Common use of Interest Rates; Payment of Principal and Interest Clause in Contracts

Interest Rates; Payment of Principal and Interest. (a) The Borrowers shall make each payment due hereunder by making, or causing to be made, the amount thereof available to Agent’s Account, not later than 1:00 p.m. (Pacific Time) on the date of payment, for the account of the Lender Group. The Borrowers hereby authorize Agent, if not paid to Agent in immediately available funds within two (2) Business Days of the date when such payment was due, to obtain quarterly payments in respect of such interest provided for in this Agreement or the other Loan Documents (as and when payable hereunder or under the other Loan Documents) by debiting the Distribution Account in an amount equal to the amount thereof. If the Borrowers fail to make any such payment when due, each Borrower hereby authorizes and directs Agent to charge such interest, Letters of Credit Fees, and all other fees, expenses, and other Lender Group Expenses provided for in this Agreement or the other Loan Documents (as and when payable hereunder or under the other Loan Documents), to the Borrowers’ Loan Account as a Loan, and if such amounts are charged to the Borrowers’ Loan Account as a Loan, such amounts thereafter shall accrue interest at the rate then applicable to Base Rate Loans hereunder.

Interest Rates; Payment of Principal and Interest. (a) The Borrowers Borrower shall make each payment due hereunder by making, or causing to be made, the amount thereof available to Agent’s Account, not later than 1:00 p.m. 11:00 a.m. (Pacific Timetime) on the date of payment, for the account of the Lender Group. The Borrowers Borrower hereby authorize authorizes Agent, if not paid to Agent in immediately available funds within two (2) 3 Business Days of the date when such payment was due, to obtain quarterly payments in respect of such interest provided for in this Agreement or the other Loan Documents (as and when payable hereunder or under the other Loan Documents) by debiting the Distribution Account any account of Borrower with CNB in an amount equal to the amount thereof. If the Borrowers fail Borrower fails to make any such payment when due, each Borrower hereby authorizes and directs Agent to charge such interest, Letters of Credit Fees, interest and all other fees, expenses, and other Lender Group Expenses provided for in this Agreement or the other Loan Documents (as and when payable hereunder or under the other Loan Documents), to the Borrowers’ Borrower’s Loan Account as a Loan, and if such amounts are charged to the Borrowers’ Borrower’s Loan Account as a Loan, such amounts thereafter shall accrue interest at the rate then applicable to Base Rate Loans hereunder.