Payment by the Borrower. (1) Except as otherwise provided herein, all payments made by or on behalf of the Borrower pursuant to this Agreement shall be made to and received by the Agent and shall be distributed by the Agent to the Lenders as soon as possible upon receipt by the Agent. Except as otherwise provided in this Agreement (including Sections 5.22 and 5.24), the Agent shall distribute: (a) payments of interest in accordance with each Lender's Applicable Percentage of the Credit; (b) repayments of principal in accordance with each Lender's Applicable Percentage of the Credit; or (c) all other payments received by the Agent including amounts received upon the realization of Security, in accordance with each Lender's Applicable Percentage of the Credit provided, however, that with respect to proceeds of realization, no Lender shall receive an amount in excess of the amounts owing to it in respect of the Obligations. (2) All payments made by or on behalf of the Borrower pursuant to this Agreement with respect to an L/C shall be made to and received by the Agent. Subject to Section 5.22, the Agent shall distribute all payments received by it with respect to any L/C as follows: (a) if the amount received by the Agent is an amount reimbursing the Issuing Bank for amounts paid by the Issuing Bank, payment shall be made to the Issuing Bank, to the extent that the Issuing Bank has not been previously reimbursed by the Borrower or the Lenders or otherwise as provided for herein, and to the extent that the Issuing Bank has been previously reimbursed by the Lenders, to such Lenders; and (b) if the amount received by the Agent is an amount in respect of an L/C commission or the Fronting Fee: (i) payment shall be made firstly to the Issuing Bank of an amount in respect of the Fronting Fee to the extent not already received, and (ii) payment shall be made thereafter to each Lender of its Applicable Percentage of the amount of the L/C commission received. (3) If the Agent does not distribute a Lender's share of a payment made by the Borrower to that Lender for value on the day that payment is made or deemed to have been made to the Agent, the Agent shall pay to the Lender on demand an amount equal to the product of (i) the Interbank Reference Rate per annum multiplied by (ii) the Lender's share of the amount received by the Agent from the Borrower and not so distributed, multiplied by (iii) a fraction, the numerator of which is the number of days that have elapsed from and including the date of receipt of the payment by the Agent to but excluding the date on which the payment is made by the Agent to such Lender and the denominator of which is 365. The Agent shall be entitled to withhold any Tax applicable to any such payment as required by Applicable Laws.
Appears in 1 contract
Payment by the Borrower. (1) Except as otherwise provided herein, all payments made by or on behalf of the Borrower pursuant to this Agreement shall be made to and received by the Agent and shall be distributed by the Agent to the Lenders as soon as possible upon receipt by the Agent. Except as otherwise provided in this Agreement (including Sections 5.22 5.24 and 5.245.26), the Agent shall distribute:
(a) payments of interest in accordance with each Lender's ’s Applicable Percentage of the Credit;
(b) repayments of principal in accordance with each Lender's ’s Applicable Percentage of the Credit; or
(c) all other payments received by the Agent including amounts received upon the realization of Security, in accordance with each Lender's ’s Applicable Percentage of the a Credit provided, however, that with respect to proceeds of realization, no Lender shall receive an amount in excess of the amounts owing to it in respect of the Obligations.
(2) All payments made by or on behalf of the Borrower pursuant to this Agreement with respect to an L/C shall be made to and received by the Agent. Subject to Section 5.225.24, the Agent shall distribute all payments received by it with respect to any L/C as follows:
(a) if the amount received by the Agent is an amount reimbursing the Issuing Bank for amounts paid by the Issuing Bank, payment shall be made to the Issuing Bank, to the extent that the Issuing Bank has not been previously reimbursed by the Borrower or the Lenders or otherwise as provided for herein, and to the extent that the Issuing Bank has been previously reimbursed by the Lenders, to such Lenders; and
(b) if the amount received by the Agent is an amount in respect of an L/C commission or the Fronting Fee:
(i) payment shall be made firstly to the Issuing Bank of an amount in respect of the Fronting Fee to the extent not already received, and
(ii) payment shall be made thereafter to each Lender of its Applicable Percentage of the amount of the L/C commission received.
(3) If the Agent does not distribute a Lender's ’s share of a payment made by the Borrower to that Lender for value on the day that payment is made or deemed to have been made to the Agent, the Agent shall pay to the Lender on demand an amount equal to the product of (ia) the Interbank Reference Rate per annum multiplied by (iib) the Lender's ’s share of the amount received by the Agent from the Borrower and not so distributed, multiplied by (iiic) a fraction, the numerator of which is the number of days that have elapsed from and including the date of receipt of the payment by the Agent to but excluding the date on which the payment is made by the Agent to such Lender and the denominator of which is 365. The Agent shall be entitled to withhold any Tax applicable to any such payment as required by Applicable Laws.
Appears in 1 contract
Payment by the Borrower. (1) Except as otherwise provided herein, all payments made by or on behalf of the Borrower pursuant to this Agreement shall be made to and received by the Agent and shall be distributed by the Agent to the Lenders as soon as possible upon receipt by the Agent. Except as otherwise provided in this Agreement (including Sections 5.22 and 5.24), the Agent shall distribute:
(a) payments of interest in accordance with each Lender's Applicable Percentage The Borrower shall bear the cost of the Credit;CESCE Premium (including, for the avoidance of doubt, any portion thereof which is not financed by the Facility).
(b) repayments of principal in accordance with each Lender's Applicable Percentage The CESCE Premium is estimated, for information purposes only, as the amount which is equal to three point six seven six five per cent. (3.6765%) of the Credit; ortotal Facility amount, corresponding to the aggregate of the Base Facility Amount and the CESCE Premium itself (the “Estimated CESCE Premium”).
(c) all other payments received by The Obligors acknowledge that the Agent including amounts received upon the realization of Security, in accordance with each Lender's Applicable Percentage amount of the Credit provided, however, CESCE Premium may be increased or decreased by CESCE (including as described in paragraph (e) below) so that with respect to proceeds of realization, no Lender shall receive an such amount in excess is greater or less than the Estimated CESCE Premium. The ECA Coordinator will only be notified of the amounts owing to it in respect actual amount of the ObligationsCESCE Premium on the date of final issuance of the CESCE Policy and will promptly notify the Facility Agent thereof. Following receipt of the CESCE Policy, the Facility Agent shall promptly notify the Borrower of the actual amount of the CESCE Premium.
(2d) All payments made by or on behalf The Borrower shall make payment of the Borrower pursuant to this Agreement with respect to an L/C CESCE Premium (including, for the avoidance of doubt, any portion thereof which is not financed by the Facility) notwithstanding the amount thereof. Such payment shall be made to and received by the Agent. Subject to Section 5.22, the Agent shall distribute all payments received by it with respect to any L/C as follows:
(ai) if the amount received by Borrower shall pay the Agent is an amount reimbursing CESCE Premium as stated in the Issuing Bank for amounts paid by the Issuing Bank, payment shall be made CESCE Policy to the Issuing Bank, Facility Agent (for the account of CESCE) on the first Utilisation Date pursuant to the extent that the Issuing Bank has not been previously reimbursed by the Borrower or the Lenders or otherwise as provided for herein, and to the extent that the Issuing Bank has been previously reimbursed by the Lenders, to such Lendersa Utilisation; and
(b) if the amount received by the Agent is an amount in respect of an L/C commission or the Fronting Fee:
(i) payment shall be made firstly to the Issuing Bank of an amount in respect of the Fronting Fee to the extent not already received, and
(ii) payment in the event that after the issuance of the CESCE Policy it is determined that the final amount of the CESCE Premium is greater than the amount stated in the CESCE Policy, the Borrower shall promptly (and in any event within two (2) Business Days of being notified by the Facility Agent) pay such additional amount to the Facility Agent (for the account of CESCE) in cash with the Borrower’s own funds.
(e) If the Availability Period is extended by agreement between the Borrower and the Facility Agent as a result of the Effective Delivery Date occurring (or it becoming reasonably expected that the Effective Delivery Date will occur) after the Expected Delivery Date, the CESCE Premium may be redetermined by CESCE and notified to the Borrower by the Facility Agent, and any increase thereof shall be made thereafter promptly paid by the Borrower to each Lender the Facility Agent (for the account of its Applicable Percentage of CESCE) in cash with the Borrower’s own funds.
(f) In the event that after the first Utilisation Date it is determined that the amount of the L/C commission received.
(3) If CESCE Premium is less than the Agent does not distribute a Lender's share of a payment made by amount stated in the Borrower to that Lender for value on the day that payment is made or deemed to have been made to the AgentCESCE Policy, the Facility Agent shall pay to the Lender on demand an amount equal to the product of (i) the Interbank Reference Rate per annum multiplied by (ii) the Lender's share of the amount received by the Agent from notify the Borrower and not so distributed, multiplied by (iii) shall request a fractionreimbursement of the excess from CESCE. On the first Interest Payment Date following the Facility Agent’s receipt of such amount from CESCE, the numerator of which is the number of days that have elapsed from and including the date of receipt Facility Agent shall apply such excess in prepayment of the payment Loan (such prepayment to be applied to the Loan in the inverse order of maturity of amounts due thereunder or as otherwise instructed by the Agent to but excluding the date on which the payment is made by the Agent to such Lender and the denominator of which is 365. The Agent shall be entitled to withhold any Tax applicable to any such payment as required by Applicable LawsCESCE and/or ICO).
Appears in 1 contract
Payment by the Borrower. (1) Except as otherwise provided herein, all payments made by or on behalf of the Borrower pursuant to this Agreement shall be made to and received by the Agent and shall be distributed by the Agent to the Lenders as soon as possible upon receipt by the Agent. Except as otherwise provided in this Agreement (including Sections 5.22 and 5.24), the Agent shall distribute:
(a) payments of interest in accordance with each Lender's Applicable Percentage The Borrower shall bear the cost of the Credit;CESCE Premium (including, for the avoidance of doubt, any portion thereof which is not financed by the Facility).
(b) repayments of principal in accordance with each Lender's Applicable Percentage The CESCE Premium is estimated, for information purposes only, as the amount which is equal to three point six seven six five per cent. (3.6765%) of the Credit; ortotal Facility amount, corresponding to the aggregate of the Base Facility Amount and the CESCE Premium itself (the “Estimated CESCE Premium”). 50
(c) all other payments received by The Obligors acknowledge that the Agent including amounts received upon the realization of Security, in accordance with each Lender's Applicable Percentage amount of the Credit provided, however, CESCE Premium may be increased or decreased by CESCE (including as described in paragraph (e) below) so that with respect to proceeds of realization, no Lender shall receive an such amount in excess is greater or less than the Estimated CESCE Premium. The ECA Coordinator will only be notified of the amounts owing to it in respect actual amount of the ObligationsCESCE Premium on the date of final issuance of the CESCE Policy and will promptly notify the Facility Agent thereof. Following receipt of the CESCE Policy, the Facility Agent shall promptly notify the Borrower of the actual amount of the CESCE Premium.
(2d) All payments made by or on behalf The Borrower shall make payment of the Borrower pursuant to this Agreement with respect to an L/C CESCE Premium (including, for the avoidance of doubt, any portion thereof which is not financed by the Facility) notwithstanding the amount thereof. Such payment shall be made to and received by the Agent. Subject to Section 5.22, the Agent shall distribute all payments received by it with respect to any L/C as follows:
(ai) if the amount received by Borrower shall pay the Agent is an amount reimbursing CESCE Premium as stated in the Issuing Bank for amounts paid by the Issuing Bank, payment shall be made CESCE Policy to the Issuing Bank, Facility Agent (for the account of CESCE) on the first Utilisation Date pursuant to the extent that the Issuing Bank has not been previously reimbursed by the Borrower or the Lenders or otherwise as provided for herein, and to the extent that the Issuing Bank has been previously reimbursed by the Lenders, to such Lendersa Utilisation; and
(b) if the amount received by the Agent is an amount in respect of an L/C commission or the Fronting Fee:
(i) payment shall be made firstly to the Issuing Bank of an amount in respect of the Fronting Fee to the extent not already received, and
(ii) payment in the event that after the issuance of the CESCE Policy it is determined that the final amount of the CESCE Premium is greater than the amount stated in the CESCE Policy, the Borrower shall promptly (and in any event within two (2) Business Days of being notified by the Facility Agent) pay such additional amount to the Facility Agent (for the account of CESCE) in cash with the Borrower’s own funds.
(e) If the Availability Period is extended by agreement between the Borrower and the Facility Agent as a result of the Effective Delivery Date occurring (or it becoming reasonably expected that the Effective Delivery Date will occur) after the Expected Delivery Date, the CESCE Premium may be redetermined by CESCE and notified to the Borrower by the Facility Agent, and any increase thereof shall be made thereafter promptly paid by the Borrower to each Lender the Facility Agent (for the account of its Applicable Percentage of CESCE) in cash with the Borrower’s own funds.
(f) In the event that after the first Utilisation Date it is determined that the amount of the L/C commission received.
(3) If CESCE Premium is less than the Agent does not distribute a Lender's share of a payment made by amount stated in the Borrower to that Lender for value on the day that payment is made or deemed to have been made to the AgentCESCE Policy, the Facility Agent shall pay to the Lender on demand an amount equal to the product of (i) the Interbank Reference Rate per annum multiplied by (ii) the Lender's share of the amount received by the Agent from notify the Borrower and not so distributed, multiplied by (iii) shall request a fractionreimbursement of the excess from CESCE. On the first Interest Payment Date following the Facility Agent’s receipt of such amount from CESCE, the numerator of which is the number of days that have elapsed from and including the date of receipt Facility Agent shall apply such excess in prepayment of the payment Loan (such prepayment to be applied to the Loan in the inverse order of maturity of amounts due thereunder or as otherwise instructed by the Agent to but excluding the date on which the payment is made by the Agent to such Lender and the denominator of which is 365. The Agent shall be entitled to withhold any Tax applicable to any such payment as required by Applicable LawsCESCE and/or ICO).
Appears in 1 contract
Samples: Facility Agreement
Payment by the Borrower. (1) Except as otherwise provided herein, The Borrower agrees to fully reimburse the Agent for all payments amounts paid under any Letter of Credit together with interest thereon at the rate applicable to Reference Rate Loans from the date such payment is made by or on behalf of until the date the Agent notifies the Borrower pursuant to this Agreement that such payment was made. Such reimbursement shall be made in immediately available funds to and received Agent at 0000 Xxxxx Xxxxxx, Xxxxxxx, Xxxxxxxxxx 00000 not later than 12:00 noon (Seattle time) on the date the Borrower is first notified by the Agent and shall be distributed by that payment has been made under the Letter of Credit; provided, that, if the Agent so elects pursuant to the Lenders as soon as possible upon receipt by terms -------- of Section 9.2, following the Agent. Except as otherwise provided in this Agreement (including Sections 5.22 and 5.24)occurrence of an Event of Default, the Agent face amount of each Letter of Credit shall distribute:
(a) payments of interest become immediately due and payable. If the Borrower should default in accordance with each Lender's Applicable Percentage of the Credit;
(b) repayments of principal in accordance with each Lender's Applicable Percentage of the Credit; or
(c) all other payments received by its obligations to reimburse the Agent including amounts received upon the realization of Securityor to make any other payment required hereunder, in accordance with each Lender's Applicable Percentage of the Credit provided, however, that with respect to proceeds of realization, no Lender shall receive an amount in excess of the amounts owing to it in respect of the Obligations.
(2) All payments made by or on behalf of the Borrower pursuant to this Agreement with respect to an L/C shall be made to and received by the Agent. Subject to Section 5.22, the Agent shall distribute all payments received by it with respect to any L/C as follows:
(a) if the amount received by the Agent is an amount reimbursing the Issuing Bank for amounts paid by the Issuing Bank, payment shall be made to the Issuing Bank, to the extent that the Issuing Bank has not been previously reimbursed by the Borrower or the Lenders or otherwise as provided for herein, and to the extent that the Issuing Bank has been previously reimbursed by the Lenders, to such Lenders; and
(b) if the amount received by the Agent is an amount in respect of an L/C commission or the Fronting Fee:
(i) payment interest shall be made firstly accrue on the unpaid amount thereof at the rate applicable to Reference Rate Loans during the Issuing Bank existence of an Event of Default from the date such amount becomes due and payable until payment in respect of full by the Fronting Fee to the extent not already received, and
Borrower; and (ii) payment shall be made thereafter the Agent, in its sole discretion, may deem such default to each Lender constitute a Notice of its Applicable Percentage of Borrowing for the amount of the L/C commission received.
(3) If the Agent does not distribute a Lender's share of a payment made by the Borrower to that Lender for value on the day that payment is made or deemed to have been made unreimbursed obligation together with accrued interest thereon, and, subject to the Agentterms and conditions hereof, the Agent shall pay may advance a Loan to the Lender on demand an amount equal to the product of (i) the Interbank Reference Rate per annum multiplied by (ii) the Lender's share of the amount received by the Agent from the Borrower and not so distributed, multiplied by (iii) a fraction, immediately apply the numerator of which is the number of days that have elapsed from and including the date of receipt proceeds thereof in satisfaction of the payment by the Agent to but excluding the date on which the payment is made by the Agent to such Lender and the denominator of which is 365. The Agent shall be entitled to withhold any Tax applicable to any such payment as required by Applicable LawsBorrower's obligations under this Section 3.
Appears in 1 contract
