Common use of General Payment Provisions Clause in Contracts

General Payment Provisions. All payments of Obligations shall be made in Dollars, without offset, counterclaim or defense of any kind, free of (and without deduction for) any Indemnified Taxes, and in immediately available funds, not later than 12:00 noon on the due date. Any payment after such time shall be deemed made on the next Business Day. Borrower Representative may, at the time of payment, specify to each Lender the Obligations to which such payment is to be applied, but each Lender shall in all events retain the right to apply such payment in such manner as the Lenders, subject to the provisions hereof, may determine to be appropriate. If any payment under the Loan Documents shall be stated to be due on a day other than a Business Day, the due date shall be extended to the next Business Day and such extension of time shall be included in any computation of interest and fees. All payments received by the Lenders pursuant to this Agreement shall be applied in accordance with such Lender’s applicable Pro Rata portion of the aggregate outstanding Loans as of such date.

Appears in 6 contracts

Samples: Loan Agreement (Apparel Holding Corp.), Term Loan Agreement (Apparel Holding Corp.), Term a Loan Agreement (Apparel Holding Corp.)

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General Payment Provisions. All payments of Obligations shall be made in Dollars, without offset, counterclaim or defense of any kind, free of (and without deduction for) any Indemnified TaxesTaxes except as set forth in Section 5.6, and in immediately available funds, not later than 12:00 noon on the due date. Any payment after such time shall be deemed made on the next Business Day. Borrower Representative may, at the time of payment, specify to each Lender the Obligations to which such payment is to be applied, but each Lender shall in all events retain the right to apply such payment in such manner as the Lenders, subject to the provisions hereof, may determine to be appropriate. If any payment under the Loan Documents shall be stated to be due on a day other than a Business Day, the due date shall be extended to the next Business Day and such extension of time shall be included in any computation of interest and fees. All payments received by the Lenders pursuant to this Agreement shall be applied in accordance with such Lender’s applicable Pro Rata portion of the aggregate outstanding Loans as of such date.

Appears in 3 contracts

Samples: Term Loan Agreement (Apparel Holding Corp.), Term Loan Agreement (Apparel Holding Corp.), Term Loan Agreement (Apparel Holding Corp.)

General Payment Provisions. All payments of Obligations shall be made in Dollars, without offset, compensation, counterclaim or defense of any kind, free of (and without deduction for) any Indemnified Taxes, and in immediately available funds, not later than 12:00 noon p.m. (Eastern time) on the due date. Any payment after such time shall be deemed made on the next Business Day. Borrower Representative Obligors may, at the time of payment, specify to each Lender Agent the Obligations to which such payment is to be applied, but each Lender Agent shall in all events retain the right to apply such payment in such manner as the LendersAgent, subject to the provisions hereof, may determine to be appropriate. If any payment under the Loan Documents shall be stated to be due on a day other than a Business Day, the due date shall be extended to the next Business Day and such extension of time shall be included in any computation of interest and fees. All payments received Any payment of a BA Equivalent Loan prior to the end of its Interest Period shall be accompanied by the Lenders pursuant to this Agreement all amounts due under Section 3.9. Any prepayment of Loans shall be applied in accordance with such Lender’s applicable Pro Rata portion of the aggregate outstanding first to Prime Rate Loans as of such dateand then to BA Equivalent Loans.

Appears in 2 contracts

Samples: Loan and Security Agreement (South Texas Supply Company, Inc.), Loan and Security Agreement (McJunkin Red Man Holding Corp)

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General Payment Provisions. All payments of Obligations shall be made in Dollars, without condition, deduction, offset, counterclaim or defense of any kind, free of (and without deduction for) any Indemnified Taxes, and in immediately available funds, not later than 12:00 noon 2:00 p.m. on the due date. Any payment after such time shall be deemed made on the next Business Day. Borrower Representative Borrowers may, at the time of payment, specify to each Lender Agent the Obligations to which such payment is to be applied, but each Lender Agent shall in all events retain the right to apply such payment in such manner as the LendersAgent, subject to the provisions hereof, may determine to be appropriate. If any payment under the Loan Documents shall be stated to be due on a day other than a Business Day, the due date shall be extended to the next Business Day and such extension of time shall be included in any computation of interest and fees. All payments received by Any payment of a LIBOR Term Loan prior to the Lenders pursuant to this Agreement end of its Interest Period shall be applied in accordance with such Lender’s applicable Pro Rata portion of the aggregate outstanding Loans as of such date.accompanied by all amounts due under

Appears in 1 contract

Samples: Second Lien Loan and Security Agreement (Bon Ton Stores Inc)

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