Common use of Manner of Borrowing and Payment Clause in Contracts

Manner of Borrowing and Payment. (a) Each borrowing of Revolving Advances shall be advanced according to the applicable Ratable Shares of Revolving Lenders (subject to the express provisions of Section 2.23). Each borrowing of a Swing Loan shall be advanced by the Swing Loan Lender alone. (b) Each payment (including each prepayment) by any Borrower on account of the principal of and interest on the Revolving Advances, shall be applied to the Revolving Advances according to the applicable Ratable Shares of Revolving Lenders (subject to the express provisions of Section 2.23). Each payment by Borrowers on account of the principal and interest on Swing Loans shall be applied to Swing Loans for the account of the Swing Loan Lender. Except as expressly provided herein, all payments (including prepayments) to be made by any Borrower on account of principal, interest and fees shall be made without set off or counterclaim and shall be made to Agent on behalf of the Lenders to the Payment Office, in each case on or prior to 1:00 P.M. in Dollars and in immediately available funds.