Group banks serve companies and consumers all through the nation. In addition, every Lender is authorized, at such Lenders option, to note the date and quantity of every payment or prepayment of principal of such Lenders Revolving Loans in its books and data, together with pc information, such books and records constituting presumptive evidence, absent manifest error, of the accuracy of the knowledge contained therein.
(c) If, upon the expiration of any Curiosity Interval relevant to LIBOR Revolving Loans, Debtors have failed to pick well timed a brand new Curiosity Period to be relevant to LIBOR Revolving Loans or if any Default or Occasion of Default then exists, Debtors shall be deemed to have elected to transform such LIBOR Revolving Loans into Base Fee Revolving Loans effective as of the expiration date of such Curiosity Interval.
Each Borrower hereby irrevocably authorizes Agent to charge the Loan Account for the purpose of paying principal, interest, reimbursement obligations in reference to Letters of Credit score and any related credit assist for Letters of Credit, charges, premiums and different sums payable hereunder, together with reimbursing expenses pursuant to Paragraph thirteen.1, and agrees that each one such amounts charged shall represent Revolving Loans (together with Non-Ratable Loans and Agent Advances) and that all such Revolving Loans so made shall be deemed to have been requested by Debtors pursuant to Paragraph 2.2.
If any such quantity shouldn’t be made out there to Agent by any Lender on the Settlement Date applicable thereto, Agent shall (A) on behalf of Financial institution of America, with respect to every outstanding Non-Ratable Mortgage, and (B) for itself, with respect to every Agent Advance, be entitled to get well such quantity on demand from such Lender along with curiosity thereon on the Federal Funds Price for the first three (3) days from and after the Settlement Date and thereafter at the Interest Fee then relevant to the Revolving Loans.
If the sum of outstanding Revolving Loans and the aggregate amount of Pending Revolving Loans, together with all excellent indebtedness owing by Debtors underneath all excellent Letters of Credit, exceeds the Availability, Lenders may refuse to make or otherwise limit the making of Revolving Loans as Lenders decide till such excess has been eradicated, subject to the Agents authority, in its sole discretion, to make Agent Advances pursuant to the phrases of subparagraph 2.2(i).