Common use of Notes and Payments Clause in Contracts

Notes and Payments. (a) The Total Principal Debt shall be evidenced by the Notes, which Notes shall be payable to Lenders in the aggregate stated principal amount of the Term Loans. (b) Borrower must make each payment and prepayment on the Obligation, without offset, counterclaim, or deduction, to Administrative Agent’s principal office in New York, New York, in funds that will be available for immediate use by Administrative Agent by 12:00 noon on the day due. Payments received after such time shall be deemed received on the next Business Day. Administrative Agent shall pay to each Lender any payment to which such Lender is entitled on the same day Administrative Agent receives the funds from Borrower if Administrative Agent receives the payment or prepayment before 12:00 noon, and otherwise before 12:00 noon on the following Business Day. If and to the extent that Administrative Agent does not make payments to Lenders when due, then Administrative Agent shall be obligated to pay to Lenders such unpaid amounts together with interest at the Federal Funds Rate from the due date until (but not including) the payment date.

Notes and Payments. (a) The Total Principal Debt Term Loans shall be evidenced by the Notes, which Notes shall be one payable to Lenders each Lender in the aggregate stated principal amount of the its Term LoansLoan. (b) Borrower must make each payment and prepayment on the Obligation, without offset, counterclaim, or deduction, to Administrative Agent’s 's principal office in New York, New York, in funds that will be available for immediate use by Administrative Agent by 12:00 noon on the day due. Payments received after such time shall be deemed received on the next Business Day. Administrative Agent shall pay to each Lender any payment to which such Lender is entitled on the same day Administrative Agent receives the funds from Borrower if Administrative Agent receives the payment or prepayment before 12:00 noon, and otherwise before 12:00 noon on the following Business Day. If and to the extent that Administrative Agent does not make payments to Lenders when due, then Administrative Agent shall be obligated to pay to Lenders such unpaid amounts together with interest at the Federal Funds Rate from the due date until (but not including) the payment date.