PAYMENTS BY BORROWER definition
PAYMENTS BY BORROWER. On each date on which any sum is due from the Borrower it shall make that sum available to the Facility Agent, by payment, if in Singapore Dollars, in Singapore Dollars and in immediately available and freely transferable funds, so as to be received before 11 a.m. Singapore time to such account of the Facility Agent as may be designated by the Facility Agent to the Borrower, and will at the same time notify the Facility Agent of such payment; and if in US Dollars, in US Dollars and in funds which are for the same day settlement in the New York Clearing House Interbank Payments System (or, if such funds cease to exist or, in the Facility Agent's opinion, cease to be customary for the settlement in New York City of international banking transactions in US Dollars, such other US Dollar funds as the Facility Agent may from time to time determine to be customary for that purpose), so as to be received before 11 a.m. local time in New York City to such account of the Facility Agent and/or such other bank in New York City as the Facility Agent shall have designated to it for that purpose.
Examples of PAYMENTS BY BORROWER in a sentence
NOTWITHSTANDING ANYTHING TO THE CONTRARY SET FORTH IN THIS SECOND NOTE, THE LOAN AGREEMENT AS AMENDED OR OTHERWISE, LENDER AND BORROWER AGREE THAT, PRIOR TO THE OCCURRENCE OF AN EVENT OF DEFAULT, ALL PAYMENTS BY BORROWER WITH RESPECT TO THE NOTE AND THIS SECOND NOTE SHALL BE ALLOCATED BETWEEN THE NOTE AND THE SECOND NOTE ON A PARI PASSU BASIS UNTIL ALL OF THE OBLIGATIONS ARE PAID IN FULL.
FROM AND AFTER THE OCCURRENCE OF AN EVENT OF DEFAULT, LENDER SHALL APPLY ALL PAYMENTS BY BORROWER UNDER THE NOTE, THIS SECOND NOTE, THE LOAN AGREEMENT AS AMENDED OR ANY OF THE OTHER LOAN DOCUMENTS AS LENDER MAY DETERMINE.