Common use of Pro Rata Treatment and Application of Principal Payments Clause in Contracts

Pro Rata Treatment and Application of Principal Payments. (a) The Borrower shall make each payment required to be made by it hereunder or under any other Loan Document (whether of principal of Loans, reimbursements of LC Disbursements, interest or fees, or of amounts payable under Sections 2.11, 2.12, 2.13 or 11.4 or otherwise) prior to 1:00 p.m., on the date when due, in immediately available funds, without setoff or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its office at One Wall Street, New York, New York, or such other office as to which the Administrative Agent may notify the other parties hereto, except payments to be made to the Issuing Bank as expressly provided herein and except that payments pursuant to Sections 2.11, 2.12, 2.13 or 11.4 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in Dollars.

Pro Rata Treatment and Application of Principal Payments. Each Borrowing by the Company from the Banks, any conversion of Loans from one Type to the same or another Type, and any reduction of the Aggregate Commitments of the Banks, shall be made pro rata according to the Commitment Percentage of each Bank. All payments (aincluding prepayments) The Borrower shall make each payment required to be made by it hereunder or under any other Loan Document (whether the Company on account of principal and interest on Loans comprising the same Borrowing shall be made pro rata according to the outstanding principal amount of each Bank's Loans, reimbursements of LC Disbursements, interest . All payments by the Company on all Loans shall be made without set-off or fees, or of amounts payable under Sections 2.11, 2.12, 2.13 or 11.4 or otherwise) counterclaim and shall be made prior to 1:00 p.m.12:00 noon, Boston time, on the date when such payment is due, to the Agent for the account of the Banks at the Agent's office specified in paragraph 11.1, in each case in lawful money of the United States of America and in immediately available funds, without setoff or counterclaim. Any amounts and, as between the Company and the Banks, any payment by the Company to the Agent for the account of the Banks shall be deemed to be payment by the Company to the Banks; provided, however, that any payment received after such time by the Agent on any date may, in the discretion of the Administrative Agent, Business Day after 12:00 noon shall be deemed to have been received on the next immediately succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its office at One Wall Street, New York, New York, or such other office as to which the Administrative Agent may notify the other parties hereto, except payments to be made to the Issuing Bank as expressly provided herein and except that payments pursuant to Sections 2.11, 2.12, 2.13 or 11.4 shall be made directly to the Persons entitled theretoDay. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient Banks promptly following upon receipt thereofin like funds as received. If any payment hereunder shall be or on any Note becomes due and payable on a day that is not other than a Business Day, the date for payment maturity thereof shall be extended to the next succeeding Business Day, andDay (unless, in the case of any Eurodollar Loans, the result of such extension would be to extend such payment accruing interestinto another calendar month, in which event such payment shall be made on the immediately preceding Business Day) and, with respect to payments of principal, interest thereon shall be payable for at the period of then applicable rate during such extension. All payments hereunder shall be made in Dollars.