Method and Place of Payments; Application of Payments; Borrower Obligations Absolute Clause Samples
This clause defines how and where payments under the agreement must be made, how those payments are applied to outstanding obligations, and affirms that the borrower's obligations are unconditional. Typically, it specifies the payment method (such as wire transfer or check), the designated location or account for remittance, and the order in which payments are credited (for example, first to interest, then principal). By stating that the borrower's obligations are absolute, it ensures that the borrower must fulfill payment duties regardless of external circumstances or disputes. The core function of this clause is to provide certainty and structure around payment processes, reducing ambiguity and minimizing the risk of payment disputes.
Method and Place of Payments; Application of Payments; Borrower Obligations Absolute. (a) Except as otherwise specifically provided herein, all payments under this Note and the other Loan Documents shall be made to Lender not later than four (4) p.m., Eastern Standard Time, on the date when due, and shall be made in lawful money of the United States of America by wire transfer of immediately available funds to the Lender’s account at a bank specified by the Lender in writing to the Borrower from time to time, and any funds received by Lender after such time, for all purposes hereof, shall be deemed to have been paid on the next succeeding Business Day.
(b) All proceeds of payment, shall be applied to the Loan Amount in such order and in such manner as Lender shall elect at ▇▇▇▇▇▇’s discretion.
(c) Except as specifically set forth in any Loan Document, all sums payable by Borrower under any Loan Document shall be paid without notice, demand, counterclaim (other than mandatory counterclaims), setoff, deduction or defense and without abatement, suspension, deferment, diminution or reduction.
Method and Place of Payments; Application of Payments; Borrower Obligations Absolute. (a) Except as otherwise specifically provided herein, all payments under this Note and the other Loan Documents shall be made to Lender not later than 2:00 p.m., New York City time, on the date when due, and shall be made in lawful money of the United States of America in federal or other immediately available funds to an address specified to Borrower by Lender in writing, and any funds received by Lender after such time, for all purposes hereof, shall be deemed to have been paid on the next succeeding Business Day.
(b) All proceeds of payment, including any payment or recovery on the Property, shall be applied first, to any amounts (other than principal) hereafter advanced by Lender under any Loan Document; second, to any Late Charge or Default Rate interest payable to Lender; third, to fund any required Reserve Accounts; fourth, to the payment of accrued interest and last to the reduction of the outstanding Principal Indebtedness; provided, however, that if an Event of Default exists, any such proceeds of payment shall be applied to the Indebtedness in such order and in such manner as Lender shall elect in ▇▇▇▇▇▇’s discretion.
(c) Except as specifically set forth in any Loan Document, all sums payable by Borrower under any Loan Document shall be paid without notice, demand, counterclaim (other than mandatory counterclaims), setoff, deduction or defense and without abatement, suspension, deferment, diminution or reduction.
Method and Place of Payments; Application of Payments; Borrower Obligations Absolute. (a) Except as otherwise specifically provided herein, all payments and prepayments under this Agreement and the Note shall be made to Lender not later than 12:00 noon, New York City time, on the date when due, and shall be made in lawful money of the United States of America in federal or other immediately available funds to an account specified to Borrower by Lender in writing, and any funds received by Lender after such time, for all purposes hereof, shall be deemed to have been paid on the next succeeding Business Day.
(b) Prior to the occurrence of an Event of Default, all proceeds of any payment, including prepayments, of the Loan shall be applied to pay any and all amounts due and owing under the Loan Documents, including, without limitation, any costs and expenses of Lender, including, without limitation, Lender’s reasonable attorney’s fees and disbursements reasonably expended by Lender to protect the Property, all in such order and such manner as Lender shall elect in Lender’s discretion. After the occurrence of an Event of Default, all proceeds of payment, including any payment or recovery on the Property, shall be applied to the Indebtedness in such order and in such manner as Lender shall elect in Lender’s discretion.
(c) Except as specifically set forth in any Loan Document, all sums payable by Borrower under any Loan Document shall be paid without notice, demand, counterclaim (other than mandatory counterclaims), setoff, deduction or defense and without abatement, suspension, deferment, diminution or reduction, and the obligations and liabilities of Borrower under the Loan Documents shall in no way be released, discharged, or otherwise affected by reason of: (a) any Taking; (b) any restriction or prevention of or interference with any use of the Property or any portion thereof; (c) any title defect or encumbrance or any eviction from the Property or any portion thereof by title paramount or otherwise; (d) any bankruptcy proceeding relating to Borrower, any partner, member, shareholder, beneficial owner or trustee of Borrower, or any guarantor or indemnitor, or any action taken with respect to any Loan Document by any trustee or receiver of Borrower or any such partner, member, shareholder, beneficial owner, trustee, guarantor or indemnitor, or by any court, in any such proceeding; (e) any claim which Borrower has or might have against Lender; (f) any default or failure by Lender to perform or comply with any of the terms of any Loan Document;...