such assumed payment made available to such Lender, together with interest thereon in respect of each day during the period commencing on from the date such amount was so made available by the Administrative Agent until to such Lender to the date such amount is repaid to the Administrative Agent recovers such amount at a rate per annum equal to (i) to, in the case of payment by a Lender(a) amounts owed in Dollars (x) for the first three days after demand, the Federal Funds NYFRB Rate until the third Business Day after demand by the Administrative Agent and, from time to time in effect and (y) thereafter, the interest rate applicable to the relevant Loan or (ii) in the case of payment by a Borrower, the interest rate applicable to the relevant obligation (or, if no interest rate is so specified, the Base Rate from time to time in effect). If effect and to (ii) in the extent that case of amounts owed not denominated in Dollars, a Borrower and a Lender shall both pay interest to rate determined by the Administrative Agent for any period as in accordance with banking industry rules on interbank compensation; and (ii) if a result of the foregoing provisions of this Section 7.4Lender failed to make such payment, the Administrative Agent shall promptly remit to notify the appropriate Company, and the Company shall pay such corresponding amount to the Person that Administrative Agent, together with interest thereon in respect of each day from the date such amount was made a payment pursuant available by the Administrative Agent to the immediately preceding sentenceCompany at a rate per annum equal to the interest rate applicable to the applicable borrowing. Nothing in this Section 7.4 clause (ii) shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights that which the Administrative Agent or the Company or any other Borrower may have against any Lender as a result of any default by such Lender hereunder.

Failure to Make Payments. Unless the applicable Borrower or a Lender or a Borrower, as the case may be, notifies has notified the Administrative Agent Agent, prior to the date on which any payment to be made by it is scheduled to make payment to the Administrative Agent of (a) in the case of a Lender, the proceeds of a Loan or (b) in the case of a Borrower, a payment of principal, interest or fees to the Administrative Agent for the account of the Lendersdue, that it does not intend to make remit such payment, the Administrative Agent may may, in its sole and absolute discretion, assume that such payment has been made. The Administrative Agent may, but shall not be obligated to, make the amount of Borrower or such payment available to the intended recipient in reliance upon such assumption. If a Lender or a BorrowerLender, as the case may be, has not timely remitted such payment and may, in fact made its sole and absolute discretion and in reliance thereon, make available such payment to the Administrative Agent, the recipient of Person entitled thereto. If such payment shallwas not in fact remitted to the Administrative Agent in immediately available funds, then: (i) if the applicable Borrower failed to make such payment, each Lender shall forthwith on demand by the Administrative Agent, repay to the Administrative Agent the amount so of such assumed payment made available to such Lender, together with interest thereon in respect of each day during the period commencing on from the date such amount was so made available by the Administrative Agent until to such Lender to the date such amount is repaid to the Administrative Agent recovers such amount at a rate per annum equal to (i) to, in the case of payment by a Lender(a) amounts owed in Dollars (x) for the first three days after demand, the Federal Funds Rate until the third Business Day after demand by the Administrative Agent and, from time to time in effect and (y) thereafter, the interest rate applicable to the relevant Loan or (ii) in the case of payment by a Borrower, the interest rate applicable to the relevant obligation (or, if no interest rate is so specified, the Base Rate from time to time in effect). If effect and to (ii) in the extent that case of amounts owed not denominated in Dollars, a Borrower and a Lender shall both pay interest to rate determined by the Administrative Agent for any period as in accordance with banking industry rules on interbank compensation; and (ii) if a result of the foregoing provisions of this Section 7.4Lender failed to make such payment, the Administrative Agent shall promptly remit to notify the appropriate Company, and the Company shall pay such corresponding amount to the Person that Administrative Agent, together with interest thereon in respect of each day from the date such amount was made a payment pursuant available by the Administrative Agent to the immediately preceding sentenceCompany at a rate per annum equal to the interest rate applicable to the applicable borrowing. Nothing in this Section 7.4 clause (ii) shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights that which the Administrative Agent or the Company or any other Borrower may have against any Lender as a result of any default by such Lender hereunder.

Failure to Make Payments. Unless a Lender or a Borrower, as the case may be, notifies the Administrative Agent prior to the date on which it is scheduled to make payment to the Administrative Agent of (a) in the case of a Lender, the proceeds of a Loan or (b) in the case of a Borrower, a payment of principal, interest or fees to the Administrative Agent for the account of the Lenders, that it does not intend to make such payment, the Administrative Agent may assume that such payment has been made. The Administrative Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If a Lender or a Borrower, as the case may be, has not in fact made such payment to the Administrative Agent, the recipient of such payment shall, on demand by the Administrative Agent, repay to the Administrative Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by the Administrative Agent until the date the Administrative Agent recovers such amount at a rate per annum equal to (i) in the case of payment by a Lender, the Federal Funds Rate until the third Business Day after demand by the Administrative Agent and, thereafter, the interest rate applicable to the relevant Loan or (ii) in the case of payment by a Borrower, the interest rate applicable to the relevant obligation (or, if no interest rate is so specified, the Base Rate from time to time in effect). If and to the extent that a Borrower and a Lender shall both pay interest to the Administrative Agent for any period as a result of the foregoing provisions of this Section 7.4, the Administrative Agent shall promptly remit to the appropriate amount to the Person that made a payment pursuant to the immediately preceding sentence. Nothing in this Section 7.4 shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights that the Administrative Agent or any Borrower may have against any Lender as a result of any default by such Lender hereunder▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇.

Failure to Make Payments. Unless a Lender or a Borrower, as the case may be, notifies the Administrative Agent prior to the date on which it is scheduled to make payment to the Administrative Agent of (a) in the case of a Lender, the proceeds of a Loan or (b) in the case of a Borrower, a payment of principal, interest or fees to the Administrative Agent for the account of the Lenders, that it does not intend to make such payment, the Administrative Agent may assume that such payment has been made. The Administrative Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If a Lender or a Borrower, as the case may be, has not in fact made such payment to the Administrative Agent, the recipient of such payment shall, on demand by the Administrative Agent, repay to the Administrative Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by the Administrative Agent until the date the Administrative Agent recovers such amount at a rate per annum equal to (i) in the case of payment by a Lender, the Federal Funds Rate until the third Business Day Days after demand by the Administrative Agent and, thereafter, the interest rate applicable to the relevant Loan or (ii) in the case of payment by a Borrower, the interest rate applicable to the relevant obligation (orof, if no interest rate is so specified, the Base Rate from time to time in effect). If and to the extent that a Borrower and a Lender shall both pay interest to the Administrative Agent for any period as a result of the foregoing provisions of this Section 7.4, the Administrative Agent shall promptly remit to the appropriate amount to the Person that made a payment pursuant to the immediately preceding sentence. Nothing in this Section 7.4 shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights that which the Administrative Agent or any Borrower may have against any Lender as a result of any default by such Lender hereunder.