Payments by Xxxxxxxx. (i) Except as otherwise expressly provided herein, all payments by Borrower shall be made to Agent’s Account for the account of the Lender Group and shall be made in immediately available funds, no later than 4:30 p.m. on the date specified herein; provided that, for the avoidance of doubt, any payments deposited into a Controlled Account shall be deemed not to be received by Agent on any Business Day unless immediately available funds have been credited to Agent’s Account on or prior to 4:30 p.m. on such Business Day. Any payment received by Agent in immediately available funds in Agent’s Account later than 4:30 p.m. shall be deemed to have been received (unless Agent, in its sole discretion, elects to credit it on the date received) on the following Business Day and any applicable interest or fee shall continue to accrue until such following Business Day. (ii) Unless Agent receives notice from Borrower prior to the date on which any payment is due to the Lenders that Borrower will not make such payment in full as and when required, Agent may assume that Borrower has made (or will make) such payment in full to Agent on such date in immediately available funds and Agent may (but shall not be so required), in reliance upon such assumption, distribute to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent Borrower does not make such payment in full to Agent on the date when due, each Lender severally shall repay to Agent on demand such amount distributed to such Lender, together with interest thereon at the Defaulting Lender Rate for each day from the date such amount is distributed to such Lender until the date repaid.
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Payments by Xxxxxxxx. (i) Except as otherwise expressly provided herein, all payments by Borrower shall be made to Agent’s Account for the account of the Lender Group and shall be made in immediately available funds, no later than 4:30 1:30 p.m. on the date specified herein; provided that, for the avoidance of doubt, any payments deposited into a Controlled Account shall be deemed not to be received by Agent on any Business Day unless immediately available funds have been credited to Agent’s Account on or prior to 4:30 p.m. on such Business Day. Any payment received by Agent in immediately available funds in Agent’s Account later than 4:30 1:30 p.m. shall be deemed to have been received (unless Agent, in its sole discretion, elects to credit it on the date received) on the following Business Day and any applicable interest or fee shall continue to accrue until such following Business Day.
(ii) Unless the Agent receives shall have received notice from the Borrower prior to the date on which any payment is due to the Agent for the account of the Lenders or any Issuing Bank hereunder that the Borrower will not make such payment in full as and when requiredpayment, the Agent may assume that the Borrower has made (or will make) such payment in full to Agent on such date in immediately available funds accordance herewith and Agent may (but shall not be so required)may, in reliance upon such assumption, distribute to the Lenders or the applicable Issuing Bank, as the case may be, the amount due. With Respect to any payment that the Agent makes for the account of the Lenders or any Issuing Bank hereunder as to which the Agent determines (which determination shall be conclusive absent manifest error) that any of the following applies (such payment referred to as the “Rescindable Amount”) :
(1) the Borrower has not in fact made such payment;
(2) the Agent has made a payment in excess of the amount so paid by the Borrower (whether or not then owed); or
(3) the Agent has for any reason otherwise erroneously made such payment; then each Lender on such due date an amount equal of the Lenders or the applicable Issuing Bank, as the case may be, severally agrees to repay to the amount then due such Lender. If and to the extent Borrower does not make such payment in full to Agent on the date when due, each Lender severally shall repay to Agent forthwith on demand such amount the Rescindable Amount so distributed to such LenderLender or such Issuing Bank, together in immediately available funds with interest thereon at the Defaulting Lender Rate thereon, for each day from and including the date such amount is distributed to such Lender until it to but excluding the date repaidof payment to the Agent, at the greater of the Federal Funds Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation. A notice of the Agent to any Lender or the Borrower with respect to any amount owing under this clause (b) shall be conclusive, absent manifest error.
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Payments by Xxxxxxxx. (i) Except as otherwise expressly provided herein, all payments by Borrower shall be made to Agent’s Account for the account of the Lender Group and shall be made in immediately available funds, no later than 4:30 2:00 p.m. on the date specified herein; provided that, for the avoidance of doubt, any payments deposited into a Controlled Account shall be deemed not to be received by Agent on any Business Day unless immediately available funds have been credited to Agent’s Account on or prior to 4:30 p.m. on such Business Day. Any payment received by Agent in immediately available funds in Agent’s Account later than 4:30 2:00 p.m. shall be deemed to have been received (unless Agent, in its sole discretion, elects to credit it on the date received) on the following Business Day and any applicable interest or fee shall continue to accrue until such following Business Day.
(ii) Unless Agent receives notice from the Borrower prior to the date on which any payment is due to the Lenders that Borrower will not make such payment in full as and when required, Agent may assume that Borrower has made (or will make) such payment in full to Agent on such date in immediately available funds and Agent may (but shall not be so required), in reliance upon such assumption, distribute to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent Borrower does not make such payment in full to Agent on the date when due, each Lender severally shall repay to Agent on demand such amount distributed to such Lender, together with interest thereon at the Defaulting Lender Rate for each day from the date such amount is distributed to such Lender until the date repaid.
(iii) The Loans and other Obligations (unless such other Obligations expressly provide otherwise) shall be made and repaid in Dollars.
Appears in 1 contract
Payments by Xxxxxxxx. (i) Except as otherwise expressly provided herein, all payments by Borrower shall be made to Agent’s 's Account for the account of the Lender Group and shall be made in immediately available funds, no later than 4:30 p.m. on the date specified herein; provided that, for the avoidance of doubt, any payments deposited into a Controlled Account shall be deemed not to be received by Agent on any Business Day unless immediately available funds have been credited to Agent’s 's Account on or prior to 4:30 p.m. on such Business Day. Any payment received by Agent in immediately available funds in Agent’s 's Account later than 4:30 p.m. shall be deemed to have been received (unless Agent, in its sole discretion, elects to credit it on the date received) on the following Business Day and any applicable interest or fee shall continue to accrue until such following Business Day.
(ii) Unless Agent receives notice from Borrower prior to the date on which any payment is due to the Lenders that Borrower will not make such payment in full as and when required, Agent may assume that Borrower has made (or will make) such payment in full to Agent on such date in immediately available funds and Agent may (but shall not be so required), in reliance upon such assumption, distribute to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent Borrower does not make such payment in full to Agent on the date when due, each Lender severally shall repay to Agent on demand such amount distributed to such Lender, together with interest thereon at the Defaulting Lender Rate for each day from the date such amount is distributed to such Lender until the date repaid.
Appears in 1 contract
Payments by Xxxxxxxx. (i) Except as otherwise expressly provided herein, all payments by any Borrower or any Guarantor shall be made to Agent’s Account for the account of the Lender Group and shall be made in immediately available funds, no later than 4:30 1:00 p.m3:30 p.m. (Chicago time) on the date specified herein; provided that, for the avoidance of doubt, any payments deposited into a Controlled Account shall be deemed not to be received by Agent on any Business Day unless immediately available funds have been credited to Agent’s Account on or prior to 4:30 p.m. on such Business Day. Any payment received by Agent in immediately available funds in Agent’s Account later than 4:30 1:00 p.m3:30 p.m. (Chicago time) shall be deemed to have been received (unless on(unless Agent, in its sole discretion, elects to credit it on the date received) on the following Business Day and any applicable interest or fee shall continue to accrue until such following Business Day. If the due date for any payment to be made by any Borrower or any Guarantor shall fall due on a day that is not a Business Day, payment shall instead be due 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 Latest Maturity Date, payment shall be made on the immediately preceding Business Day.
(ii) Unless Agent receives notice from Administrative Borrower prior to the date on which any payment is due to the Lenders that Borrower Borrowers will not make such payment in full as and when required, Agent may assume that Borrower has Borrowers have made (or will make) such payment in full to Agent on such date in immediately available funds and Agent may (but shall not be so required), in reliance upon such assumption, distribute to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent Borrower does Borrowers do not make such payment in full to Agent on the date when due, each Lender severally shall repay to Agent on demand such amount distributed to such Lender, together with interest thereon at the Defaulting Lender Rate for each day from the date such amount is distributed to such Lender until the date repaid.
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Payments by Xxxxxxxx. (i) Except as otherwise expressly provided herein, all payments by Borrower shall be made to Administrative Agent’s Account for the account of the Lender Group and shall be made in Dollars and in immediately available funds, no later than 4:30 1:30 p.m. on the date specified herein; provided that, for the avoidance of doubt, any payments deposited into a Controlled Account shall be deemed not to be received by Agent on any Business Day unless immediately available funds have been credited to Agent’s Account on or prior to 4:30 p.m. on such Business Day. Any payment received by Agent in immediately available funds in Administrative Agent’s Account later than 4:30 1:30 p.m. shall be deemed to have been received (unless Agentunless, in its the Administrative Agent’s sole discretion, discretion Administrative Agent elects to credit it on the date received) be deemed to have been received on the following Business Day and any applicable interest or fee shall continue to accrue until such following Business Day. If any payment to be made by Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be; provided that, if such extension of time would cause payment of interest on or principal of LIBOR RateSOFR Loans to be made in the next succeeding calendar month, such payment shall be made on the immediately preceding Business Day.
(ii) Unless Agent receives notice from Borrower or any Lender has notified the Administrative Agent, prior to the date on which any payment is due required to be made by it to the Lenders Administrative Agent hereunder, that Borrower or such Xxxxxx, as the case may be, will not make such payment in full as and when requiredpayment, the Administrative Agent may assume that Borrower or such Lender, as the case may be, has timely made (or will make) such payment in full to Agent on such date in immediately available funds and Agent may (but shall not be so requiredrequired to), in reliance upon such assumptionthereon, distribute to each Lender on such due date an make available a corresponding amount equal to the amount then due such LenderPerson entitled thereto. If and to the extent that such payment was not in fact made to the Administrative Agent in immediately available funds, then:
(A) if Borrower does not failed to make such payment in full payment, then the applicable Lender agrees to pay to the Administrative Agent on the date when due, each Lender severally shall repay to Agent forthwith on demand the portion of such amount distributed assumed payment that was made available to such LenderLender in immediately available funds, together with interest thereon in respect of each day from and including the date such amount was made available by the Administrative Agent to such Lender to the date such amount is repaid to the Administrative Agent in immediately available funds at the Defaulting greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, it being understood that nothing herein shall be deemed to relieve any Lender Rate from its obligation to fulfill its Commitment or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder; and
(B) if any Lender failed to make such payment, such Lender shall forthwith on demand pay to the Administrative Agent the amount thereof in immediately available funds, together with interest thereon for each day the period from the date such amount was made available by the Administrative Agent to Borrower to the date such amount is distributed recovered by the Administrative Agent (the “Compensation Period”) at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. When such Lender makes payment to the Administrative Agent (together with all accrued interest thereon), then such payment amount (excluding the amount of any interest which may have accrued and been paid in respect of such late payment) shall constitute such Lender’s Term Loan included in the applicable Borrowing. If such Lender does not pay such amount forthwith upon the Administrative Agent’s demand therefor, the Administrative Agent may make a demand therefor upon Borrower, and Borrower shall pay such amount to the Administrative Agent, together with interest thereon for the Compensation Period at the interest rate applicable to such Term Loan. Nothing herein shall be deemed to relieve any Lender until from its obligation to fulfill its Commitment or to prejudice any rights which the Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder. A notice of the Administrative Agent to any Lender or Borrower with respect to any amount owing under this Section 2.4(a)(ii) shall be conclusive, absent demonstrable error.
(iii) All prepayments under this Section 2.4 shall be made together with accrued interest thereon and, in the case of any such prepayment of a LIBOR RateSOFR Loan on a date repaidother than the last day of an Interest Period therefor, any amounts owing in respect of such LIBOR RateSOFR Loan pursuant to Section 2.12(b)(ii), and, to the extent applicable, any Prepayment Premium required pursuant to Section 2.10(b).
Appears in 1 contract
Samples: Term Loan Credit Agreement (Cross Country Healthcare Inc)
