Common use of Distribution of payments to Creditor Parties Clause in Contracts

Distribution of payments to Creditor Parties. Subject to Clauses 16.5 (Permitted deductions by Agent), 16.6 (Agent only obliged to pay when monies received) and 16.7 (Refund to Agent of monies not received): (a) any amount received by the Agent under a Finance Document for distribution or remittance to a Creditor Party shall be made available by the Agent to that Creditor Party by payment, with funds having the same value as the funds received, to such account as the Creditor Party may have notified to the Agent not less than 3 Business Days previously; and (b) amounts to be applied in satisfying amounts of a particular category which are due to the Lenders generally shall be distributed by the Agent to each Lender pro rata to the amount in that category which is due to it.

Distribution of payments to Creditor Parties. Subject to Clauses 16.5 (Permitted deductions by Agent)13.5, 16.6 (Agent only obliged to pay when monies received) 13.6 and 16.7 (Refund to Agent of monies not received):13.7: (a) any amount received by the Agent under a Finance Document for distribution or remittance to the Issuing Bank, a Creditor Party Bank or the Security Trustee shall be made available by the Agent to the Issuing Bank, that Creditor Party Bank or, as the case may be, the Security Trustee by payment, with funds having the same value as the funds received, to such account as the Creditor Party Issuing Bank, the Bank or the Security Trustee may have notified to the Agent not less than 3 5 Business Days previously; and (b) amounts to be applied in satisfying amounts of a particular category which are due to the Lenders Banks generally shall be distributed by the Agent to each Lender Bank pro rata to the amount in that category which is due to it.