Common use of Remittance of Payments and Collections Clause in Contracts

Remittance of Payments and Collections. (a) All payments by any Lender to the Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand by the Agent and such demand is made on the paying Lender after 1:30 p.m. on such Business Day, then payment shall be made by 11:00 a.m. on the next Business Day. Payment by the Agent to any Lender shall be made by wire transfer, promptly following the Agent’s receipt of funds for the account of such Lender and in the type of funds received by the Agent; provided, however, that if the Agent receives such funds at or prior to 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 p.m. on such Business Day, but if the Agent receives such funds after 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 p.m. on the next Business Day. (b) With respect to the payment of any funds from the Agent to a Lender or from a Lender to the Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Rate. In no event shall the Borrower be entitled to receive any credit for any interest paid by the Agent to any Lender, or by any Lender to the Agent, at the Wall Street Journal Prime Rate as provided herein. (c) If the Agent pays any amount to a Lender in the belief that a related payment has been or will be received by the Agent from a Loan Party and such related payment is not received by the Agent, then the Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Documents must be returned to a Loan Party or paid to any other Person pursuant to any Requirement of Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan Documents, the Agent shall not be required to distribute such amount to any Lender.

Appears in 3 contracts

Samples: Loan and Security Agreement (Newtek Business Services Corp.), Loan and Security Agreement (Newtek Business Services Corp.), Loan and Security Agreement (Newtek Business Services Inc)

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Remittance of Payments and Collections. (a) All payments by any Lender to the Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand by the Agent and such demand is made on the paying Lender after 1:30 p.m. on such Business Day, then payment shall be made by 11:00 a.m. on the next Business Day. Payment by the Agent to any Lender shall be made by wire transfer, promptly following the Agent’s receipt of funds for the account of such Lender and in the type of funds received by the Agent; provided, however, that if the Agent receives such funds at or prior to 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the Agent receives such funds after 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) With respect to the payment of any funds from the Agent to a Lender or from a Lender to the Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower Borrowers be entitled to receive any credit for any interest paid by the Agent to any Lender, or by any Lender to the Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) If the Agent pays any amount to a Lender in the belief that a related payment has been or will be received by the Agent from a Loan Credit Party and such related payment is not received by the Agent, then the Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Credit Documents must be returned to a Loan Credit Party or paid to any other Person pursuant to any Requirement of Lawapplicable law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan Credit Documents, the Agent shall not be required to distribute such amount to any Lender.

Appears in 2 contracts

Samples: Senior Secured Revolving Credit and Guaranty Agreement (Euramax International, Inc.), Senior Secured Revolving Credit and Guaranty Agreement (Euramax International, Inc.)

Remittance of Payments and Collections. (a) 12.18.1. All payments by any Lender to the Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand by the Agent and such demand is made on the paying Lender after 1:30 p.m. 12:00 noon on such Business Day, then payment shall be made by 11:00 a.m. 12:00 noon on the next Business Day. Payment by the Agent to any Lender shall be made by wire transfer, promptly following the Agent’s 's receipt of funds for the account of such Lender and in the type of funds received by the Agent; provided, however, that if the Agent receives such funds at or prior to 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the Agent receives such funds after 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) 12.18.2. With respect to the payment of any funds from the Agent to a Lender or from a Lender to the Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower Borrowers be entitled to receive any credit for any interest paid by the Agent to any Lender, or by any Lender to the Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) 12.18.3. If the Agent pays any amount to a Lender in the belief or expectation that a related payment has been or will be received by the Agent from a Loan Party an Obligor and such related payment is not received by the Agent, then the Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Documents must be returned to a Loan Party an Obligor or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan Documents, the Agent shall not be required to distribute such amount to any Lender.

Appears in 2 contracts

Samples: Loan and Security Agreement (Tropical Sportswear International Corp), Loan and Security Agreement (Tropical Sportswear International Corp)

Remittance of Payments and Collections. (a) 12.18.1. All payments by any Lender to the Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand by the Agent and such demand is made on the paying Lender after 1:30 p.m. 11:00 a.m. on such Business Day, then payment shall be made by 11:00 a.m. p.m. on the next Business Day. Payment by the Agent to any Lender shall be made by wire transfer, promptly following the Agent’s 's receipt of funds for the account of such Lender and in the type of funds received by the Agent; provided, however, that if the Agent receives such funds at or prior to 12:00 noon1:00 p.m., the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the Agent receives such funds after 12:00 noon1:00 p.m., the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) 12.18.2. With respect to the payment of any funds from the Agent to a Lender or from a Lender to the Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower be entitled to receive any credit for any interest paid by the Agent to any Lender, or by any Lender to the Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) 12.18.3. If the Agent pays any amount to a Lender in the belief or expectation that a related payment has been or will be received by the Agent from a Loan Party an Obligor and such related payment is not received by the Agent, then the Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Documents must be returned to a Loan Party an Obligor or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan Documents, the Agent shall not be required to distribute such amount to any Lender.

Appears in 2 contracts

Samples: Loan and Security Agreement (Pameco Corp), Financing Agreement (Emerge Interactive Inc)

Remittance of Payments and Collections. (a) 12.8.1 All payments by any Lender to the Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand by the Agent and such demand is made on the paying Lender after 1:30 p.m. 12:00 noon on such Business Day, then payment shall be made by 11:00 a.m. 12:00 noon on the next Business Day. Payment by the Agent to any Lender shall be made by wire transfer, promptly following the Agent’s 's receipt of funds for the account of such Lender and in the type of funds received by the Agent; provided, however, that if the Agent receives such funds at or prior to 12:00 noon1:00 p.m., the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the Agent receives such funds after 12:00 noon1:00 p.m., the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) 12.8.2 With respect to the payment of any funds from the Agent to a Lender or from a Lender to the Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower be entitled to receive any credit for any interest paid by the Agent to any Lender, or by any Lender to the Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) 12.8.3 If the Agent pays any amount to a Lender in the belief or expectation that a related payment has been or will be received by the Agent from a Loan Party an Obligor and such related payment is not received by the Agent, then the Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Documents must be returned to a Loan Party an Obligor or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan Documents, the Agent shall not be required to distribute such amount to any Lender.

Appears in 2 contracts

Samples: Loan and Security Agreement (Dixie Group Inc), Loan and Security Agreement (Dixie Group Inc)

Remittance of Payments and Collections. (a) 13.18.1. All payments by any Lender to the Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand by the Agent and such demand is made on the paying Lender after 1:30 p.m. 11:00 a.m. on such Business Day, then payment shall be made by 11:00 a.m. on the next Business Day. Payment by the Agent to any Lender shall be made by wire transfer, promptly following the Agent’s receipt of funds for the account of such Lender and in the type of funds received by the Agent; provided, however, that if the Agent receives such funds at or prior to 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the Agent receives such funds after 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) 13.18.2. With respect to the payment of any funds from the Agent to a Lender or from a Lender to the Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower Borrowers be entitled to receive any credit for any interest paid by the Agent to any Lender, or by any Lender to the Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) 13.18.3. If the Agent pays any amount to a Lender in the belief or expectation that a related payment has been or will be received by the Agent from a Loan Party an Obligor and such related payment is not received by the Agent, then the Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Documents must be returned to a Loan Party an Obligor or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan Documents, the Agent shall not be required to distribute such amount to any Lender.

Appears in 2 contracts

Samples: Loan and Security Agreement (Enpro Industries, Inc), Loan and Security Agreement (Enpro Industries, Inc)

Remittance of Payments and Collections. (a) 12.18.1. All payments by any Lender to the Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; providedPROVIDED, howeverHOWEVER, that if such payment is due on demand by the Agent and such demand is made on the paying Lender after 1:30 p.m. 11:00 a.m. on such Business Day, then payment shall be made by 11:00 a.m. on the next Business Day. Payment by the Agent to any Lender shall be made by wire transfer, promptly following the Agent’s 's receipt of funds for the account of such Lender and in the type of funds received by the Agent; providedPROVIDED, howeverHOWEVER, that if the Agent receives such funds at or prior to 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the Agent receives such funds after 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) 12.18.2. With respect to the payment of any funds from the Agent to a Lender or from a Lender to the Agent, the party failing to make full payment Full Payment when due pursuant to the terms hereof shall, on demand by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower be entitled to receive any credit for any interest paid by the Agent to any Lender, or by any Lender to the Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) 12.18.3. If the Agent pays any amount to a Lender in the belief or expectation that a related payment has been or will be received by the Agent from a Loan Party an Obligor and such related payment is not received by the Agent, then the Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Agent determines at any time that any amount received by it under this Agreement or any of the other Loan DIP Financing Documents must be returned to a Loan Party an Obligor or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan DIP Financing Documents, the Agent shall not be required to distribute such amount to any Lender.

Appears in 1 contract

Samples: Post Petition Loan and Security Agreement (Drypers Corp)

Remittance of Payments and Collections. (a) 13.18.1. All payments by any Lender to the Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand by the Agent and such demand is made on the paying Lender after 1:30 p.m. 11:00 a.m. on such Business Day, then payment shall be made by 11:00 a.m. on the next Business Day. Payment by the Agent to any Lender shall be made by wire transfer, promptly following the Agent’s 's receipt of funds for the account of such Lender and in the type of funds received by the Agent; provided, however, that if the Agent receives such funds at or prior to 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the Agent receives such funds after 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) 13.18.2. With respect to the payment of any funds from the Agent to a Lender or from a Lender to the Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower Borrowers be entitled to receive any credit for any interest paid by the Agent to any Lender, or by any Lender to the Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) 13.18.3. If the Agent pays any amount to a Lender in the belief or expectation that a related payment has been or will be received by the Agent from a Loan Party an Obligor and such related payment is not received by the Agent, then the Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Documents must be returned to a Loan Party an Obligor or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan Documents, the Agent shall not be required to distribute such amount to any Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Alpharma Inc)

Remittance of Payments and Collections. (a) 13.18.1. All payments by any Lender to the Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand by the Agent and such demand is made on the paying Lender after 1:30 p.m. 11:00 a.m. on such Business Day, then payment shall be made by 11:00 a.m. on the next Business Day. Payment by the Agent to any Lender shall be made by wire transfer, promptly following the Agent’s receipt of funds for the account of such Lender and in the type of funds received by the Agent; provided, however, that if the Agent receives such funds at or prior to 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the Agent receives such funds after 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) 13.18.2. With respect to the payment of any funds from the Agent to a Lender or from a Lender to the Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the each Borrower be entitled to receive any credit for any interest paid by the Agent to any Lender, or by any Lender to the Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) 13.18.3. If the Agent pays any amount to a Lender in the belief or expectation that a related payment has been or will be received by the Agent from a Loan Party an Obligor and such related payment is not received by the Agent, then the Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Credit Documents must be returned to a Loan Party an Obligor or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan Credit Documents, the Agent shall not be required to distribute such amount to any Lender.

Appears in 1 contract

Samples: Credit Agreement (Remington Arms Co Inc/)

Remittance of Payments and Collections. (a) 12.18.1. All payments by any Lender to the Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand by the Agent and such demand is made on the paying Lender after 1:30 p.m. 11:00 a.m. on such Business Day, then payment shall be made by 11:00 a.m. on the next Business Day. Payment by the Agent to any Lender shall be made by wire transfer, promptly following the Agent’s receipt of funds for the account of such Lender and in the type of funds received by the Agent; provided, however, that if the Agent receives such funds at or prior to 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the Agent receives such funds after 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) 12.18.2. With respect to the payment of any funds from the Agent to a Lender or from a Lender to the Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower Borrowers be entitled to receive any credit for any interest paid by the Agent to any Lender, or by any Lender to the Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) 12.18.3. If the Agent pays any amount to a Lender in the belief or expectation that a related payment has been or will be received by the Agent from a Loan Party an Obligor and such related payment is not received by the Agent, then the Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Documents must be returned to a Loan Party an Obligor or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan Documents, the Agent shall not be required to distribute such amount to any Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Rowe Companies)

Remittance of Payments and Collections. (a) 13.18.1. All payments by any Lender to the Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand by the Agent and such demand is made on the paying Lender after 1:30 p.m. 11:00 a.m. on such Business Day, then payment shall be made by 11:00 a.m. on the next Business Day. Payment by the Agent to any Lender shall be made by wire transfer, promptly following the Agent’s receipt of funds for the account of such Lender and in the type of funds received by the Agent; provided, however, that if the Agent receives such funds at or prior to 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the Agent receives such funds after 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) 13.18.2. With respect to the payment of any funds from the Agent to a Lender or from a Lender to the Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower Borrowers be entitled to receive any credit for any interest paid by the Agent to any Lender, or by any Lender to the Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) . If the Agent pays any amount to a Lender in the belief or expectation that a related payment has been or will be received by the Agent from a Loan Party an Obligor and such related payment is not received by the Agent, then the Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Documents must be returned to a Loan Party an Obligor or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan Documents, the Agent shall not be required to distribute such amount to any Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Mastec Inc)

Remittance of Payments and Collections. (a) 12.18.1. All payments by any DIP Lender to the DIP Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand by the DIP Agent and such demand is made on the paying DIP Lender after 1:30 p.m. 12:00 noon on such Business Day, then payment shall be made by 11:00 a.m. 12:00 noon on the next Business Day. Payment by the DIP Agent to any DIP Lender shall be made by wire transfer, promptly following the DIP Agent’s receipt of funds for the account of such DIP Lender and in the type of funds received by the DIP Agent; provided, however, that if the DIP Agent receives such funds at or prior to 12:00 noon, the DIP Agent shall pay such funds to such DIP Lender by 4:00 2:00 p.m. on such Business Day, but if the DIP Agent receives such funds after 12:00 noon, the DIP Agent shall pay such funds to such DIP Lender by 4:00 2:00 p.m. on the next Business Day. (b) With respect 12.18.2. If any DIP Secured Party fails to the payment of pay any funds from the Agent to a Lender or from a Lender to the Agent, the party failing to make full payment amount when due by it to DIP Agent pursuant to the terms hereof shallhereof, on demand by the other party, pay such amount together with interest thereon shall bear interest, from the due date until paid in full, at the Wall Street Journal Prime rate determined by DIP Agent as customary for interbank compensation for two (2) Business Days and thereafter at the Default Rate. In no event shall the any Borrower be entitled to receive any credit for any interest paid by the DIP Agent to any DIP Lender, or by any DIP Lender to the DIP Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein, nor shall any Defaulting DIP Lender be entitled to interest on any amounts held by DIP Agent pursuant to Section 3.2. (c) 12.18.3. If the DIP Agent pays any amount to a DIP Lender in the belief or expectation that a related payment has been or will be received by the DIP Agent from a Loan Party an Obligor and such related payment is not received by the DIP Agent, then the DIP Agent shall be entitled to recover such amount from each DIP Lender that receives such amount. If the DIP Agent determines at any time that any amount received by it under this Agreement or any of the other DIP Loan Documents must be returned to a Loan Party an Obligor or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other DIP Loan Documents, the DIP Agent shall not be required to distribute such amount to any DIP Lender. If any amounts received and applied by DIP Agent to any Obligations are later required to be returned by DIP Agent pursuant to Applicable Law, each DIP Lender shall pay to DIP Agent, on demand, such DIP Lender's Pro Rata share of the amounts required to be returned.

Appears in 1 contract

Samples: Post Petition Loan and Security Agreement (Standard Register Co)

Remittance of Payments and Collections. (a) All payments by any Lender to the an Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand ON DEMAND by the such Agent and such demand is made on the paying Lender after 1:30 p.m. 11:00 a.m. on such Business Day, then payment shall be made by 11:00 a.m. on the next Business Day. Payment by the an Agent to any Lender shall be made by wire transfer, promptly following the such Agent’s 's receipt of funds for the account of such Lender and in the type of funds received by the such Agent; provided, however, that if the Collateral Agent receives such funds at or prior to 12:00 noon1:00 p.m., the such Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the such Agent receives such funds after 12:00 noon1:00 p.m., the such Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) With respect to the payment of any funds from the an Agent to a Lender or from a Lender to the an Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand ON DEMAND by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower Borrowers be entitled to receive any credit for any interest paid by the an Agent to any Lender, or by any Lender to the an Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) If the an Agent pays any amount to a Lender in the belief or expectation that a related payment has been or will be received by the such Agent from a Loan Party an Obligor and such related payment is not received by the such Agent, then the such Agent shall be entitled to recover such amount from each Lender that receives such amount. If the an Agent determines at any time that any amount received by it under this Agreement or any of the other Loan DIP Financing Documents must be returned to a Loan Party an Obligor or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan DIP Financing Documents, the such Agent shall not be required to distribute such amount to any Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Dyersburg Corp)

Remittance of Payments and Collections. (a) All payments by any Lender to the Administrative Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand by the Administrative Agent and such demand is made on the paying Lender after 1:30 p.m. 11:00 a.m. on such Business Day, then payment shall be made by 11:00 a.m. on the next Business Day. Payment by the Administrative Agent to any Lender shall be made by wire transfer, promptly following the Administrative Agent’s receipt of funds for the account of such Lender and in the type of funds received by the Administrative Agent; provided, however, that if the Administrative Agent receives such funds at or prior to 12:00 noon, the Administrative Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the Administrative Agent receives such funds after 12:00 noon, the Administrative Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) With respect to the payment of any funds from the Administrative Agent to a Lender or from a Lender to the Administrative Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower be entitled to receive any credit for any interest paid by the Administrative Agent to any Lender, or by any Lender to the Administrative Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) . If the Administrative Agent pays any amount to a Lender in the belief or expectation that a related payment has been or will be received by the Administrative Agent from a Loan Party the Borrower and such related payment is not received by the Administrative Agent, then the Administrative Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Administrative Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Documents must be returned to a Loan Party the Borrower or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan Documents, the Administrative Agent shall not be required to distribute such amount to any Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (American Real Estate Partners L P)

Remittance of Payments and Collections. (a) 12.18.1. All payments by any Lender to the Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand by the Agent and such demand is made on the paying Lender after 1:30 p.m. 12:00 noon on such Business Day, then payment shall be made by 11:00 a.m. 12:00 noon on the next Business Day. Payment by the Agent to any Lender shall be made by wire transfer, promptly following the Agent’s 's receipt of funds for the account of such Lender and in the type of funds received by the Agent; provided, however, that if the Agent receives such funds at or prior to 12:00 noon1:00 p.m., the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the Agent receives such funds after 12:00 noon1:00 p.m., the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) 12.18.2. With respect to the payment of any funds from the Agent to a Lender or from a Lender to the Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower be entitled to receive any credit for any interest paid by the Agent to any Lender, or by any Lender to the Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) 12.18.3. If the Agent pays any amount to a Lender in the belief or expectation that a related payment has been or will be received by the Agent from a Loan Party an Obligor and such related payment is not received by the Agent, then the Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Documents must be returned to a Loan Party an Obligor or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan Documents, the Agent shall not be required to distribute such amount to any Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Dixie Group Inc)

Remittance of Payments and Collections. (a) 12.18.1. All payments by any Lender to the Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand by the Agent and such demand is made on the paying Lender after 1:30 p.m. 12:00 noon on such Business Day, then payment shall be made by 11:00 a.m. 12:00 noon on the next Business Day. Payment by the Agent to any Lender shall be made by wire transfer, promptly following the Agent’s 's receipt of funds for the account of such Lender and in the type of funds received by the Agent; provided, however, that if the Agent receives such funds at or prior to 12:00 noon1:00 p.m., the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the Agent receives such funds after 12:00 noon1:00 p.m., the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) 12.18.2. With respect to the payment of any funds from the Agent to a Lender or from a Lender to the Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower Borrowers be entitled to receive any credit for any interest paid by the Agent to any Lender, or by any Lender to the Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) 12.18.3. If the Agent pays any amount to a Lender in the belief or expectation that a related payment has been or will be received by the Agent from a Loan Party an Obligor and such related payment is not received by the Agent, then the Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Documents must be returned to a Loan Party an Obligor or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan Documents, the Agent shall not be required to distribute such amount to any Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Integrated Electrical Services Inc)

Remittance of Payments and Collections. (a) All payments by any Lender to the Administrative Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand by the Administrative Agent and such demand is made on the paying Lender after 1:30 p.m. 11:00 a.m. on such Business Day, then payment shall be made by 11:00 a.m. on the next Business Day. Payment by the Administrative Agent to any Lender shall be made by wire transfer, promptly following the Administrative Agent’s 's receipt of funds for the account of such Lender and in the type of funds received by the Administrative Agent; provided, however, that if the Administrative Agent receives such funds at or prior to 12:00 noon, the Administrative Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the Administrative Agent receives such funds after 12:00 noon, the Administrative Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) With respect to the payment of any funds from the Administrative Agent to a Lender or from a Lender to the Administrative Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower be entitled to receive any credit for any interest paid by the Administrative Agent to any Lender, or by any Lender to the Administrative Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) . If the Administrative Agent pays any amount to a Lender in the belief or expectation that a related payment has been or will be received by the Administrative Agent from a Loan Party the Borrower and such related payment is not received by the Administrative Agent, then the Administrative Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Administrative Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Documents must be returned to a Loan Party the Borrower or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan Documents, the Administrative Agent shall not be required to distribute such amount to any Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Westpoint International Inc)

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Remittance of Payments and Collections. (a) 12.18.1. All payments by any Lender to the Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand by the Agent and such demand is made on the paying Lender after 1:30 p.m. 12:00 noon on such Business Day, then payment shall be made by 11:00 a.m. 12:00 noon on the next Business Day. Payment by the Agent to any Lender shall be made by wire transfer, promptly following the Agent’s receipt of funds for the account of such Lender and in the type of funds received by the Agent; provided, however, that if the Agent receives such funds at or prior to 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the Agent receives such funds after 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) 12.18.2. With respect to the payment of any funds from the Agent to a Lender or from a Lender to the Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower Borrowers be entitled to receive any credit for any interest paid by the Agent to any Lender, or by any Lender to the Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) 12.18.3. If the Agent pays any amount to a Lender in the belief or expectation that a related payment has been or will be received by the Agent from a Loan Party an Obligor and such related payment is not received by the Agent, then the Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Documents must be returned to a Loan Party an Obligor or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan Documents, the Agent shall not be required to distribute such amount to any Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Standard Register Co)

Remittance of Payments and Collections. (a) 12.18.1. All payments by any Lender to the Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand by the Agent and such demand is made on the paying Lender after 1:30 p.m. 12:00 noon on such Business Day, then payment shall be made by 11:00 a.m. 12:00 noon on the next Business Day. Payment by the Agent to any Lender shall be made by wire transfer, promptly following the Agent’s receipt of funds for the account of such Lender and in the type of funds received by the Agent; provided, however, that if the Agent receives such funds at or prior to 12:00 noon1:00 p.m., the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the Agent receives such funds after 12:00 noon1:00 p.m., the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) 12.18.2. With respect to the payment of any funds from the Agent to a Lender or from a Lender to the Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower Borrowers be entitled to receive any credit for any interest paid by the Agent to any Lender, or by any Lender to the Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) 12.18.3. If the Agent pays any amount to a Lender in the belief or expectation that a related payment has been or will be received by the Agent from a Loan Party an Obligor and such related payment is not received by the Agent, then the Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Documents must be returned to a Loan Party an Obligor or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan Documents, the Agent shall not be required to distribute such amount to any Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Integrated Electrical Services Inc)

Remittance of Payments and Collections. (a) 13.18.1. All payments by any Lender to the Administrative Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand ON DEMAND by the Administrative Agent and such demand is made on the paying Lender after 1:30 p.m. 11:00 a.m. on such Business Day, then payment shall be made by 11:00 a.m. on the next Business Day. Payment by the Administrative Agent to any Lender shall be made by wire transfer, promptly following the Administrative Agent’s 's receipt of funds for the account of such Lender and in the type of funds received by the Administrative Agent; provided, however, that if the Administrative Agent receives such funds at or prior to 12:00 noon, the Administrative Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the Administrative Agent receives such funds after 12:00 noon, the Administrative Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) 13.18.2. With respect to the payment of any funds from the Administrative Agent to a Lender or from a Lender to the Administrative Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand ON DEMAND by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower Borrowers be entitled to receive any credit for any interest paid by the Administrative Agent to any Lender, or by any Lender to the Administrative Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) 13.18.3. If the Administrative Agent pays any amount to a Lender in the belief or expectation that a related payment has been or will be received by the Administrative Agent from a Loan Party an Obligor and such related payment is not received by the Administrative Agent, then the Administrative Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Administrative Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Documents must be returned to a Loan Party an Obligor or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan Documents, the Administrative Agent shall not be required to distribute such amount to any Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (IMI of Arlington, Inc.)

Remittance of Payments and Collections. (a) All payments by any Lender to the an Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand ON DEMAND by the such Agent and such demand is made on the paying Lender after 1:30 p.m. 11:00 a.m. on such Business Day, then payment shall be made by 11:00 a.m. on the next Business Day. Payment by the an Agent to any Lender shall be made by wire transfer, promptly following the such Agent’s 's receipt of funds for the account of such Lender and in the type of funds received by the such Agent; provided, however, that if the Collateral Agent receives such funds at or prior to 12:00 noon1:00 p.m., the such Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the such Agent receives such funds after 12:00 noon1:00 p.m., the such Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) With respect to the payment of any funds from the an Agent to a Lender or from a Lender to the an Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand ON DEMAND by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower Borrowers be entitled to receive any credit for any interest paid by the an Agent to any Lender, or by any Lender to the an Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) If the an Agent pays any amount to a Lender in the belief or expectation that a related payment has been or will be received by the such Agent from a Loan Party an Obligor and such related payment is not received by the such Agent, then the such Agent shall be entitled to recover such amount from each Lender that receives such amount. If the an Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Documents Financing Agreements must be returned to a Loan Party an Obligor or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan DocumentsFinancing Agreements, the such Agent shall not be required to distribute such amount to any Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Dyersburg Corp)

Remittance of Payments and Collections. (a) All payments by any Lender to the Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand by the Agent and such demand is made on the paying Lender after 1:30 p.m. 11:00 a.m. on such Business Day, then payment shall be made by 11:00 a.m. on the next Business Day. Payment by the Agent to any Lender shall be made by wire transfer, promptly following the Agent’s 's receipt of funds for the account of such Lender and in the type of funds received by the Agent; provided, however, that if the Agent receives such funds at or prior to 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the Agent receives such funds after 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) . With respect to the payment of any funds from the Agent to a Lender or from a Lender to the Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower Borrowers be entitled to receive any credit for any interest paid by the Agent to any Lender, or by any Lender to the Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) . If the Agent pays any amount to a Lender in the belief or expectation that a related payment has been or will be received by the Agent from a Loan Party an Obligor and such related payment is not received by the Agent, then the Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Documents must be returned to a Loan Party an Obligor or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan Documents, the Agent shall not be required to distribute such amount to any Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Alpharma Inc)

Remittance of Payments and Collections. (a) All payments by any Lender to the Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand by the Agent and such demand is made on the paying Lender after 1:30 p.m. on such Business Day, then payment shall be made by 11:00 a.m. on the next Business Day. Payment by the Agent to any Lender shall be made by wire transfer, promptly following the Agent’s 's receipt of funds for the account of such Lender and in the type of funds received by the Agent; provided, however, that if the Agent receives such funds at or prior to 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the Agent receives such funds after 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) With respect to the payment of any funds from the Agent to a Lender or from a Lender to the Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower Borrowers be entitled to receive any credit for any interest paid by the Agent to any Lender, or by any Lender to the Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) If the Agent pays any amount to a Lender in the belief that a related payment has been or will be received by the Agent from a Loan Credit Party and such related payment is not received by the Agent, then the Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Credit Documents must be returned to a Loan Credit Party or paid to any other Person pursuant to any Requirement of Lawapplicable law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan Credit Documents, the Agent shall not be required to distribute such amount to any Lender.

Appears in 1 contract

Samples: Senior Secured Revolving Credit and Guaranty Agreement (Euramax Holdings, Inc.)

Remittance of Payments and Collections. (a) 13.18.1. All payments by any Lender to the Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand by the Agent and such demand is made on the paying Lender after 1:30 p.m. 11:00 a.m. on such Business Day, then payment shall be made by 11:00 a.m. on the next Business Day. Payment by the Agent to any Lender shall be made by wire transfer, promptly following the Agent’s 's receipt of funds for the account of such Lender and in the type of funds received by the Agent; provided, however, that if the Agent receives such funds at or prior to 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the Agent receives such funds after 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) 13.18.2. With respect to the payment of any funds from the Agent to a Lender or from a Lender to the Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower Borrowers be entitled to receive any credit for any interest paid by the Agent to any Lender, or by any Lender to the Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) . If the Agent pays any amount to a Lender in the belief or expectation that a related payment has been or will be received by the Agent from a Loan Party an Obligor and such related payment is not received by the Agent, then the Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Documents must be returned to a Loan Party an Obligor or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan Documents, the Agent shall not be required to distribute such amount to any Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Mastec Inc)

Remittance of Payments and Collections. (a) 12.18.1. All payments by any Lender to the Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand by the Agent and such demand is made on the paying Lender after 1:30 p.m. 12:00 noon on such Business Day, then payment shall be made by 11:00 a.m. 12:00 noon on the next Business Day. Payment by the Agent to any Lender shall be made by wire transfer, promptly following the Agent’s receipt of funds for the account of such Lender and in the type of funds received by the Agent; provided, however, that if the Agent receives such funds at or prior to 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the Agent receives such funds after 12:00 noon, the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) 12.18.2. With respect to the payment of any funds from the Agent to a Lender or from a Lender to the Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower Borrowers be entitled to receive any credit for any interest paid by the Agent to any Lender, or by any Lender to the Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein, nor shall any Defaulting Lender be entitled to interest on any amounts held by Agent pursuant to Section 3.2. (c) 12.18.3. If the Agent pays any amount to a Lender in the belief or expectation that a related payment has been or will be received by the Agent from a Loan Party an Obligor and such related payment is not received by the Agent, then the Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Documents must be returned to a Loan Party an Obligor or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan Documents, the Agent shall not be required to distribute such amount to any Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Standard Register Co)

Remittance of Payments and Collections. (a) 13.18.1. All payments by any Lender to the Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; provided, however, that if such payment is due on demand by the Agent and such demand is made on the paying Lender after 1:30 p.m. 11:00 a.m. on such Business Day, then payment shall be made by 11:00 a.m. on the next Business Day. Payment by the Agent to any Lender shall be made by wire transfer, promptly following the Agent’s 's receipt of funds for the account of such Lender and in the type of funds received by the Agent; provided, however, that if the Agent receives such funds at or prior to 12:00 noon1:00 p.m., the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the Agent receives such funds after 12:00 noon1:00 p.m., the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) 13.18.2. With respect to the payment of any funds from the Agent to a Lender or from a Lender to the Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower Borrowers be entitled to receive any credit for any interest paid by the Agent to any Lender, or by any Lender to the Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) 13.18.3. If the Agent pays any amount to a Lender in the belief or expectation that a related payment has been or will be received by the Agent from a Loan Party an Obligor and such related payment is not received by the Agent, then the Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Documents must be returned to a Loan Party an Obligor or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan Documents, the Agent shall not be required to distribute such amount to any Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Tropical Sportswear Co Inc)

Remittance of Payments and Collections. (a) 12.18.1. All payments by any Lender to the Agent shall be made not later than the time set forth elsewhere in this Agreement on the Business Day such payment is due; providedPROVIDED, howeverHOWEVER, that if such payment is due on demand by the Agent and such demand is made on the paying Lender after 1:30 p.m. 11:00 a.m. on such Business Day, then payment shall be made by 11:00 a.m. p.m. on the next Business Day. Payment by the Agent to any Lender shall be made by wire transfer, promptly following the Agent’s 's receipt of funds for the account of such Lender and in the type of funds received by the Agent; providedPROVIDED, howeverHOWEVER, that if the Agent receives such funds at or prior to 12:00 noon1:00 p.m., the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on such Business Day, but if the Agent receives such funds after 12:00 noon1:00 p.m., the Agent shall pay such funds to such Lender by 4:00 2:00 p.m. on the next Business Day. (b) 12.18.2. With respect to the payment of any funds from the Agent to a Lender or from a Lender to the Agent, the party failing to make full payment when due pursuant to the terms hereof shall, on demand by the other party, pay such amount together with interest thereon at the Wall Street Journal Prime Federal Funds Rate. In no event shall the Borrower be entitled to receive any credit for any interest paid by the Agent to any Lender, or by any Lender to the Agent, at the Wall Street Journal Prime Federal Funds Rate as provided herein. (c) 12.18.3. If the Agent pays any amount to a Lender in the belief or expectation that a related payment has been or will be received by the Agent from a Loan Party an Obligor and such related payment is not received by the Agent, then the Agent shall be entitled to recover such amount from each Lender that receives such amount. If the Agent determines at any time that any amount received by it under this Agreement or any of the other Loan Documents must be returned to a Loan Party an Obligor or paid to any other Person pursuant to any Requirement of Applicable Law, court order or otherwise, then, notwithstanding any other term or condition of this Agreement or any of the other Loan Documents, the Agent shall not be required to distribute such amount to any Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Metromedia International Group Inc)

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