SECTION MANNER OF PAYMENT; SPECIAL TAX CONSIDERATIONS Sample Clauses

SECTION MANNER OF PAYMENT; SPECIAL TAX CONSIDERATIONS. (a) All payments by Borrower hereunder and under the Notes shall be made to the Administrative Agent by wire transfer or other electronic payment method to the Payment Account or to such bank account as the Administrative Agent may designate, for the account of the Lenders in Dollars in immediately available funds by 11:00 a.m., New York time, on the date on which such payment shall be due. The Administrative Agent will promptly thereafter (but in no event later than the date of receipt of such payment, if such is received at or prior to 12:00 p.m., New York time, on the date immediately following the date of receipt of such payment, if such is received after 12:00 p.m., New York time) cause to be distributed like funds relating to the payment of principal or interest or other fees ratably (other than amounts payable pursuant to Section 2.14) to each ------------ Lender in accordance with its Pro Rata Share. In the event that the Administrative Agent shall not make distributions to any Lender in accordance with the terms of the immediately preceding sentence, the amounts required to be so distributed by the Administrative Agent shall bear interest at then Federal Funds Effective Rate from the date such amount was required to be distributed to such Lender pursuant to the immediately preceding sentence until the date such distribution is actually made to such Lender. Any such accrued interest shall be payable by the Administrative Agent on demand. Interest in respect of any Loan hereunder shall accrue from the day such Loan is made up to and including the day prior to the date on which such Loan is paid in full. Payments received after 12:00 p.m. New York time shall not be given credit until the next Business Day, and Borrower shall be liable for interest, if any, accruing on such payment until the next Business Day.
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