Common use of Time and Method of Payments Clause in Contracts

Time and Method of Payments. All payments of principal, interest, Fees and other amounts (including indemnities) payable by any Principal Company hereunder shall be made in Dollars, in immediately available funds, without deduction, set-off or counterclaim, to the Agent at its Principal Office on the date on which such payment shall become due; provided, however, that any payment not received by the Agent by 1:00 p.m., Boston time, on the date made shall be deemed received on the next Business Day; provided, however, that no Default shall be deemed to have occurred under Section 11.1 if payment is received after 1:00 p.m., Boston time, but prior to 5:00 p.m., Boston time, on the date on which such payment shall become due. The Agent or any Lender for whose account any such payment is to be made 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 Borrower with the Agent or such Lender, as the case may be. Each payment received by the Agent hereunder for the account of a Lender shall be paid promptly to such Lender, in like funds, for the account of such Lender's Applicable Lending Office for the Loan in respect of which such payment is made. If any payment of principal or interest becomes due on a day other than a Business Day, such payment may be made on the next succeeding Business Day, and such extension shall be included in computing interest in connection with such payment. All payments hereunder and under the Notes shall be made without set-off or counterclaim and in such amounts as may be necessary in order that all such payments shall not be less than the amounts otherwise specified to be paid under this Agreement and the Notes after withholding for or on account of (i) any present or future taxes, levies, imposts, duties or other similar charges of whatever nature imposed by any government or any political subdivision or taxing authority thereof, other than any tax (except those referred to in clause (ii) below) on or measured by the net income of the Lender to which any such payment is due pursuant to applicable federal, state and local income tax laws, and (ii) deduction of amounts equal to the taxes on or measured by the net income of such Lender payable by such Lender with respect to the amount by which the payments required to be made under this sentence exceed the amounts otherwise specified to be paid in this Agreement and the Notes. Upon payment in full of any Note, and in the case of any Lender holding any Revolving Credit Note, the termination of the Revolving Credit Commitment of such Lender, the Lender holding such Note shall mark xxx Note "Paid" and return it to the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Saga Communications Inc)

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Time and Method of Payments. All payments of principal, interestNote Interest, Fees fees and other amounts (including indemnities) payable by the Borrower to the Lender (as reflected in the Register), the Administrative Agent or any Principal Company other Affected Party hereunder shall be made in Dollars, in immediately available funds, without deduction, set-off or counterclaim, to the Administrative Agent at its Principal Office not later than 11:00 a.m. (New York City time) on each Payment Date. On each Payment Date amounts on deposit in the date on which Distribution Account shall be withdrawn to make required payments in accordance with the Priority of Payments. Any such payment made on such date but after such time shall, if the amount paid bears interest, be deemed to have been made on, and interest shall become due; continue to accrue and be payable thereon until, the next succeeding Business Day, provided, however, that any payment not received by the Agent by 1:00 p.m., Boston time, on the date made no Event of Default shall be deemed received triggered by such determination that payment was made on the next Business Day; provided, however, that no Default shall be deemed to have occurred under Section 11.1 if payment is received after 1:00 p.m., Boston time, but prior to 5:00 p.m., Boston time, on the date on which such payment shall become due. The Agent or any Lender for whose account any such payment is to be made 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 Borrower with the Agent or such Lender, as the case may be. Each payment received by the Agent hereunder for the account of a Lender shall be paid promptly to such Lender, in like funds, for the account of such Lender's Applicable Lending Office for the Loan in respect of which such payment is made. If any payment of principal or interest Note Interest becomes due on a day other than a Business Day, such payment may be made on the next succeeding Business Day, Day and such extension shall be included in computing interest in connection with such payment. All payments hereunder and under the Notes Note shall be made without set-off setoff or counterclaim and in such amounts as may be necessary in order that all such payments shall not be less than the amounts otherwise specified to be paid under this Agreement and the Notes after withholding for or on account of (i) any present or future taxes, levies, imposts, duties or other similar charges of whatever nature imposed by any government or any political subdivision or taxing authority thereof, other than any tax (except those referred to in clause (ii) below) on or measured by the net income of the Lender to which any such payment is due pursuant to applicable federal, state and local income tax laws, and (ii) deduction of amounts equal to the taxes on or measured by the net income of such Lender payable by such Lender with respect to the amount by which the payments required to be made under this sentence exceed the amounts otherwise specified to be paid in this Agreement and the NotesNote. Upon payment in full of any the Note, and in following the case of any Lender holding any Revolving Credit NoteFacility Maturity Date, the termination of the Revolving Credit Commitment of such Lender, Administrative Agent as agent for the Lender holding such Note shall mark xxx xxxx the Note "Paidpaid" and return it to the Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (CNL American Properties Fund Inc)

Time and Method of Payments. (a) All payments of principal, interest, Fees fees and other amounts (including indemnities) payable by any Principal Company the Borrowers hereunder shall be made in U.S. Dollars, in immediately available funds, without deduction, set-off setoff or counterclaim, to the Agent at its Principal Office principal office on the date on which such payment shall become due; provided, however, that any payment not received by the Agent by 1:00 p.m.3:00 PM, (Boston time, ) on the date made shall be deemed received on the next Business Day; provided, however, that Day (but no Default shall be deemed to have occurred as a result thereof under Section 11.1 8.1 if payment is received after 1:00 p.m.3:00 PM, (Boston time), but prior to 5:00 p.m.PM, (Boston time, ) on the date on which such payment shall become due). The Agent or any Lender for whose account any such payment is to be made 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 any of the Borrower Borrowers with the Agent or such Lender, as the case may be. Each payment received by the Agent hereunder for the account of a Lender shall be paid promptly to such Lender, in like funds, for the account of such Lender's Applicable Lending Office for the Loan in respect of which such payment is made. If any payment of principal or interest becomes due on a day other than a Business Day, such payment may be made on the next succeeding Business Day, and such extension shall be included in computing interest in connection with such payment. All So long as the applicable Lender shall have complied with Section 2.15(b) hereof, all payments hereunder and under the Notes shall be made without set-off setoff or counterclaim and in such amounts as may be necessary in order that all such payments shall not be less than the amounts otherwise specified to be paid under this Agreement and the Notes after withholding for or on account of (i) any present or future taxes, levies, imposts, duties or other similar charges of whatever nature imposed by any government or any political subdivision or taxing authority thereof, other than any tax (except those referred to in clause (ii) below) on or measured by the net income of the Agent, any Lender or the Issuing Bank to which any such payment is due pursuant to applicable federal, state and local income tax laws, and (ii) deduction of amounts equal to the taxes on or measured by, or are otherwise required by law to be withheld with respect to, the net income of such Lender payable by such Lender Person with respect to the amount by which the payments required to be made under this sentence exceed the amounts otherwise specified to be paid in this Agreement and the Notes. Upon . (b) If the Lender is a "foreign corporation, partnership or trust" within the meaning of the Code, and such Lender is entitled to an exemption (or is exempt) from United States withholding tax under Section 1441 or 1442 of the Code, such Lender will deliver to the Agent and the Borrowers: (i) if such Lender is entitled to claim an exemption from, or a reduction of, withholding tax under a United States tax treaty, properly completed IRS Forms 1001 and W-8 before the payment in full of any Noteinterest in the first calendar year, and in before the case payment of any interest in each third succeeding calendar year, during which interest may be paid to such Lender holding any Revolving Credit Note, the termination of the Revolving Credit Commitment under this Agreement; (ii) if such Lender is entitled to claim that interest paid under this Agreement is exempt from United States withholding tax because it is effectively connected with a United States trade or business of such Lender, two properly completed and executed copies of IRS Form 4224 before the payment of any interest is due in the first taxable year of such Lender, and in each succeeding taxable year of such Lender, during which interest may be paid to such Lender holding under this Agreement, and IRS Form W-9; and (iii) such Note shall mark xxx Note other form or forms as may be required under the Code or other laws of the United States as a condition to exemption from, or reduction of, United States withholding tax. Each Lender as of the effective date of this Agreement, and each assignee under any Assignment and Acceptance (as of the date hereof), that is a "Paidforeign corporation, partnership or trust" as described herein must be eligible to claim a complete exemption and return it must provide applicable forms to the BorrowerBorrowers as required by this Section 2.15. Each such Lender will promptly notify the Agent and the Borrowers of any changes in circumstances that would modify or render invalid any claims exemption or reduction. (c) If any Lender is entitled to a reduction in the applicable withholding tax, the Agent may withhold from any interest payment to such Lender an amount equivalent to the applicable withholding tax after taking into account such reduction. If the forms or other documentation required under subsection (c) above are not executed, completed and/or delivered to the Agent, then the Agent may withhold from any interest payment to such Lender not providing such forms or other documentation an amount equivalent to the applicable withholding tax. For purposes of this Section, a distribution hereunder by the Agent to or for the account of any Lender shall be deemed a payment by the Borrowers. (d) If the Internal Revenue Service or any other governmental authority, domestic or foreign, asserts a claim that the Agent did not properly withhold tax from amounts paid to or for the account of any Lender (whether because the appropriate form was not delivered or was not properly executed, completed and/or delivered, because such Lender failed to notify the Agent of a change in circumstances that rendered the exemption from, or reduction of, withholding tax ineffective, or for any other reason), such Lender shall indemnify the Agent and the Borrowers fully for all amounts paid, directly or indirectly, by the Agent as tax or otherwise, including penalties and interest, and including any taxes imposed by any jurisdiction on the amounts payable to the Agent under this subsection (d), together with all costs, expenses and reasonable attorneys' fees incurred or paid in connection therewith. (e) If at any time the Borrowers request any Lender to deliver any forms other than documentation pursuant to subsection (c) above, then the Borrowers shall, upon demand of such Lender, reimburse such Lender for any reasonable costs or expenses incurred by such Lender in the preparation or delivery of such forms or other documentation. (f) Each Lender agrees that, if the Borrowers are required to pay additional amounts to or for the account of any Lender pursuant to subsection (a) above, then such Lender will, to the extent permitted by law, endeavor in good faith to designate another lending office for its Eurodollar Loans, but only if such designation would make it lawful for such Lender to continue to make or maintain Eurodollar Loans hereunder; provided that such designation is made on such terms that such Lender, in its good faith determination, suffers no increased cost or economic, legal or regulatory disadvantage, with the object of avoiding the consequence of the event giving rise to the operation of this Section.

Appears in 1 contract

Samples: Credit Agreement (Jerrys Famous Deli Inc)

Time and Method of Payments. All payments of principal, interest, Fees and other amounts (including indemnities) payable by any Principal Company hereunder shall be made in Dollars, in immediately available funds, without deduction, set-off or counterclaim, to the Agent at its Principal Office on the date on which such payment shall become due; providedPROVIDED, howeverHOWEVER, that any payment not received by the Agent by 1:00 p.m., Boston time, on the date made shall be deemed received on the next Business Day; providedPROVIDED, howeverHOWEVER, that no Default shall be deemed to have occurred under Section 11.1 if payment is received after 1:00 l:00 p.m., Boston time, but prior to 5:00 p.m., Boston time, on the date on which such payment shall become due. The Agent or any Lender for whose account any such payment is to be made 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 Borrower with the Agent or such Lender, as the case may be. Each payment received by the Agent hereunder for the account of a Lender shall be paid promptly to such Lender, in like funds, for the account of such Lender's Applicable Lending Office for the Loan in respect of which such payment is made. If any payment of or principal or interest becomes due on a day other than a Business Day, such payment may be made on the next succeeding Business Day, and such extension shall be included in computing interest in connection with such payment. All payments hereunder and under the Notes shall be made without set-off or counterclaim and in such amounts as may be necessary in order that all such payments shall not be less than the amounts otherwise specified to be paid under this Agreement and the Notes after withholding for or on account of (i) any present or future taxes, levies, imposts, duties or other similar charges of whatever nature imposed by any government or any political subdivision or taxing authority thereof, other than any tax (except those referred to in clause CLAUSE (ii) below) on or measured by the net income of the Lender to which any such payment is due pursuant to applicable federal, state and local income tax laws, and (ii) deduction of amounts equal to the taxes on or measured by the net income of such Lender payable by such Lender with respect to the amount by which the payments required to be made under this sentence exceed the amounts otherwise specified to be paid in this Agreement and the Notes. Upon payment in full of any Note, and in the case of any Lender holding any Revolving Credit Note, the termination of the Revolving Credit Commitment of such Lender, the Lender holding such Note shall mark xxx Note "Paid" and return it to the Borrower.made

Appears in 1 contract

Samples: Credit Agreement (Saga Communications Inc)

Time and Method of Payments. All (a) Except as otherwise provided in Sections 6.02, 6.03, 6.04, 6.05 and 6.06, all payments in reduction of Aggregate Capital Investment and all payments of principalyield, interest, Fees fees and other amounts (including indemnities) payable by any Principal Company the Seller hereunder shall be made in Dollars, in immediately available funds, without deduction, set-off or counterclaim, to the Administrative Agent at (for its Principal Office account or the account of the Applicable Purchasers (ratably, in accordance with their respective Capital Investments), Affected Parties or Indemnified Persons) not later than 12:00 Noon (New York time) on the due date on which therefor. Any such payment shall become due; provided, however, that any payment not received by the Agent by 1:00 p.m., Boston time, made on the such date made shall be deemed received on the next Business Day; provided, however, that no Default but after such time shall be deemed to have occurred under Section 11.1 if payment is received after 1:00 p.m.been made on, Boston timeand Daily Yield on each respective Capital Investment shall continue to accrue and be payable GE Capital Corporation/Blue Hill II, but prior to 5:00 p.m.Inc. Amended and Restated Receivables Purchase and Servicing Agreement thereon until, Boston time, on the date on which such payment shall become duenext succeeding Business Day. The Agent or any Lender for whose account If any such payment is to be made 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 Borrower with the Agent or such Lender, as the case may be. Each payment received by the Agent hereunder for the account of a Lender shall be paid promptly to such Lender, in like funds, for the account of such Lender's Applicable Lending Office for the Loan in respect of which such payment is made. If any payment of principal or interest becomes due on a day other than a Business Day, such payment may the maturity thereof will be made on extended to the next succeeding Business Day, Day and such extension Daily Yield thereon shall be included in computing interest in connection with payable during such payment. All extension. (b) Any and all payments by the Seller hereunder and under the Notes shall be made in accordance with this Section 2.08 without set-off setoff or counterclaim and in such amounts as may be necessary in order that free and clear of and without deduction for any and all such payments shall not be less than the amounts otherwise specified to be paid under this Agreement and the Notes after withholding for or on account of (i) any present or future taxes, levies, imposts, duties deductions, charges or withholdings, excluding those taxes specified in clauses (a), (b) and (d) of the definition of "Excluded Taxes" (such non-excluded taxes, levies, imposts, deductions, charges and withholdings being "Indemnified Taxes"). If the Seller shall be required by law to deduct any Indemnified Taxes from or in respect of any sum payable hereunder, (i) the sum payable shall be increased as much as shall be necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.08) the Affected Party entitled to receive any such payment receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Seller shall make such deductions, and (iii) the Seller shall pay the full amount deducted to the relevant taxing or other similar charges authority in accordance with applicable law. Within 30 days after the date of whatever nature any payment of Indemnified Taxes, the Seller shall furnish to the Administrative Agent the original or a certified copy of a receipt evidencing payment thereof. The Seller shall indemnify any Affected Party from and against, and, within ten days of demand therefor, pay any Affected Party for, the full amount of Indemnified Taxes (together with any taxes imposed by any government or any political subdivision or taxing authority thereof, other than any tax (except those referred to in clause (iijurisdiction on amounts payable under this Section 2.08) below) on or measured by the net income of the Lender to which any such payment is due pursuant to applicable federal, state and local income tax laws, and (ii) deduction of amounts equal to the taxes on or measured by the net income of such Lender payable paid by such Lender Affected Party and any liability (including penalties, interest and expenses) arising therefrom or with respect to the amount by which the payments required to be made under this sentence exceed the amounts otherwise specified to be paid in this Agreement and the Notes. Upon payment in full of any Notethereto, and in the case of any Lender holding any Revolving Credit Note, the termination of the Revolving Credit Commitment of whether or not such Lender, the Lender holding such Note shall mark xxx Note "Paid" and return it to the BorrowerIndemnified Taxes were correctly or legally asserted.

Appears in 1 contract

Samples: Receivables Purchase and Servicing Agreement (Amerisourcebergen Corp)

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Time and Method of Payments. All payments of principal, interest, Fees fees and other amounts (including indemnities) payable by any Principal Company the Borrowers hereunder shall be made in US Dollars, in immediately available funds, without deduction, set-off setoff or counterclaim, to the Agent at its Principal Office principal office on the date on which such payment shall become due; provided, however, that any payment not received by the Agent by 1:00 p.m.PM, (Boston time, ) on the date made shall be deemed received on the next Business Day; provided, however, that Day (but no Default shall be deemed to have occurred as a result thereof under Section 11.1 8.1 if payment is received after 1:00 p.m.PM, (Boston time), but prior to 5:00 p.m.PM, (Boston time, ) on the date on which such payment shall become due). The Agent or any Lender for whose account any such payment is to be made 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 any of the Borrower Borrowers with the Agent or such Lender, as the case may be. Each payment received by the Agent hereunder for the account of a Lender shall be paid promptly to such Lender, in like funds, for the account of such Lender's Applicable Lending Office for the Loan in respect of which such payment is made. If any payment of principal or interest becomes due on a day other than a Business Day, such payment may be made on the next succeeding Business Day, and such extension shall be included in computing interest in connection with such payment. All payments hereunder and under the Notes shall be made without set-off setoff or counterclaim and in such amounts as may be necessary in order that all such payments shall not be less than the amounts otherwise specified to be paid under this Agreement and the Notes after withholding for or on account of (i) any present or future taxes, levies, imposts, duties or other similar charges of whatever nature imposed by any government or any political subdivision or taxing authority thereof, other than any tax (except those referred to in clause (ii) below) on or measured by the net income of the Agent, any Lender or the Issuing Bank to which any such payment is due pursuant to applicable federal, state and local income tax laws, and (ii) deduction of amounts equal to the taxes on or measured by by, the net income of such Lender payable by such Lender Person with respect to the amount by which the payments required to be made under this sentence exceed the amounts otherwise specified to be paid in this Agreement and the Notes. Upon payment in full of any Note, and in the case of any Lender holding any Revolving Credit Note, the termination of the Revolving Credit Commitment of such Lender, the Lender holding such Note shall mark xxx Note "Paid" and return it to the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Star Buffet Inc)

Time and Method of Payments. (a) All payments of principal, interest, Fees and other amounts (including indemnities) payable by any Principal Company the Borrowers hereunder shall be made in Dollars, in immediately available funds, without deduction, set-off by wire transfer or counterclaimotherwise, to the Agent Agent, at its the Principal Office on the date on which such payment shall become due; providedOffice, howevernot later than 11:00 a.m., that any payment not received by the Agent by 1:00 p.m., Boston time, on the date made shall be deemed received on the next Business Day; provided, however, that no Default shall be deemed to have occurred under Section 11.1 if payment is received after 1:00 p.m., Boston time, but prior to 5:00 p.m., Boston New York City time, on the date on which such payment shall become due. The Agent or any Lender Bank for whose account any such payment of principal, interest or Fees is to be made may, but shall not be obligated to, debit the amount of any such payment which of principal, interest or Fees that is not made by such time to any ordinary deposit account of the any Borrower with the Agent or such LenderBank, as the case may be. Each payment received by the Agent hereunder for the account of a Lender shall be paid promptly to such Lender, in like funds, for the account of such Lender's Applicable Lending Office for the Loan in respect of which Any such payment is madeof principal, interest, Fees or other amounts made on such date but after such time shall, if the amount paid bears interest, be deemed to have been made on, and interest shall continue to accrue and be payable thereon until, the next succeeding Business Day. If any payment of principal or interest becomes due on a day other than a Business Day, such payment may be made on the next succeeding Business Day, Day and such extension shall be included in computing interest in connection with such payment. Each payment received by the Agent hereunder for the account of a Bank shall be paid to such Bank, in like funds, for the account of such Bank's Applicable Lending Office, or such other arrangements as the Agent and the Banks shall agree to, provided that after receipt by the Agent of any Letter of Credit Fee for the account of the Banks, the Agent shall be permitted a delay of up to two Business Days prior to paying each Bank its pro rata share thereof. (b) All payments hereunder and under the Notes shall be made without set-off off, counterclaim, deduction, recoupment or counterclaim offset of any nature and in such amounts as may be necessary in order that all such payments shall not be less than the amounts otherwise specified to be paid under this Agreement and the Notes after withholding for or on account of (i) any present or future taxes, levies, imposts, duties or other similar charges of whatever nature imposed by any government or any political subdivision or taxing authority thereof, other than any tax (except those referred to in clause (ii) below) on or measured by the net income of the Lender to which any such payment is due pursuant to applicable federal, state and local income tax laws, and (ii) deduction of amounts equal to the taxes on or measured by the net income of such Lender payable by such Lender with respect to the amount by which the payments required to be made under this sentence exceed the amounts otherwise specified to be paid in this Agreement and the Notes. Upon payment in full of any Note, and in the case of any Lender holding any Revolving Credit Note, the termination of the Revolving Credit Commitment of such Lender, the Lender holding such Note shall mark xxx Note "Paid" and return it to the Borrower.

Appears in 1 contract

Samples: Credit Agreement (National Patent Development Corp)

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