Payments by a Borrower Clause Samples
Payments by a Borrower. All payments to be made by a Borrower shall be made without set-off, deduction, recoupment or counterclaim. Except as otherwise expressly provided herein, all payments by a Borrower shall be made to the Administrative Agent for the account of the Banks at the Administrative Agent's Payment Office, and, with respect to principal of, interest on, and any other amounts relating to, any Offshore Currency Loan, shall be made in the Offshore Currency in which such Loan is denominated or payable, and, with respect to all other amounts payable hereunder, shall be made in Dollars. Such payments shall be made in Same Day Funds, and (i) in the case of Offshore Currency payments, no later than such time on the dates specified herein as may be determined by the Administrative Agent to be necessary for such payment to be credited on such date in accordance with normal banking procedures in the place of payment, and (ii) in the case of any Dollar payments, no later than 11:00 a.m. (San Francisco time) on the date specified herein. The Administrative Agent will promptly distribute to each Bank its Pro Rata Share (or other applicable share as expressly provided herein) of such principal, interest, fees or other amounts, in like funds as received. Any payment which is received by the Administrative Agent later than 11:00 a.m. (San Francisco time), or later than the time specified by the Administrative Agent as provided in clause (i) above (in the case of Offshore Currency payments), shall be deemed to have been received on the following Business Day and any applicable interest or fee shall continue to accrue.
Payments by a Borrower. (a) All payments to be made by a Borrower shall be made without set off, recoupment or counterclaim. Except as otherwise expressly provided herein, all payments by the Company shall be made to the Canadian Payment Agent and all payments by the US Borrower shall be made to the Administrative Agent for the account of the applicable Banks at the applicable Agent’s Payment Office, and shall be made in Cdn. Dollars or Dollars, as applicable, and in immediately available funds, no later than 11:00 a.m. Toronto time on the date specified herein for payments to the Canadian Payment Agent, and no later than 11:00 a.m. San Francisco time for payments to the Administrative Agent. The applicable Agent will promptly distribute to each applicable Bank its Pro Rata Share (or other applicable share as expressly provided herein) of such payment in like funds as received. Any payment received by the applicable Agent later than the times specified above shall be deemed to have been received on the following Business Day and any applicable interest or fee shall continue to accrue.
(b) Subject to the provisions set forth in the definition of “Interest Period” herein, whenever any payment is due on a day other than a Business Day, such payment shall be made on the following Business Day, and such extension of time shall in such case be included in the computation of interest or fees, as the case may be.
(c) Unless the Administrative Agent or Canadian Payment Agent, as the case may be, receives notice from the applicable Borrower one Business Day prior to the date on which any payment is due to the Banks that the applicable Borrower will not make such payment in full as and when required, the Administrative Agent or Canadian Payment Agent, as applicable, may assume that the applicable Borrower has made such payment in full to the said Agent on such date in immediately available funds and the said Agent may (but shall not be so required), in reliance upon such assumption, distribute to each Bank on such due date an amount equal to the amount then due such Bank. If and to the extent the applicable Borrower has not made such payment in full to the said Agent, each Bank shall repay to the said Agent on demand such amount distributed to such Bank, together with interest thereon at the Federal Funds Rate for each day from the date such amount is distributed to such Bank until the date repaid.
Payments by a Borrower. 49 2.13 Payments by the Lenders to the Administrative Agent.................. 50 2.14 Sharing of Payments, Etc............................................. 50 2.15 Utilization of Commitments in Offshore Currencies.................... 51
Payments by a Borrower. All payments to be made by a Borrower under any Facility Document shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. All payments by a Borrower shall be made to the Issuer at the Issuer's Office in Dollars and in Same Day Funds not later than 3:00 p.m. (New York City time) on the date specified herein or, in the case of any payment in an Alternative Currency, not later than the Applicable Time on the date specified herein. With respect to L/C Obligations 251 357363582 denominated in an Alternative Currency and payable in Dollars, the Applicant shall make such payment in Dollars in the Dollar Equivalent of the Alternative Currency payment amount. All amounts received by the Issuer after (i) 3:00 p.m. (New York City time), in the case of payments in Dollars, or (ii) the Applicable Time, in the case of payments in an Alternative Currency, shall in each case be deemed to have been received on the next succeeding Business Day and any applicable interest or fees shall continue to accrue. If any payment to be made by a Borrower shall fall due on a day that is not a Business Day, payment shall be made on the next succeeding Business Day and such extension of time shall be reflected in computing interest or fees, as the case may be; provided that, if such next succeeding Business Day would fall after the Commitment Termination Date, payment shall be made on the immediately preceding Business Day.