Manner and Application of Payments. All regularly scheduled payments of principal of, and interest on, any Note shall be made by Company to Agent before 2:00 p.m. (Fort Worth time), in federal or other immediately available funds at Agent's principal banking office in Fort Worth. Should the principal of, or any installment of the principal or interest on, any Note, become due and payable on a day other than a Business Day or a LIBOR Business Day, as the case may be, the maturity thereof shall be extended to the next succeeding Business Day or LIBOR Business Day, as the case may be. Each payment received by Agent hereunder for the account of a Bank shall be promptly distributed by Agent to such Bank. All payments made on any Note shall be credited, to the extent of the amount thereof and subject to Section 3.03(b), in the following manner: (a) first, against the amount of interest accrued and unpaid on the Note as of the date of such payment; (b) second, against all principal (if any) due and owing on the Note; (c) third, as a prepayment of outstanding Base Rate Advances or Swing Line Loans under the Note; and (d) fourth, as a prepayment of outstanding LIBOR Advances under the Note. Subject to the foregoing, payments and prepayments of principal of the Notes shall be applied to such outstanding Base Rate Advances, Swing Line Loans, and LIBOR Advances under the Notes as Company shall select; provided, however, that Company shall select Base Rate Advances, Swing Line Loans and LIBOR Advances to be repaid in a manner designated to minimize the Consequential Loss, if any, resulting from such payments; and provided further that, if Company shall fail to select the Base Rate Advances, Swing Line Loans and LIBOR Advances to which such payments are to be applied, or if an Event of Default has occurred and is continuing at the time of such payment, then Agent shall apply the payment first to Base Rate Advances and Swing Line Loans and then to LIBOR Advances.
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Samples: Revolving Credit Agreement (Tandycrafts Inc), Revolving Credit Agreement (Tandycrafts Inc)
Manner and Application of Payments. (a) All regularly scheduled payments of principal of, and interest on, any Note shall be made by Company Borrower to Administrative Agent before 2:00 1:00 p.m. (Fort Worth Dallas, Texas time), in federal or other immediately available funds funds, at Administrative Agent's principal banking office in Fort Worthat 1717 Xxxx Xxxxxx, 0xx Xxxxx, Xxxxxx, Xxxxx 00000, xxr the account of the applicable Lending Office of each Lender. Should the principal of, or any installment of the principal or interest on, any Note, or any commitment fee, become due and payable on a day other than a Business Day or a LIBOR Business Day, as the case may be, the maturity thereof shall be extended to the next succeeding Business Day Day. Whenever any payment to be made under this Agreement or LIBOR under any Note shall be stated to be due on a day other than a Business Day, the payment shall be made on the next succeeding Business Day, and the extension of time shall be included in the computation of the payment of interest and the commitment fee, as the case may be. Each payment received by Agent hereunder for , except, in the account case of a Bank Eurodollar Loan, if the result of the extension would be to extend the payment into another calendar month, the payment shall be promptly distributed by Agent to such Bankmade on the immediately preceding Business Day. All payments made on any Note under the Loan Documents shall be credited, to the extent of the amount thereof and subject to Section 3.03(b)thereof, in the following manner: (ai) firstfirst to fees, costs and expenses which Borrower has agreed to pay under the Loan Documents; (ii) second, against the amount of interest accrued and unpaid on the Note Notes as of the date of such the payment; (biii) secondthird, against all principal (if any) due and owing on the NoteNotes as of the date of the payment; (c) third, as a prepayment of outstanding Base Rate Advances or Swing Line Loans under the Note; and (div) fourth, as a prepayment of outstanding LIBOR Advances ABR Loans under the NoteNotes; (v) fifth, as a prepayment of outstanding Eurodollar Loans under the Notes; and (vi) sixth, as a prepayment of any remaining Obligation. Subject to the foregoing, payments and prepayments of principal of the Notes shall be applied to such outstanding Base Rate Advances, Swing Line Loans, and LIBOR Advances under the Notes as Company shall select; provided, however, that Company Borrower shall select Base Rate Advances, Swing Line ABR Loans and LIBOR Advances Eurodollar Loans to be repaid in a manner designated to minimize the Consequential Lossloss to each Lender, if any, resulting from such the payments; and provided further thatPROVIDED, HOWEVER, THAT if Company shall fail Borrower fails to select the Base Rate Advances, Swing Line ABR Loans and LIBOR Advances Eurodollar Loans to which such the payments are to be applied, or if an Event of Default has occurred and is continuing at the time of such the payment, then Agent each Lender shall be entitled to apply the payment first to Base Rate Advances and Swing Line ABR Loans and then to LIBOR AdvancesEurodollar Loans in the manner it shall deem appropriate.
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Manner and Application of Payments. All regularly scheduled payments of principal ---------------------------------- of, and interest on, any Note to or for the account of any Bank shall be made by Company to Administrative Agent before 2:00 p.m. (Fort Worth New York City time), in federal Federal or other immediately available funds at Administrative Agent's principal banking office in Fort WorthNew York City. Should the principal of, or any installment of the principal or interest on, any Note, or any commitment fee, become due and payable on a day other than a Business Day or a LIBOR Business Day, as the case may be, the maturity thereof shall be extended to the next succeeding Business Day or LIBOR Business Day, as the case may be. Each payment received by Administrative Agent hereunder for the account of a Bank shall be promptly distributed by Administrative Agent to such Bank. All payments made on any Note shall be credited, to the extent of to the amount thereof and subject to Section 3.03(b)thereof, in the following manner: (ai) firstfirst to fees, costs and expenses which Company has agreed to pay under the Loan Papers for which Company has received an invoice no later than five (5) days prior to such payment, (ii) second, against the amount of interest accrued and unpaid on the such Note as of the date of such payment; (biii) secondthird, against all principal (if any) due and owing on such Note as of the Notedate of such payment; (c) third, as a prepayment of outstanding Base Rate Advances or Swing Line Loans under the Note; and (div) fourth, as a prepayment of outstanding LIBOR Floating Base Advances under the such Note; (v) fifth, as a prepayment of outstanding Eurodollar Advances and CD Advances under such Note; and (vi) sixth, as a prepayment of any remaining Obligation. Subject to the foregoing, payments and prepayments of principal of the Notes shall be applied to such outstanding Floating Base Rate AdvancesBorrowings, Swing Line Loans, Eurodollar Borrowings and LIBOR Advances CD Borrowings under the such Notes as Company shall select; provided, however, that Company shall select Floating Base Rate AdvancesBorrowings, Swing Line Loans Eurodollar Borrowings and LIBOR Advances CD Borrowings to be repaid in a manner designated to minimize the Consequential Loss, if any, resulting from such payments; and provided further that, if Company shall fail to select the Floating Base Rate AdvancesBorrowings, Swing Line Loans Eurodollar Borrowings and LIBOR Advances CD Borrowings to which such payments are to be applied, or if an Event of Default has occurred and is continuing at the time of such payment, then Administrative Agent shall be entitled to apply the payment first to such Floating Base Rate Advances Borrowings, Eurodollar Borrowings and Swing Line Loans and then to LIBOR AdvancesCD Borrowings in the manner it shall deem appropriate.
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Manner and Application of Payments. (a) All regularly scheduled payments of principal of, and interest on, any Note shall be made by Company the Borrowers to Agent before 2:00 p.m. (Fort Worth Worth, Texas time), in federal Federal or other immediately available funds funds, at Agent's principal banking office in at 500 Xxxxxxxxxxxx Xxxxxx, Fort Worth, Texas 76102, for the account of the applicable Lending Office of each Bank. Should the principal of, or any installment of the principal or interest on, any Note, or any commitment fee, become due and payable on a day other than a Business Day or a LIBOR Business Day, as the case may be, the maturity thereof shall be extended to the next succeeding Business Day Day. Whenever any payment to be made under this Agreement or LIBOR under any Note shall be stated to be due on a day other than 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 and the commitment fee, as the case may be. Each payment received by Agent hereunder for , except, in the account case of a Bank LIBOR Loan, if the result of such extension would be to extend such payment into another calendar month, such payment shall be promptly distributed by Agent to such Bankmade on the immediately preceding Business Day. All payments made on any Note under the Loan Documents shall be credited, to the extent of the amount thereof and subject to Section 3.03(b)thereof, in the following manner: (ai) firstfirst to fees, costs and expenses which the Borrowers have agreed to pay under the Loan Documents for which the Borrowers have received an invoice no later than five days prior to such payment; (ii) second, against the amount of interest accrued and unpaid on the such Note as of the date of such payment; (biii) secondthird, against all principal (if any) due and owing on such Note as of the Notedate of such payment; (civ) thirdfourth, as a prepayment of outstanding Base Rate Advances or Swing Line Loans under the Note; (v) fifth, as a prepayment of outstanding LIBOR Loans under the Note; and (dvi) fourthsixth, as a prepayment of outstanding LIBOR Advances under the Noteany remaining Obligation. Subject to the foregoing, payments and prepayments of principal of the Notes a Note shall be applied to such outstanding Base Rate Advances, Swing Line Loans, Loans and LIBOR Advances Loans under the Notes Note as Company the Borrowers shall select; provided, however, that Company the Borrowers shall select Base Rate Advances, Swing Line Loans and LIBOR Advances Loans to be repaid in a manner designated to minimize the Consequential Lossloss to each Bank, if any, resulting from such payments; and provided further that, if Company shall the Borrowers fail to select the Base Rate Advances, Swing Line Loans and LIBOR Advances Loans to which such payments are to be applied, or if an Event of Default has occurred and is continuing at the time of such payment, then Agent each Bank shall be entitled to apply the payment first to Base Rate Advances and Swing Line Loans and then LIBOR Loans in the manner it shall deem appropriate. (b) On the Business Day of receipt by Agent, if Agent's receipt occurs before 1:00 p.m. (Fort Worth, Texas time), Agent will promptly thereafter cause to LIBOR Advancesbe distributed, on the same Business Day, (1) such payments of principal and interest in like funds to each Bank for the account of its applicable Lending Office in the proportion that such Bank's Loans to which the payment applies bears to the total amount of all Banks' Loans to which the payment applies and (2) other fees payable to any Bank to be applied in accordance with the terms of this Agreement. All payments received by Agent after 1:00 p.m. (Fort Worth, Texas time) will be distributed promptly by Agent, and in no event later than 2:00 p.m. (Fort Worth, Texas time) of the next succeeding Business Day. The Borrowers authorize each Bank, if and to the extent payment is not made when due under this Agreement or under any Note, to charge from time to time against any account of any Borrower with such Bank other than a Special Account any amount as due.
Appears in 1 contract
Samples: Loan Agreement (Lomak Petroleum Inc)
Manner and Application of Payments. All regularly scheduled payments of principal ---------------------------------- of, and interest on, any Note to or for the account of any Bank shall be made by Company to Administrative Agent before 2:00 p.m. (Fort Worth New York City time), in federal Federal or other immediately available funds at Administrative Agent's principal banking office in Fort WorthNew York City. Should the principal of, or any installment of the principal or interest on, any Note, or any commitment fee, become due and payable on a day other than a Business Day or a LIBOR Business Day, as the case may be, the maturity thereof shall be extended to the next succeeding Business Day or LIBOR Business Day, as the case may be. Each payment received by Administrative Agent hereunder for the account of a Bank shall be promptly distributed by Administrative Agent to such Bank. All payments made on any Note shall be credited, to the extent of to the amount thereof and subject to Section 3.03(b)thereof, in the following manner: (ai) firstfirst to fees, costs and expenses which Company has agreed to pay under the Loan Papers for which Company has received an invoice no later than five (5) days prior to such payment, (ii) second, against the amount of interest accrued and unpaid on the such Note as of the date of such payment; (biii) secondthird, against all principal (if any) due and owing on such Note as of the Notedate of such payment; (c) third, as a prepayment of outstanding Base Rate Advances or Swing Line Loans under the Note; and (div) fourth, as a prepayment of outstanding LIBOR Floating Base Advances under the such Note; (v) fifth, as a prepayment of outstanding Eurodollar Advances and CD Advances under such Note; and (vi) sixth, as a prepayment of any remaining Obligation. Subject to the foregoing, payments and prepayments of principal of the Notes shall be applied to such outstanding Floating Base Rate AdvancesBorrowings, Swing Line Loans, Eurodollar Borrowings and LIBOR Advances CD Borrowings under the such Notes as Company shall select; provided, however, that Company shall select Floating Base Rate AdvancesBorrowings, Swing Line Loans Eurodollar Borrowings and LIBOR Advances CD Borrowings to be repaid in a manner designated to minimize the Consequential Loss, if any, resulting from such payments; and provided further that, if Company shall fail to select the Floating Base Rate AdvancesBorrowings, Swing Line Loans Eurodollar Borrowings and LIBOR Advances CD Borrowings to which such payments are to be b applied, or if an Event of Default has occurred and is continuing at the time of such payment, then Administrative Agent shall be entitled to apply the payment first to such Floating Base Rate Advances Borrowings, Eurodollar Borrowings and Swing Line Loans and then to LIBOR AdvancesCD Borrowings in the manner it shall deem appropriate.
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Manner and Application of Payments. All regularly scheduled payments of principal of, and interest on, any Note to or for the account of any Bank shall be made by Company to Administrative Agent before 2:00 p.m. (Fort Worth New York City time), in federal Federal or other immediately available funds at Administrative Agent's principal banking office in Fort WorthNew York City. Should the principal of, or any installment of the principal or interest on, any Note, or any commitment fee, become due and payable on a day other than a Business Day or a LIBOR Business Day, as the case may be, the maturity thereof shall be extended to the next succeeding Business Day or LIBOR Business Day, as the case may be. Each payment received by Administrative Agent hereunder for the account of a Bank shall be promptly distributed by Administrative Agent to such Bank. All payments made on any Note shall be credited, to the extent of to the amount thereof and subject to Section 3.03(b)thereof, in the following manner: (ai) firstfirst to fees, costs and expenses which Company has agreed to pay under the Loan Papers for which Company has received an invoice no later than five (5) days prior to such payment, (ii) second, against the amount of interest accrued and unpaid on the such Note as of the date of such payment; (biii) secondthird, against all principal (if any) due and owing on such Note as of the Notedate of such payment; (c) third, as a prepayment of outstanding Base Rate Advances or Swing Line Loans under the Note; and (div) fourth, as a prepayment of outstanding LIBOR Floating Base Advances under the such Note; (v) fifth, as a prepayment of outstanding Eurodollar Advances and CD Advances under such Note; and (vi) sixth, as a prepayment of any remaining Obligation. Subject to the foregoing, payments and prepayments of principal of the Notes shall be applied to such outstanding Floating Base Rate AdvancesBorrowings, Swing Line Loans, Eurodollar Borrowings and LIBOR Advances CD Borrowings under the such Notes as Company shall select; provided, however, that Company shall select Floating Base Rate AdvancesBorrowings, Swing Line Loans Eurodollar Borrowings and LIBOR Advances CD Borrowings to be repaid in a manner designated to minimize the Consequential Loss, if any, resulting from such payments; and provided further that, if Company shall fail to select the Floating Base Rate AdvancesBorrowings, Swing Line Loans Eurodollar Borrowings and LIBOR Advances CD Borrowings to which such payments are to be b applied, or if an Event of Default has occurred and is continuing at the time of such payment, then Administrative Agent shall be entitled to apply the payment first to such Floating Base Rate Advances Borrowings, Eurodollar Borrowings and Swing Line Loans and then to LIBOR AdvancesCD Borrowings in the manner it shall deem appropriate.
Appears in 1 contract
Manner and Application of Payments. All regularly scheduled payments of principal of, and interest on, any Note to or for the account of any Bank shall be made by Company to Administrative Agent before 2:00 p.m. (Fort Worth New York City time), in federal Federal or other immediately available funds at Administrative Agent's principal banking office in Fort WorthNew York City. Should the principal of, or any installment of the principal or interest on, any Note, or any commitment fee, become due and payable on a day other than a Business Day or a LIBOR Business Day, as the case may be, the maturity thereof shall be extended to the next succeeding Business Day or LIBOR Business Day, as the case may be. Each payment received by Administrative Agent hereunder for the account of a Bank shall be promptly distributed by Administrative Agent to such Bank. All payments made on any Note shall be credited, to the extent of to the amount thereof and subject to Section 3.03(b)thereof, in the following manner: (ai) firstfirst to fees, costs and expenses which Company has agreed to pay under the Loan Papers for which Company has received an invoice no later than five (5) days prior to such payment, (ii) second, against the amount of interest accrued and unpaid on the such Note as of the date of such payment; (biii) secondthird, against all principal (if any) due and owing on such Note as of the Notedate of such payment; (c) third, as a prepayment of outstanding Base Rate Advances or Swing Line Loans under the Note; and (div) fourth, as a prepayment of outstanding LIBOR Floating Base Advances under the such Note; (v) fifth, as a prepayment of outstanding Eurodollar Advances under such Note; and (vi) sixth, as a prepayment of any remaining Obligation. Subject to the foregoing, payments and prepayments of principal of the Notes shall be applied to such outstanding Floating Base Rate Advances, Swing Line Loans, Borrowings and LIBOR Advances Eurodollar Borrowings under the such Notes as Company shall select; provided, however, that Company shall select Floating Base Rate Advances, Swing Line Loans Borrowings and LIBOR Advances Eurodollar Borrowings to be repaid in a manner designated to minimize the Consequential Loss, if any, resulting from such payments; and provided further that, if Company shall fail to select the Floating Base Rate Advances, Swing Line Loans Borrowings and LIBOR Advances Eurodollar Borrowings to which such payments are to be applied, or if an Event of Default has occurred and is continuing at the time of such payment, then Administrative Agent shall be entitled to apply the payment first to such Floating Base Rate Advances Borrowings and Swing Line Loans and then to LIBOR AdvancesEurodollar Borrowings in the manner it shall deem appropriate.
Appears in 1 contract
Manner and Application of Payments. All regularly scheduled payments of principal of, and interest on, any on the Note shall be made by Company Borrower to Agent Lender before 2:00 1:30 o'clock p.m. (Fort Worth Midland, Texas time), in federal or other lawful money of the United States of America and in immediately available funds at AgentLender's principal banking office in Fort WorthMidland, Texas. Should In any case where a payment of principal or interest on the principal ofNote, or any installment of the principal commitment or interest onother fee, any Note, become is due and payable on a day other than a Business Day or a LIBOR Business Day, as the case may be, the maturity thereof shall be extended to the next succeeding Business Day or LIBOR Business Day, as but interest shall continue to accrue until the case may be. Each payment received by Agent hereunder for the account of a Bank shall be promptly distributed by Agent to such Bankis in fact made. All payments made and prepayments on the Obligation, including proceeds from the exercise of any Note Rights under the Loan Papers or proceeds of any of the Collateral, shall be credited, applied to the extent of Obligation in the amount thereof and subject order deemed appropriate by Lender, but Lender shall always retain the right to Section 3.03(b), apply same in the following mannerorder: (ai) first, against to expenses for which Lender shall not have been reimbursed under the amount Loan Papers and then to all indemnified amounts due Lender under the terms of interest the Loan Papers; (ii) to accrued and unpaid on the Note as of the date of such payment; (b) second, against all principal (if any) due and owing interest on the Note; (ciii) third, as a prepayment of outstanding to Base Rate Advances or Swing Line Loans under Portions of the NoteLoan; (iv) to Eurodollar Portions of the Loan; and (dv) fourth, as a prepayment of outstanding LIBOR Advances under to the Noteremaining Obligation. Subject to the foregoing, payments and prepayments of principal of the Notes Note shall be applied to such outstanding Base Rate Advances, Swing Line Loans, and LIBOR Advances under the Notes Eurodollar Portions as Company Borrower shall select; provided, however, that Company Borrower shall select Base Rate Advances, Swing Line Loans and LIBOR Advances Eurodollar Portions to be repaid subject to the terms of Section 2.7 hereof, and in a manner designated designed to minimize the Consequential Lossconsequential loss to Lender, if any, resulting from such payments; and provided further that, if Company Borrower shall fail to select the Base Rate Advances, Swing Line Loans and LIBOR Advances Eurodollar Portions to which such payments are to be applied, or if an Event of Default has occurred and is continuing at the time of such payment, then Agent Lender shall be entitled to apply the payment first to Base Rate Advances and Swing Line Loans and then to LIBOR Advances.such Eurodollar Portions in the manner it shall deem appropriate. 2.9
Appears in 1 contract
Manner and Application of Payments. All regularly scheduled payments of principal of, and interest on, any Note to or for the account of the Lenders shall be made by the Company to Administrative Agent before 2:00 p.m. pm. (Fort Worth Central Standard time), on the due date, in federal Federal or other immediately available funds at Administrative Agent's principal banking office in Fort WorthLending Office without condition or deduction for any counterclaim, defense, recoupment or setoff. Should If the principal of, or any installment of the principal or interest on, any a Note, become or any Commitment Fee, Facility Fee, Administrative Fee, or any other required fee under this Loan Agreement becomes due and payable on a day other than a Business Day or a LIBOR Business Day, as the case may be, the maturity thereof shall be extended to the next succeeding Business Day Day. The Company shall designate whether payments made on the Notes, prior to a default thereunder, are to be applied to principal or LIBOR Business Dayinterest payments and Administrative Agent shall so apply those payments. If the Company fails to designate how a payment will be applied, as the case may be. Each payment received by Agent hereunder for the account or after an Event of a Bank shall be promptly distributed by Agent to such Bank. All Default or Potential Default occurs, all payments made on any Note shall be credited, to the extent of the amount thereof and subject to Section 3.03(b)thereof, in the following manner: (ai) first, against the amount of interest accrued and unpaid on the Note Notes, as of the date of such payment; (bii) second, against all principal (if any) due and owing on the NoteNotes, as of the date of payment; (ciii) third, as a prepayment of outstanding Base Prime Rate Advances or Swing Line Loans under the NoteNotes; and (div) fourth, as a prepayment of outstanding LIBOR Eurodollar Advances under the NoteNotes. Subject to the foregoing, payments and prepayments of principal of the Notes shall be applied to such outstanding Base Rate Advances, Swing Line Loans, and LIBOR Advances under the Notes as Company shall select; provided, however, that The Company shall select Base Prime Rate Advances, Swing Line Loans Advances and LIBOR Eurodollar Advances to be repaid in a manner designated to minimize the Consequential Loss, if any, resulting from such those payments; and provided further that, if the Company shall fail fails to select the Base Prime Rate Advances, Swing Line Loans and LIBOR Advances or Eurodollar Advances to which such payments are to be applied, or if an Event of Default has occurred and is continuing at the time of such payment, then Administrative Agent shall may apply the payment first to Base the Prime Rate Advances and Swing Line Loans and then to LIBOR Advances.or Eurodollar Advances in a manner that Administrative Agent believes in its sole discretion, minimizes the Consequential Loss. AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT
Appears in 1 contract
Manner and Application of Payments. All regularly scheduled payments of principal of, and interest on, any Note shall be made by Company Borrowers to Agent before 2:00 p.m. 11:00 a.m. (Fort Worth time), in federal Federal or other immediately available funds at Agent's principal banking office in Fort Worth, Texas. Should the principal of, or any installment of the principal or interest on, any Note, become due and payable on a day other than a Business Day or a LIBOR Eurodollar Business Day, as the case may be, the maturity thereof shall be extended to the next succeeding Business Day or LIBOR Eurodollar Business Day, as the case may be. Each payment received by the Agent hereunder for the account of a Bank shall be promptly distributed by Agent to such Bank. All payments made on any Note shall be credited, to the extent of the amount thereof and subject to Section 3.03(b)thereof, in the following manner: (ai) first, against the amount of interest accrued and unpaid on the Note as of the date of such payment; (bii) second, against all principal (if any) due and owing on the Note; (ciii) third, as a prepayment of outstanding Floating Base Rate Advances or Swing Line Loans under the Note; and (div) fourth, as a prepayment of outstanding LIBOR Eurodollar Advances under the Note. Subject to the foregoing, payments and prepayments of principal of the Notes shall be applied to such outstanding Floating Base Rate Advances, Swing Line Loans, Advances and LIBOR Eurodollar Advances under the Notes as Company Borrowers shall select; provided, however, that Company Borrowers shall select Floating Base Rate Advances, Swing Line Loans Advances and LIBOR Eurodollar Advances to be repaid in a manner designated to minimize the Consequential Loss, if any, resulting from such payments; and provided further that, if Company Borrowers shall fail to select the Floating Base Rate Advances, Swing Line Loans Advances and LIBOR Eurodollar Advances to which such payments are to be applied, or if an Event of Default has occurred and is continuing at the time of such payment, then Agent shall apply the payment first to Floating Base Rate Advances and Swing Line Loans and then to LIBOR Eurodollar Advances.
Appears in 1 contract
Manner and Application of Payments. All regularly scheduled payments of principal of, and interest on, any Note shall be made by Company to Agent before 2:00 p.m. (Fort Worth time), in federal or other immediately available funds at Agent's principal banking office in Fort Worth. Should the principal of, or any installment of the principal or interest on, any Note, become due and payable on a day other than a Business Day or a LIBOR Business Day, as the case may be, the maturity thereof shall be extended to the next succeeding Business Day or LIBOR Business Day, as the case may be. Each payment received by Agent hereunder for the account of a Bank shall be promptly distributed by Agent to such Bank. All payments made on any Note shall be credited, to the extent of the amount thereof and subject to Section 3.03(b), in the following manner: (a) first, against the amount of interest accrued and unpaid on the Note as of the date of such payment; (b) second, against all principal (if any) due and owing on the Note; (c) third, as a prepayment of outstanding Base Rate Facility B Advances or Swing Line Loans under the Facility B Note; and (d) fourth, as a prepayment of outstanding LIBOR Facility A Advances under the Facility A Note. Subject to the foregoing, payments and prepayments of principal of the Notes shall be applied to such outstanding Base Rate Advances, Swing Line Loans, Facility A Advances and LIBOR Facility B Advances under the Notes as Company shall select; provided, however, that Company shall select Base Rate Advances, Swing Line Loans and LIBOR Advances to be repaid in a manner designated to minimize the Consequential Loss, if any, resulting from such payments; and provided further that, if Company shall fail to select the Base Rate Advances, Swing Line Loans and LIBOR Advances to which such payments are to be applied, or if an Event of Default has occurred and is continuing at the time of such payment, then Agent shall apply the payment first to Base Rate any expenses incurred by Agent for which Agent is entitled to be reimbursed under any of the Loan Documents, then to Facility A Advances and Swing Line Loans and then finally to LIBOR Facility B Advances.
Appears in 1 contract
Manner and Application of Payments. All regularly scheduled payments of principal of, and interest on, any Note shall be made by Company Borrowers to Agent before 2:00 p.m. 11:00 a.m. (Fort Worth time), in federal immediately available Federal funds or such other immediately available funds at Agent's principal banking office in Fort Worth, Texas or to Agent's office in San Francisco, California wired as follows: ABA No. 00000000, Account No. 4518151378, Reference: AmeriCredit - Syndicated Credit Agreement. Should the principal of, or any installment of the principal or interest on, any Note, become due and payable on a day other than a Business Day or a LIBOR Eurodollar Business Day, as the case may be, the maturity thereof shall be extended to the next succeeding Business Day or LIBOR Eurodollar Business Day, as the case may be. Each payment received by the Agent hereunder for the account of a Bank shall be promptly distributed by Agent to such Bank. All payments made on any Note shall be credited, to the extent of the amount thereof and subject to Section 3.03(b)thereof, in the following manner: (ai) first, against the amount of interest accrued and unpaid on the Note as of the date of such payment; (bii) second, against all principal (if any) due and owing on the Note; (ciii) third, as a prepayment of outstanding Floating Base Rate Advances or Swing Line Loans under the Note; and (div) fourth, as a prepayment of outstanding LIBOR Eurodollar Advances under the Note. Subject to the foregoing, payments and prepayments of principal of the Notes shall be applied to such outstanding Floating Base Rate Advances, Swing Line Loans, Advances and LIBOR Eurodollar Advances under the Notes as Company Borrowers shall select; provided, however, that Company Borrowers shall select Floating Base Rate Advances, Swing Line Loans Advances and LIBOR Eurodollar Advances to be repaid in a manner designated to minimize the Consequential Loss, if any, resulting from such payments; and provided further that, if Company Borrowers shall fail to select the Floating Base Rate Advances, Swing Line Loans Advances and LIBOR Eurodollar Advances to which such payments are to be applied, or if an Event of Default has occurred and is continuing at the time of such payment, then Agent shall apply the payment first to Floating Base Rate Advances and Swing Line Loans and then to LIBOR Eurodollar Advances.
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Manner and Application of Payments. All regularly scheduled payments of principal of, and interest on, any Note the Notes shall be made by Company Borrower to Agent before 2:00 p.m. 11:00 a.m. (Fort Worth time), in federal Federal or other immediately available funds at Agent's principal banking office in Fort Worth. Should the principal of, or any installment of the principal or interest on, any Note, become due and payable on a day other than a Business Day or a LIBOR Business Day, as the case may be, the maturity thereof shall be extended to the next succeeding Business Day or LIBOR Business Day, as the case may be. Each payment received by Agent hereunder for the account of a Bank shall be promptly distributed by Agent to such Bank. All payments made on any Note the Notes shall be credited, to the extent of the amount thereof and subject to Section 3.03(b)thereof, in the following manner: (ai) first, against the amount of interest accrued and unpaid on the Note Notes as of the date of such payment; (bii) second, against all principal (if any) due and owing on the NoteNote as of the date of such payment; (ciii) third, as a prepayment of outstanding Floating Base Rate Advances or Swing Line Loans under the Note; and (div) fourth, as a prepayment of outstanding LIBOR Eurodollar Advances and CD Advances under the Note. Subject to the foregoing, payments and prepayments of principal of the Notes Note shall be applied to such outstanding Floating Base Rate Advances, Swing Line Loans, Eurodollar Advances and LIBOR CD Advances under the Notes as Company Borrower shall select; provided, however, that Company Borrower shall select Floating Base Rate Advances, Swing Line Loans Eurodollar Advances and LIBOR CD Advances to be repaid in a manner designated to minimize the Consequential Loss, if any, resulting from such payments; and provided further that, if Company Borrower shall fail to select the Floating Base Rate Advances, Swing Line Loans Eurodollar Advances and LIBOR CD Advances to which such payments are to be applied, or if an Event of Default has occurred and is continuing at the time of such payment, then Agent Bank shall apply the payment first to Floating Base Rate Advances and Swing Line Loans and then to LIBOR AdvancesEurodollar Advances and CD Advances in the manner it shall deem appropriate.
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Manner and Application of Payments. All regularly scheduled payments of principal of, and interest on, any Note shall be made by Company Borrowers to Agent before 2:00 p.m. 11:00 a.m. (Fort Worth time), in federal Federal or other immediately available funds at Agent's principal banking office in Fort Worth. Should the principal of, or any installment of the principal or interest on, any Note, become due and payable on a day other than a Business Day or a LIBOR Eurodollar Business Day, as the case may be, the maturity thereof shall be extended to the next succeeding Business Day or LIBOR Eurodollar Business Day, as the case may be. Each payment received by the Agent hereunder for the account of a Bank shall be promptly distributed by Agent to such Bank. All payments made on any Note shall be credited, to the extent of the amount thereof and subject to Section 3.03(b)thereof, in the following manner: (ai) first, against the amount of interest accrued and unpaid on the Note as of the date of such payment; (bii) second, against all principal (if any) due and owing on the Note; (ciii) third, as a prepayment of outstanding Base Rate Floating Prime Advances or Swing Line Loans under the Note; and (div) fourth, as a prepayment of outstanding LIBOR Eurodollar Advances under the Note. Subject to the foregoing, payments and prepayments of principal of the Notes shall be applied to such outstanding Floating Base Rate Advances, Swing Line Loans, Advances and LIBOR Eurodollar Advances under the Notes as Company Borrowers shall select; provided, however, that Company Borrowers shall select Floating Base Rate Advances, Swing Line Loans Advances and LIBOR Eurodollar Advances to be repaid in a manner designated to minimize the Consequential Loss, if any, resulting from such payments; and provided further that, if Company Borrowers shall fail to select the Floating Base Rate Advances, Swing Line Loans Advances and LIBOR Eurodollar Advances to which such payments are to be applied, or if an Event of Default has occurred and is continuing at the time of such payment, then Agent shall apply the payment first to Floating Base Rate Advances and Swing Line Loans and then to LIBOR Eurodollar Advances.
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Manner and Application of Payments. (a) All regularly scheduled payments of principal of, and interest on, any Note shall be made by Company Borrower to Administrative Agent before 2:00 1:00 p.m. (Fort Worth Worth, Texas time), in federal or other immediately available funds funds, at Administrative Agent's principal banking office in at 500 Xxxxxxxxxxxx Xxxxxx, Fort Worth, Texas 76102, for the account of the applicable Lending Office of each Lender. Should the principal of, or any installment of the principal or interest on, any Note, or any commitment fee, become due and payable on a day other than a Business Day or a LIBOR Business Day, as the case may be, the maturity thereof shall be extended to the next succeeding Business Day Day. Whenever any payment to be made under this Agreement or LIBOR under any Note shall be stated to be due on a day other than a Business Day, the payment shall be made on the next succeeding Business Day, and the extension of time shall be included in the computation of the payment of interest and the commitment fee, as the case may be. Each payment received by Agent hereunder for , except, in the account case of a Bank Eurodollar Loan, if the result of the extension would be to extend the payment into another calendar month, the payment shall be promptly distributed by Agent to such Bankmade on the immediately preceding Business Day. All payments made on any Note under the Loan Documents shall be credited, to the extent of the amount thereof and subject to Section 3.03(b)thereof, in the following manner: (ai) firstfirst to fees, costs and expenses which Borrower has agreed to pay under the Loan Documents; (ii) second, against the amount of interest accrued and unpaid on the Note Notes as of the date of such the payment; (biii) secondthird, against all principal (if any) due and owing on the NoteNotes as of the date of the payment; (c) third, as a prepayment of outstanding Base Rate Advances or Swing Line Loans under the Note; and (div) fourth, as a prepayment of outstanding LIBOR Advances ABR Loans under the NoteNotes; (v) fifth, as a prepayment of outstanding Eurodollar Loans under the Notes; and (vi) sixth, as a prepayment of any remaining Obligation. Subject to the foregoing, payments and prepayments of principal of the Notes shall be applied to such outstanding Base Rate Advances, Swing Line Loans, and LIBOR Advances under the Notes as Company shall select; provided, however, that Company Borrower shall select Base Rate Advances, Swing Line ABR Loans and LIBOR Advances Eurodollar Loans to be repaid in a manner designated to minimize the Consequential Lossloss to each Lender, if any, resulting from such the payments; and provided further PROVIDED, HOWEVER, that, if Company shall fail Borrower fails to select the Base Rate Advances, Swing Line ABR Loans and LIBOR Advances Eurodollar Loans to which such the payments are to be applied, or if an Event of Default has occurred and is continuing at the time of such the payment, then Agent each Lender shall be entitled to apply the payment first to Base Rate Advances and Swing Line ABR Loans and then to LIBOR AdvancesEurodollar Loans in the manner it shall deem appropriate.
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Samples: Assignment and Assumption Agreement (Lomak Petroleum Inc)