Common use of Payment to the Lenders Clause in Contracts

Payment to the Lenders. Each Lender's Pro Rata Part of payment or prepayment of the Loans shall be directed by wire transfer to such Lender by the Agent at the address provided to the Agent for such Lender for payments no later than 2:00 p.m., Lafayette, Louisiana, time on the Business Day such payments or prepayments are deemed hereunder to have been received by Agent; provided, however, in the event that any Lender shall have failed to make a Revolving Loan as contemplated under Article II hereof (a "Defaulting Bank") and the Agent or another Lender or Lenders shall have made such Revolving Loan, payment received by Agent for the account of such Defaulting Bank(s) shall not be distributed to such Defaulting Bank(s) until such Revolving Loan or Revolving Loans shall have been repaid in full to the Lender or Lenders who funded such Revolving Loan or Revolving Loans. For the sole purpose of calculating interest, any payment or prepayment received by the Agent at any time after 12:00 noon, Lafayette, Louisiana, time on a Business Day shall be deemed to have been received on the next Business Day. Interest shall cease to accrue on any principal as of the end of the day preceding the Business Day on which any such payment or prepayment is deemed hereunder to have been received by the Agent. If the Agent fails to transfer any principal amount to any Lender as provided above, then the Agent shall promptly direct such principal amount by wire transfer to such Lender.

Payment to the Lenders. Each Lender's ’s Pro Rata Part of payment or prepayment of the Loans shall be directed by wire transfer to such Lender by the Agent at the address provided to the Agent for such Lender for payments no later than 2:00 p.m., Lafayette, Louisiana, time on the Business Day such payments or prepayments are deemed hereunder to have been received by Agent; provided, however, in the event that any Lender shall have failed to make a Revolving Loan as contemplated under Article II hereof (a "Defaulting Bank") and the Agent or another Lender or Lenders shall have made such Revolving Loan, payment received by Agent for the account of such Defaulting Bank(sLender(s) shall not be distributed to such Defaulting Bank(sLender(s) until such Revolving Loan or Revolving Loans shall have been repaid in full to the Lender or Lenders who funded such Revolving Loan or Revolving Loans. For the sole purpose of calculating interest, any payment or prepayment received by the Agent at any time after 12:00 noon, Lafayette, Louisiana, time on a Business Day shall be deemed to have been received on the next Business Day. Interest shall cease to accrue on any principal as of the end of the day preceding the Business Day on which any such payment or prepayment is deemed hereunder to have been received by the Agent. If the Agent fails to transfer any principal amount to any Lender as provided above, then the Agent shall promptly direct such principal amount by wire transfer to such Lender.

Payment to the Lenders. Each Lender's Pro Rata Part of payment or prepayment of the Loans shall be directed by wire transfer to such Lender by the Agent at the address provided to the Agent for such Lender for payments no later than 2:00 p.m., Lafayette, Louisiana, time on the Business Day such payments or prepayments are deemed hereunder to have been received by Agent; provided, however, in the event that any Lender shall have failed to make a Revolving Loan an Advance as contemplated under Article II hereof (a "Defaulting Bank") and the Agent or another Lender or Lenders shall have made such Revolving LoanAdvance, payment received by Agent for the account of such Defaulting Bank(s) shall not be distributed to such Defaulting Bank(s) until such Revolving Loan Advance or Revolving Loans Advances shall have been repaid in full to the Lender or Lenders who funded such Revolving Loan Advance or Revolving LoansAdvances. For the sole purpose of calculating interest, any Any payment or prepayment received by the Agent at any time after 12:00 noon, Lafayette, Louisiana, time on a Business Day shall be deemed to have been received on the next Business Day. Interest shall cease to accrue on any principal as of the end of the day preceding the Business Day on which any such payment or prepayment is deemed hereunder to have been received by the Agent. If the Agent fails to transfer any principal amount to any Lender as provided above, then the Agent shall promptly direct such principal amount by wire transfer to such Lender.