Common use of Payments to Lender Clause in Contracts

Payments to Lender. All payments of interest on the Note, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly to Lender in federal or other immediately available funds before 1:00 pm (Central time) on the respective dates when due via wire transfer of immediately available funds to the Settlement Account. Borrower shall send notice to Lender before 1:00 p.m. (Central time) on the day any payment of principal or interest is received by Lender which sets forth the Loans against which such payment is to be applied. Any payment (or any payment received without a notice regarding application of such payment) received by Lender after such time will be deemed to have been made on the next following Business Day. Should any such payment become due and payable on a day other than a Business Day, the maturity of such payment shall be extended to the next succeeding Business Day, and, in the case of a payment of principal or past due interest, interest shall accrue and be payable thereon for the period of such extension as provided in the Loan Document under which such payment is due. Each payment under a Loan Document shall be payable at the place provided therein and, if no specific place of payment is provided, shall be payable at the place of payment of the Note. When Lender collects or receives money on account of the Obligations, Lender shall apply all such money so distributed, as follows: (a) first, for the payment of all Obligations which are then due, and if such money is insufficient to pay all such Obligations, (i) first to any reimbursements due Lender under Section 5.5, (ii) second, to the payment of the Loans then due, and (iii) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lender shall otherwise agree; (b) then for the prepayment of amounts owing under the Loan Documents if so specified by Borrower; (c) then for the prepayment of principal on the Note, together with accrued and unpaid interest on the principal so prepaid; and (d) last, for the payment or prepayment of any other Obligations. All payments applied to principal or interest on any Note shall be applied first to any interest then due and payable, then to principal then due and payable, and last to any prepayment of principal and interest.

Appears in 2 contracts

Samples: Credit Agreement (Ryland Group Inc), Credit Agreement (Ryland Group Inc)

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Payments to Lender. All payments of interest on the Note, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly to Lender in federal or other immediately available funds before 1:00 pm (Central Dallas, Texas time) on the respective dates when due via wire transfer of immediately available funds to the Settlement Account. Borrower Borrowers shall send notice to Lender before 1:00 p.m. (Central Dallas, Texas time) on the day any payment of principal or interest is received by Lender which sets forth the Loans against which such payment is to be applied. Any payment (or any payment received without a notice regarding application of such payment) received by Lender after such time will be deemed to have been made on the next following Business Day. Should any such payment become due and payable on a day other than a Business Day, the maturity of such payment shall be extended to the next succeeding Business Day, and, in the case of a payment of principal or past due interest, interest shall accrue and be payable thereon for the period of such extension as provided in the Loan Document under which such payment is due. Each payment under a Loan Document shall be payable at the place provided therein and, if no specific place of payment is provided, shall be payable at the place of payment of the Note. When Lender collects or receives money on account of the Obligations, Lender shall apply all such money so distributed, as follows: (a) first, for the payment of all Obligations which are then due, and if such money is insufficient to pay all such Obligations, (i) first to any reimbursements due Lender under Section 5.5, (ii) second, to the payment of the Loans then due, and (iii) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lender shall otherwise agree; (b) then for the prepayment of amounts owing under the Loan Documents if so specified by BorrowerBorrowers; (c) then for the prepayment of principal on the Note, together with accrued and unpaid interest on the principal so prepaid; and (d) last, for the payment or prepayment of any other Obligations. All payments applied to principal or interest on any Note shall be applied first to any interest then due and payable, then to principal then due and payable, and last to any prepayment of principal and interest.

Appears in 1 contract

Samples: Credit Agreement (William Lyon Homes)

Payments to Lender. All payments of interest on the Note, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly to Lender in federal or other immediately available funds before 1:00 pm 10:00 a.m. (Central Standard time) on the respective dates when due via wire transfer of immediately available funds to the Settlement Account. Borrower shall send notice to Lender before 1:00 p.m. 10:00 a.m. (Central Standard time) on the day any payment of principal or interest is received by Lender which sets forth the Loans against which such payment is to be applied. Any payment (or any payment received without a notice regarding application of such payment) received by Lender after such time will be deemed to have been made on the next following Business Day. Should any such payment become due and payable on a day other than a Business Day, the maturity of such payment shall be extended to the next succeeding Business Day, and, in the case of a payment of principal or past due interest, interest shall accrue and be payable thereon for the period of such extension as provided in the Loan Document under which such payment is due. Each payment under a Loan Document shall be payable at the place provided therein and, if no specific place of payment is provided, shall be payable at the place of payment of the Note. When Lender collects or receives money on account of the Obligations, Lender shall apply all such money so distributed, as follows: (a) first, for the payment of all Obligations which are then due, and if such money is insufficient to pay all such Obligations, (i) first to any reimbursements due Lender under Section SECTION 5.5, (ii) second, to the payment of the Loans then due, and (iii) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lender shall otherwise agree; (b) then for the prepayment of amounts owing under the Loan Documents if so specified by Borrower; (c) then for the prepayment of principal on the Note, together with accrued and unpaid interest on the principal so prepaid; and (d) last, for the payment or prepayment of any other Obligations. All payments applied to principal or interest on any Note shall be applied first to any interest then due and payable, then to principal then due and payable, and last to any prepayment of principal and interest.

Appears in 1 contract

Samples: Credit Agreement (Technical Olympic Usa Inc)

Payments to Lender. (a) All payments on account of principal and interest on the NoteLoans, all payments of principal, including any principal payment made with proceeds of Mortgage Collateralthe Unused Fees, and fees hereunder all other amounts otherwise payable by the Borrowers to the Lender under this Agreement, shall be made directly to the Lender in federal or other U.S. Dollars which are immediately available funds before 1:00 pm by 3:00 p.m. (Central Harrisburg, Pennsylvania time) ), on the respective dates due date for such payment, at the Lender's principal office in Harrisburg, Pennsylvania specifying amount and date of payment, re: Borrowers (and if by wire transfer, in accordance with the instructions on the signature page to this Agreement executed by the Lender), or to such other accounts or Persons or at such other place as the Lender may direct in writing. The Borrowers hereby authorize the Lender to (i) apply to the aforesaid payments, up to the amount of such payments, any portion of the balance of any account maintained by the Borrowers for the purpose of facilitating said payments, and/or (ii) cause the aforesaid payments to be made, if not paid by the Borrowers when due, by drawing under the loan facilities provided under this Agreement if available; notwithstanding the foregoing, any amounts not paid when due via wire transfer of immediately available funds shall bear interest at the Default Rate, subject to the Settlement Accountfollowing sentence. Borrower The failure by the Borrowers to make a payment by 3:00 p.m. shall send notice to Lender before 1:00 p.m. (Central time) on the day any payment not constitute an Event of principal or interest is received by Lender which sets forth the Loans against which Default if such payment is to be applied. Any payment (or made on the due date; however, any payment received without a notice regarding application of such payment) received by Lender made after such time will on such due date shall be deemed to have been made on the next following Business Day. Should any such payment become due Day for the purpose of interest and payable on a day other than a Business Day, the maturity of such payment shall be extended reimbursement calculations. (b) Borrowers authorize Lender to the next succeeding Business Day, and, in the case of a payment of principal or past due interestcollect all principal, interest shall accrue and be payable thereon for fees due under the period Line of such extension as provided in the Loan Document under which such payment is due. Each payment under a Loan Document shall be payable at the place provided therein andCredit by charging Borrowers' deposit account number x3529 with Lender, if no specific place of payment is provided, shall be payable at the place of payment of the Note. When Lender collects or receives money on any other deposit account of the Obligations, Lender shall apply all such money so distributed, as follows: (a) firstmaintained by Borrowers with Lender, for the payment of all Obligations which are then due, and if full amount thereof. Should there be insufficient funds in any such money is insufficient deposit account to pay all such Obligations, (i) first to any reimbursements due Lender under Section 5.5, (ii) second, to the payment of the Loans then sums when due, and (iii) then to the partial payment full amount of all other Obligations then due in proportion to the amounts thereof, or as Lender shall otherwise agree; (b) then for the prepayment of amounts owing under the Loan Documents if so specified by Borrower; (c) then for the prepayment of principal on the Note, together with accrued and unpaid interest on the principal so prepaid; and (d) last, for the payment or prepayment of any other Obligations. All payments applied to principal or interest on any Note such deficiency shall be applied first to any interest then immediately due and payable, then to principal then due and payable, and last to any prepayment of principal and interestpayable by the Borrowers.

Appears in 1 contract

Samples: Revolving Credit Agreement (Weis Markets Inc)

Payments to Lender. All payments of interest on the Note, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly to Lender in federal or other immediately available funds before 1:00 pm (Central Dallas, Texas time) on the respective dates when due via wire transfer of immediately available funds to the Settlement Account. The applicable Borrower shall send notice to Lender before 1:00 p.m. (Central Dallas, Texas time) on the day any payment of principal or interest is received by Lender which sets forth the Loans against which such payment is to be applied. Any payment (or any payment received without a notice regarding application of such payment) received by Lender after such time will be deemed to have been made on the next following Business Day. Should any such payment become due and payable on a day other than a Business Day, the maturity of such payment shall be extended to the next succeeding Business Day, and, in the case of a payment of principal or past due interest, interest shall accrue and be payable thereon for the period of such extension as provided in the Loan Document under which such payment is due. Each payment under a Loan Document shall be payable at the place provided therein and, if no specific place of payment is provided, shall be payable at the place of payment of the Note. When Lender collects or receives money on account of the Obligations, Lender shall apply all such money so distributed, as follows: (a) first, for the payment of all Obligations which are then due, and if such money is insufficient to pay all such Obligations, (i) first to any reimbursements due Lender under Section 5.5, (ii) second, to the payment of the Loans then due, and (iii) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lender shall otherwise agree; (b) then for the prepayment of amounts owing under the Loan Documents if so specified by BorrowerBorrowers; (c) then for the prepayment of principal on the Note, together with accrued and unpaid interest on the principal so prepaid; and (d) last, for the payment or prepayment of any other Obligations. All payments applied to principal or interest on any Note shall be applied first to any interest then due and payable, then to principal then due and payable, and last to any prepayment of principal and interest.

Appears in 1 contract

Samples: Credit Agreement (Technical Olympic Usa Inc)

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Payments to Lender. All payments of interest on the Note, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly to Lender in federal or other immediately available funds before 1:00 2:00 pm (Central Dallas, Texas time) on the respective dates when due via wire transfer of immediately available funds to the Settlement Account. Borrower shall send notice to Lender before 1:00 2:00 p.m. (Central Dallas, Texas time) on the day any payment of principal or interest is received by Lender which sets forth the Loans against which such payment is to be applied. Any payment (or any payment received without a notice regarding application of such payment) received by Lender after such time will be deemed to have been made on the next following Business Day. Should any such payment become due and payable on a day other than a Business Day, the maturity of such payment shall be extended to the next succeeding Business Day, and, in the case of a payment of principal or past due interest, interest shall accrue and be payable thereon for the period of such extension as provided in the Loan Document under which such payment is due. Each payment under a Loan Document shall be payable at the place provided therein and, if no specific place of payment is provided, shall be payable at the place of payment of the Note. When Lender collects or receives money on account of the Obligations, Lender shall apply all such money so distributed, as follows: (a) first, for the payment of all Obligations which are then due, and if such money is insufficient to pay all such Obligations, (i) first to any reimbursements due Lender under Section 5.5, (ii) second, to the payment of the Loans then due, and (iii) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lender shall otherwise agree; (b) then for the prepayment of amounts owing under the Loan Documents if so specified by Borrower; (c) then for the prepayment of principal on the Note, together with accrued and unpaid interest on the principal so prepaid; and (d) last, for the payment or prepayment of any other Obligations. All payments applied to principal or interest on any Note shall be applied first to any interest then due and payable, then to principal then due and payable, and last to any prepayment of principal and interest.

Appears in 1 contract

Samples: Credit Agreement (Fieldstone Investment Corp)

Payments to Lender. All payments of interest Borrower will make each payment which it owes under the Loan Documents not later than 12:00 p.m., Eastern Standard Time or Eastern Daylight Time, whichever is applicable, on the Notedate such payment becomes due and payable, all payments in lawful money of principal, including any principal payment made with proceeds the United States of Mortgage Collateral, America and fees hereunder shall be made directly to Lender in federal or other immediately available funds before 1:00 pm (Central time) on the respective dates when due via by wire transfer of immediately available funds to the Settlement Accountsuch bank or place, or in such other manner, as Lender may from time to time designate. Borrower Payments shall send notice be made without any setoff, deduction or counterclaim whatsoever. Until otherwise designated in writing by Lender, payments shall be made by wire transfer to Lender before 1:00 p.m. (Central time) on the day any payment of principal or interest is received by Lender which sets forth the Loans against which such payment is to be applied[UBS Mortgage Finance, c/x Xxxxx Xxxxxxxxx Xxxx, Xxx Xxxx, Xxx Xxxx, XXX #021 000021 Account #100-0-00000]. Any payment (or any payment received without a notice regarding application of such payment) received by Lender after such time will be deemed to have been made on the next following Business Day. Should any such payment become due and payable on a day other than a Business Day, the maturity of such payment shall be extended to the next succeeding Business Day, and, in the case of a payment of principal or past due interest, interest shall accrue and be payable thereon for the period of such extension as provided in the Loan Document under which such payment is due. Each payment under a Loan Document shall be due and payable at the place provided therein and, if no specific place of payment is provided, shall be due and payable at the place of payment of the Note. When Lender collects or receives money If on account of the Obligations, Lender shall apply all such money so distributed, as follows: (a) first, for the payment of all Obligations any date on which are then due, and if such money is insufficient to pay all such Obligations, (i) first to any reimbursements due Lender under Section 5.5, (ii) second, to the payment of the Loans then due, and (iii) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lender shall otherwise agree; (b) then for the prepayment of amounts owing under the Loan Documents if so specified by Borrower; (c) then for the prepayment payments of principal and interest are due or past due on the Note, together with accrued and unpaid interest on Borrower pays less than the principal so prepaid; and (d) lastfull amount due thereunder, for the payment or prepayment of Lender may, in addition to any other Obligations. All payments applied rights or remedies provided herein, apply such money as it elects to principal or interest on any Note shall be applied first to any interest the Secured Indebtedness then due and payable, then to principal then due and payable, and last to . In the event any prepayment payment of principal or interest under this Agreement or the other Loan Documents is made directly by the holder of the Permitted Second Lien on behalf of Borrower (pursuant to Section 7.2 hereof) and interestnot by way of an advance by the holder of the Permitted Second Lien under the Credit Agreement, evidence detailing such payment shall be simultaneously delivered by the holder of the Permitted Second Lien to Lender with each payment.

Appears in 1 contract

Samples: Loan Agreement (Payless Cashways Inc)

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