Payments to Lenders. All payments of Interest on the Notes, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly to Agent for prompt distribution to the applicable Lenders to whom such payment is owed in federal or other Immediately Available Funds before 1:00 p.m. (Minneapolis, Minnesota time) on the respective dates when due via wire transfer to the Funding and Settlement Account. Any payment received by Agent 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 Notes. When Agent collects or receives money on account of the Obligations, Agent shall distribute the money so collected or received, and Agent and Lenders 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 Agent under Section 5.05, (ii) second to the payment of any Swingline Loans then outstanding, (iii) third to the payment of the Loans then due, and (iv) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lenders shall otherwise agree; (b) then for the prepayment of amounts owing under the Loan Documents if so specified by the Company; (c) then for the prepayment of principal on the Notes, 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. All distributions of amounts described in any of subsections (b), (c) or (d) above shall be made by Agent pro rata to Agent and each Lender then owed Obligations described in such subsection in proportion to all amounts owed all Lenders which are described in such subsection.
Appears in 2 contracts
Samples: Credit Agreement (Horton D R Inc /De/), Credit Agreement (Horton D R Inc /De/)
Payments to Lenders. All payments of Interest interest on the Notes, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly to Agent for prompt distribution to the applicable Lenders account of the Lender to whom such payment is owed in federal or other Immediately Available Funds immediately available funds before 1:00 p.m. pm (MinneapolisDallas, Minnesota Texas time) on the respective dates when due via wire transfer to the Funding and Settlement Account. Borrower shall send notice to Agent before 1:00 p.m. (Dallas, Texas time) on the day any payment of principal or interest is received by Agent 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 Agent 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 Notes. When Agent collects or receives money on account of the Obligations, Agent shall distribute the all money so collected or received, and Agent and Lenders 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 Agent under Section 5.05, (ii) second to Guaranty Federal for the payment of any Swingline outstanding Swing-Line Loans then outstandingdue if such Swing-Line Loans are of the type which Lenders are obligated to refund pursuant to Section 2.07(c) below, (iii) third if such payments are on account of the Tranche A Loans, to the payment of the Tranche A Loans then due, if such payments are on account of the Tranche B Loans, to the payment of the Tranche B Loans then due, if such payments are on account of the Tranche C Loans, to the Tranche C Loans then due, if such payments are on account of the Tranche D Loans, to the payment of the Tranche D Loans then due, (iv) fourth to Guaranty Federal for the payment of any outstanding Swing-Line Loans then due which are of the type which Lenders are not obligated to refund pursuant to Section 2.07(c) below, and (ivv) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lenders shall otherwise agree;
(b) then for the prepayment of amounts owing under the Loan Documents if so specified by the Company;
(c) then for the prepayment of principal on the Notes, 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. All distributions of amounts described in any of subsections (b), (c) or (d) above shall be made by Agent pro rata to Agent and each Lender then owed Obligations described in such subsection in proportion to all amounts owed all Lenders which are described in such subsection.
Appears in 1 contract
Samples: Credit Agreement (Nab Asset Corp)
Payments to Lenders. All payments of Interest on Borrower will make each payment which it owes under the Notes, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly Loan Documents to Agent for prompt distribution to the applicable Lenders account of the Lender to whom such payment is owed in federal or other Immediately Available Funds before 1:00 p.m. (Minneapolisowed. Each such payment must be received by Agent not later than 11:00 a.m., Minnesota Dallas, Texas time) , on the respective dates when date such payment becomes due via wire transfer to and payable, in lawful money of the Funding United States of America, without set-off, deduction or counterclaim, and Settlement Accountin immediately available funds. Any payment received by Agent after such time will be deemed to have been made on the next following Business Day. Should any such payment (other than a payment of interest on a Fixed Rate Loan which is addressed in the definition of "LIBOR Interest Period") 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 NotesAgent's Note. When Agent collects or receives money on account of the Obligations, Agent shall distribute the all money so collected or received, and Agent and Lenders shall apply all such money so distributedthey receive from Agent, as follows:
(a) first, for the payment of all Obligations (other than Hedging Obligations) which are then due, due (and if such money is insufficient to pay all such Obligations, (i) first to any reimbursements due Agent under Section 5.05, 5.1(i) or (iij) second to the payment of any Swingline Loans then outstanding, (iii) third to the payment of the Loans then due, and (iv) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lenders shall otherwise agree);
(b) then for the prepayment of amounts owing under the Loan Documents (other than principal on the Notes) if so specified by the CompanyBorrower;
(c) then for the prepayment of principal on the Notes, together with accrued and unpaid interest on the principal so prepaid; and;
(d) last, then for the payment or prepayment of any other Obligations (other than Hedging Obligations); and
(e) last, for the pro rata payment of any Hedging Obligations of Borrower to Lenders or other indebtedness secured by the Security Documents. All payments applied to principal or interest on any Note shall be applied first to any Interest interest then due and payable, then to principal then due and payable, and last to any prepayment of principal and interestinterest in compliance with Section 2.7. All distributions of amounts described in any of subsections (b), (c), (d) or (de) above shall be made by Agent pro rata to Agent and each Lender then owed Obligations described in such subsection in proportion to all amounts owed to Agent and all Lenders which are described in such subsection.
Appears in 1 contract
Payments to Lenders. All payments of Interest on Borrowers will make each payment which they owe under the Notes, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly Loan Documents to Agent for prompt distribution to the applicable Lenders account of the Lender to whom such payment is owed in federal or other Immediately Available Funds before 1:00 p.m. (Minneapolisowed. Each such payment must be received by Agent not later than 11:00 a.m. Dallas, Minnesota Texas time) , on the respective dates when date such payment becomes due via wire transfer to and payable, in lawful money of the Funding United States of America and Settlement Accountin immediately available funds. Any payment received by Agent after such time will be deemed to have been made on the next following Business Day. Agent will promptly remit each such payment to such Lender. 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 NotesAgent's office at NationsBank Plaza, 000 Xxxx Xxxxxx, Xxxxxx, Xxxxxx Xxxxxx, Xxxxx. When Agent collects or receives money on account of the Obligations, Agent shall distribute the all money so collected or received, and Agent and Lenders shall apply all such money so distributedthey receive from Agent, as follows:
(a) first, for to the payment of all Obligations which are then due, due (and if such money is insufficient to pay all such Obligations, (i) first to any reimbursements due Agent under Section 5.05, 5.1(i) or (iij) second to the payment of any Swingline Loans then outstanding, (iii) third to the payment of the Loans then due, and (iv) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lenders shall otherwise agree);
(b) then for to the prepayment of amounts owing under the Loan Documents (other than principal on the Notes) if so specified by the CompanyBorrower;
(c) then for to the prepayment of principal on the Notes, together with accrued and unpaid interest on the principal so prepaid; and
(d) last, for to 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. All distributions of amounts described in any of subsections (b), (c) or (d) above shall be made by Agent pro rata to Agent and each Lender then owed Obligations described in such subsection in proportion to all amounts owed all Lenders which are described in such subsection.
Appears in 1 contract
Payments to Lenders. All payments of Interest interest on the Notes, ------------------- all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly to Agent for prompt distribution to the applicable Lenders account of the Lender to whom such payment is owed in federal or other Immediately Available Funds immediately available funds before 1:00 p.m. pm (MinneapolisDallas, Minnesota Texas time) on the respective dates when due via wire transfer to the Funding and Settlement Account. Any payment received by Agent 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 Notes. When Agent collects or receives money on account of the Obligations, Agent shall distribute the all money so collected or received, and Agent and Lenders 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 Agent under Section 5.05, (ii) second to Guaranty Federal for the payment of any Swingline outstanding Swing-Line Loans then outstandingdue, (iii) third if such payments are on account of the Tranche A Loans, to the payment of the Tranche A Loans then due, or if such payments are on account of the Tranche B Loans, to the payment of the Tranche B Loans then due, and (iv) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lenders shall otherwise agree;
(b) then for the prepayment of amounts owing under the Loan Documents if so specified by the CompanyBorrower;
(c) then for the prepayment of principal on the Notes, 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 interest then due and payable, then to principal then due and payable, and last to any prepayment of principal and interest. All distributions of amounts described in any of subsections (b), (c) or (d) above shall be made by Agent pro rata to Agent and each Lender then owed Obligations described in such subsection in proportion to all amounts owed to all Lenders which are described in such subsection.
Appears in 1 contract
Samples: Credit Agreement (Nab Asset Corp)
Payments to Lenders. All payments of Interest on Borrower will make each payment which it owes under the Notes, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly Loan Documents to Agent for prompt distribution to the applicable Lenders account of the Lender to whom such payment is owed in federal or other Immediately Available Funds before 1:00 p.m. (Minneapolisowed. Each such payment must be received by Agent not later than 12:00 p.m., Minnesota Noon, New York, New York time) , on the respective dates when date such payment becomes due via wire transfer to and payable, in lawful money of the Funding United States of America and Settlement Accountin immediately available funds. Any payment received by Agent 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 due date 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 NotesAgent's Note. When Agent collects or receives money on account of the Obligations, Agent shall promptly distribute the all money so collected or received, and Agent and Lenders shall apply all such money so distributedthey receive from Agent, as follows:
(a) first, for the payment of all Obligations which are then due, due (and if such money is insufficient to pay all such Obligations, (i) first to any reimbursements due Agent under Section 5.05, 5.1(i) or (iij) second to the payment of any Swingline Loans then outstanding, (iii) third to the payment of the Loans then due, and (iv) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lenders shall otherwise agree);
(b) then for the prepayment of amounts owing under the Loan Documents (other than principal on the Notes) but only if so specified specifically requested by the CompanyBorrower;
(c) then for the prepayment of principal on the Notes, together with accrued and unpaid interest on the principal so prepaid; and
(d) last, after full repayment of the Notes, 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 interest then due and payable, then to principal then due and payable, and last to any prepayment of principal and interestinterest in compliance with Section 2.8. All distributions of amounts described in any of subsections (a) (unless for reimbursements due Agent under Section 5.1(i) or (j)), (b), (c) or (d) above shall be made by Agent pro rata to Agent and each Lender then owed Obligations described in such subsection in proportion to all amounts owed to Agent and all Lenders which are described in such subsection.
Appears in 1 contract
Samples: Credit Agreement (Forcenergy Inc)
Payments to Lenders. All payments of Interest on Borrower will make each payment which it owes under the Notes, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly Loan Documents to Administrative Agent for prompt distribution to the applicable Lenders account of Administrative Agent or the Lender to whom such payment is owed in federal or other Immediately Available Funds before 1:00 p.m. (Minneapolisowed. Each such payment must be received by Administrative Agent not later than 11:00 a.m., Minnesota Dallas, Texas time) , on the respective dates when date such payment becomes due via wire transfer to and payable, in lawful money of the Funding United States of America, without set-off, deduction or counterclaim, and Settlement Accountin immediately available funds. Any payment received by Administrative Agent 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 NotesAdministrative Agent's Note. When Administrative Agent collects or receives money on account of the Obligations, Administrative Agent shall distribute the all money so collected or received, and Lenders and Administrative Agent and Lenders shall apply all such money so distributed, as follows:
(a) first, for the payment of all Obligations which are then due, due (and if such money is insufficient to pay all such Obligations, (i) first to any reimbursements due Administrative Agent under Section 5.05, 5.1(i) or (iij) second to the payment of any Swingline Loans then outstanding, (iii) third to the payment of the Loans then due, and (iv) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Supermajority Lenders shall otherwise agree);
(b) then for the prepayment of amounts owing under the Loan Documents (other than principal on the Notes) if so specified by the CompanyBorrower;
(c) then for the prepayment of principal on the Notes, 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. All distributions of amounts described in any of subsections (b), (c) or (d) above shall be made by Agent pro rata to Agent and each Lender then owed Obligations described in such subsection in proportion to all amounts owed all Lenders which are described in such subsection.
Appears in 1 contract
Samples: Credit Agreement (Nuevo Energy Co)
Payments to Lenders. All payments of Interest on Borrower will make each payment which it owes under the Notes, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly Loan Documents to Administrative Agent for prompt distribution to the applicable Lenders account of the Lender to whom such payment is owed in federal or other Immediately Available Funds before 1:00 p.m. (Minneapolisowed. Each such payment must be received by Administrative Agent not later than 11:00 a.m., Minnesota Central time) , on the respective dates when date such payment becomes due via wire transfer to and payable, in lawful money of the Funding United States of America, without set-off, deduction or counterclaim, and Settlement Accountin immediately available funds. Any payment received by Administrative Agent 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 Notes. When Administrative Agent collects or receives money on account of the Obligations, Administrative Agent shall distribute the all money so collected or received, and Agent and Lenders shall apply all such money so distributedthey receive from Administrative Agent, as follows:
(a) first, for the payment of all Obligations which are then due, due (and if such money is insufficient to pay all such Obligations, (i) first to any reimbursements due Administrative Agent under Section 5.05, (ii6.1(i) second to the payment of any Swingline Loans then outstanding, (iii) third to the payment of the Loans then dueor 8.3 or Issuing Bank under Section 3.3(a), and (iv) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lenders shall otherwise agree);
(b) then for the prepayment of amounts owing under the Loan Documents (other than principal on the Notes) if so specified by the CompanyBorrower;
(c) then for the prepayment of principal on the Notes, together with accrued and unpaid interest on the principal so prepaid; and;
(d) lastthen, for the payment or prepayment of any other Obligations; and
(e) last, for the pro rata payment of any other indebtedness or obligations to Lenders secured by the Security Documents. All payments applied to principal or interest on any Note shall be applied first to any Interest interest then due and payable, then to principal then due and payable, and last to any prepayment of principal and interestinterest in compliance with Section 2.10. All distributions of amounts described in any of subsections (b), (c) or (d) above shall be made by Administrative Agent pro rata to Administrative Agent and each Lender then owed Obligations described in such subsection in proportion to all amounts owed to Administrative Agent and all Lenders which are described in such subsection; provided that if any Lender then owes payments to Issuing Bank for the purchase of a participation under Section 3.3(c) hereof, any amounts otherwise distributable under this section to such Lender shall be deemed to belong to Issuing Bank, to the extent of such unpaid payments, and Administrative Agent shall apply such amounts to make such unpaid payments rather than such amounts to such Lender.
Appears in 1 contract
Samples: 364 Day Credit Agreement (Spinnaker Exploration Co)
Payments to Lenders. All payments of Interest on the Notes, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly to Agent for prompt distribution to the applicable Lenders to whom such payment is owed in federal or other Immediately Available Funds immediately available funds before 1:00 p.m. (Minneapolis, Minnesota time) on the respective dates when due via wire transfer to the Funding and Settlement Collateral Account. Any payment received by Agent 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 Notes. When Agent collects or receives money on account of the Obligations, Agent shall distribute the money so collected or received, and Agent and Lenders 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 Agent under Section 5.05, (ii) second to the payment of any Swingline Loans then outstanding, (iii) third to the payment of the Loans then due, and (iv) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lenders shall otherwise agree;
(b) then for the prepayment of amounts owing under the Loan Documents if so specified by the CompanyBorrower;
(c) then for the prepayment of principal on the Notes, 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. All distributions of amounts described in any of subsections (b), (c) or (d) above shall be made by Agent pro rata to Agent and each Lender then owed Obligations described in such subsection in proportion to all amounts owed all Lenders which are described in such subsection.
Appears in 1 contract
Payments to Lenders. All payments of Interest The Debtors will pay all sums becoming due on the Notes, all payments of Loan for principal, including interest and other amounts to Lenders by the method and at the address specified for such purpose in Schedule 2, or by such other method or at such other address as a relevant Lender shall have from time to time specified to RMI in writing for such purpose, without the presentation or surrender of such Note or other Loan Documents or the making of any notation thereon, except that upon written request of RMI made concurrently with or reasonably promptly after payment or prepayment in full of the Loans, each holder of the Notes shall surrender its Note evidencing the Loans for cancellation, reasonably promptly after such request, to RMI at its principal executive office. Lenders hereby agree among themselves that if any of them shall, whether by voluntary or mandatory payment (other than a payment or prepayment of Loans made and applied in accordance with proceeds the terms of Mortgage Collateralthis Agreement), by realization upon security, through the exercise of any right of set-off or banker's lien, by counterclaim or cross action or by the enforcement of any right under the Loan Documents or otherwise, or as adequate protection of a deposit treated as cash collateral under the Bankruptcy Code, receive payment or reduction of a proportion of the aggregate amount of principal or interest then due and fees owing to that Lender hereunder shall be made directly or under the other Loan Documents (collectively, the "Aggregate Amounts Due" to Agent for prompt distribution such Lender) that is greater than the proportion received by any other Lender in respect of the Aggregate Amounts Due to such other Lender, then the applicable Lenders to whom Lender receiving such proportionately greater payment shall, unless such proportionately greater payment is required by the terms of this Agreement, (i) notify each other Lender of the receipt of such payment is owed in federal or other Immediately Available Funds before 1:00 p.m. and (Minneapolis, Minnesota timeii) on the respective dates when due via wire transfer apply a portion of such payment to the Funding and Settlement Account. Any payment received by Agent after such time will purchase assignments (which it shall be deemed to have been made on purchased from each seller of an assignment simultaneously upon the next following Business Day. Should any receipt by such payment become due and payable on a day other than a Business Day, the maturity seller of its portion of such payment payment) of the Aggregate Amounts Due to the other Lenders so that all such recoveries of Aggregate Amounts Due 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 Notes. When Agent collects or receives money on account of the Obligations, Agent shall distribute the money so collected or received, and Agent and shared by all Lenders 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 Agent under Section 5.05, (ii) second to the payment of any Swingline Loans then outstanding, (iii) third to the payment of the Loans then due, and (iv) then to the partial payment of all other Obligations then due in proportion to the amounts thereofAggregate Amounts Due to them; provided that (A) if all or part of such proportionately greater payment received by such purchasing Lender is thereafter recovered from such Lender upon the bankruptcy or reorganization of any Debtor or otherwise, or those purchases shall be rescinded and the purchase prices paid for such assignments shall be returned to such purchasing Lender ratably to the extent of such recovery, but without interest and (B) the foregoing provisions shall not apply to any payment obtained by a Lender as Lenders shall otherwise agree;
(b) then consideration for the prepayment assignment of amounts owing under or the Loan Documents if so specified by the Company;
(c) then for the prepayment sale of principal on the Notes, 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. All distributions of amounts described a participation in any of subsections its Obligations to any Person pursuant to Section 20. Each Debtor expressly consents to the foregoing arrangement and agrees that any purchaser of an assignment so purchased may exercise any and all rights of a Lender as to such assignment as fully as if that Lender had complied with the provisions of Section 20 with respect to such assignment. In order to further evidence such assignment (band without prejudice to the effectiveness of the assignment provisions set forth above), (c) or (d) above shall be made by Agent pro rata to Agent each purchasing Lender and each selling Lender then owed Obligations described agree to enter into an assignment agreement at the request of a selling Lender or a purchasing Lender, as the case may be, in form and substance reasonably satisfactory to each such subsection in proportion to all amounts owed all Lenders which are described in such subsectionLender.
Appears in 1 contract
Samples: Loan and Security Agreement (Primedex Health Systems Inc)
Payments to Lenders. All payments of Interest interest on the Notes, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly to Agent without condition or deduction for prompt distribution to any counterclaim, defense, recoupment, setoff, or withholding or deduction for taxes, for the applicable Lenders to whom such payment is owed pro-rata benefit of each Lender, in federal or other Immediately Available Funds immediately available funds before 1:00 p.m. 10:00 a.m. (Minneapolis, Minnesota Central time) on the respective dates when due via wire transfer to the Funding and Settlement Account. The Agent shall distribute such payments to the Lenders promptly upon receipt in like funds as received, and in any event before 3:00 p.m. on the day received. Borrower shall send notice to Agent before 10:00 a.m. (Central time) on the day any payment of principal or interest is received by Agent 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 Agent 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 Notes. When Prior to the occurrence of an Event of Default and the exercise of remedies by Agent, when Agent collects or receives money on account of the Obligations, Agent shall distribute the money so collected or received, and Agent and Lenders 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 Agent under Section 5.055.5 and to any fees due Agent under the Fee Letter;
(b) second, to any reimbursements due Lenders under Section 5.5;
(iic) second third, prior to the payment a Default or Event of any Swingline Loans then outstandingDefault, (iii) third to the payment of the Loans then due, and (iv) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lenders shall otherwise agreedirected by Borrower;
(bd) then for the prepayment of amounts owing under the Loan Documents if so specified by the Company;
(c) then for fourth, to the prepayment of principal on the Notes, together with accrued and unpaid interest on the principal so prepaid; and
(de) last, for to the payment or prepayment of any other Obligations, and the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required by law. All payments applied to principal or interest on any Note shall be applied first to any Interest interest then due and payable, then to principal then due and payable, and last to any prepayment of principal and interest. All distributions of amounts described in any of subsections (b), (c) or (d) above shall be made by Agent pro rata to Agent and each Lender then owed Obligations described in such subsection in proportion to all amounts owed all Lenders which are described in such subsectionprincipal.
Appears in 1 contract
Payments to Lenders. All payments of Interest on Borrower will make each payment which ------------------- it owes under the Notes, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly Loan Documents to Administrative Agent for prompt distribution to the applicable Lenders account of Administrative Agent or the Lender to whom such payment is owed in federal or other Immediately Available Funds before 1:00 p.m. (Minneapolisowed. Each such payment must be received by Administrative Agent not later than 11:00 a.m., Minnesota Dallas, Texas time) , on the respective dates when date such payment becomes due via wire transfer to and payable, in lawful money of the Funding United States of America, without set-off, deduction or counterclaim, and Settlement Accountin immediately available funds. Any payment received by Administrative Agent 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 NotesAdministrative Agent's Note. When Administrative Agent collects or receives money on account of the ObligationsObligations or otherwise pursuant to the Security Documents, Administrative Agent shall distribute the all money so collected or received, and Lenders and Administrative Agent and Lenders shall apply all such money so distributed, as follows:
(a) first, for the payment of all Obligations which are then due, due (and if such money is insufficient to pay all such Obligations, (i) first to any reimbursements due Administrative Agent under Section 5.05, 5.1(i) or (iij) second to the payment of any Swingline Loans then outstanding, (iii) third to the payment of the Loans then due, and (iv) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Supermajority Lenders shall otherwise agree);
(b) then for the prepayment of amounts owing under the Loan Documents (other than principal on the Notes) if so specified by the CompanyBorrower;
(c) then for the prepayment of principal on the Notes, together with accrued and unpaid interest on the principal so prepaid; and
(d) lastthen, for the payment or prepayment of any other Obligations. All payments applied ; and
(e) then, to principal or interest on any Note shall be applied first the extent such money received is pursuant to any Interest then due and payablethe exercise of remedies under the Security Documents only, then to principal then due and payable, and last to any prepayment of principal and interest. All distributions of amounts described in any of subsections (b), (c) or (d) above shall be made by Agent for the pro rata payment of any other indebtedness or obligations to Agent Lenders secured by the Security Documents, including without limitation any indebtedness or obligations under any Derivative Contracts between any Related Person and each Lender then owed Obligations described in such subsection in proportion any Lender; and
(f) the remainder, if any, to all amounts owed all Lenders which are described in such subsection.Borrower..
Appears in 1 contract
Samples: Credit Agreement (Nuevo Energy Co)
Payments to Lenders. All payments of Interest interest on the Notes, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly to Agent without condition or deduction for prompt distribution to any counterclaim, defense, recoupment, setoff, or withholding or deduction for taxes, for the applicable Lenders to whom such payment is owed pro-rata benefit of each Lender, in federal or other Immediately Available Funds immediately available funds before 1:00 p.m. (Minneapolis, Minnesota Central time) on the respective dates when due via wire transfer to the Funding and Settlement Account. The Agent shall distribute such payments to the Lenders promptly upon receipt in like funds as received, and in any event before 3:00 p.m. (Central time) on the day received. Borrower shall send notice to Agent before 1:00 p.m. (Central time) on the day any payment of principal or interest is received by Agent 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 Agent 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 Notes. When Prior to the occurrence of an Event of Default and the exercise of remedies by Agent, when Agent collects or receives money on account of the Obligations, Agent shall distribute the money so collected or received, and Agent and Lenders 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 Agent under Section 5.055.5 and to any fees due Agent under the Fee Letter; second, (ii) second to the payment any reimbursements due Lenders under Section 5.5; third, prior to a Default or Event of any Swingline Loans then outstandingDefault, (iii) third to the payment of the Loans then due, and (iv) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lenders shall otherwise agreedirected by Borrower;
(b) then for the prepayment of amounts owing under the Loan Documents if so specified by the Company;
(c) then for the prepayment of principal on the Notes, 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. All distributions of amounts described in any of subsections (b), (c) or (d) above shall be made by Agent pro rata to Agent and each Lender then owed Obligations described in such subsection in proportion to all amounts owed all Lenders which are described in such subsection.
Appears in 1 contract
Payments to Lenders. All payments of Interest on Borrower will make each payment which it owes under the Notes, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly Loan Documents to Administrative Agent for prompt distribution to the applicable Lenders account of Administrative Agent or the Lender to whom such payment is owed in federal or other Immediately Available Funds before 1:00 p.m. (Minneapolisowed. Each such payment must be received by Administrative Agent not later than 11:00 a.m., Minnesota Dallas, Texas time) , on the respective dates when date such payment becomes due via wire transfer to and payable, in lawful money of the Funding United States of America, without set-off, deduction or counterclaim, and Settlement Accountin immediately available funds. Any payment received by Administrative Agent 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 NotesAdministrative Agent's Note. When Administrative Agent collects or receives money on account of the ObligationsObligations or otherwise pursuant to the Security Documents, Administrative Agent shall distribute the all money so collected or received, and Lenders and Administrative Agent and Lenders shall apply all such money so distributed, as follows:
(a) first, for the payment of all Obligations which are then due, due (and if such money is insufficient to pay all such Obligations, (i) first to any reimbursements due Administrative Agent under Section 5.05, 5.1(i) or (iij) second to the payment of any Swingline Loans then outstanding, (iii) third to the payment of the Loans then due, and (iv) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Supermajority Lenders shall otherwise agree);
(b) then for the prepayment of amounts owing under the Loan Documents (other than principal on the Notes) if so specified by the CompanyBorrower;
(c) then for the prepayment of principal on the Notes, together with accrued and unpaid interest on the principal so prepaid; and
(d) lastthen, for the payment or prepayment of any other Obligations. All payments applied ; and
(e) then, to principal or interest on any Note shall be applied first the extent such money received is pursuant to any Interest then due and payablethe exercise of remedies under the Security Documents only, then to principal then due and payable, and last to any prepayment of principal and interest. All distributions of amounts described in any of subsections (b), (c) or (d) above shall be made by Agent for the pro rata payment of any other indebtedness or obligations to Agent Lenders secured by the Security Documents, including without limitation any indebtedness or obligations under any Derivative Contracts between any Related Person and each Lender then owed Obligations described in such subsection in proportion any Lender; and
(f) the remainder, if any, to all amounts owed all Lenders which are described in such subsectionBorrower.
Appears in 1 contract
Samples: Credit Agreement (Nuevo Energy Co)
Payments to Lenders. All payments of Interest on the Notes, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly to Agent for prompt distribution to the applicable Lenders to whom such payment is owed in federal or other Immediately Available Funds before 1:00 p.m. (Minneapolis, Minnesota time) on the respective dates when due via wire transfer to the Funding and Settlement Account. Any payment received by Agent 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 Notes. When Agent collects or receives money on account of the Obligations, Agent shall distribute the money so collected or received, and Agent and Lenders shall apply all such money so distributed, as follows:
(a) first, for Until the prior payment in full in cash or termination of all commitments to lend or otherwise advance credit of all Senior Debt Guaranty Obligations which are then dueand all Existing Senior Debt, and if such money is insufficient to pay all such Obligations, the Borrower shall not make any optional prepayment (i) first to any reimbursements due Agent under Section 5.05, (ii) second to other than the payment of any Swingline Loans then outstanding, (iii) third to the payment conversion of the Loans then due, and (ivinto Equity Interests) then to any Lender upon or in respect of the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lenders shall otherwise agree;Loans.
(b) then for In the prepayment event and during the continuation of amounts owing any default in the payment of principal of, premium, if any, or interest on or any other payment due under Senior Debt Guaranty Obligations or the Loan Documents if so specified Existing Senior Debt, then, unless and until such default shall have been cured or waived, no payment or distribution shall be made by or on behalf of the Company;Borrower with respect to the principal of or interest or any other payment due on or with respect to the Loans.
(c) then for In the prepayment event and during the continuation of principal on the Notesany default (other than a default of any payment due) with respect to Senior Debt Guaranty Obligations or Existing Senior Debt, together with accrued then, unless and unpaid interest on the principal so prepaid; and
(d) lastuntil such default shall have been cured or waived, for the no 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. All distributions of amounts described in any of subsections (b), (c) or (d) above distribution shall be made by or on behalf of the Borrower with respect to the principal of or premium, if any, interest or any other payment due on or with respect to the Loans, if written notice of such default shall have been given to the Borrower by an Agent, during the period commencing on the date on which such notice is received by the Borrower and ending on the earlier to occur of (a) the 179th day thereafter or (b) the day on which such default is cured or waived; provided, however, that this sentence shall not prohibit any payment due on the Loans for more than 179 days in any 365-day period and provided, further, that no default that once formed the basis for any such notice by an Agent pro rata shall form the basis of any subsequent notice under this paragraph. For purposes of the preceding sentence, "default" shall mean any default or failure to Agent and each Lender then owed observe or perform any provision of the Senior Debt Guaranty, other Senior Debt Guaranty Obligations described in such subsection in proportion or the Existing Senior Debt after the giving of notice, the expiration of any grace periods, or both, so that the Senior Lenders are entitled to all amounts owed all Lenders which are described in such subsectionaccelerate the maturity thereof.
Appears in 1 contract
Samples: Senior Subordinated Loan Agreement (Avista Capital Partners, L.P.)
Payments to Lenders. All payments Borrower will make each payment which ------------------- it owes under the Loan Documents (whether under any of Interest on the NotesSections 2.6, all payments of principal2.7, including any principal payment made with proceeds of Mortgage Collateral3.2, and fees hereunder shall be made directly or otherwise) to Agent for prompt distribution to the applicable Lenders account of Lender to whom such payment is owed not later than noon, Dallas time, in federal or other Immediately Available Funds before 1:00 p.m. (Minneapolis, Minnesota time) on lawful money of the respective dates when due via wire transfer to the Funding United States of America and Settlement Accountin immediately available funds. Any payment received by Agent 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 Notes. When Agent collects or receives money on account of the Obligations, Agent shall distribute the all money so collected or received, and Agent and Lenders shall apply all such money so distributed, as follows:
(a) first, for the payment of all Obligations other than Swap Obligations (as defined below) which are then due, and if such money is insufficient to pay all such Obligations, (i) first to any reimbursements due Agent or any Lender under Section 5.05, (ii6.1(i) second to the payment of any Swingline Loans then outstanding, (iii) third to the payment of the Loans then due, or 9.11 and (iv) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lenders shall otherwise agree;
(b) then for the prepayment of amounts owing under the Loan Documents (other than Swap Obligations and principal on the Notes) if so specified by the CompanyBorrower;
(c) then for the prepayment of principal on the Notes, 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. All distributions of amounts described in any of subsections (b), (c) or (d) above shall be made by Agent pro rata to Agent and each Lender then owed Obligations described in such subsection in proportion to all amounts owed all Lenders which are described in such subsection.
Appears in 1 contract
Payments to Lenders. All payments of Interest interest on the Notes, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly to Agent for prompt distribution to the applicable Lenders account of the Lender to whom such payment is owed in federal or other Immediately Available Funds immediately available funds before 1:00 p.m. pm (MinneapolisHouston, Minnesota Texas time) on the respective dates when due via wire transfer to the Funding and Settlement Account. Borrower shall send notice to Agent before 1:00 p.m. (Houston, Texas time) on the day any payment of principal or interest is received by Agent 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 Agent 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 Notes. When Agent collects or receives money on account of the Obligationsobligations, Agent shall distribute the all money so collected or received, and Agent and Lenders 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 Agent under Section 5.05, (ii) second to Bank United for the payment of any Swingline outstanding Swing-Line Loans then outstandingdue if such Swing-Line Loans are of the type which Lenders are obligated to refund pursuant to Section 2.07(c) below, (iii) third if such payments are on account of the Tranche A Loans, to the payment of the Tranche A Loans then due, if such payments are on account of the Tranche B Loans, to the payment of the Tranche B Loans then due, if such payments are on account of the Tranche C Loans, to the Tranche C Loans then due, if such payments are on account of the Tranche D Loans, to the payment of the Tranche D Loans then due, (iv) fourth to Bank United for the payment of any outstanding Swing-Line Loans then due which are of the type which Lenders are not obligated to refund pursuant to Section 2.07(c) below, and (ivv) then to the partial payment of all other Obligations obligations then due in proportion to the amounts thereof, or as Lenders shall otherwise agree;
(b) then for the prepayment of amounts owing under the Loan Documents if so specified by the CompanyBorrower;
(c) then for the prepayment of principal on the Notes, together with accrued and unpaid interest on the principal so prepaid; and
(d) last, for the payment or prepayment of any other Obligationsobligations. All payments applied to principal or interest on any Note shall be applied first to any Interest interest then due and payable, then to principal then due and payable, and last to any prepayment of principal and interest. All distributions of amounts described in any of subsections (b), (c) or (d) above shall be made by Agent pro rata to Agent and each Lender then owed Obligations obligations described in such subsection in proportion to all amounts owed to all Lenders which are described in such subsection.
Appears in 1 contract
Samples: Credit Agreement (Nab Asset Corp)
Payments to Lenders. All payments of Interest on Borrower will make each payment which it owes under the Notes, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly Loan Documents to Agent for prompt distribution to the applicable Lenders account of the Lender to whom such payment is owed in federal or other Immediately Available Funds before 1:00 p.m. (Minneapolisowed. Each such payment must be received by Agent not later than 12:00 p.m., Minnesota Noon, New York, New York time) , on the respective dates when date such payment becomes due via wire transfer to and payable, in lawful money of the Funding United States of America and Settlement Accountin immediately available funds. Any payment received by Agent 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 due date 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 payable at the place of payment of the Notes. When Agent collects or receives money on account of the Obligations, Agent shall distribute the money so collected or received, and Agent and Lenders shall apply all such money so distributed, as follows:,
(a) first, for the payment of all Obligations which are then due, due (and if such money is insufficient to pay all such Obligations, (i) first to any reimbursements due Agent under Section 5.05, 5.1(i) or (iij) second to the payment of any Swingline Loans then outstanding, (iii) third to the payment of the Loans then due, and (iv) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lenders shall otherwise agree);
(b) then for the prepayment of amounts owing under the Loan Documents (other than principal on the Notes) but only if so specified specifically requested by the CompanyBorrower;
(c) then for the prepayment of principal on the Notes, together with accrued and unpaid interest on the principal so prepaid; and
(d) last, after full repayment of the Notes, 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 interest then due and payable, then to principal then due and payable, and last to any prepayment of principal and interestinterest in compliance with Section 2.8. All distributions of amounts described in any of subsections (a) (unless for reimbursements due Agent under Section 5.1(i) or (j)), (b), (c) or (d) above shall be made by Agent pro rata to Agent and each Lender then owed Obligations described in such subsection in proportion to all amounts owed to Agent and all Lenders which are described in such subsection.
Appears in 1 contract
Samples: Credit Agreement (Forcenergy Inc)
Payments to Lenders. All payments (a) Until the prior payment in full in cash or termination of Interest all commitments to lend or otherwise advance credit of all Senior Debt Guaranty Obligations and all Existing Senior Debt, the Borrower shall not make any optional prepayment (other than the conversion of the Loans into Equity Interests) to any Lender upon or in respect of the Loans.
(b) In the event and during the continuation of any default in the payment of principal of, premium, if any, or interest on or any other payment due under Senior Debt Guaranty Obligations or the NotesExisting Senior Debt, all payments of principalthen, including any principal unless and until such default shall have been cured or waived, no payment made with proceeds of Mortgage Collateral, and fees hereunder or distribution shall be made directly to Agent for prompt distribution by or on behalf of the Borrower with respect to the applicable Lenders to whom such principal of or interest or any other payment is owed in federal due on or other Immediately Available Funds before 1:00 p.m. (Minneapolis, Minnesota time) on the respective dates when due via wire transfer with respect to the Funding Loans.
(c) In the event and Settlement Account. Any payment received by Agent after such time will be deemed to have been made on during the next following Business Day. Should continuation of any such payment become due and payable on a day default (other than a Business Daydefault of any payment due) with respect to Senior Debt Guaranty Obligations or Existing Senior Debt, then, unless and until such default shall have been cured or waived, no payment or distribution shall be made by or on behalf of the Borrower with respect to the principal of or premium, if any, interest or any other payment due on or with respect to the Loans, if written notice of such default shall have been given to the Borrower by an Agent, during the period commencing on the date on which such notice is received by the Borrower and ending on the earlier to occur of (a) the 179th day thereafter or (b) the day on which such default is cured or waived; provided, however, that this sentence shall not prohibit any payment due on the Loans for more than 179 days in any 365-day period and provided, further, that no default that once formed the basis for any such notice by an Agent shall form the basis of any subsequent notice under this paragraph. For purposes of the preceding sentence, “default” shall mean any default or failure to observe or perform any provision of the Senior Debt Guaranty, other Senior Debt Guaranty Obligations or the Existing Senior Debt after the giving of notice, the expiration of any grace periods, or both, so that the Senior Lenders are entitled to accelerate the maturity thereof.
(d) Upon any payment by the Borrower, or distribution of such payment assets or securities of the Borrower of any kind or character, whether in cash, property or securities, to creditors upon any dissolution, winding-up, total or partial liquidation or reorganization of the Borrower or its property, whether voluntary or involuntary, or any assignment for the benefit of creditors or any marshaling of assets and liabilities, or in bankruptcy, insolvency, receivership or other proceedings, all amounts due or to become due with respect to all Senior Debt Guaranty Obligations and all Existing Senior Debt first shall be extended paid in full in cash, or payment thereof provided for in cash in accordance with its terms, before any payment is made on account of the principal of or interest or any other amount due on or with respect to the next succeeding Business DayLoans; and upon any such dissolution, andwinding-up, liquidation, reorganization, assignment, marshaling or proceedings:
(i) the Senior Lenders shall be entitled to receive payment in full in cash of all Senior Debt Guaranty Obligations and all Existing Senior Debt before the case of a Lenders and the Lenders shall be entitled to receive any payment of principal or past due interestinterest on or other amounts payable with respect to the Loans; and
(ii) any payment by the Borrower, interest shall accrue and or distribution of assets or securities of the Borrower of any kind or character, whether in cash, property or securities, to which the Lenders would be payable thereon entitled except for the period provisions 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 providedthis Article VIII, shall be payable at paid by the place Borrower or by any custodian, agent or other Person making such payment or distribution, or by any Lender, any paying agent or any depositary if received by it, directly to the Senior Lenders or their representative or representatives, as their respective interests may appear, to the extent necessary to pay all such Senior Debt Guaranty Obligations or Existing Senior Debt, as the case may be, in full in cash, after giving effect to any concurrent payment or distribution to or for the Senior Lenders.
(e) In the event that, notwithstanding the foregoing, any payment by or distribution of payment assets or securities of the Notes. When Agent collects Borrower of any kind or receives money on account of character, whether in cash, property or securities, prohibited by the Obligationsforegoing, Agent shall distribute be received by the money so collected or received, and Agent and Lenders shall apply before all such money so distributedSenior Debt Guaranty Obligations or Existing Senior Debt, as follows:
(a) firstthe case may be, is paid in full in cash, such payment or distribution shall be held in trust for the benefit of and shall be paid over or delivered to the Senior Lenders or their representative or representatives, as their respective interests may appear, for application to the payment of all such Senior Debt Guaranty Obligations which are then due, and if such money is insufficient or Existing Senior Debt remaining unpaid to the extent necessary to pay all such ObligationsSenior Debt Guaranty Obligations or Existing Senior Debt in full in cash in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the benefit of the Senior Lenders.
(f) The consolidation of the Borrower with or the merger of the Borrower into another corporation, or the liquidation or dissolution of the Borrower following the conveyance or transfer of its property or assets as an entirety or substantially as an entirety to another corporation shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section 8.02 if such other corporation, as a part of such consolidation, merger, conveyance or transfer, shall comply with the following conditions stated below:
(i) first the Borrower is the surviving entity or the Person formed by or surviving any such consolidation or merger (if other than the Borrower) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is an entity organized or existing under the laws of the United States, any reimbursements due Agent under Section 5.05, state thereof or the District of Columbia;
(ii) second the Person formed by or surviving any such consolidation or merger (if other than the Borrower) or the Person to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made assumes all the payment of any Swingline Loans then outstanding, (iii) third to the payment obligations of the Loans then due, and (iv) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lenders shall otherwise agree;
(b) then for the prepayment of amounts owing Borrower under the Loan Documents if so specified by the Company;
(c) then for the prepayment of principal on the Notes, together with accrued and unpaid interest on the principal so prepaidLoans; and
(diii) lastimmediately after such transaction no Event of Default exists.
(g) The Senior Lenders, at any time and from time to time, without the consent of or notice to the Lenders, without incurring responsibility to the Lenders and without impairing or releasing the obligations of the Lenders hereunder to the Senior Lenders, may: (i) change the manner, place or terms of payment or change or extend the time of payment of, or renew or alter, the Senior Debt Guaranty Obligations or the Existing Senior Debt, or otherwise amend in any manner Senior Debt Guaranty Obligations, the Existing Senior Debt or any instrument evidencing the same or any agreement under which the Senior Debt Guaranty Obligations are outstanding; provided, however, that (A) Senior Debt Guaranty Obligations for the purposes of this Agreement shall not exceed the principal amount of $100 million in the aggregate, which cap shall be decreased by an amount equal to the aggregate re-payments of term loans and the permanent reduction in other loans or commitments under the Senior Credit Agreement and (B) the Existing Senior Debt for the purposes of this Agreement shall not exceed the principal amount of $12 million in the aggregate, which cap shall be decreased by an amount equal to the permanent reduction in other loans or commitments under the Existing Credit Agreement; (ii) release any Person liable in any manner for the collection or payment of the Senior Debt Guaranty Obligations or prepayment of Existing Senior Debt; and (iii) exercise or refrain from exercising any rights against the Borrower or any other Obligations. All payments applied Person.
(h) For purposes of this Article VIII, “payment” of or with respect to principal the Loans includes any payment, redemption, acquisition, deposit, segregation, retirement, sinking fund payment and defeasance of or interest on any Note shall be applied first with respect to any Interest then due and payable, then to principal then due and payable, and last to any prepayment of principal and interest. All distributions of amounts described in any of subsections (b), (c) or (d) above shall be made by Agent pro rata to Agent and each Lender then owed Obligations described in such subsection in proportion to all amounts owed all Lenders which are described in such subsectionthe Loans.
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Samples: Senior Subordinated Loan Agreement (Geokinetics Inc)
Payments to Lenders. All payments of Interest Borrower will make each payment which it owes to the Lenders under the Loan Documents not later than noon, New York, New York time, on the Notesdate such payment becomes due and payable, all payments in lawful money of principalthe United States of America, including any principal payment made with proceeds of Mortgage Collateralwithout set-off, deduction or counterclaim, and fees hereunder shall in immediately available funds, such payments to be made directly to Administrative Agent for prompt distribution to the applicable Lenders account of the Lender to whom such payment is owed in federal or other Immediately Available Funds before 1:00 p.m. (Minneapolis, Minnesota time) on the respective dates when due via wire transfer to the Funding and Settlement Accountowed. Any payment received by Administrative Agent after such time will be deemed to have been made on the next following Business Day. Should Except as provided in clause (a) of the definition of "Interest Period", 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 to a Lender or the Administrative Agent 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 NotesAdministrative Agent's Note. When Administrative Agent collects or receives money on account of the ObligationsObligations owed to the Lenders that is insufficient to pay all Obligations owed to the Lenders then due and payable, Administrative Agent shall distribute the all money so collected or received, and Agent and Lenders each Lender shall apply all such money so distributed, as follows:
(a) first, for the payment of all Obligations owed to the Lenders which are then due, due (and if such money is insufficient to pay all such Obligations, (i) first to any reimbursements due Administrative Agent under Section 5.05, (ii5.1(c) second to the payment of any Swingline Loans then outstanding, (iiior 5.1(d) third to the payment of the Loans then due, and (iv) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lenders shall otherwise agree);
(b) then for the prepayment of amounts owing under the Loan Documents (other than principal on the Notes) if so specified by the CompanyBorrower;
(c) then for the prepayment of principal on the Notes, 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 Obligations owed 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. All distributions of amounts described in any of subsections (b), (c) or (d) above shall be made by Agent pro rata to Agent and each Lender then owed Obligations described in such subsection in proportion to all amounts owed all Lenders which are described in such subsectionthe Lenders.
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Payments to Lenders. All payments of Interest on Borrower will make each payment which it owes under the Notes, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly Loan Documents to Agent for prompt distribution to the applicable Lenders account of the Under to whom such payment is owed in federal or other Immediately Available Funds before 1:00 p.m. (Minneapolisowed. Each such payment must be received by Agent not later a= I 1: 00 a.m., Minnesota Dallas, Texas time) , on the respective dates when date such payment becomes due via wire transfer to and payable, in lawful money of the Funding United States of America, without set-off, deduction or counterclaim, and Settlement Accountin immediately available funds. Any payment received by Agent after such time will be deemed to have been made on the next following Business Day. Should any such payment (other than a payment of interest on a Fixed Rate Portion which is addressed in the definition of "LIBOR Interest Period") 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 NotesAgent's Note. When Agent collects or receives money on account of the Obligations, Agent shall distribute the all money so collected or received, and Agent and Lenders shall apply all such money so distributedthey receive from Agent, as follows:
(a) first, for the payment of all Obligations which are then due, due (and if such money is insufficient to pay all such Obligations, (i) first to any reimbursements due Agent under Section 5.05, 5. 1 (iii) second to the payment of any Swingline Loans then outstanding, (iiior 0) third to the payment of the Loans then due, and (iv) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lenders shall otherwise agree);
(b) then for the prepayment of amounts owing under the Loan Documents (other than principal on the Notes) if so specified by the CompanyBorrower;
(c) then for the prepayment of principal on the Notes, together with accrued and unpaid interest on the principal so prepaid; and;
(d) last, then for the payment or prepayment of any other Obligations; and
(e) last, for the pro rata payment of any obligations of Borrower to Lenders relating to any hedging arrangements or other indebtedness secured by the Security Documents. All payments applied to principal or interest on any Note shall be applied first to any Interest interest then due and payable, then to principal then due and payable, and last to any prepayment of principal and interestinterest in compliance with Section 2.7. All distributions of amounts described in any of subsections (b), (c), (d) or (de) above shall be made by Agent pro rata to Agent and each Lender then owed Obligations described in such subsection in proportion to all amounts owed to Agent and all Lenders which are described in such subsection.
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Payments to Lenders. All payments of Interest on Borrower will make each payment which it owes under the Notes, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly Loan Documents to Agent for prompt distribution to the applicable Lenders account of the Lender to whom such payment is owed in federal or other Immediately Available Funds before 1:00 p.m. (Minneapolisowed. Each such payment must be received by Agent not later than 11:00 a.m. Dallas, Minnesota Texas time) , on the respective dates when date such payment becomes due via wire transfer to and payable, in lawful money of the Funding United States of America and Settlement Accountin immediately available funds. Any payment received by Agent after such time will be deemed to have been made on the next following Business Day. Agent will promptly remit each such payment to such Lender. 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 NotesAgent's office at NationsBank Plaza, 000 Xxxx Xxxxxx, Xxxxxx, Xxxxxx Xxxxxx, Xxxxx. When Agent collects or receives money on account of the Obligations, Agent shall distribute the all money so collected or received, and Agent and Lenders shall apply all such money so distributedthey receive from Agent, as follows:
(a) first, for to the payment of all Obligations which are then due, due (and if such money is insufficient to pay all such Obligations, (i) first to any reimbursements due Agent under Section 5.05, 5.1(i) or (iij) second to the payment of any Swingline Loans then outstanding, (iii) third to the payment of the Loans then due, and (iv) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lenders shall otherwise agree);
(b) then for to the prepayment of amounts owing under the Loan Documents (other than principal on the Notes) if so specified by the CompanyBorrower;
(c) then for to the prepayment of principal on the Notes, together with accrued and unpaid interest on the principal so prepaid; and
(d) last, for to 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. All distributions of amounts described in any of subsections (b), (c) or (d) above shall be made by Agent pro rata to Agent and each Lender then owed Obligations described in such subsection in proportion to all amounts owed all Lenders which are described in such subsection.
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Payments to Lenders. All payments of Interest on Borrower will make each payment ------------------- which it owes under the Notes, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly Loan Documents to Administrative Agent for prompt distribution to the applicable Lenders account of the Lender to whom such payment is owed in federal or other Immediately Available Funds before 1:00 p.m. (Minneapolisowed. Each such payment must be received by Administrative Agent not later than 11:00 a.m., Minnesota Central time) , on the respective dates when date such payment becomes due via wire transfer to and payable, in lawful money of the Funding United States of America, without set-off, deduction or counterclaim, and Settlement Accountin immediately available funds. Any payment received by Administrative Agent 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 Notes. When Administrative Agent collects or receives money on account of the Obligations, Administrative Agent shall distribute the all money so collected or received, and Agent and Lenders shall apply all such money so distributedthey receive from Administrative Agent, as follows:
(a) first, for the payment of all Obligations which are then due, due (and if such money is insufficient to pay all such Obligations, (i) first to any reimbursements due Administrative Agent under Section 5.05, (ii6.1(i) second to the payment of any Swingline Loans then outstanding, (iii) third to the payment of the Loans then dueor 8.3 or Issuing Bank under Section 3.3(a), and (iv) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lenders shall otherwise agree);
(b) then for the prepayment of amounts owing under the Loan Documents (other than principal on the Notes) if so specified by the CompanyBorrower;
(c) then for the prepayment of principal on the Notes, together with accrued and unpaid interest on the principal so prepaid; and;
(d) lastthen, for the payment or prepayment of any other Obligations; and
(e) last, for the pro rata payment of any other indebtedness or obligations to Lenders secured by the Security Documents. All payments applied to principal or interest on any Note shall be applied first to any Interest interest then due and payable, then to principal then due and payable, and last to any prepayment of principal and interestinterest in compliance with Section 2.10. All distributions of amounts described in any of subsections (b), (c) or (d) above shall be made by Administrative Agent pro rata to Administrative Agent and each Lender then owed Obligations described in such subsection in proportion to all amounts owed to Administrative Agent and all Lenders which are described in such subsection; provided that if any Lender then owes payments to Issuing Bank for the purchase of a participation under Section 3.3(c) hereof, any amounts otherwise distributable under this section to such Lender shall be deemed to belong to Issuing Bank, to the extent of such unpaid payments, and Administrative Agent shall apply such amounts to make such unpaid payments rather than such amounts to such Lender.
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Payments to Lenders. All payments of Interest on Borrower will make each payment that it owes under the Notes, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly Loan Documents to Administrative Agent for prompt distribution to the applicable Lenders account of the Lender to whom such payment is owed in federal or other Immediately Available Funds before 1:00 p.m. (Minneapolisowed. Each such payment must be received by Administrative Agent not later than 11:00 a.m., Minnesota Central time) , on the respective dates when date such payment becomes due via wire transfer to and payable, in lawful money of the Funding United States of America, without set-off, deduction or counterclaim, and Settlement Accountin immediately available funds. Any payment received by Administrative Agent 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 Notes. When Administrative Agent collects or receives money on account of the Obligations, including as a result of the enforcement of any remedies hereunder or under any Security Document, Administrative Agent shall distribute the all money so collected or received, and Agent and Lenders shall apply all such money so distributedthey receive from Administrative Agent, as follows:
(a) first, for the payment of all Obligations which are then due, due (and if such money is insufficient to pay all such Obligations, (i) first to any reimbursements due Administrative Agent or any trustee for reimbursement of expenses incurred as a result of the enforcement of any Security Document (including the Mortgage) under Sections 6.1(i) or 8.3 or Issuing Bank under Section 5.05, (ii) second to the payment of any Swingline Loans then outstanding, (iii) third to the payment of the Loans then due3.3(a), and (iv) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lenders shall otherwise agree);
(b) then for the prepayment of amounts owing under the Loan Documents (other than principal on the Notes) if so specified by the CompanyBorrower;
(c) then for the prepayment of principal on the Notes, together with accrued and unpaid interest on the principal so prepaid; and
(d) last, then 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 interest then due and payable, then to principal then due and payable, and last to any prepayment of principal and interestinterest in compliance with Section 2.10. All distributions of amounts described in any of subsections (b), (c) or (d) above shall be made by Administrative Agent pro rata to Administrative Agent and each Lender then owed Obligations described in such subsection in proportion to all amounts owed to Administrative Agent and all Lenders which are described in such subsection; provided that if any Lender then owes payments to Issuing Bank for the purchase of a participation under Section 3.3(c) hereof, any amounts otherwise distributable under this section to such Lender shall be deemed to belong to Issuing Bank, to the extent of such unpaid payments, and Administrative Agent shall apply such amounts to make such unpaid payments rather than such amounts to such Lender.
Appears in 1 contract
Payments to Lenders. All payments of Interest on Borrower will make each payment which ------------------- it owes under the Notes, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly Loan Documents to Administrative Agent for prompt distribution to the applicable Lenders account of the Lender to whom such payment is owed in federal or other Immediately Available Funds before 1:00 p.m. (Minneapolisowed. Each such payment must be received by Administrative Agent not later than 11:00 a.m., Minnesota Central time) , on the respective dates when date such payment becomes due via wire transfer to and payable, in lawful money of the Funding United States of America, without set-off, deduction or counterclaim, and Settlement Accountin immediately available funds. Any payment received by Administrative Agent 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 Notes. When Administrative Agent collects or receives money on account of the Obligations, Administrative Agent shall distribute the all money so collected or received, and Agent and Lenders shall apply all such money so distributedthey receive from Administrative Agent, as follows:
(a) first, for the payment of all Obligations which are then due, due (and if such money is insufficient to pay all such Obligations, (i) first to any reimbursements due Administrative Agent under Sections 6.1(i) or 8.3 or Issuing Bank under Section 5.05, (ii) second to the payment of any Swingline Loans then outstanding, (iii) third to the payment of the Loans then due3.3(a), and (iv) then to the partial payment of all other Obligations then due in proportion to the amounts thereof, or as Lenders shall otherwise agree);
(b) then for the prepayment of amounts owing under the Loan Documents (other than principal on the Notes) if so specified by the CompanyBorrower;
(c) then for the prepayment of principal on the Notes, together with accrued and unpaid interest on the principal so prepaid; and
(d) last, then 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 interest then due and payable, then to principal then due and payable, and last to any prepayment of principal and interestinterest in compliance with Section 2.10. All distributions of amounts described in any of subsections (b), (c) or (d) above shall be made by Administrative Agent pro rata to Administrative Agent and each Lender then owed Obligations described in such subsection in proportion to all amounts owed to Administrative Agent and all Lenders which are described in such subsection; provided that if any Lender then owes payments to Issuing Bank for the purchase of a participation under Section 3.3(c) hereof, any amounts otherwise distributable under this section to such Lender shall be deemed to belong to Issuing Bank, to the extent of such unpaid payments, and Administrative Agent shall apply such amounts to make such unpaid payments rather than such amounts to such Lender.
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