Common use of Failure to Remit Clause in Contracts

Failure to Remit. The Grantor shall not be (i) responsible for any loss or liability arising out of its failure, or the failure of its relevant branch, owing to causes outside its control (such as, but not limited to, the imposition of foreign exchange restrictions) to remit to the Participant any amount due to it under the Funded Participation or (ii) save as otherwise provided below or in Clause 4.6, liable to remit to the Participant any amount greater than the relevant Participant’s Proportion of any amount it receives from any Obligor in respect of any Participated Tranche (in the case of principal amounts) or the relevant Participant’s Facility B Proportion of any amount if received from any Obligor in respect of any Facility B Commitment or Facility B Facility B Loan (in all other cases). If the Grantor fails to make a payment to the Participant for the reasons set out in paragraph (i), then interest shall accrue (as well after as before judgment) on the unpaid balance of the sum from day to day at the rate (as determined by the Participant) which is being offered by leading banks in the relevant interbank market for overnight deposits in the currency of and for an amount equal to the unpaid balance. Interest shall be payable by the Grantor at the end of each day and, for the purposes of this Clause 4.5, shall constitute part of the unpaid balance to the extent it is not paid.

Failure to Remit. The Grantor shall not be (i) responsible for any loss or liability arising out of its failure, or the failure of its relevant branch, owing to causes outside its control (such as, but not limited to, the imposition of foreign exchange restrictions) to remit to the Participant any amount due to it under the Funded Participation or (ii) save as otherwise provided below or in Clause 4.6, liable to remit to the Participant any amount greater than the relevant Participant’s 's Proportion of any amount it receives from any Obligor in respect of any Participated Tranche (in the case of principal amounts) or the relevant Participant’s 's Facility B Proportion of any amount if received from any Obligor in respect of any Facility B Commitment or Facility B Facility B Loan (in all other cases). If the Grantor fails to make a payment to the Participant for the reasons set out in paragraph (i), then interest shall accrue (as well after as before judgment) on the unpaid balance of the sum from day to day at the rate (as determined by the Participant) which is being offered by leading banks in the relevant interbank market for overnight deposits in the currency of and for an amount equal to the unpaid balance. Interest shall be payable by the Grantor at the end of each day and, for the purposes of this Clause 4.5, shall constitute part of the unpaid balance to the extent it is not paid.