Manner of Payments. (a) Each payment of principal (including any prepayment) and payment of interest and fees, and any other amount required to be paid to the Lenders with respect to the Revolving Loans, shall be made to the Agent at the Principal Office, for the account of each Lender, in Dollars and in immediately available funds before 1:00 P.M. on the date such payment is due. The Agent may, but shall not be obligated to, debit the amount of any such payment which is not made by such time to any ordinary deposit account, if any, of the Borrower with the Agent. (b) The Agent shall deem any payment made by or on behalf of the Borrower hereunder that is not made both in Dollars and in immediately available funds and prior to 1:00 P.M. to be a non-conforming payment. Any such payment shall not be deemed to be received by the Agent until the later of (i) the time such funds become available funds and (ii) the next Business Day. Any non-conforming payment may constitute or become a Default or Event of Default. Interest shall continue to accrue on any principal as to which a non-conforming payment is made until the later of (x) the date such funds become available funds or (y) the next Business Day at the Default Rate from the date such amount was due and payable. (c) In the event that any payment hereunder or under the Revolving Notes becomes due and payable on a day other than a Business Day, then such due date shall be extended to the next succeeding Business Day unless provided otherwise under clause (ii) of the definition of "Interest Period"; PROVIDED that interest shall continue to accrue during the period of any such extension and PROVIDED further, that in no event shall any such due date be extended beyond the Revolving Credit Termination Date.
Appears in 1 contract
Manner of Payments. (a) Each payment Prior to each Quarterly Date and the end of principal (including any prepayment) and payment each Interest Period, the Administrative Agent shall render a statement to the Borrowers of all amounts due to the Banks for principal, interest and feesfees hereunder. All amounts listed on each such statement shall be due and payable on the Quarterly Date or, as the case may be, the last day of such Interest Period, in respect of which such statement was sent. As to all other Obligations which become due and payable other than on a fixed date by their terms, the Administrative Agent shall advise the Borrowers by a written statement that they are due and payable, and the Borrowers shall pay the same within ten days of receipt of such statement. If any other amounts are not paid by the Borrowers when due and payable, such amounts shall bear interest at the Default Interest Rate, and the Banks may then charge any account of the Borrowers for such Obligation in the amount required to be paid due to the Lenders with respect Banks. Any failure by the Administrative Agent to render any such statement or give any such advice shall in no way relieve the Revolving Loans, shall be made to the Agent at the Principal Office, for the account of each Lender, in Dollars and in immediately available funds before 1:00 P.M. on the date such payment is due. The Agent may, but shall not be obligated to, debit the amount Borrowers of any such payment which is not made by such time liability for or obligation to pay any ordinary deposit account, if any, of the Borrower with the Agentamount due and payable hereunder.
(b) The Agent shall deem Whenever any payment to be made by or hereunder, including without limitation any payment to be made on behalf a Note, shall be stated to be due on a day which is not a Banking Day, such payment may be made on the next succeeding Banking Day, and such extension of time shall in each case be included in the computation of the Borrower hereunder that is not made both in Dollars and in immediately available funds and prior to 1:00 P.M. to be a non-conforming payment. Any interest payable on such payment shall not be deemed to be received by the Agent until the later of (i) the time such funds become available funds and (ii) the next Business Day. Any non-conforming payment may constitute or become a Default or Event of Default. Interest shall continue to accrue on any principal as to which a non-conforming payment is made until the later of (x) the date such funds become available funds or (y) the next Business Day at the Default Rate from the date such amount was due and payableNote.
(c) In the event that any payment Unless otherwise provided in this Agreement, all payments or prepayments made or due hereunder or under the Revolving Notes becomes due and payable on a day other than a Business Day, then such due date shall be extended made in immediately available funds by federal funds wire transfer, and without setoff, deduction or counterclaim, to the Administrative Agent prior to 11:00 A.M., Cleveland time, on the date when due, at its offices at 000 Xxxxxx Xxxxxx, Xxxxxxxxx, Xxxx 00000, or at such other place as may be designated by the Administrative Agent. Funds received after 11:00 A.M., Cleveland time, shall be deemed to have been received on the next succeeding Business Day unless provided otherwise under clause (ii) Banking Day. To the extent any such payment is made for the ratable benefit of the definition of "Interest Period"; PROVIDED that interest Banks, the Administrative Agent shall continue promptly distribute such payment to accrue during the period of any such extension and PROVIDED further, that Banks in no event shall any such due date be extended beyond the Revolving Credit Termination Dateaccordance with their respective Ratable Shares.
Appears in 1 contract
Manner of Payments. (a) Each payment Prior to each Quarterly Date and the end of principal (including any prepayment) and payment each Interest Period, the Administrative Agent shall render a statement to the Borrower of all amounts due to the Banks for principal, interest and feesfees hereunder. All amounts listed on each such statement shall be due and payable on the Quarterly Date or, for LIBOR Loans, the last day of such Interest Period, in respect of which such statement was sent. As to all other Obligations which become due and payable other than on a fixed - 47 - 54 date by their terms, the Administrative Agent shall advise the Borrower by a written statement that they are due and payable, and the Borrower shall pay the same within five days of receipt of such statement. Any failure by the Administrative Agent to render any other amount required to be paid to such statement or give any such advice shall in no way relieve the Lenders with respect to the Revolving Loans, shall be made to the Agent at the Principal Office, for the account of each Lender, in Dollars and in immediately available funds before 1:00 P.M. on the date such payment is due. The Agent may, but shall not be obligated to, debit the amount Borrower of any such payment which is not made by such time liability for or obligation to pay any ordinary deposit account, if any, of the Borrower with the Agentamount due and payable hereunder.
(b) The Agent shall deem Whenever any payment to be made by or hereunder, including without limitation any payment to be made on behalf a Note, shall be stated to be due on a day which is not a Banking Day, such payment may be made on the next succeeding Banking Day, and such extension of time shall in each case be included in the computation of the Borrower hereunder that is not made both in Dollars and in immediately available funds and prior to 1:00 P.M. to be a non-conforming payment. Any interest payable on such payment shall not be deemed to be received by the Agent until the later of (i) the time such funds become available funds and (ii) the next Business Day. Any non-conforming payment may constitute or become a Default or Event of Default. Interest shall continue to accrue on any principal as to which a non-conforming payment is made until the later of (x) the date such funds become available funds or (y) the next Business Day at the Default Rate from the date such amount was due and payableNote.
(c) In the event that any payment Unless otherwise provided in this Agreement, all payments or prepayments made or due hereunder or under the Revolving Notes becomes due and payable on a day other than a Business Day, then such due date shall be extended made in immediately available funds by federal funds wire transfer, and without setoff, deduction or counterclaim, to the Administrative Agent prior to 11:00 A.M., Cleveland time, on the date when due, at its offices at 127 Xxxxxx Xxxxxx, Xxxxxxxxx, Xxxx 00000, xx at such other place as may be designated by the Administrative Agent. Funds received after 1:00 P.M., Cleveland time, shall be deemed to have been received on the next succeeding Business Day unless provided otherwise under clause (ii) Banking Day. To the extent any such payment is made for the ratable benefit of the definition of "Interest Period"; PROVIDED that interest Banks, the Administrative Agent shall continue promptly distribute such payment to accrue during the period of any such extension and PROVIDED further, that Banks in no event shall any such due date be extended beyond the Revolving Credit Termination Dateaccordance with their respective Ratable Shares.
Appears in 1 contract
Manner of Payments. (a) Each payment All payments and prepayments of principal (including and interest on any prepayment) Loan and payment of interest and fees, and all other amounts payable hereunder by Borrower to Agent or any other amount required to be paid to the Lenders with respect to the Revolving Loans, Lender shall be made to by paying the Agent at the Principal Office, for the account of each Lender, same in Dollars and in immediately available funds before 1:00 P.M. to Agent at its Commercial Loan Xxxxxxxxxx Xxxxxx, Xxxxxxx, Xxxxxxxxxx not later than 12:00 Noon (Seattle time) on the date on which such payment is or prepayment shall become due. The Agent may, but shall not be obligated to, debit the amount of any such payment which is not made by such time to any ordinary deposit account, if any, of the Borrower with the Agent.
(b) The Borrower hereby authorizes Agent shall deem and each Lender, if and to the extent any payment is not promptly made by pursuant to this Agreement or on behalf any other Loan Document, to charge from time to time against any or all of the accounts of Borrower with Agent or any Lender or any affiliate of any Lender any amount due hereunder that is not made both in Dollars and in immediately available funds and prior to 1:00 P.M. to be a non-conforming payment. Any or under such payment shall not be deemed to be received by the Agent until the later of (i) the time such funds become available funds and (ii) the next Business Day. Any non-conforming payment may constitute or become a Default or Event of Default. Interest shall continue to accrue on any principal as to which a non-conforming payment is made until the later of (x) the date such funds become available funds or (y) the next Business Day at the Default Rate from the date such amount was due and payableother Loan Document.
(c) In the event that Whenever any payment hereunder or under the Revolving Notes becomes any other Loan Document shall be stated to be due and payable would otherwise occur on a day other than a Business Day, then such due date payment shall be extended to made on the next succeeding Business Day unless provided otherwise under clause Day.
(iid) of Unless Borrower has notified Agent prior to the definition of "Interest Period"; PROVIDED that interest shall continue date any payment to accrue during the period of any such extension and PROVIDED furtherbe made by it is due, that it does not intend to remit such payment, Agent may, in no event its sole and absolute discretion, assume that Borrower has timely remitted such payment and may, in its sole and absolute discretion and in reliance thereon, make available such payment to the Lender entitled thereto. If such payment was not in fact remitted to Agent in immediately available funds, then each Lender shall any forthwith on demand repay to Agent the amount of such due assumed payment made available to such Lender, together with interest thereon in respect of each day from and including the date be extended beyond such amount was made available by Agent to such Lender to the Revolving Credit Termination Datedate such amount is repaid to Agent at the Federal Funds Rate.
Appears in 1 contract
Manner of Payments. (a) Each payment of principal (including any prepayment) and payment of interest and fees, and any other amount required to be paid to the Lenders with respect to the Revolving Loans, shall be made to the Agent at the Principal Office, for the account of each Lender, in Dollars and in immediately available funds before 1:00 P.M. on the date such payment is due. The Agent may, but shall not be obligated to, debit the amount of any such payment which is not made by such time to any ordinary deposit account, if any, of the Borrower with the Agent.
(b) The Agent shall deem any payment made by or on behalf of the Borrower hereunder that is not made both in Dollars and in immediately available funds and prior to 1:00 P.M. to be a non-conforming payment. Any such payment shall not be deemed to be received by the Agent until the later of (i) the time such funds become available funds and (ii) the next Business Day. Any non-conforming payment may constitute or become a Default or Event of Default. Interest shall continue to accrue on any principal as to which a non-conforming payment is made until the later of (x) the date such funds become available funds or (y) the next Business Day at the Default Rate from the date such amount was due and payable.
(c) In the event that any payment hereunder or under the Revolving Notes becomes due and payable on a day other than a Business Day, then such due date shall be extended to the next succeeding Business Day unless provided otherwise under clause (ii) of the definition of "Interest Period"; PROVIDED provided that interest shall continue to accrue during the period of any such extension and PROVIDED provided further, that in no event shall any such due date be extended beyond the Revolving Credit Termination Date.
Appears in 1 contract
Samples: Credit Agreement (Data General Corp)
Manner of Payments. (a) Each payment of principal (including any prepayment) and payment of interest and fees, and any other amount required to be paid to All payments by the Lenders with respect to the Revolving Loans, Borrower hereunder shall be made to the Agent at the Principal Office, for the account of each Lender, in Dollars and in Federal or other immediately available funds before without deduction, setoff or counterclaim at the Funding Office no later than 1:00 P.M. P.M., New York City time, on the date on which such payment is shall be due. The Agent mayInterest in respect of any Loan hereunder shall accrue from and including the date of such Loan to, but shall not be obligated toexcluding, debit the amount date on which such Loan is paid or refinanced with a Loan of any such payment which is not made by such time to any ordinary deposit account, if any, of the Borrower with the Agenta different Interest Rate Type.
(b) The Unless the Administrative Agent shall deem have received notice from a Lender prior to the proposed date of any payment LIBOR Borrowing (or, in the case of any ABR Borrowing, prior to 2:00 P.M., New York City time, on the date of such ABR Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.2 (or, in the case of an ABR Borrowing, that such Lender has made such share available in accordance with and at the time required by or on behalf Section 2.2) and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower hereunder that is not made both severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in Dollars and Dollars, in Federal or other immediately available funds with interest thereon, for each day from and prior to 1:00 P.M. to be a non-conforming payment. Any such payment shall not be deemed to be received by the Agent until the later of (i) the time such funds become available funds and (ii) the next Business Day. Any non-conforming payment may constitute or become a Default or Event of Default. Interest shall continue to accrue on any principal as to which a non-conforming payment is made until the later of (x) the date such funds become available funds or (y) the next Business Day at the Default Rate from including the date such amount was due is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the Overnight Bank Funding Rate, plus the fee customarily charged by the Administrative Agent (and payable.
subject to the IFSA interbank compensation rules from time to time) in connection with the foregoing, and (cB) In in the event that any case of a payment hereunder to be made by the Borrower, the interest rate applicable to ABR Loans. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or under an overlapping period, the Revolving Notes becomes due and payable on a day other than a Business DayAdministrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such due date Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be extended without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the next succeeding Business Day unless provided otherwise under clause (ii) of the definition of "Interest Period"; PROVIDED that interest shall continue to accrue during the period of any such extension and PROVIDED further, that in no event shall any such due date be extended beyond the Revolving Credit Termination DateAdministrative Agent.
Appears in 1 contract
Manner of Payments. (a) Each payment Except to the extent otherwise provided herein, all payments of principal (including any prepayment) and payment of principal, interest and fees, and any or other amount required amounts to be paid to made by the Lenders with respect to Company under this Agreement, the Revolving Loans, Amended and Restated Note or under any of the other Loan Documents shall be made to the Agent at the Principal Officein Dollars, for the account either by bank wire transfer of each Lender, in Dollars and in immediately available funds before or by official bank check drawn upon a financial institution acceptable to the Administrative Agent in its sole and absolute discretion, without notice or demand and without abatement, deduction, set-off or counterclaim, to the Administrative Agent at its Applicable Lending Office or at such other address previously designated in writing to the Company by the Administrative Agent, not later than 1:00 P.M. p.m. Mountain Standard Time on the date on which such payment shall become due (each such payment made after such time on such due date shall be treated as having been made on the next succeeding Business Day). No amounts shall be considered as having been paid until good funds therefor actually have been collected by the Administrative Agent.
(b) Any of the Lenders for whose account any such payment is due. The Agent may, being made may (but shall not be obligated to, ) debit the amount of any such payment which that is not made by such time to any ordinary deposit account, if any, account of the Borrower Company with such Lender (with notice to the Company and the Administrative Agent.
(b) The Agent shall deem any payment made by or on behalf ), provided, -------- however, that such Lender's failure to give notice of the Borrower hereunder that is not made both in Dollars and in immediately available funds and prior to 1:00 P.M. to be a non-conforming payment. Any such payment account debiting ------- shall not be deemed to be received by affect the Agent until the later of (i) the time such funds become available funds and (ii) the next Business Day. Any non-conforming payment may constitute or become a Default or Event of Default. Interest shall continue to accrue on any principal as to which a non-conforming payment is made until the later of (x) the date such funds become available funds or (y) the next Business Day at the Default Rate from the date such amount was due and payablevalidity thereof.
(c) In The Company shall, at the event that time of making each payment required by this Agreement, the Amended and Restated Note or any payment of the other Loan Documents, specify to the Administrative Agent (which shall so notify the intended recipient(s) thereof) the amounts payable by the Company hereunder or under the Revolving Notes becomes Amended and Restated Note or any of the other Loan Documents to which such payment is to be applied (and in the event that the Company fails to so specify, or if an Event of Default has occurred and is continuing, the Administrative Agent may distribute such payment to the Lenders for application against the Indebtedness relating to the Loan in such manner as it or the Lenders may determine to be appropriate).
(d) Each payment received by the Administrative Agent under this Agreement, the Amended and Restated Note or any of the other Loan Documents for the account of any Lender shall be paid by the Administrative Agent promptly following its receipt thereof to such Lender, in immediately available funds, for the account of such Lender's Applicable Lending Office for the Loan or other obligation in respect of which such payment is made.
(e) If the due date of any payment under this Agreement, the Amended and payable Restated Note or any of the other Loan Documents would otherwise fall on a day other than that is not a Business Day, then such due date shall be extended to the next succeeding Business Day unless provided otherwise under clause (ii) of the definition of "Interest Period"; PROVIDED that Day, and interest shall continue to accrue during be payable for any amount so extended for the period of any such extension and PROVIDED further, that in no event shall any such due date be extended beyond the Revolving Credit Termination Dateextension.
Appears in 1 contract
Manner of Payments. (a) Each payment Prior to each Quarterly Date and the end of principal each Interest Period (including any prepayment) and payment for Interest Periods of interest and feesmore than three months, and any other amount required each three months after the first day of such Interest Period), the Administrative Agent shall render a statement to be paid the Borrower of all amounts due to the Lenders with respect to for principal, interest and fees hereunder. All amounts listed on each such statement shall be due and payable on the Revolving Quarterly Date or, for LIBOR Loans, shall be made to the Agent at last day of such Interest Period (and for Interest Periods of more than three months, each three months after the Principal Office, for the account first day of each Lendersuch Interest Period), in Dollars respect of which such statement was sent. As to all other Obligations which become due and payable other than on a fixed date by their terms, the Administrative Agent shall advise the Borrower by a written statement that they are due and payable, and the Borrower shall pay the same within five days of receipt of such statement. Any failure by the Administrative Agent to render any such statement or give any such advice shall in immediately available funds before 1:00 P.M. on no way relieve the date such payment is due. The Agent may, but shall not be obligated to, debit the amount Borrower of any such payment which is not made by such time liability for or obligation to pay any ordinary deposit account, if any, of the Borrower with the Agentamount due and payable hereunder.
(b) The Agent shall deem Whenever any payment to be made by or hereunder, including without limitation any payment to be made on behalf a Note, shall be stated to be due on a day which is not a Banking Day, such payment may be made on the next succeeding Banking Day, and such extension of time shall in each case be included in the computation of the Borrower hereunder that is not made both in Dollars and in immediately available funds and prior to 1:00 P.M. to be a non-conforming payment. Any interest payable on such payment shall not be deemed to be received by the Agent until the later of (i) the time such funds become available funds and (ii) the next Business Day. Any non-conforming payment may constitute or become a Default or Event of Default. Interest shall continue to accrue on any principal as to which a non-conforming payment is made until the later of (x) the date such funds become available funds or (y) the next Business Day at the Default Rate from the date such amount was due and payableNote.
(c) In the event that any payment Unless otherwise provided in this Agreement, all payments or prepayments made or due hereunder or under the Revolving Notes becomes due and payable on a day other than a Business Day, then such due date shall be extended made in immediately available funds by federal funds wire transfer, and without setoff, deduction or counterclaim, to the next succeeding Business Day unless provided otherwise under clause (ii) of the definition of "Interest Period"; PROVIDED that interest shall continue to accrue during the period of any such extension and PROVIDED further, that in no event shall any such due date be extended beyond the Revolving Credit Termination Date.the
Appears in 1 contract
Manner of Payments. (a) Each payment All payments and prepayments of principal (including and interest on any prepayment) Loan and payment of interest and fees, and all other amounts payable hereunder or under any other amount required Loan Document by Borrower to be paid to the Lenders with respect to the Revolving Loans, Agent or any Lender shall be made by paying the same in United States Dollars (other than payments and prepayments in respect to an Offshore Currency Loan which shall be made in the Agent at the Principal Office, for the account of each Lender, Offshore Currency in Dollars which such Loan is denominated) and in immediately available funds before 1:00 P.M. to Agent at its Commercial Loan Processing Center, Seattle, Washington not later than (i) 12:00 Noon (Seattle time) on the date on which such payment is or prepayment shall become due. The , and (ii) in the case of Offshore Currency payments, no later than such time on the dates specified herein as may be determined by the Agent may, but shall not to be obligated to, debit the amount of any necessary for such payment which is not made by to be credited on such time to any ordinary deposit account, if any, of the Borrower date in accordance with the Agentnormal banking procedures.
(b) The Agent shall deem remit to each Lender, via federal wire transfer of funds, such Lender's Pro Rata Share of any payment made principal, interest or other amounts received from or for the account of Borrower in respect of any Loan on the same day that Agent receives such amounts, provided, however, that amounts received by Agent later than 12:00 Noon (Seattle time) or on behalf of later than the Borrower hereunder that is not made both in Dollars and in immediately available funds and prior to 1:00 P.M. to be a non-conforming payment. Any such payment shall not be deemed to be received time specified by the Agent until the later of (i) the time such funds become available funds and as provided in clause (ii) of subsection 2.8(a) above (in the case of Offshore Currency payments) on any day shall be remitted to each Lender on the next succeeding Business Day, provided, further, Agent shall not remit to any Lender any amounts received from or for the account of Borrower in payment of any Loan unless, prior to Agent's receipt of such funds, such Lender had paid its Pro Rata Share of such amounts pursuant to Section 2.2. Any non-conforming payment may constitute In the event Agent is required to refund any amount which is paid to it or become a Default received by it from or Event for the account of Default. Interest Borrower, then Lenders, to the extent they shall continue have previously received their Pro Rata Share of such amount, agree to accrue on any principal as repay to which a non-conforming payment is made until the later Agent their respective Pro Rata Shares of (x) the date such funds become available funds or (y) the next Business Day at the Default Rate from the date such amount was due and payableamount.
(c) In Borrower hereby authorizes Agent and each Lender, if and to the event that extent any payment is not promptly made pursuant to this Agreement or any other Loan Document, and after prior oral notice to Borrower, to charge from time to time against any or all of the accounts of Borrower with Agent or any Lender or any affiliate of any Lender any amount due hereunder or under such other Loan Document. Agent or the Lender, as the case may be, shall promptly provide Borrower a written notice of the actions it has taken pursuant to this Section.
(d) Whenever any payment hereunder or under the Revolving Notes becomes any other Loan Document shall be stated to be due and payable on a day other than a Business Day, then such due date payment shall be extended to made on the next succeeding Business Day. In the case of an Alternative Rate Loan, whenever the last day of any Applicable Interest Period would otherwise occur on a day other than a Business Day, the last day of such Applicable Interest Period shall occur on the next succeeding Business Day unless provided otherwise under clause (ii) of the definition of "Interest Period"; PROVIDED that interest shall continue to accrue during the period of any and such extension of time shall in such case be included in the computation and PROVIDED furtherpayment of interest, that unless such extension would cause the last date of such Applicable Interest Period to occur in no event the next following calendar month, in which case the last day of such Applicable Interest Period shall any such due date be extended beyond occur, on the Revolving Credit Termination Datenext preceding Business Day.
Appears in 1 contract
Samples: Loan Agreement (Merix Corp)
Manner of Payments. (a) Each payment Prior to each Quarterly Date and the end of principal (including any prepayment) and payment each Interest Period, the Agent shall render a statement to the Borrower of all amounts due to the Banks for principal, interest and feesfees hereunder. All amounts listed on each such statement shall be due and payable on the Quarterly Date or, as the case may be, the last day of such Interest Period, in respect of which such statement was sent. As to all other Obligations which become due and payable other than on a fixed date by their terms, the Agent shall advise the Borrower by a written statement that they are due and payable, and the Borrower shall pay the same within ten days of receipt of such statement. If any other amount required to be amounts are not paid to by the Lenders with respect to the Revolving LoansBorrower when due and payable, such amounts shall be made to the Agent bear interest at the Principal OfficeDefault Interest Rate, for and the Banks may then charge any account of each Lender, in Dollars and in immediately available funds before 1:00 P.M. on the date such payment is due. The Agent may, but shall not be obligated to, debit the amount of any such payment which is not made by such time to any ordinary deposit account, if any, of the Borrower with for such Obligation in the Agentamount due to the Banks. Any failure by the Agent to render any such statement or give any such advice shall in no way relieve the Borrower of any liability for or obligation to pay any amount due and payable hereunder.
(b) The Agent shall deem Whenever any payment to be made by or hereunder, including without limitation any payment to be made on behalf a Note, shall be stated to be due on a day which is not a Banking Day, such payment may be made on the next succeeding Banking Day, and such extension of time shall in each case be included in the computation of the Borrower hereunder that is not made both in Dollars and in immediately available funds and prior to 1:00 P.M. to be a non-conforming payment. Any interest payable on such payment shall not be deemed to be received by the Agent until the later of (i) the time such funds become available funds and (ii) the next Business Day. Any non-conforming payment may constitute or become a Default or Event of Default. Interest shall continue to accrue on any principal as to which a non-conforming payment is made until the later of (x) the date such funds become available funds or (y) the next Business Day at the Default Rate from the date such amount was due and payableNote.
(c) In the event that any payment Unless otherwise provided in this Agreement, all payments or prepayments made or due hereunder or under the Revolving Notes becomes due and payable on a day other than a Business Day, then such due date shall be extended made in immediately available funds by federal funds wire transfer, and without setoff, deduction or counterclaim, to the Agent prior to 11:00 A.M., Cleveland time, on the date when due, at its offices at 000 Xxxxxx Xxxxxx, Xxxxxxxxx, Xxxx 00000, or at such other place as may be designated by the Agent. Funds received after 11:00 A.M., Cleveland time, shall be deemed to have been received on the next succeeding Business Day unless provided otherwise under clause (ii) Banking Day. To the extent any such payment is made for the ratable benefit of the definition of "Interest Period"; PROVIDED that interest Banks, the Agent shall continue promptly distribute such payment to accrue during the period of any such extension and PROVIDED further, that Banks in no event shall any such due date be extended beyond the Revolving Credit Termination Dateaccordance with their respective Ratable Shares.
Appears in 1 contract
Manner of Payments. (a) Each payment of principal (including any prepayment) and payment of interest and fees, and any other amount required to be paid to All payments by the Lenders with respect to the Revolving Loans, Borrower hereunder shall be made to the Agent at the Principal Office, for the account of each Lenderin Dollars, in Dollars and in Federal or other immediately available funds before without deduction, setoff or counterclaim at the Funding Office no later than 1:00 P.M. P.M., New York City time, on the date on which such payment is shall be due. The Agent mayInterest in respect of any Loan hereunder shall accrue from and including the date of such Loan to, but shall not be obligated toexcluding, debit the amount date on which such Loan is paid or refinanced with a Loan of any such payment which is not made by such time to any ordinary deposit account, if any, of the Borrower with the Agenta different Interest Rate Type.
(b) The Unless the Administrative Agent shall deem have received notice from a Lender prior to the proposed date of any payment LIBOR Borrowing (or, in the case of any ABR Borrowing, prior to 2:00 P.M., New York City time, on the date of such ABR Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.2 (or, in the case of an ABR Borrowing, that such Lender has made such share available in accordance with and at the time required by or on behalf Section 2.2) and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower hereunder that is not made both severally agree to pay to the Administrative Agent forthwith on demand in Dollars and Dollars, in Federal or other immediately available funds with interest thereon, for each day from and prior to 1:00 P.M. to be a non-conforming payment. Any such payment shall not be deemed to be received by the Agent until the later of (i) the time such funds become available funds and (ii) the next Business Day. Any non-conforming payment may constitute or become a Default or Event of Default. Interest shall continue to accrue on any principal as to which a non-conforming payment is made until the later of (x) the date such funds become available funds or (y) the next Business Day at the Default Rate from including the date such amount was due is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the Overnight Rate, plus the fee customarily charged by the Administrative Agent (and payable.
subject to the IFSA interbank compensation rules from time to time) in connection with the foregoing, and (cB) In in the event that any case of a payment hereunder to be made by the Borrower, the interest rate applicable to ABR Loans. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or under an overlapping period, the Revolving Notes becomes due and payable on a day other than a Business DayAdministrative Agent shall promptly remit to the Borrower the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such due date Lender’s Loan included in such Borrowing. Any payment by the Borrower shall be extended without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the next succeeding Business Day unless provided otherwise under clause (ii) of the definition of "Interest Period"; PROVIDED that interest shall continue to accrue during the period of any such extension and PROVIDED further, that in no event shall any such due date be extended beyond the Revolving Credit Termination DateAdministrative Agent.
Appears in 1 contract
Manner of Payments. (a) Each payment of principal (including any prepayment) and payment of interest and fees, and any other amount required to be paid to made by the Lenders with respect to Borrower under this Agreement or the Revolving Loans, Credit Fee Agreement shall be made by transferring the amount thereof in Dollars to the Agent at not later than 2:00 P.M. (New York time) on the Principal Officedate on which such payment shall become due. Each such payment shall be made without set-off or counterclaim provided that no payment by the Borrower to the Agent pursuant to this Section 4.02 shall be deemed a waiver of any rights the Borrower may have against any Revolving Credit Lender or the Agent. Subject to Section 11.11 hereof, each such payment shall also be made free and clear of, and without deduction for, any Impositions except as required by law and, in the event that any deduction for any taxes (other than taxes on overall net income and franchise taxes), duties, levies, imposts or other charges shall be so required, the Borrower shall pay such additional amounts as may be necessary so that the net amount of the payment hereunder, after reduction by the amount of such Impositions is equal to the amount that the Borrower was obligated to pay absent the requirement to deduct such Impositions. The Agent shall have the right to determine the order in which amounts paid by the Borrower are applied to the amounts then due and payable hereunder, regardless of any application designated by the Borrower. Any payment received after 2:00 P.M. (New York time) on any Business Day shall be deemed to have been received on the next following Business Day. Each payment received by the Agent for the account of each Lender, in Dollars and in immediately available funds before 1:00 P.M. on the date such payment is due. The Agent may, but Revolving Credit 16 Lenders or any of them shall not be obligated to, debit the amount of any such payment which is not made by such time to any ordinary deposit account, if any, of the Borrower with the Agent.
(b) The Agent shall deem any payment made by or on behalf of the Borrower hereunder that is not made both in Dollars and in immediately available funds and prior to 1:00 P.M. to be a non-conforming payment. Any such payment shall not be deemed to be received promptly distributed by the Agent until the later of (i) the time such funds become available funds and (ii) the next Business Day. Any non-conforming payment may constitute or become a Default or Event of Default. Interest shall continue to accrue on any principal as to which a non-conforming payment is made until the later of (x) the date such funds become available funds or (y) the next Business Day at the Default Rate from the date such amount was due and payable.
(c) In the event that any payment hereunder or under the Revolving Notes becomes due and payable on a day other than a Business Day, then such due date shall be extended to the next succeeding Business Day unless provided otherwise under clause (ii) of the definition of "Interest Period"; PROVIDED that interest shall continue to accrue during the period of any such extension and PROVIDED further, that in no event shall any such due date be extended beyond the Revolving Credit Termination DateLenders in accordance with their entitlements thereto.
Appears in 1 contract
Manner of Payments. (a) Each payment Prior to each Quarterly Date and the end of principal (including any prepayment) and payment each Interest Period, the Agent shall render a statement to the Borrower of all amounts due to the Banks for principal, interest and feesfees hereunder. All amounts listed on each such statement shall be due and payable on the Quarterly Date or, as the case may be, the last day of such Interest Period, in respect of which such statement was sent. As to all other Obligations which become due and payable other than on a fixed date by their terms, the Agent shall advise the Borrower by a written statement that they are due and payable, and any other amount required to be paid to the Lenders with respect to Borrower shall pay the Revolving Loans, shall be made to same within five days of receipt of such statement. Any failure by the Agent at to render any such statement or give any such advice shall in no way relieve the Principal Office, for the account of each Lender, in Dollars and in immediately available funds before 1:00 P.M. on the date such payment is due. The Agent may, but shall not be obligated to, debit the amount Borrower of any such payment which is not made by such time liability for or obligation to pay any ordinary deposit account, if any, of the Borrower with the Agentamount due and payable hereunder.
(b) The Agent shall deem Whenever any payment to be made by or hereunder, including without limitation any payment to be made on behalf a Note, shall be stated to be due on a day which is not a Banking Day, such payment may be made on the next succeeding Banking Day, and such extension of time shall in each case be included in the computation of the Borrower hereunder that is not made both in Dollars and in immediately available funds and prior to 1:00 P.M. to be a non-conforming payment. Any interest payable on such payment shall not be deemed to be received by the Agent until the later of (i) the time such funds become available funds and (ii) the next Business Day. Any non-conforming payment may constitute or become a Default or Event of Default. Interest shall continue to accrue on any principal as to which a non-conforming payment is made until the later of (x) the date such funds become available funds or (y) the next Business Day at the Default Rate from the date such amount was due and payableNote.
(c) In the event that any payment Unless otherwise provided in this Agreement, all payments or prepayments made or due hereunder or under the Revolving Notes becomes due and payable on a day other than a Business Day, then such due date shall be extended made in immediately available funds by federal funds wire transfer, and without setoff, deduction or counterclaim, to the Agent prior to 11:00 A.M., Cleveland time, on the date when due, at its offices at 000 Xxxxxx Xxxxxx, Xxxxxxxxx, Xxxx 00000, or at such other place as may be designated by the Agent. Funds received after 1:00 P.M., Cleveland time, shall be deemed to have been received on the next succeeding Business Day unless provided otherwise under clause (ii) Banking Day. To the extent any such payment is made for the ratable benefit of the definition of "Interest Period"; PROVIDED that interest Banks, the Agent shall continue promptly distribute such payment to accrue during the period of any such extension and PROVIDED further, that Banks in no event shall any such due date be extended beyond the Revolving Credit Termination Dateaccordance with their respective Ratable Shares.
Appears in 1 contract
Manner of Payments. (a) Each payment of principal (including any prepayment) and payment of interest and fees, and any other amount required to be paid All payments made pursuant to the Lenders with respect Credit Agreement shall be made without set-off or counterclaim and shall be made in immediately available funds by the Borrowers to the Revolving Loans, Agent for the account of the Lenders in accordance with their Proportionate Share. All such payments shall be made to the Agent at the Principal OfficeAgent, for the account of each Lenderprior to 11:00 a.m., in Dollars and in immediately available funds before 1:00 P.M. New York City time, on the date such payment is due. The Agent may, but shall not be obligated to, debit the amount of any such payment which is not made by such time due to any ordinary deposit account, if any, of the Borrower with the Agent.
(b) The Agent shall deem any payment made by 's account at Bank One, Detroit, Michigan, ABA#: 000000000, Account of GMAC Commercial Finance LLC, Account # 000-000-000, Reference: TBS, or on behalf of the Borrower hereunder that is not made both in Dollars and in immediately available funds and prior to 1:00 P.M. to at such other place as may be a non-conforming payment. Any such payment shall not be deemed to be received designated by the Agent until to the later of (i) the time such funds become available funds and (ii) Borrowers in writing. Any payments received after 11:00 a.m., New York City time, shall be deemed received on the next Business Day. Any non-conforming The Agent shall promptly remit to each Lender, in the same type of funds as payment may constitute or become a Default or Event was received, each Lender's Proportionate Share according to its respective interest of Defaultall such payments received by the Agent for the account of such Lender. Interest shall continue Subject to accrue on any principal as to which a non-conforming payment is made until the later definition of (x) the date such funds become available funds or (y) the next Business Day at the Default Rate from the date such amount was due and payable.
(c) In the event that "Payment Date", whenever any payment to be made hereunder or under the Revolving Notes becomes shall be stated to be due and payable on a day date other than a Business Day, then such due date shall payment may be extended to made on the next succeeding Business Day unless provided otherwise under clause (ii) of with the definition of "Interest Period"; PROVIDED that same effect as if made on the due date but interest shall continue to accrue during until the period date of payment.
(b) If any Lender or other holder of a Note shall obtain any payment or other recovery (whether voluntary, involuntary, by application of offset, set-off, banker's lien, counterclaim or otherwise) on account of principal of or interest on any Note in excess of its Proportionate Share of payments and other recoveries obtained by all Lenders or other holders, such extension and PROVIDED furtherLender or other holder shall purchase from the other Lenders or holders such participation in the Notes held by them as shall be necessary to cause such purchasing Lender or other holder to share the excess payment or other recovery with each of them; provided, however, that in no event if all or any portion of the excess payment or other recovery is thereafter recovered from such purchasing holder, the purchase shall any be rescinded and the purchase price restored to the extent of such due date be extended beyond recovery, but without interest. Each respective Borrower agrees that the Revolving Credit Termination Date.Lender so purchasing a participation from the other Lenders under this Section 2.09
Appears in 1 contract
