Common use of Direct Payment Clause in Contracts

Direct Payment. (a) The Issuer will pay or cause to be paid all amounts payable with respect to any Note (without any presentment of such Note and without any notation of such payment being made thereon) by crediting (before 12:00 Noon, New York time), by Federal funds bank wire transfer in same day funds to each Holder's account in any bank in the United States of America as may be designated and specified in writing by such Holder at least two Business Days prior thereto. Each Purchaser's initial bank account name and number for this purpose is set forth on the signature pages hereto. (b) Notwithstanding anything to the contrary contained in the Notes, if any principal amount payable with respect to a Note is payable, at maturity, upon redemption or otherwise, on a Legal Holiday, then the Issuer shall pay such amount on the next succeeding Business Day, and interest shall accrue on such amount until the date on which such amount is paid and payment of such accrued interest shall be made concurrently with the payment of such amount; provided that the Issuer may elect to pay in full (but not in part) any such amount on the last Business Day prior to the date such payment otherwise would be due, and no such additional interest shall accrue on such amount. Notwithstanding anything to the contrary contained in the Notes, if any interest payable with respect to a Note is payable on a Legal Holiday, then the Issuer shall pay such interest on the next succeeding Business Day, and such extension of time shall be included in the computation of the interest payment; provided that the Issuer may elect to pay in full (but not in part) any such interest on the last Business Day prior to the date such payment otherwise would be due, and such diminution in time shall be included in the computation of the interest payment.

Appears in 1 contract

Samples: Securities Purchase Agreement (American Residential Investment Trust Inc)

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Direct Payment. (a) The Issuer will pay or cause to be paid all amounts payable with respect to any Note (without any presentment of such Note and without any notation of such payment being made thereon) by crediting (before 12:00 Noon, New York time), by Federal funds bank wire transfer in same day funds to each Holder's ’s account in any bank in the United States of America as may be designated and specified in writing by such Holder at least two Business Days prior thereto. Each Purchaser's ’s initial bank account name and number for this purpose is set forth on the signature pages hereto. (b) . Notwithstanding anything to the contrary contained in the Notes, if any principal amount payable with respect to a Note is payable, at maturity, upon redemption or otherwise, on a Legal Holiday, then the Issuer shall pay such amount on the next succeeding Business Day, and interest shall accrue on such amount until the date on which such amount is paid and payment of such accrued interest shall be made concurrently with the payment of such amount; provided that the Issuer may elect to pay in full (but not in part) any such amount on the last Business Day prior to the date such payment otherwise would be due, and no such additional interest shall accrue on such amount. Notwithstanding anything to the contrary contained in the Notes, if any interest payable with respect to a Note is payable on a Legal Holiday, then the Issuer shall pay such interest on the next succeeding Business Day, and such extension of time shall be included in the computation of the interest payment; provided that the Issuer may elect to pay in full (but not in part) any such interest on the last Business Day prior to the date such payment otherwise would be due, and such diminution in time shall be included in the computation of the interest payment.

Appears in 1 contract

Samples: Securities Purchase Agreement (American Residential Investment Trust Inc)

Direct Payment. (a) The Issuer Company will pay or cause to be paid all amounts payable with respect to any Note (without any presentment of such Note and without any notation of such payment being made thereon) by crediting (before 12:00 Noon1:00 p.m., New York time), by Federal intra-bank or federal funds bank wire transfer in same day funds to each Holder's ’s account in any bank in the United States of America as may be designated and specified in writing by such Holder at least two Business Days prior theretoon the day of the applicable payment. Each Purchaser's ’s initial bank account name and number for this purpose is set forth on the its signature pages page hereto. (b) Notwithstanding anything to the contrary contained in the Notes, if any principal amount payable with respect to a Note is payable, at maturity, upon redemption or otherwise, payable on a Legal Holiday, then the Issuer shall Company will pay such amount on the next succeeding Business Day, and interest shall will accrue on such amount until the date on which such amount is paid and payment of such accrued interest shall will be made concurrently with the payment of such amount; provided that the Issuer Company may elect to pay in full (but not in part) any such amount on the last Business Day prior to the date such payment otherwise would be due, and no such additional interest shall will accrue on such amount. . (c) Notwithstanding anything to the contrary contained in the Notes, if any interest amount payable with respect to a Note is payable on a Legal Holiday, then the Issuer shall Company will pay such interest amount on the next succeeding Business Day, and such extension of time shall be included in the computation of the . The interest payment; provided that the Issuer may elect to pay in full (but not in part) any such amount payable will include interest on calculated from the last Business Day prior scheduled interest payment date up to and including the date such current scheduled interest payment otherwise would be due, and such diminution in time shall be included in the computation of the interest paymentdate.

Appears in 1 contract

Samples: Purchase Agreement (Ign Entertainment Inc)

Direct Payment. (a) The Issuer Company will pay or cause to be paid all amounts payable with respect to any Note (without any presentment of such Note and without any notation of such payment being made thereon) by crediting (before 12:00 Noon, 2:00 p.m. (New York City time) on the due date thereof), by Federal funds bank wire transfer in same day funds to each Holder's account in any bank in the United States of America as may be designated and specified in writing by such Holder at least two Business Days prior thereto. Each Purchaser's initial bank account name and number for this purpose is set forth on the signature pages heretoSCHEDULE 1.1. (b) Notwithstanding anything to the contrary contained in the Notes, if any principal amount payable with respect to a Note is payable, at maturity, upon redemption or otherwise, on a Legal Holiday, then the Issuer Company shall pay such amount on the next succeeding Business Day, and interest shall accrue on such amount until the date on which such amount is paid and payment of such accrued interest shall be made concurrently with the payment of such amount; , provided that the Issuer Company may elect to pay in full (but not in part) any such amount on the last Business Day prior to the date such payment otherwise would be due, and no such additional interest shall accrue on such amount. Notwithstanding anything to the contrary contained in the Notes, if any interest payable with respect to a Note is payable on a Legal Holiday, then the Issuer Company shall pay such interest on the next succeeding Business Day, and such extension of time shall be included in the computation of the interest payment; , provided that the Issuer Company may elect to pay in full (but not in part) any such interest on the last Business Day prior to the date such payment otherwise would be due, and such diminution in time shall be included in the computation of the interest payment.

Appears in 1 contract

Samples: Securities Purchase Agreement (TTM Technologies Inc)

Direct Payment. (a) The Issuer Company will pay or cause to be paid all amounts payable with respect to any Note (without any presentment of such Note and without any notation of such payment being made thereon) by crediting (before 12:00 Noonnoon, New York City time), by Federal funds bank wire transfer in same day funds to each Holder's account in any bank in the United States of America as may be designated and specified in writing by such Holder at least two Business Days prior thereto. Each Purchaser's initial bank account name and number for this purpose is set forth on the signature pages heretoSchedule 1.1. (b) Notwithstanding anything to the contrary contained in the Notes, if any principal amount payable with respect to a Note is payable, at maturity, upon redemption or otherwise, on a Legal Holiday, then the Issuer Company shall pay such amount on the next succeeding Business Day, and interest shall accrue on such amount until the date on which such amount is paid and payment of such accrued interest shall be made concurrently with the payment of such amount; provided that the Issuer Company may elect to pay in full (but not in part) any such amount on the last Business Day prior to the date such payment otherwise would be due, and no such additional interest shall accrue on such amount. Notwithstanding anything to the contrary contained in the Notes, if any interest payable with respect to a Note is payable on a Legal Holiday, then the Issuer Company shall pay such interest on the next succeeding Business Day, and such extension of time shall be included in the computation of the interest payment; , provided that the Issuer Company may elect to pay in full (but not in part) any such interest on the last Business Day prior to the date such payment otherwise would be due, and such diminution in time shall be included in the computation of the interest payment. (c) Each (i) payment or prepayment of principal of the Notes, (ii) payment of interest on the Notes and (iii) payment of consent fees and other amounts paid in respect of the Notes in accordance with this Agreement and the Notes, shall be allocated pro rata among the Holders in accordance with the respective principal amounts of their Notes.

Appears in 1 contract

Samples: Senior Subordinated Note Purchase Agreement (Compbenefits Corp)

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Direct Payment. (a) The Issuer will pay or cause to be paid all amounts payable with respect to any Note (without any presentment of such Note and without any notation of such payment being made thereon) by crediting (before 12:00 Noon, New York time), by Federal funds bank wire transfer in same day funds to each Holder's account in any bank in the United States of America as may be designated and specified in writing by such Holder at least two Business Days prior thereto. Each Purchaser's initial bank account name and number for this purpose is set forth on the signature pages hereto. (b) Notwithstanding anything to the contrary contained in this Agreement or the Notes, if in the case of any Note owned by you or your nominee or owned by any subsequent Institutional Holder which has given written notice to the Company requesting that the provisions of this Section 2.6 shall apply, the Company will punctually pay when due the principal amount payable thereof, interest thereon and Make-Whole Amount due with respect to said principal, without any presentment thereof, directly to you, to your nominee or to such subsequent Institutional Holder at your address or your nominee's address set forth in Schedule I hereto or such other address as you, your nominee or such subsequent Institutional Holder may from time to time designate in writing to the Company or, if a Note bank account with a United States bank is payabledesignated for you or your nominee on Schedule I hereto or in any written notice to the Company from you, at maturityfrom your nominee or from any such subsequent Institutional Holder, upon redemption the Company will make such payments in immediately available funds to such bank account, no later than 11:00 a.m. New York, New York time on the date due, marked for attention as indicated, or otherwisein such other manner or to such other account in any United States bank as you, on a Legal Holidayyour nominee or any such subsequent Institutional Holder may from time to time direct in writing. If for any reason whatsoever the Company does not make any such payment by such 11:00 a.m. transmittal time, then the Issuer such payment shall pay such amount be deemed to have been made on the next succeeding following Business DayDay and such payment shall bear interest at the Overdue Rate. The holder of any Note to which this Section applies agrees that if it shall sell or transfer any Note it will, before the delivery of the Note (unless it has already done so), make a notation on it of all principal, if any, prepaid on the Note and will also note on it the date to which interest has been paid on the Note. With respect to each Note to which this Section applies, the Company shall be entitled to presume conclusively that the original or such subsequent Institutional Holder that shall have requested the provisions of this Section to apply to the Note remains the holder of the Note until (y) the Company shall have received written notice of the transfer of the Note, and interest of the name and address of the transferee, or (z) the Note shall accrue on such amount until the date on which such amount is paid and payment of such accrued interest shall be made concurrently with the payment of such amount; provided that the Issuer may elect to pay in full (but not in part) any such amount on the last Business Day prior have been presented to the date Company as evidence of the transfer. At such payment otherwise would be duetime as the Note shall have been paid in full, and no such additional interest shall accrue on such amount. Notwithstanding anything the holder of it shall, upon the written request of the Company, return the Note to the contrary contained Company with proper notation as to payment in the Notes, if any interest payable with respect to a Note is payable on a Legal Holiday, then the Issuer shall pay such interest on the next succeeding Business Day, and such extension of time shall be included in the computation of the interest payment; provided that the Issuer may elect to pay in full (but not in part) any such interest on the last Business Day prior to the date such payment otherwise would be due, and such diminution in time shall be included in the computation of the interest paymentfull.

Appears in 1 contract

Samples: Note Agreement (Wolverine World Wide Inc /De/)

Direct Payment. (a) The Issuer will pay or cause to be paid all amounts payable with respect to any Note (without any presentment of such Note and without any notation of such payment being made thereon) by crediting (before 12:00 Noon, New York time), by Federal funds bank wire transfer in same day funds to each Holder's account in any bank in the United States of America as may be designated and specified in writing by such Holder at least two Business Days prior thereto. Each Purchaser's initial bank account name and number for this purpose is set forth on the signature pages hereto. (b) Notwithstanding anything to the contrary contained in this Agreement or the Notes, in the case of any Note owned by you or your nominee or owned by any subsequent Institutional Holder which has given written notice to the Company requesting that the provisions of this Section2.6 shall apply, the Company will punctually pay when due the principal thereof, interest thereon and premium, if any principal amount payable any, due with respect to a Note is payablesaid principal, at maturitywithout any presentment thereof, except that upon redemption or otherwise, on a Legal Holiday, then written request of the Issuer shall pay such amount on the next succeeding Business Day, and interest shall accrue on such amount until the date on which such amount is paid and payment of such accrued interest shall be Company made concurrently with the or reasonably promptly after payment of such amount; provided that the Issuer may elect to pay or prepayment in full (but not in part) of any Note, you shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section9.6. Prior to any sale or other disposition of any Note held by you or your nominee you will, at your election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Company in exchange for a new Note or Notes pursuant to Section9.2. All payments of principal, interest and premium, if any, to which this Section2.6 shall apply, shall be paid by the Company directly to you, to your nominee or to such subsequent Institutional Holder at your address or your nominee's address set forth in Schedule I hereto or such other address as you, your nominee or such subsequent Institutional Holder may from time to time designate in writing to the Company or, if a bank account with a United States bank is designated for you or your nominee on Schedule I hereto or in any written notice to the Company from you, from your nominee or from any such subsequent Institutional Holder, the Company will make such payments in immediately available funds to such bank account, no later than 12:00 Noon Chicago, Illinois time on the last Business Day prior date due, marked for attention as indicated, or in such other manner or to such other account in any United States bank as you, your nominee or any such subsequent Institutional Holder may from time to time direct in writing. Payments received on the date due shall bear interest at the coupon rate applicable to the date such payment otherwise would be due, and no such additional interest shall accrue on such amountNotes. Notwithstanding anything to the contrary contained in the Notes, if any interest payable with respect to a Note is payable Payments received on a Legal Holiday, then the Issuer shall pay such interest on the next succeeding Business Day, and such extension of time shall be included in the computation of the interest payment; provided that the Issuer may elect to pay in full (but not in part) any such interest on the last Business Day prior to date after the date such payment otherwise would be due, due shall bear interest at the Overdue Rate for the period from and such diminution in time shall be included in after the computation of date due to and including the interest paymentdate actually paid. .

Appears in 1 contract

Samples: Note Agreement (Carter Wallace Inc /De/)

Direct Payment. (a) The Issuer Company will pay or cause to be paid all amounts payable with respect to any Note (without any presentment of such Note and without any notation of such payment being made thereon) by crediting (before 12:00 Noon1:00 p.m., New York time), by Federal federal funds bank wire transfer in same day funds to each Holder's account in any bank in the United States of America as may be designated and specified in writing by such Holder at least two Business Days prior thereto. Each The Purchaser's initial bank account name and number for this purpose is set forth on the signature pages heretopage hereof. (b) Notwithstanding anything to the contrary contained in the Notes, if any principal amount payable with respect to a Note is payable, at maturity, upon redemption or otherwise, payable on a Legal Holiday, then the Issuer Company shall pay such amount on the next succeeding Business Day, and interest shall accrue on such amount until the date on which such amount is paid and payment of such accrued interest shall be made concurrently with the payment of such amount; , provided that the Issuer Company may elect to pay in full (but not in part) any such amount on the last Business Day prior to the date such payment otherwise would be due, and no such additional interest shall accrue on such amount. Notwithstanding anything to the contrary contained in the Notes, if any interest payable with respect to a Note is payable on a Legal Holiday, then the Issuer Company shall pay such interest on the next succeeding Business Day, and such extension of time shall be included in the computation of the interest payment; , provided that the Issuer Company may elect to pay in full (but not in part) any such interest on the last Business Day prior to the date such payment otherwise would be due, and such diminution in time shall be included in the computation of the interest payment.

Appears in 1 contract

Samples: Purchase Agreement (Labtec Inc /Ma)

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