Common use of Method and Place of Payment, etc Clause in Contracts

Method and Place of Payment, etc. All payments by BAFC under this Agreement and the Liquidity Loan Notes owing to the Liquidity Banks shall be made to the Administrative Agent without setoff or counterclaim for distribution to each Liquidity Bank (or to an Exiting Bank, in the case of an Exiting Loan) in accordance with the Liquidity Facility Fee Letter and the Liquidity Loan Notes not later than 2:00 p.m. (New York City time) on the date when due and shall be made in freely transferable Dollars and in immediately available funds at the Payment Office. Upon receipt of such payment, the Administrative Agent shall promptly remit to each Liquidity Bank its pro rata share (or, in the case of payments with respect to Exiting Loans, the entire amount) of the payment.