General Payment Provisions. All payments of Obligations shall be made in Dollars, without right of offset, recoupment, counterclaim, discount, charge back or other defense of any kind, and in immediately available funds, not later than 12:00 noon on the due date to the Principal Office of Administrative Agent, the LC Issuer, the Lenders or other obligee. Any payment after such time shall be deemed made on the next Business Day. Any payment of an Adjusted LIBOR Rate Loan before the end of its Interest Period shall be accompanied by all amounts due under Section 15.1(c). Any prepayment of Loans (whether mandatory or voluntary) shall be applied first to Base Rate Loans and LIBOR Index Rate Loans, and, then, to Adjusted LIBOR Rate Loans. Subject to the provisos set forth in Section 3.1(f) in respect of “Interest Period,” whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of the payment of interest hereunder or of any applicable fee hereunder, but such payment shall be deemed to have been made on the date therefor for all other purposes hereunder.
Appears in 5 contracts
Samples: Credit Agreement (Forbes Energy Services Ltd.), Credit Agreement (Forbes Energy Services Ltd.), Credit Agreement (Forbes Energy Services Ltd.)
General Payment Provisions. All payments of Obligations shall be made in Dollars, without right of offset, recoupment, counterclaim, discount, charge back counterclaim or other defense of any kind, free and clear of (and without deduction for) any Taxes, and in immediately available funds, not later than 12:00 noon (Local Time) on the due date to the Principal Office of Administrative Agent, the LC Issuer, the Lenders or other obligeedate. Any payment after such time shall be deemed made on the next Business Day. Any payment of an Adjusted LIBOR Rate Interest Period Loan before prior to the end of its Interest Period shall be accompanied by all amounts due under Section 15.1(c3.9. Borrowers agree that Agent shall have the continuing, exclusive right to apply and reapply payments and proceeds of Collateral against the Obligations, in such manner as Agent deems advisable (so long as such application or reapplication could not reasonably be expected to result in material adverse tax consequences to an Obligor or a Subsidiary of an Obligor under Section 956 of the Code). Any , but whenever possible, any prepayment of Loans (whether mandatory or voluntary) shall be applied first to Base Floating Rate Loans and LIBOR Index Rate Loans, and, then, then to Adjusted LIBOR Rate Interest Period Loans. Subject All payments with respect to any Obligation shall be made in the currency of the underlying Obligation. Any payment made contrary to the provisos set forth in requirements of the preceding sentence shall be subject to the terms of Section 3.1(f) in respect of “Interest Period,” whenever 5.11. If any payment to be made hereunder under the Loan Documents shall be stated to be due on a day that is not other than a Business Day, such payment the due date shall be made on extended to the next succeeding Business Day and such extension of time shall be included in the any computation of the payment of interest hereunder or of any applicable fee hereunder, but such payment shall be deemed to have been made on the date therefor for all other purposes hereunderand fees.
Appears in 3 contracts
Samples: Loan Agreement (Horizon Global Corp), Loan Agreement (Horizon Global Corp), Loan Agreement (Horizon Global Corp)
General Payment Provisions. All payments of Obligations shall be made in Dollars, without right of condition, deduction, offset, recoupment, counterclaim, discount, charge back counterclaim or other defense of any kind, free of (and without deduction for) any Taxes, and in immediately available funds, not later than 12:00 noon 2:00 p.m. on the due date to the Principal Office of Administrative Agent, the LC Issuer, the Lenders or other obligeedate. Any payment after such time shall be deemed made on the next Business Day. Borrowers may, at the time of payment, specify to Agent the Obligations to which such payment is to be applied, but Agent shall in all events retain the right to apply such payment in such manner as Agent, 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. Any payment of an Adjusted a LIBOR Rate Loan before prior to the end of its Interest Period shall be accompanied by all amounts due under Section 15.1(c)3.9. Any prepayment of Loans (whether mandatory or voluntary) the Tranche A Revolver Loan shall be applied first to Base Rate Tranche A Revolver Loans and then to LIBOR Index Rate Loans, and, then, to Adjusted LIBOR Rate Tranche A Revolver Loans. Subject to Any prepayment of the provisos set forth in Section 3.1(f) in respect of “Interest Period,” whenever any payment to be made hereunder Tranche A-1 Revolver Loan shall be stated applied first to be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day Base Rate Tranche A-1 Revolver Loans and such extension of time shall be included in the computation of the payment of interest hereunder or of any applicable fee hereunder, but such payment shall be deemed then to have been made on the date therefor for all other purposes hereunder.LIBOR Tranche A-1
Appears in 2 contracts
Samples: Loan and Security Agreement (Bon Ton Stores Inc), Loan and Security Agreement (Bon Ton Stores Inc)
General Payment Provisions. All payments of Obligations shall be made in Dollars, without right of offset, recoupment, counterclaim, discount, charge back or other defense of any kind, free of (and without deduction for) any Taxes (except as otherwise may be required by Applicable Law and subject to Section 14.3) or other sums, and in immediately available funds, not later than 12:00 noon on the due date to the Principal Office of Administrative Agent, the LC Issuer, the Lenders or other obligee. Any payment after such time shall be deemed made on the next Business Day. Any payment of an Adjusted LIBOR Rate a Term SOFR Loan before the end of its Interest Period shall be accompanied by all amounts due under Section 15.1(c14.1(c). Any prepayment of Loans (whether mandatory or voluntary) shall be applied first to Base Rate Loans and LIBOR Index Rate Loans, and, then, to Adjusted LIBOR Rate Term SOFR Loans. Subject to the provisos set forth in Section 3.1(f) in respect of “Interest Period,” whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of the payment of interest hereunder or of any applicable fee hereunder, but such payment shall be deemed to have been made on the date therefor for all other purposes hereunder.. 5.2
Appears in 1 contract
Samples: Credit Agreement (Alpha Metallurgical Resources, Inc.)
General Payment Provisions. All payments of Obligations shall be made in Dollars, without right of offset, recoupment, counterclaim, discount, charge back counterclaim or other defense of any kind, free of (and without deduction for) any Taxes, and in immediately available funds, not later than 12:00 noon on the due date to the Principal Office of Administrative Agent, the LC Issuer, the Lenders or other obligeedate. Any payment after such time shall be deemed made on the next Business Day. Borrower may, at the time of payment, specify to Lender the Obligations to which such payment is to be applied, but Lender shall in all events retain the right to apply such payment in such manner as Lender, 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. Any payment of an Adjusted a LIBOR Rate Loan before prior to the end of its Interest Period shall be accompanied by all amounts due under Section 15.1(c)3.9. Any prepayment of Loans (whether mandatory or voluntary) shall be applied first to Base Prime Rate Loans and then to LIBOR Index Rate Loans, and, then, to Adjusted LIBOR Rate Loans. Subject to the provisos set forth in Section 3.1(f) in respect of “Interest Period,” whenever any payment to be made hereunder Lender shall be stated entitled (but shall not be obligated) to be charge any account of Borrower with Lender for any sum due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in the computation payable by Borrower to Lender hereunder or under any of the payment of interest hereunder or of any applicable fee hereunder, but such payment shall be deemed to have been made on the date therefor for all other purposes hereunderLoan Documents.
Appears in 1 contract
Samples: Loan and Security Agreement (First Aviation Services Inc)