Common use of Place and Manner of Payments Clause in Contracts

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower under this Agreement shall be received not later than 2:00 p.m. on the date when due, in Dollars and in immediately available funds, by the Administrative Agent at its offices in Charlotte, North Carolina or the Issuing Lender at its applicable address. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers shall, at the time it makes any payment under this Agreement, specify to the Administrative Agent or Issuing Lender, as applicable, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any such payment to the Lenders on the day received if such payment is received prior to 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 3 contracts

Samples: Credit Agreement (Brandywine Realty Trust), Credit Agreement (Brandywine Realty Trust), Credit Agreement (Brandywine Realty Trust)

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Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower under this Credit Agreement shall be made by such Borrower unconditionally and without deduction for any counterclaim, defense, recoupment or setoff and received not later than 2:00 p.m. on the date when due, in Dollars and in immediately available funds, by to the Administrative Agent at its offices in CharlotteNew York City, North Carolina or the Issuing Lender at its applicable addressNew York. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers shall, at the time it makes they make any payment under this Credit Agreement, specify to the Administrative Agent or Issuing Lender, as applicable, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers hereunder to which such payment is to be applied (and in the event that it fails they fail to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any such payment to the Lenders on the day received if such payment is received prior to 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 3 contracts

Samples: Term Loan a Agreement (Brandywine Operating Partnership, L.P.), Term Loan B Agreement (Brandywine Operating Partnership, L.P.), Agreement (Brandywine Operating Partnership, L.P.)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower Credit Party under this Credit Agreement shall be received not later than 2:00 p.m. on the date when due, in Dollars and in immediately available funds, by the Administrative Agent at its offices in Charlotte, North Carolina or the Issuing Lender at its applicable addressCarolina. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers Borrower shall, at the time it makes any payment under this Credit Agreement, specify to the Administrative Agent or Issuing Lender, as applicableAgent, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers Borrower hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any such payment payments to the applicable Lenders on the day date received if any such payment is received prior to 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the applicable Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 2 contracts

Samples: Credit Agreement (Ivex Packaging Corp /De/), Credit Agreement (Ivex Packaging Corp /De/)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower Credit Party under this Agreement shall be received not later than 2:00 p.m. 12:00 noon on the date when due, in Dollars and in immediately available funds, by the Administrative Agent at its offices in Charlotte, North Carolina or the Issuing Lender at its applicable addressCarolina. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers Borrower shall, at the time it makes any payment under this Agreement, specify to the Administrative Agent or Issuing Lender, as applicableAgent, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers Borrower hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any such payment payments to the Lenders on the day date received if any such payment is received prior to 2:00 12:00 p.m.; otherwise the Administrative Agent will distribute such payment to the Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day. If the Administrative Agent fails to timely forward payment to a Lender it shall pay such Lender interest at the Federal Funds Rate until such payment is made.

Appears in 2 contracts

Samples: Credit Agreement (Highwoods Properties Inc), Credit Agreement (Highwoods Properties Inc)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower Credit Party under this Agreement shall be received not later than 2:00 p.m. on the date when due, in Dollars or the applicable Foreign Currency and in immediately available same day funds, by the Administrative Agent at its offices in Charlotte, North Carolina or the Issuing Lender at its applicable addressCarolina. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers Borrower shall, at the time it makes any payment under this Agreement, specify to the Administrative Agent or Issuing Lender, as applicableAgent, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers Borrower hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any such payment payments to the applicable Lenders on the day received if any such payment is received prior to 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the applicable Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Eurocurrency Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 2 contracts

Samples: Credit Agreement (Covance Inc), Credit Agreement (Covance Inc)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower Credit Party under this Credit Agreement shall be made unconditionally and without any setoff, deduction, counterclaim, defense, recoupment or withholding of any kind and received not later than 2:00 p.m. on the date when due, in Dollars and in immediately available funds, by the Administrative Agent at its offices in Charlotte, North Carolina or the Issuing Lender at its applicable addressCarolina. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers Borrower shall, at the time it makes any payment under this Credit Agreement, specify to the Administrative Agent or Issuing Lender, as applicableAgent, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers Borrower hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any such payment payments to the applicable Lenders on the day date received if any such payment is received prior to 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the applicable Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 1 contract

Samples: Credit Agreement (Chattem Inc)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower Credit Party under this Credit Agreement shall be received not later than 2:00 p.m. on the date when due, in Dollars and in immediately available funds, by the Administrative Agent at its offices in at NationsBank Plaza, Charlotte, North Carolina or Carolina. Payments received after such time shall be deemed to have been received on the Issuing Lender at its applicable addressnext Business Day. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers Borrower shall, at the time it makes any payment under this Credit Agreement, specify to the Administrative Agent or Issuing Lender, as applicableAgent, the Term Loans, Letters of Credit, fees or other amounts payable by the Borrowers Borrower hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Supplemental Credit Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any such payment payments to the applicable Supplemental Credit Lenders on the day date received if any such payment is received prior to 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the applicable Supplemental Credit Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 1 contract

Samples: Credit Agreement (Chattem Inc)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower Credit Party under this Agreement shall be received not later than 2:00 p.m. on the date when due, in Dollars and in immediately available funds, by the Administrative Agent at its offices in at NationsBank Corporate Center, Charlotte, North Carolina or the Issuing Lender at its applicable addressCarolina. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers Borrower shall, at the time it makes any payment under this Agreement, specify to the Administrative Agent or Issuing Lender, as applicableAgent, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers Borrower hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any such payment payments to the applicable Lenders on the day received if any such payment is received prior to 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the applicable Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 1 contract

Samples: Credit Agreement (Knoll Inc)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower Credit Party under this Credit Agreement shall be received not later than 2:00 3:00 p.m. on the date when due, in Dollars and in immediately available funds, by the Administrative Agent at its offices in at 000 Xxxxx Xxxxx Xxxxxx, Charlotte, North Carolina or the Issuing Lender at its applicable address28202. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers Borrower shall, at the time it makes any payment under this Credit Agreement, specify to the Administrative Agent or Issuing Lender, as applicableAgent, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers Borrower hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any distribute. on the same day of receipt, such payment payments to the applicable Lenders on the day received if any such payment is received prior to 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the applicable Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 1 contract

Samples: Credit Agreement (Anchor Holdings Inc)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower under this Credit Agreement shall be made by such Borrower unconditionally and without deduction for any counterclaim, defense, recoupment or setoff and received not later than 2:00 p.m. on the date when due, in Dollars and in immediately available funds, by to the Administrative Agent at its offices in Charlotte, North Carolina or to the Issuing Lender at its applicable address. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers shall, at the time it makes they make any payment under this Credit Agreement, specify to the Administrative Agent or Issuing Lender, as applicable, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers hereunder to which such payment is to be applied (and in the event that it fails they fail to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any such payment to the Lenders on the day received if such payment is received prior to 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 1 contract

Samples: Credit Agreement (Brandywine Realty Trust)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower Credit Party under this Credit Agreement shall be received not later than 2:00 p.m. on the date when due, in Dollars and in immediately available funds, by the Administrative Agent at its offices in Charlotte, North Carolina or the Issuing Lender at its applicable addressCarolina. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers Borrower shall, at the time it makes any payment under this Credit Agreement, specify to the Administrative Agent or Issuing Lender, as applicable, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers Borrower hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.73.8, distribute such payment to the Lenders in such manner as the Administrative Agent may reasonably deem appropriate). The Administrative Agent will distribute any such payment payments to the applicable Lenders on the day received same Business Day if any such payment is received prior to 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the applicable Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 1 contract

Samples: Credit Agreement (Ryans Family Steakhouses Inc)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower under this Credit Agreement shall be made by such Borrower unconditionally and without deduction for any counterclaim, defense, recoupment or setoff and received not later than 2:00 p.m. on the date when due, in Dollars and in immediately available funds, by to the Administrative Agent at its offices in CharlottePhiladelphia, North Carolina or the Issuing Lender at its applicable addressPennsylvania. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers shall, at the time it makes they make any payment under this Credit Agreement, specify to the Administrative Agent or Issuing Lender, as applicable, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers hereunder to which such payment is to be applied (and in the event that it fails they fail to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any such payment to the Lenders on the day received if such payment is received prior to 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 1 contract

Samples: Term Loan Agreement (Brandywine Realty Trust)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower Deltic or Del-Tin, as the case may be, under this Agreement shall be received not later than 2:00 p.m. on the date when due, in Dollars and in immediately available funds, by the Administrative Agent at its offices in at Charlotte, North Carolina or the Issuing Lender at its applicable addressCarolina. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers Deltic or Del-Tin, as the case may be, shall, at the time it makes any payment under this Agreement, specify to the Administrative Agent or Issuing Lender, as applicableAgent, the Revolving Loans, Letters of Credit, fees or other amounts payable by the Borrowers hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any such payment payments to the applicable Lenders on the day received same Business Day if any such payment is received prior to 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the applicable Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 1 contract

Samples: Credit Agreement (Deltic Timber Corp)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower Credit Party under this Credit Agreement shall be received not later than 2:00 p.m. on the date when due, in Dollars and in immediately available funds, by the Administrative Agent for the benefit of the Lenders at its offices in Charlotte, North Carolina or the Issuing Lender at its applicable addressCarolina. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers Borrower shall, at the time it makes any payment under this Credit Agreement, specify to the Administrative Agent or Issuing Lender, as applicableAgent, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers Borrower hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any such payment to the Lenders on the day received if such payment is received prior to 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the Lenders on the next succeeding Business Day. If the Agent fails to distribute such payment on the next succeeding Business Day, then the amount of such payment shall bear interest payable to the Lenders, at the rate equal to, if paid within one Business Day of such date, the Federal Funds Rate, and thereafter at a rate equal to the Base Rate plus two percent (2%). Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 1 contract

Samples: Credit Agreement (Integrated Living Communities Inc)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower Credit Party under this Agreement shall be received not later than 2:00 3:00 p.m. on the date when due, in Dollars (or, in the case of Revolving-A Loans or Letters of Credit issued in Foreign Currency, in the applicable Foreign Currency), without set-off, counterclaim, withholding or other reduction except as permitted in Section 3.13, and in immediately available funds, by the Administrative Agent at its offices in Charlotte, North Carolina or the Issuing Lender at its applicable addressCarolina. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers Borrower shall, at the time it makes any payment under this Agreement, specify to the Administrative Agent or Issuing Lender, as applicableAgent, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers Borrower hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any such payment payments to the applicable Lenders on the day received same Business Day if any such payment is received prior to 2:00 3:00 p.m.; otherwise the Administrative Agent will distribute such payment to the applicable Lenders prior to 12:00 noon on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Eurocurrency Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 1 contract

Samples: Credit Agreement (Fruit of the Loom Inc /De/)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower Credit Party under this Agreement shall be received not later than 2:00 p.m. on the date when due, in Dollars and in immediately available funds, by the Administrative Agent at its offices in CharlotteDallas, North Carolina or the Issuing Lender at its applicable addressTexas. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers Borrower shall, at the time it makes any payment under this Credit Agreement, specify to the Administrative Agent or Issuing Lender, as applicableAgent, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers Borrower hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may reasonably deem appropriate). The Administrative Agent will distribute any such payment payments to the applicable Lenders on the day received same Business Day if any such payment is received prior to 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the applicable Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 1 contract

Samples: Credit Agreement (Davel Communications Inc)

Place and Manner of Payments. (a) All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower under this Agreement the Credit Parties hereunder shall be received made without condition or deduction for any counterclaim, defense, recoupment or setoff of any kind, and except as otherwise specifically provided herein, shall be made to the Administrative Agent in Dollars in immediately available funds at its offices at the Administrative Agent’s office specified in Schedule 2.1(a) not later than 2:00 p.m. P.M. (Charlotte, North Carolina time) on the date when due, in Dollars and in immediately available funds, by the Administrative Agent at its offices in Charlotte, North Carolina or the Issuing Lender at its applicable address. Payments received after such time shall be deemed to have been received on the next succeeding Business Day. The Administrative Agent may (but shall not be obligated to) debit the amount of any such payment which is not made by such time to any ordinary deposit account of the Borrowers maintained with the Administrative Agent (with notice to the Borrowers). The Borrowers shall, at the time it any Borrower makes any payment under this Credit Agreement, specify to the Administrative Agent or Issuing Lender, as applicable, the Loans, Letters of CreditLOC Obligations, fees Fees, interest or other amounts payable by the Borrowers hereunder to which such payment is to be applied (and in the event that it fails so to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, shall distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriatedetermine to be appropriate in respect of obligations owing by the Borrowers hereunder, subject to the terms of Section 3.12(a)). The Administrative Agent will distribute such payments to such Lenders, if any such payment to the Lenders on the day received if such payment is received prior to 2:00 p.m.; 12:00 Noon (Charlotte, North Carolina time) on a Business Day in like funds as received prior to the end of such Business Day and otherwise the Administrative Agent will distribute such payment to the such Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees Fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day. Except as expressly provided otherwise herein, all computations of interest and fees shall be made on the basis of actual number of days elapsed over a year of 360 days, except that computations of interest on Base Rate Loans (unless the Base Rate is determined by reference to the Federal Funds Rate) shall be calculated based on a year of 365 or 366 days, as appropriate. Interest shall accrue from and include the date of borrowing, but exclude the date of payment.

Appears in 1 contract

Samples: Credit Agreement (Speedway Motorsports Inc)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower Credit Party under this Agreement shall be made without setoff, deduction or counterclaim and received not later than 2:00 p.m. on the date when due, in Dollars and in immediately available funds, by the Administrative Agent at its offices in Charlotte, North Carolina or the Issuing Lender at its applicable addressCarolina. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers Borrower shall, at the time it makes any payment under this Credit Agreement, specify to the Administrative Agent or Issuing Lender, as applicable, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers Borrower hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any such payment payments to the applicable Lenders on the day received same Business Day if any such payment is received prior to 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the applicable Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Eurocurrency Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 1 contract

Samples: Credit Agreement (Dispatch Management Services Corp)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower under this Credit Agreement shall be made by such Borrower unconditionally and without deduction for any counterclaim, defense, recoupment or setoff and received not later than 2:00 p.m. on the date when due, in Dollars and in immediately available funds, by to the Administrative Agent at its offices in Charlotte, North Carolina or the Issuing Lender at its applicable addressCarolina. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers shall, at the time it makes they make any payment under this Credit Agreement, specify to the Administrative Agent or Issuing Lender, as applicable, the Term Loans, Letters of Credit, fees or other amounts payable by the Borrowers hereunder to which such payment is to be applied (and in the event that it fails they fail to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any such payment to the Lenders on the day received if such payment is received prior to 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 1 contract

Samples: Term Credit Agreement (Brandywine Realty Trust)

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Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower Credit Party under this Agreement shall be received not later than 2:00 p.m. on the date when due, in Dollars and in immediately available funds, by the Administrative Agent at its offices in Charlotte, North Carolina or the Issuing Lender at its applicable addressCarolina. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers Borrower shall, at the time it makes any payment under this Credit Agreement, specify to the Administrative Agent or Issuing Lender, as applicable, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers Borrower hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any such payment payments to the applicable Lenders on the day received same Business Day if any such payment is received prior to 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the applicable Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 1 contract

Samples: Security Agreement (Packaging Dynamics Corp)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower Credit Party under this Agreement shall be received not later than 2:00 p.m. on the date when due, in Dollars and in immediately available same day funds, by the Administrative Agent at its offices in Charlotte, North Carolina or the Issuing Lender at its applicable addressCarolina. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers Borrower shall, at the time it makes any payment under this Agreement, specify to the Administrative Agent or Issuing Lender, as applicable, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers Borrower hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any such payment payments to the applicable Lenders on the day received if any such payment is received prior to 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the applicable Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Eurocurrency Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 1 contract

Samples: Credit Agreement (Covance Inc)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower Credit Party under this Agreement shall be received not later than 2:00 p.m. 12:00 noon on the date when due, in Dollars and in immediately available funds, by the Administrative Agent at its offices in Charlotte, North Carolina or the Issuing Lender at its applicable addressCarolina. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers Borrower shall, at the time it makes any payment under this Agreement, specify to the Administrative Agent or Issuing Lender, as applicableAgent, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers Borrower hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any such payment payments to the Lenders on the day date received if any such payment is received prior to 2:00 12:00 p.m.; otherwise the Administrative Agent will distribute such payment to the Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day. If the Agent fails to timely forward payment to a Lender it shall pay such Lender interest at the Federal Funds Rate until such payment is made.

Appears in 1 contract

Samples: Credit Agreement (Highwoods Forsyth L P)

Place and Manner of Payments. All Except as otherwise specifically provided herein, all payments of principal, interest, fees, expenses and other amounts to be made by a Borrower under this Agreement the Lessee to the Lessor hereunder shall be received made to the Administrative Agent (as assignee of the Lessor pursuant to the Assignment of Lease and Rent) in Dollars in immediately available funds, without offset, deduction, counterclaim or withholding of any kind, to the Payment Account not later than 2:00 1:00 p.m. (New York City time) on the date when due, in Dollars and in immediately available funds, by the Administrative Agent at its offices in Charlotte, North Carolina or the Issuing Lender at its applicable address. Payments received after such time shall be deemed to have been received on the next succeeding Business Day. The Borrowers Lessee shall, at the time it makes any payment under this Agreementany Operative Document, specify to the Administrative Agent or Issuing Lender, as applicable, Lessor the Loans, Letters of CreditLoan and Lessor Amounts, fees or other amounts payable by the Borrowers Lessee hereunder to which such payment is to be applied (and in the event that it fails so to specify, following receipt of notice from the Lessor of such failure, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, Lessor shall distribute such payment to the Lenders Participants in such manner as accordance with the Administrative Agent may deem appropriate)provisions of the Operative Documents in respect of obligations owing by the Lessee. The Administrative Agent will distribute any such payment payments to the Lenders on the day received Participants in accordance with Article VII if any such payment is received prior to 2:00 p.m.; 1:00 p.m. (New York City time) on a Business Day in like funds as received prior to the end of such Business Day, and otherwise the Administrative Agent will distribute such payment to the Lenders Participants on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest (at the applicable Base Rate or LIBO Rate) and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 1 contract

Samples: Participation Agreement (Citrix Systems Inc)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower Credit Party under this Credit Agreement shall be made without setoff, deduction or counterclaim and received not later than 2:00 p.m. on the date when due, in Dollars and in immediately available funds, by the Administrative Agent at its offices in Charlotte, North Carolina or the Issuing Lender at its applicable addressCarolina. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers Borrower shall, at the time it makes any payment under this Credit Agreement, specify to the Administrative Agent or Issuing Lender, as applicableAgent, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers Borrower hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any such payment payments to the applicable Lenders on the day received same Business Day if any such payment is received prior to 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the applicable Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 1 contract

Samples: Credit Agreement (Maxim Group Inc /)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower Credit Party under this Agreement shall be received not later than 2:00 p.m. on the date when due, in Dollars and in immediately available funds, by the Administrative Agent at its offices in Charlotte, North Carolina or the Issuing Lender at its applicable addressCarolina. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers A Borrower shall, at the time it makes any payment under this Agreement, specify to the Administrative Agent or Issuing Lender, as applicableAgent, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any such payment payments to the applicable Lenders on the day received same Business Day if any such payment is received prior to 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the applicable Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 1 contract

Samples: Credit Agreement (Gerber Childrenswear Inc)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a the Borrower under this Agreement shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be received not later than 2:00 p.m. on the date when due, in Dollars and in immediately available funds, by the Administrative Agent at its offices in Charlotte, North Carolina or the Issuing Lender at its applicable addressCarolina. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers Borrower shall, at the time it makes any payment under this Credit Agreement, specify to the Administrative Agent or Issuing Lender, as applicableAgent, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers Borrower hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will promptly distribute any such payment payments to the Lenders on the day received if such payment is received prior to 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the Lenders on the next succeeding Business Dayapplicable Lenders. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.. If at any time insufficient funds are received by and available to the Agent to pay fully all amounts of principal, LOC Borrowings, interest and fees then due hereunder, such funds shall be applied (i) first, toward costs and expenses (including attorneys fees and amounts payable under Sections 3.10, 3.13,

Appears in 1 contract

Samples: Credit Agreement (Chattem Canada Holdings Inc)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower Credit Party under this Agreement shall be received not later than 2:00 p.m. on the date when due, in Dollars and in immediately available funds, by the Administrative Agent at its offices in Charlotte, North Carolina or the Issuing Lender at its applicable addressCarolina. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers Borrower shall, at the time it makes any payment under this Agreement, specify to the Administrative Agent or Issuing Lender, as applicableAgent, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers Borrower hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any such payment payments to the applicable Lenders on the day received if any such payment is received prior to 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the applicable Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 1 contract

Samples: Credit Agreement (Chic by H I S Inc)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower Credit Party under this Credit Agreement shall be received not later than 2:00 p.m. on the date when due, in Dollars and in immediately available funds, by the Administrative Agent at its offices in Charlotte, North Carolina or the Issuing Lender at its applicable addressCarolina. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers Borrower shall, at the time it makes any payment under this Credit Agreement, specify to the Administrative Agent or Issuing Lender, as applicableAgent, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers Borrower hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any such payment payments to the applicable Lenders on the day received same Business Day if any such payment is received prior to 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the applicable Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 1 contract

Samples: Credit Agreement (Maxim Group Inc /)

Place and Manner of Payments. All Except as otherwise specifically provided herein, all payments of principal, interest, fees, expenses and other amounts to hereunder shall be made by a Borrower under this Agreement shall be received not later than 2:00 p.m. on to the date when due, in Dollars and Agent in immediately available funds, without offset, deduction, counterclaim or withholding of any kind, prior to 2:00 P.M. (London time) on the date due at the office of the Agent at 35 Nxx Xxxxx Xxxxxx, XX0-000-00-00, Xxxxxx, Xxxxxxx XX0X 0XX xx at such other place as may be designated by the Administrative Agent at its offices to the Borrowers in Charlotte, North Carolina or the Issuing Lender at its applicable addresswriting. Payments received after such time shall be deemed to have been received on the next succeeding Business Day. The Borrowers Agent may (but shall not be obligated to) debit the amount of any such payment which is not made by such time to any ordinary deposit account of the applicable Borrower maintained with the Agent (with notice to the Borrowers). Each Borrower shall, at the time it makes any payment under this Credit Agreement, specify to the Administrative Agent or Issuing Lender, as applicable, the Foreign Currency Loans, Letters of CreditForeign LOC Obligations, fees fees, interest or other amounts payable by the Borrowers such Borrower hereunder to which such payment is to be applied (and in the event that it fails so to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, shall distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriatedetermine to be appropriate in respect of obligations owing by such Borrower hereunder, subject to the terms of Section 3.11). The Administrative Agent will distribute such payments to such Lenders, if any such payment to the Lenders on the day received if such payment is received prior to 2:00 p.m.; 12:00 Noon (Charlotte, North Carolina time) on a Business Day in like funds as received prior to the end of such Business Day and otherwise the Administrative Agent will distribute such payment to the such Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loans, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day. Except as expressly provided otherwise herein, all computations of interest and fees shall be made on the basis of actual number of days elapsed over a year of 365 days. Interest shall accrue from and include the date of borrowing, but exclude the date of payment.

Appears in 1 contract

Samples: Credit Agreement (Westpoint Stevens Inc)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower under this Agreement shall be received not later than 2:00 p.m. 12:00 noon on the date when due, in Dollars and in immediately available funds, by the Administrative Agent at its offices in CharlotteRichmond, North Carolina or the Issuing Lender at its applicable addressVirginia. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers Borrower shall, at the time it makes any payment under this Agreement, specify to the Administrative Agent or Issuing Lender, as applicable, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers Borrower hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may deem appropriate). The Administrative Agent will distribute any such payment payments to the Lenders on the day date received if any such payment is received prior to 2:00 p.m.; 12:00 p.m. otherwise the Administrative Agent will distribute such payment to the Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that in the case of Eurodollar Loansprovided that, if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day. If the Agent fails to timely forward payment to a Lender it shall pay such Lender interest at the Federal Funds Rate until such payment is made.

Appears in 1 contract

Samples: Credit Agreement (Cornerstone Realty Income Trust Inc)

Place and Manner of Payments. All payments of principal, interest, fees, expenses and other amounts to be made by a Borrower Credit Party under this Credit Agreement shall be made unconditionally and without any setoff, deduction, counterclaim, defense, recoupment or withholding of any kind and received not later than 2:00 p.m. on the date when due, in Dollars and in immediately available funds, by the Administrative Agent at its offices in Charlotte, North Carolina or the Issuing Lender at its applicable addressAgent. Payments received after such time shall be deemed to have been received on the next Business Day. The Borrowers Borrower shall, at the time it makes any payment under this Credit Agreement, specify to the Administrative Agent or Issuing Lender, as applicable, the Loans, Letters of Credit, fees or other amounts payable by the Borrowers Borrower hereunder to which such payment is to be applied (and in the event that it fails to specify, or if such application would be inconsistent with the terms hereof, the Administrative Agent shall, subject to Section 3.7, distribute such payment to the Lenders in such manner as the Administrative Agent may reasonably deem appropriate). The Administrative Agent will distribute any such payment payments to the Lenders on the day received same Business Day if any such payment is received prior to at or before 2:00 p.m.; otherwise the Administrative Agent will distribute such payment to the Lenders on the next succeeding Business Day. Whenever any payment hereunder shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day (subject to accrual of interest and fees for the period of such extension), except that that, in the case of Eurodollar LoansLoans (or interest payable with respect thereto), if the extension would cause the payment to be made in the next following calendar month, then such payment shall instead be made on the next preceding Business Day.

Appears in 1 contract

Samples: Term Loan Credit Agreement (Quest Diagnostics Inc)

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