Common use of Form and Terms of Payment Clause in Contracts

Form and Terms of Payment. All payments made by the Borrower hereunder in respect of any Credit Loan borrowed by it, including principal, interest, Funding Losses, commitment fees and any other obligations of the Borrower, shall be made to the Agent for account of the Lenders to the bank and account number specified for the Agent on Schedule 1 hereto or such other account as the Agent shall specify. All payments shall be made in immediately available and freely transferable funds and, in the case of payments of principal of and interest payable on any Payment Date, by 12:00 Noon, New York time (each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day). Any payment due hereunder or under any other Loan Document that falls due on a day that is not a Business Day shall be rescheduled to the next succeeding Business Day and interest and fees shall continue to accrue to such next succeeding Business Day. The Agent shall pay to each Lender any amounts received by the Agent for account of such Lender promptly to the bank and account number specified for such Lender on Schedule 1 hereto or such other account as such Lender shall specify.

Form and Terms of Payment. All payments made by the any Borrower hereunder in respect of any Credit Loan borrowed by it, including principal, interest, Funding Losses, commitment fees and any other obligations of the such Borrower, shall be made to the Agent for account of the Lenders to the bank and account number specified for the Agent on Schedule 1 hereto or such other account as the Agent shall specify. All payments shall be made in immediately available and freely transferable funds and, in the case of payments of principal of and interest payable on any Payment Date, by 12:00 Noon, New York time (each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day). Any payment due hereunder or under any other Loan Document that falls due on a day that is not a Business Day shall be rescheduled to the next succeeding Business Day and interest and fees shall continue to accrue to such next succeeding Business Day. The Agent shall pay to each Lender any amounts received by the Agent for account of such Lender promptly to the bank and account number specified for such Lender on Schedule 1 hereto or such other account as such Lender shall specify.