Borrower Payment. Lender shall send to the FTA the FTA share of all Borrower payments received after settlement of the loan sale. LENDER WILL NOT SEND ANY PAYMENTS DIRECTLY TO THE REGISTERED HOLDER OR TO THE BROKER/DEALER. Xxxxxx will retain a copy of this Form. Xxxxxx will not receive a return copy of this Form after settlement. The Wire transfer receipt from the settlement through the FTA will be the Lender’s notification that the sale is complete.
Borrower Payment. (a) On the date of the Initial Credit Extension, the Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders in accordance with their respective Pro Rata Shares, a non-refundable payment equal to 1.00% of the Total Term Loan Commitments of all Lenders (the “Borrower Payment”), which shall be deemed earned in full at the time of payment. The parties hereto agree to treat the Borrower Payment for U.S. federal income tax purposes as an increase to the yield of the Term Loans, taxable as original interest discount (i.e., interest) over the remaining term of the Term Loans in accordance with the applicable rules under the Internal Revenue Code and the Treasury Regulations thereunder. As such, the parties agree that no U.S. federal, state or local withholding tax should be withheld or deducted on account of the Borrower Payment to the extent that the applicable Lender has provided the documentation required under Section 2.13(e), 2.13(f) or 2.13(g), as applicable, demonstrating that no such withholding or deduction is required.
Borrower Payment
