Corresponding Payments Clause Samples
The Corresponding Payments clause establishes the obligation for one party to make payments that match or correspond to payments received or due under a related agreement or transaction. In practice, this clause ensures that if a party receives funds from a third party, it must promptly transfer an equivalent amount to the other party as specified in the contract. For example, in financial arrangements involving intermediaries, this clause guarantees that payments flow through the chain without delay or withholding. Its core function is to ensure timely and accurate transfer of funds, preventing disputes or cash flow issues arising from mismatched or delayed payments.
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Corresponding Payments. Each permanent reduction permitted pursuant to this Section 2.06 shall be accompanied by a payment of principal sufficient to reduce (i) the aggregate Equivalent Dollar Amount of all outstanding Revolving Loans, Competitive Bid Loans, Swingline Loans and L/C Obligations, as applicable, after such reduction to the Revolving Commitment as so reduced and (ii) to the extent that the Alternative Currency Commitment is reduced, the aggregate Equivalent Dollar Amount of all outstanding Eurocurrency Loans and Alternative Currency Letters of Credit to the Alternate Currency Commitment as so reduced. If the Revolving Commitment as so reduced is less than the aggregate amount of all outstanding Letters of Credit, the Borrower shall be required to deposit cash collateral in a cash collateral account opened by the Agent in an amount equal to the aggregate then undrawn and unexpired amount of such Letters of Credit. Such cash collateral shall be applied in accordance with Section 2.23(g). Any reduction of the Revolving Commitment to zero shall be accompanied by payment of all outstanding Revolving Loans, Competitive Bid Loans and Swingline Loans (and furnishing of cash collateral satisfactory to the Agent for all L/C Obligations) and shall result in the termination of the Revolving Commitment. If the reduction of the Revolving Commitment or the Alternative Currency Commitment, as applicable, requires the repayment of any Eurodollar Loan, Eurocurrency Loan or any Competitive Bid Loans bearing interest at the Adjusted LIBO Rate, such repayment shall be accompanied by any amount required to be paid pursuant to Section 2.18 hereof.
Corresponding Payments. The payment or prepayment of principal, interest and premium, if any, due on the Funding Loan and each Governmental Lender Note shall be identical with and shall be made on the same dates, terms and conditions, as the principal, interest, premiums, late payment fees and other amounts due on the related Borrower Note.
Corresponding Payments. The payment or prepayment of principal, interest and premium, if any, late payment fees and other amounts due on the Governmental Lender Notes shall be made on the Loan Payment Date and shall be identical with and shall be made on the same terms and conditions, as the principal, interest, premium, if any, late payment fees and other amounts due on the Borrower Notes. If there is a Servicer, payments of principal and interest on the Borrower Notes shall be paid to the Servicer when required under the Borrower Notes and Borrower Loan Agreement, and the Servicer, on behalf of the Funding Lender, shall then remit such funds to the Fiscal Agent to be deposited in the Governmental Lender Note Payment Fund established under this Funding Loan Agreement. If there is no Servicer, payments of principal and interest on the Borrower Notes shall be paid directly to the Fiscal Agent and deposited into the Governmental Lender Note Payment Fund.
Corresponding Payments. The payment or prepayment of principal, interest and premium, if any, due on the Funding Loan and the Governmental Lender Note shall be identical with and shall be made on the same dates, terms and conditions, as the principal, interest, premiums, late payment fees and other amounts due on the Borrower Note. Any payment or prepayment made by the Borrower of principal, interest, and Prepayment Premium, if any, due on a Borrower Note shall be deemed to be like payments or prepayments of principal, interest and Prepayment Premium, if any, due on the related Governmental Lender Note.
Corresponding Payments. Each permanent reduction permitted pursuant to this Section 2.06 shall be accompanied by a payment of principal sufficient to reduce (i) the aggregate Equivalent Dollar Amount of all outstanding Revolving Loans and Swingline Loans, as applicable, after such reduction to the Commitment as so reduced and (ii) to the extent that the Alternative Currency Commitment is reduced, the aggregate Equivalent Dollar Amount of all outstanding Eurocurrency Loans to the Alternate Currency Commitment as so reduced. Any reduction of the Commitment to zero shall be accompanied by payment of all outstanding Revolving Loans, Competitive Bid Loans and Swingline Loans and shall result in the termination of the Commitment. If the reduction of the Commitment or the Alternative Currency Commitment, as applicable, requires the repayment of any Eurodollar Loan, any Eurocurrency Loan or any Competitive Bid Loans bearing interest at any Applicable Reference Rate, such repayment shall be accompanied by any amount required to be paid pursuant to Section 2.18 hereof.
Corresponding Payments. The payment or prepayment of principal, interest and premium, if any, due on the Funding Loan and each Governmental Lender Note shall be identical with and shall be made on the same dates, terms and conditions, as the principal, interest, premiums, late payment fees and other amounts due on the corresponding Borrower Note. The Series A-1 Governmental Lender Note shall be payable from payments on the corresponding Series A-1 Borrower Note and the Series A-2 Governmental Lender Note shall be payable from payments on the related Series A-2 Borrower Note. Any payment or prepayment made by the Borrower of principal, interest, Premium, if any, due on a Borrower Note shall be deemed to be like payments or prepayments of principal, interest and Premium, if any, due on the Funding Loan and the corresponding Governmental Lender Note.
Corresponding Payments. Payments of the Principal Portion and Interest Portions of the Purchase Installments by the Purchaser shall correspond with the payments of principal and interest which from time to time are required to be made on the Certificates by the Trustee under the Trust Agreement taking into account any reduction to debt service, for example, resulting from the redemption of Certificates prior to their maturity. Such payments by the Purchaser shall be reduced by amounts held by the Trustee and made available pursuant to the Trust Agreement for corresponding payments to be made on the Certificates.
Corresponding Payments. Each permanent reduction permitted or required pursuant to this Section shall be accompanied by a payment of principal sufficient to reduce the aggregate Dollar Amount of all outstanding Revolving Credit Loans and Swingline Loans, as applicable, after such reduction to the Revolving Credit Commitment as so reduced. Any reduction of the Revolving Credit Commitment to zero shall be accompanied by payment of all outstanding Revolving Credit Loans and Swingline Loans and shall result in the termination of the Revolving Credit Commitment and the Swingline Commitment and the Revolving Credit Facility. If the reduction of the Revolving Credit Commitment requires the repayment of any LIBOR Rate Loan, such repayment shall be accompanied by any amount required to be paid pursuant to Section 5.9 hereof.
Corresponding Payments. The payment or prepayment of principal, interest and premium, if any, due on the Bonds shall be identical with and shall be made on the same dates, terms and conditions, as the principal, interest, premiums, late payment fees and other amounts due on the Note. Any payment or prepayment made by the Borrower of principal, interest, premium, if any, due on the Note shall be deemed to be like payments or prepayments of principal, interest and premium, if any, due on the Bonds. Payments or prepayments by the Borrower under the Note of principal, interest and premium, if any, shall be deemed to have been constructively received by the Owners as payments or prepayments on the Bonds on the date of receipt of such payments by the Bondowner Representative, and interest with respect to each principal payment or prepayment shall cease to accrue upon receipt thereof by the Bondowner Representative. Payments or prepayments of principal, interest and premium, if any, shall be remitted immediately by the Bondowner Representative to the Owners. Late payment fees payable on the Note and other amounts, if any, payable on the Note other than principal, interest and premium shall be retained by the Bondowner Representative as additional compensation. If more than one Bond is outstanding on the date of any payment on the Note, such payment shall be paid to the Owners of the Bonds on a pro rata basis (based on the respective outstanding principal balances of such Bonds).
Corresponding Payments. The payment or prepayment of principal, interest and premium, if any, due on the Funding Loan and each Governmental Lender Note shall be identical with and shall be made on the same dates, terms and conditions, as the principal, interest, premiums, late payment fees and other amounts due on the corresponding Borrower Note. The Series B-1 Note shall be payable from payments on the corresponding Borrower Note Series B- 1 and the Series B-2 Note shall be payable from payments on the corresponding Borrower Note Series B-2. Any payment or prepayment made by the Borrower of principal, interest, premium, if any, due on a Borrower Note shall be deemed to be like payments or prepayments of principal, interest and premium, if any, due on the Funding Loan and the corresponding Governmental Lender Note.