Common use of Time and Method of Payments Clause in Contracts

Time and Method of Payments. Subject to the provisions of Sections 6.03 and 6.04, all payments of principal of the Advances, Loan Interest, and all other Obligations payable by the Borrower to the Agent and Lenders hereunder and under the other Basic Documents to which it is a party shall be made to the Agent in Dollars, in immediately available funds, not later than 11:00 a.m. on the date on which such payment shall become due (it being understood that the Borrower will not be deemed to have failed to comply with its agreement set forth in this Section 2.08 as a consequence of the failure by the US Collection Account Bank or the Agent to apply by the specified time funds held in the US Collection Account pursuant to the provisions of Sections 6.03 and 6.04 in the manner contemplated in the related Monthly Report). 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 continue to accrue and be payable thereon until, the next succeeding Business Day. If any payment of principal or Loan Interest or other amount due hereunder becomes due on a day other than a Business Day, such payment may be made on the next succeeding Business Day and, if such amount being paid bears interest, such extension shall be included in computing interest in connection with such payment. All payments hereunder shall be made without 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.

Appears in 1 contract

Samples: Receivables Loan and Security Agreement (Volt Information Sciences, Inc.)

AutoNDA by SimpleDocs

Time and Method of Payments. Subject to the provisions --------------------------- of Sections 6.03 6.03, 6.04 and 6.046.05, all payments of principal of the Advancesprincipal, Loan InterestDaily Yield, fees and all other Obligations amounts (including indemnities) payable by the Borrower to the Agent and Lenders hereunder and under the other Basic Documents to which it is a party shall be made to the Agent in Dollars, in immediately available funds, to the Deal Agent not later than 11:00 a.m. a.m., New York City time, on the date on which such payment shall become due (it being understood that the Borrower will not be deemed to have failed to comply with its agreement set forth in this Section 2.08 as a consequence of the failure by the US Collection Account Bank or the Agent to apply by the specified time funds held in the US Collection Account pursuant to the provisions of Sections 6.03 and 6.04 in the manner contemplated in the related Monthly Report)due. 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 continue to accrue and be payable thereon until, the next succeeding Business Day. If any payment of principal or Loan Interest or other amount due hereunder Daily Yield becomes due on a day other than a Business Day, such payment may be made on the next succeeding Business Day and, if such amount being paid bears interest, 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 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 AgreementAgreement and the Notes. Upon payment in full of the applicable Note, following the Commitment Termination Date, the Deal Agent as agent for the applicable Lender shall xxxx each Note "Paid" and return them to the Borrower.

Appears in 1 contract

Samples: Receivables Funding and Servicing Agreement (Consumer Portfolio Services Inc)

Time and Method of Payments. Subject to the provisions of Sections 6.03 and 6.04, all payments of principal of the Advances, Loan Interest, and all other Obligations payable by the Borrower to the Agent and Lenders hereunder and under the other Basic Documents to which it is a party shall be made to the Agent in Dollars, in immediately available funds, not later than 11:00 a.m. on the date on which such payment shall become due (it being understood that the Borrower will not be deemed to have failed to comply with its agreement set forth in this Section 2.08 as a consequence of the failure by the US Collection Account Bank or the Agent to apply by the specified time funds held in the US Collection Account pursuant to the provisions of Sections 6.03 and 6.04 in the manner contemplated in the related Monthly Report). 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 continue to accrue and be payable thereon until, the next succeeding Business Day. If any payment of principal or Loan Interest or other amount due hereunder becomes due on a day other than a Business Day, such payment may be made on the next succeeding Business Day and, if such amount being paid bears interest, such extension shall be included in computing interest in connection with such payment. All payments hereunder shall be made without 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.

Appears in 1 contract

Samples: Receivables Loan and Security Agreement (Volt Information Sciences, Inc.)

AutoNDA by SimpleDocs

Time and Method of Payments. Subject to the provisions of Sections 6.03 6.3 and 6.046.4, all payments of principal of the Advancesprincipal, Loan Note Interest, fees and all other Obligations amounts (including indemnities) payable by the Borrower to the Agent and Lenders hereunder and under the other Basic Documents to which it is a party shall be made to the Agent in Dollars, in immediately available funds, to the Deal Agent 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 such payment shall become due (it being understood that the Borrower will not be deemed to have failed to comply with its agreement set forth in this Section 2.08 as a consequence of the failure by the US Collection Account Bank or the Agent shall be withdrawn to apply by the specified time funds held make required payments in the US Collection Account pursuant to the provisions of Sections 6.03 and 6.04 in the manner contemplated in the related Monthly Report)accordance with Section 6.4. 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 continue to accrue and be payable thereon until, the next succeeding Business Day. If any payment of principal or Loan Note Interest or other amount due hereunder becomes due on a day other than a Business Day, such payment may be made on the next succeeding Business Day and, if such amount being paid bears interest, and such extension shall be included in computing interest in connection with such payment. All payments hereunder and under the Note shall be made without 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 AgreementAgreement and the Note. Upon payment in full of the Note, following the Facility Maturity Date, the Deal Agent as agent for the Lender shall xxxx the Note "paid" and return it to the Borrower.

Appears in 1 contract

Samples: Franchise Receivable Funding and Servicing Agreement (CNL American Properties Fund Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!