Neighborhood banks serve businesses and shoppers all through the country. If any such quantity will not be made obtainable to Agent by any Lender on the Settlement Date relevant thereto, Agent shall (A) on behalf of Financial institution of America, with respect to every excellent Non-Ratable Loan, and (B) for itself, with respect to each Agent Advance, be entitled to recuperate such quantity on demand from such Lender together with interest thereon at the Federal Funds Price for the first three (three) days from and after the Settlement Date and thereafter at the Interest Fee then relevant to the Revolving Loans.
Within the event any fee by or on behalf of Debtors obtained by Agent with respect to any Letter of Credit score and distributed by Agent to Lenders on account of their respective participations therein is thereafter put aside, avoided or recovered from Agent in reference to any receivership, liquidation or bankruptcy proceeding, Lenders shall, upon demand by Agent, pay to Agent their respective Pro Rata Shares of such amount put aside, prevented or recovered, together with interest on the price required to be paid by Agent upon the amount required to be repaid by it.
In furtherance and extension, and not in limitation, of the precise provisions set forth above, any action taken or omitted by the Agent or any Lender underneath or in connection with any of the Letters of Credit score or any associated certificates, if taken or omitted within the absence of gross negligence or willful misconduct, shall not put the Agent or any Lender underneath any ensuing legal responsibility to the Debtors or relieve the Debtors of any of its obligations hereunder to any such Individual.
Business Day shall mean (a) any day that is not a Saturday, Sunday, or a day on which banks in Charlotte, North Carolina or New York, New York, are required or permitted to be closed, and (b) with respect to all notices, determinations, fundings and funds in reference to LIBOR Revolving Loans, any day that could be a Enterprise Day pursuant to clause (a) above and that’s also a day on which buying and selling is carried on by and between banks within the London interbank market.
Weighted Common Life to Maturity shall mean, when applied to any Debt at any date, the number of years obtained by dividing (a) then excellent principal amount of such Debt into (b) the sum of the full of the product obtained by multiplying (i) the amount of every scheduled installment, sinking fund, serial maturity or other required cost of principal including cost at remaining maturity, in respect thereof, by (ii) the number of years (calculated to the closest one-twelfth) that may elapse between such date and the making of such fee.