Common use of Method of Making Payments Clause in Contracts

Method of Making Payments. (a) All payments of interest, principal and fees shall be made in lawful money of the United States in immediately available funds, without counterclaim or setoff and free and clear of, and without any deduction or withholding for, any taxes or other payments: (i) by direct charge to the Operating Account of Borrower, (ii) by wire transfer to Administrative Agent; or (iii) by transfer from the Cash Collateral Account as provided herein. Payments shall be credited on the Business Day on which immediately available funds are received prior to 2:00 P.M., and payments received after 2:00 P.M. shall be credited to the Loan on the next Business Day. Payments which are by check, which Administrative Agent on behalf of the Lenders may at its option accept or reject, or which are not in the form of immediately available funds shall not be credited to the Loan until such funds become immediately available to Administrative Agent for the benefit of Lenders, and, with respect to payments by check, such credit shall be provisional until the item is finally paid by the payor bank. All payments shall be applied first to the payment of all fees, expenses, and other amounts due to the Administrative Agent and Lenders (excluding principal and interest), then to accrued interest, and then to the balance on account of outstanding principal; provided, however, that after the occurrence and during the continuation of an Event of Default which has not been waived in writing by the Administrative Agent, payments will be applied to the Obligations in such order as the Administrative Agent determines. (b) While an Event of Default exists which has not been waived in writing by the Administrative Agent, Borrower authorizes Administrative Agent to charge Borrower’s Operating Account for any Obligations due and payable to Administrative Agent or any Lender, without the necessity of prior demand or notice from Administrative Agent.

Method of Making Payments. (a) All payments Credit Agent shall, on or before the 5th Business Day of each month, deliver to Borrowers billings for interest due and payable on Advances, the Wareh▇▇▇▇▇▇ ▇ommitment Fees, the Term Loan Non-Usage Fees, Miscellaneous Charges payable to it and other fees and charges calculated through the end of the preceding month. On or after the 9th Business Day of each month, Borrowers shall pay to Credit Agent the full amount of interest, principal fees and charges billed as described above. (b) All payments made on account of the Obligations shall be made by Borrowers to Credit Agent for distribution to Lenders, except for Balance Deficiency Fees, which shall be made directly to the applicable Lenders, and fees and charges payable to Credit Agent for its own account. All payments made on account of the Obligations shall be made without setoff or counterclaim, free and clear of and without deduction for any taxes, fees or other charges of any nature whatsoever imposed by any taxing authority, and must be received by Credit Agent by 1:30 p.m. on the day of payment, it being expressly agreed and understood that if a payment is received after 1:30 p.m. by Credit Agent such payment will be considered to have been made on the next succeeding Business Day and interest thereon shall be payable by Borrowers at the then applicable rate during such extension. No principal payments resulting from the sale of Pledged Loans or Pledged Securities shall be deemed to have been received by Credit Agent until Credit Agent has also received the Notice required under Section 3.3(g). All payments shall be made in lawful money of the United States of America in immediately available funds, without counterclaim or setoff and free and clear of, and without any deduction or withholding for, any taxes or other payments: (i) by direct charge funds transferred via wire to the Operating Account Cash Collateral Account. If any payment required to be made by Borrowers hereunder becomes due and payable on a day other than a Business Day, the due date thereof shall be extended to the next succeeding Business Day and interest shall be payable on Advances so extended at the then applicable rate during such extension. (c) All amounts received by Credit Agent on account of Borrower, the Obligations (iiexcept amounts received in respect of fees or expenses payable hereunder to Credit Agent for its own account or amounts payable to RFC for Swingline Advances) shall be disbursed to Lenders by wire transfer to Administrative Agent; or (iii) by transfer from the Cash Collateral Account as provided herein. Payments shall be credited on the Business Day on which immediately available funds are date of receipt if received prior to 2:00 P.M.by Credit Agent by the applicable deadlines for payment thereof as specified in Section 3.10(b) hereof, and payments or if received after 2:00 P.M. shall be credited to the Loan later, by 12:00 noon on the next succeeding Business Day. Payments which are , without any interest payable by checkCredit Agent thereon. (d) Without limiting any other right that Credit Agent or any Lender may have under applicable law or otherwise, which Administrative Agent on behalf of the Lenders may at its option accept while a Default or reject, or which are not in the form of immediately available funds shall not be credited to the Loan until such funds become immediately available to Administrative Agent for the benefit of Lenders, and, with respect to payments by check, such credit shall be provisional until the item is finally paid by the payor bank. All payments shall be applied first to the payment of all fees, expenses, and other amounts due to the Administrative Agent and Lenders (excluding principal and interest), then to accrued interest, and then to the balance on account of outstanding principal; provided, however, that after the occurrence and during the continuation of an Event of Default which has not been waived in writing by the Administrative Agentexists, payments will be applied to the Obligations in such order as the Administrative Agent determines. (b) While an Event of Default exists which has not been waived in writing by the Administrative Agent, Borrower authorizes Administrative Borrowers authorize Credit Agent to cause the Funding Bank to charge Borrower’s Borrowers' Operating Account Account, for any Obligations due and payable to Administrative Agent or any Lenderowing, without the necessity of prior demand or notice Notice from Administrative Credit Agent.

Method of Making Payments. (ai) All payments of interest, principal and fees shall be made in lawful money of the United States of America in immediately available funds, without counterclaim or setoff and free and clear of, and without any deduction or withholding for, any taxes or other payments: (ia) by direct charge to the Operating Account of BorrowerInvestable Capital Account, or (iib) by wire transfer to Administrative Agent; Credit Agent from the Company, or (iiic) by transfer from the Cash Collateral Account of the Company as provided herein. Payments shall be credited on the Business Day on which immediately available funds are received prior to 2:00 P.M.by 3:00 p.m. (Michigan time); provided, and payments however, that any wire transfer of funds from ▇▇▇▇▇▇ Mae will be deemed received on the Business Day such wire is made, even if made after 3:00 p.m. (Michigan time). Payments (other than by wire transfer from ▇▇▇▇▇▇ ▇▇▇) received after 2:00 P.M. the time referred to in the preceding sentence shall be credited to the Loan Facility on the next Business Day. Payments which are by check, which Administrative Credit Agent on behalf of the Lenders may at its option accept or reject, or which are not in the form of immediately available funds shall not be credited to the Loan Facility until such funds become immediately available to Administrative Agent for the benefit of LendersCredit Agent, and, with respect to payments by check, such credit shall be provisional until the item is finally paid by the payor bank. All payments shall be applied first to the payment of all then billed and past due fees, expenses, and other amounts past due to the Administrative Credit Agent and the Lenders (excluding principal and interest), then to accrued any then past due interest, and then to the balance on account of outstanding principal; , provided, however, that after the occurrence and during the continuation of an Event of Default which has not been waived in writing by the Administrative AgentDefault, payments will be applied to the Obligations in such order as the Administrative Credit Agent determines. (bii) While an a Default or Event of Default exists which has not been waived in writing by exists, the Administrative Agent, Borrower Company authorizes Administrative Credit Agent to charge Borrowerthe Company’s Operating Account, the Company’s Cash Collateral Account, and/or the Investable Capital Account for any amounts due hereunder for any Obligations due and payable to Administrative Agent or any LenderCredit Agent, without the necessity of prior demand or notice from Administrative Credit Agent. (iii) All payments made on account of the Obligations shall be made by the Company to Credit Agent for distribution to the Lenders, except for fees payable to Credit Agent for its own account. No principal payments resulting from the refinancing, sale or other disposition of Pledged Mortgages or Pledged Securities shall be deemed to have been received by Credit Agent until Credit Agent has also received the notice required under Section 1.12(v). All amounts received by Credit Agent on account of the Obligations for distribution to the Lenders shall be disbursed to the Lenders by wire transfer on the date of receipt if received by the Credit Agent by the deadline for payment thereof, or, if received later, by 12:00 noon on the next succeeding Business Day, without any interest payable by Credit Agent thereon.

Method of Making Payments. (a) All payments Credit Agent shall, on or before the 5th Business Day of each month, deliver to Borrowers ▇▇▇▇▇▇▇▇ for interest due and payable on Advances, Agent’s Fees, Miscellaneous Charges and other fees and charges calculated through the end of the preceding month. On or before the 10th Business Day of each month, Borrowers will pay to Credit Agent the full amount of interest, principal fees and changes billed as described above. (b) All payments made on account of the Obligations shall be made by Borrowers to Credit Agent for distribution to Lenders, except for Balance Deficiency Fees, which shall be made directly to the applicable Lender, and fees and charges payable to Credit Agent for its own account. All payments made on account of the principal of and interest on the Warehousing Advances or Swingline Advances in which the Lenders have paid for their participations pursuant to Section 1.3 shall be distributed to the Lenders on a pro-rata basis. All payments made on account of the Obligations shall be made without setoff or counterclaim, free and clear of and without deduction for any taxes, fees or other charges of any nature whatsoever imposed by any taxing authority, and must be received by Credit Agent by 4:00 p.m. on the day of payment, it being expressly agreed and understood that if a payment is received after 4:00 p.m. by Credit Agent such payment will be considered to have been made on the next succeeding Business Day and interest thereon shall be payable by Borrowers at the then applicable rate during such extension. No principal payments resulting from the sale of Pledged Mortgages or Pledged Securities shall be deemed to have been received by Credit Agent until Credit Agent has also received the Notice required under Section 4.3(f). All payments shall be made in lawful money of the United States of America in immediately available fundsfunds transferred via wire to the Cash Collateral Account. If any payment required to be made by Borrowers hereunder becomes due and payable on a day other than a Business Day, without counterclaim the due date thereof shall be extended to the next succeeding Business Day and interest shall be payable on Advances so extended at the then applicable rate during such extension. (c) All amounts received by Credit Agent on account of the Obligations (except amounts received in respect of fees, Miscellaneous Charges or setoff and free and clear ofexpenses payable hereunder to Credit Agent for its own account, and without any deduction or withholding for, any taxes or other payments: (iamounts payable to RFC for Swingline Advances) by direct charge shall be disbursed to the Operating Account of Borrower, (ii) applicable Lenders by wire transfer to Administrative Agent; or (iii) by transfer from the Cash Collateral Account as provided herein. Payments shall be credited 12:00 noon on the Business Day on which immediately available funds are received prior to 2:00 P.M., and payments received after 2:00 P.M. shall be credited to the Loan on the next Business Day. Payments which are by check, which Administrative Agent on behalf of the Lenders may at its option accept or reject, or which are not in the form of immediately available funds shall not be credited to the Loan until such funds become immediately available to Administrative Agent for the benefit of Lenders, and, with respect to payments by check, such credit shall be provisional until the item is finally paid by the payor bank. All payments shall be applied first to the payment of all fees, expenses, and other amounts due to the Administrative Agent and Lenders (excluding principal and interest), then to accrued interest, and then to the balance on account of outstanding principal; provided, however, that after the occurrence and during the continuation date of an Event of Default which has not been waived in writing by the Administrative Agent, payments will be applied to the Obligations in such order as the Administrative Agent determinesreceipt. (b) While an Event of Default exists which has not been waived in writing by the Administrative Agent, Borrower authorizes Administrative Agent to charge Borrower’s Operating Account for any Obligations due and payable to Administrative Agent or any Lender, without the necessity of prior demand or notice from Administrative Agent.

Method of Making Payments. (a) All payments Credit Agent shall, on or before the 5th Business Day of each month, deliver to Borrowers b▇▇▇▇▇▇▇ for interest due and payable on Advances, Agent’s Fees, Miscellaneous Charges and other fees and charges calculated through the end of the preceding month. On or before the 10th Business Day of each month, Borrowers will pay to Credit Agent the full amount of interest, principal fees and changes billed as described above. (b) All payments made on account of the Obligations shall be made by Borrowers to Credit Agent for distribution to Lenders, except for Balance Deficiency Fees, which shall be made directly to the applicable Lender, and fees and charges payable to Credit Agent for its own account. All payments made on account of the principal of and interest on the Warehousing Advances or Swingline Advances in which the Lenders have paid for their participations pursuant to Section 1.3 shall be distributed to the Lenders on a pro-rata basis. All payments made on account of the Obligations shall be made without setoff or counterclaim, free and clear of and without deduction for any taxes, fees or other charges of any nature whatsoever imposed by any taxing authority, and must be received by Credit Agent by 4:00 p.m. on the day of payment, it being expressly agreed and understood that if a payment is received after 4:00 p.m. by Credit Agent such payment will be considered to have been made on the next succeeding Business Day and interest thereon shall be payable by Borrowers at the then applicable rate during such extension. No principal payments resulting from the sale of Pledged Mortgages or Pledged Securities shall be deemed to have been received by Credit Agent until Credit Agent has also received the Notice required under Section 4.3(f). All payments shall be made in lawful money of the United States of America in immediately available funds, without counterclaim or setoff and free and clear of, and without any deduction or withholding for, any taxes or other payments: (i) by direct charge funds transferred via wire to the Operating Account Cash Collateral Account. If any payment required to be made by Borrowers hereunder becomes due and payable on a day other than a Business Day, the due date thereof shall be extended to the next succeeding Business Day and interest shall be payable on Advances so extended at the then applicable rate during such extension. (c) All amounts received by Credit Agent on account of Borrowerthe Obligations (except amounts received in respect of fees, (iiMiscellaneous Charges or expenses payable hereunder to Credit Agent for its own account or amounts payable to RFC for RFC Direct Advances or Swingline Advances) shall be disbursed to Lenders by wire transfer to Administrative Agent; or (iii) by transfer from the Cash Collateral Account as provided herein. Payments shall be credited 12:00 noon on the Business Day on which immediately available funds are received prior to 2:00 P.M., and payments received after 2:00 P.M. shall be credited to the Loan on the next Business Day. Payments which are by check, which Administrative Agent on behalf of the Lenders may at its option accept or reject, or which are not in the form of immediately available funds shall not be credited to the Loan until such funds become immediately available to Administrative Agent for the benefit of Lenders, and, with respect to payments by check, such credit shall be provisional until the item is finally paid by the payor bank. All payments shall be applied first to the payment of all fees, expenses, and other amounts due to the Administrative Agent and Lenders (excluding principal and interest), then to accrued interest, and then to the balance on account of outstanding principal; provided, however, that after the occurrence and during the continuation date of an receipt. (d) Without limiting any other right that Credit Agent or any Lender may have under applicable law or otherwise, while a Default or Event of Default which has not been waived in writing by exists, Borrowers authorize Credit Agent to cause the Administrative Agent, payments will be applied to the Obligations in such order as the Administrative Agent determines. (b) While an Event of Default exists which has not been waived in writing by the Administrative Agent, Borrower authorizes Administrative Agent Funding Bank to charge Borrower’s Operating Account for any Obligations due and payable to Administrative Agent or any Lenderowing, without the necessity of prior demand or notice Notice from Administrative Credit Agent.

Method of Making Payments. Billing and Payment. (a) All payments Credit Agent shall, on or before the 5th Business Day of each month, deliver to Borrower billings for interest due and payable on Advances, th▇ ▇▇▇▇▇▇ment Fee, the Non-Usage Fee, Miscellaneous Charges payable to it and other fees and charges calculated through the end of the preceding month. On or before the 10th Business Day of each month, Borrower shall pay to the Credit Agent the full amount of interest, principal fees and charges billed as described above. Collateral Agent shall separately bill Borrower for all fees described in Section 4.5 a▇▇ ▇iscellaneous Charges payable to it. (b) All payments made on account of the Obligations shall be made by Borrower to the Credit Agent for distribution to the Lenders, except for proceeds of the sale or collection of Collateral securing Warehousing Advances, which will be deposited into the Settlement Account and remitted to the Credit Agent by the Collateral Agent, Balance Deficiency Fees, which shall be made directly to the applicable Lender, and fees and charges payable to the Credit Agent or the Collateral Agent for its own account. All payments made on account of the Obligations shall be made without setoff or counterclaim, free and clear of and without deduction for any taxes, fees or other charges of any nature whatsoever imposed by any taxing authority, and must be received by Credit Agent or (in the case of Collateral Proceeds used to repay Warehousing Advances, fees and charges payable to Collateral Agent) by Collateral Agent by 1:30 p.m. on the day of payment, it being expressly agreed and understood that if a payment is received after 1:30 p.m. by Credit Agent or Collateral Agent such payment will be considered to have been made on the next succeeding Business Day and interest thereon shall be payable by Borrower at the then applicable rate during such extension. No principal payments resulting from the sale of Pledged Mortgages or Pledged Securities shall be deemed to have been received by Collateral Agent until Collateral Agent has also received the Notice required under Section 4.3(g). All payments shall be made in lawful money of the United States of America in immediately available funds, without counterclaim or setoff and free and clear of, and without any deduction or withholding for, any taxes or other payments: (i) by direct charge funds transferred via wire to the Operating Settlement Account or the Cash Collateral Account. If any payment required to be made by Borrower hereunder becomes due and payable on a day other than a Business Day, the due date thereof shall be extended to the next succeeding Business Day and interest shall be payable on Advances so extended at the then applicable rate during such extension. (c) All amounts received by Credit Agent on account of Borrower, the Obligations (iiexcept amounts received in respect of fees or expenses payable hereunder to the Credit Agent for its own account or amounts payable to RFC for Swingline Advances) shall be disbursed to the Lenders by wire transfer to Administrative Agent; or (iii) by transfer from the Cash Collateral Account as provided herein. Payments shall be credited on the Business Day on which immediately available funds are date of receipt if received prior to 2:00 P.M.by Credit Agent by the applicable deadlines for payment thereof as specified in Section 4.8(b) hereof, and payments or if received after 2:00 P.M. shall be credited to the Loan later, by 12:00 noon on the next succeeding Business Day. Payments which are , without any interest payable by checkCredit Agent thereon. (d) Without limiting any other right that Credit Agent, which Administrative Collateral Agent on behalf of the Lenders or any Lender may at its option accept have under applicable law or rejectotherwise, while a Default or which are not in the form of immediately available funds shall not be credited to the Loan until such funds become immediately available to Administrative Agent for the benefit of Lenders, and, with respect to payments by check, such credit shall be provisional until the item is finally paid by the payor bank. All payments shall be applied first to the payment of all fees, expenses, and other amounts due to the Administrative Agent and Lenders (excluding principal and interest), then to accrued interest, and then to the balance on account of outstanding principal; provided, however, that after the occurrence and during the continuation of an Event of Default which has not been waived in writing by the Administrative Agent, payments will be applied to the Obligations in such order as the Administrative Agent determines. (b) While an Event of Default exists which has not been waived in writing by the Administrative Agentexists, Borrower authorizes Administrative Credit Agent to cause the Funding Bank to charge Borrower's Operating Account, and to cause Collateral Agent to charge Borrower’s Operating Account any account of Borrower (other than any trust or escrow account) with it, for any Obligations due and payable to Administrative Agent or any Lenderowing, without the necessity of prior demand or notice Notice from Administrative Credit Agent.

Method of Making Payments. (a) All payments of interest, principal and fees shall be made in lawful money of the United States of America in immediately available funds, without counterclaim or setoff and free and clear of, and without any deduction or withholding for, any taxes or other payments: (i) by direct charge to the Operating Account of BorrowerBridge Clearing Account, or (ii) by wire transfer to Administrative Agent; Lender from the Borrower, or (iii) by transfer from the Cash Collateral Bridge Lender Only Account as provided herein. Payments shall be credited on the Business Day on which immediately available funds are received prior to 2:00 P.M., and ; payments received after 2:00 P.M. the times referred to in the preceding clause shall be credited to the Loan on the next Business Day. Payments which are by check, which Administrative Agent on behalf of the Lenders Lender may at its option accept or reject, or which are not in the form of immediately available funds shall not be credited to the Loan until such funds become immediately available to Administrative Agent for the benefit of LendersLender, and, with respect to payments by check, such credit shall be provisional until the item is finally paid by the payor bank. All payments shall be applied first to the payment of all fees, expenses, and other amounts due to the Administrative Agent and Lenders Lender (excluding principal and interest), then to accrued interest, and then to the balance on account of outstanding principal; , provided, however, that after the occurrence and during the continuation of an Event of Default which has not been waived in writing by the Administrative AgentDefault, payments will be applied to the Obligations in such order as the Administrative Agent Lender determines. (b) While Borrower authorizes Lender to charge the Bridge Clearing Account for any interest or fees due and payable to Lender on or after the date such interest or fee became due and payable. Prior to the occurrence of an Event of Default, Lender will provide Borrower with reasonable Notice of any such charge. From and after the occurrence of an Event of Default, Lender may charge the Bridge Clearing Account without the necessity of prior demand or Notice from Lender. (c) While a Default exists which has not been waived in writing by the Administrative Agentor Event of Default exists, Borrower authorizes Administrative Agent Lender to charge Borrower’s Operating Account the Bridge Clearing Account, or the Bridge Lender Only Account, but no Third Party Custodial Deposit Account, for any Obligations due and payable to Administrative Agent or any Lender, without the necessity of prior demand or notice Notice from Administrative AgentLender. (d) All payments made on account of the Obligations shall be made by the Borrower to Lender. No principal payments resulting from the refinancing, sale or other disposition of Pledged Loans shall be deemed to have been received by Lender until Lender has also received the Notice required under Section 3.3(c).

Method of Making Payments. (a) All payments Credit Agent shall, on or before the 5th Business Day of each month, deliver to Borrower ▇▇▇▇▇▇▇▇ for interest due and payable on Advances, Agent's Fees, Miscellaneous Charges and other fees and charges calculated through the end of the preceding month. On or before the 10th Business Day of each month, Borrower shall pay to Credit Agent the full amount of interest, principal fees and charges billed as described above. (b) All payments made on account of the Obligations shall be made by Borrower to Credit Agent for distribution to Lenders, except for Balance Deficiency Fees, which shall be made directly to the applicable Lender, and fees and charges payable to Credit Agent for its own account. All payments made on account of the Obligations shall be made without setoff or counterclaim, free and clear of and without deduction for any taxes, fees or other charges of any nature whatsoever imposed by any taxing authority, and must be received by Credit Agent by 4:00 p.m. on the day of payment, it being expressly agreed and understood that if a payment is received after 4:00 p.m. by Credit Agent such payment will be considered to have been made on the next succeeding Business Day and interest thereon shall be payable by Borrower at the then applicable rate during such extension. No principal payments resulting from the sale of Pledged Mortgages or Pledged Securities shall be deemed to have been received by Credit Agent until Credit Agent has also received the Notice required under Section 4.3(g). All payments shall be made in lawful money of the United States of America in immediately available funds, without counterclaim or setoff and free and clear of, and without any deduction or withholding for, any taxes or other payments: (i) by direct charge funds transferred via wire to the Operating Account Cash Collateral Account. If any payment required to be made by Borrower hereunder becomes due and payable on a day other than a Business Day, the due date thereof shall be extended to the next succeeding Business Day and interest shall be payable on Advances so extended at the then applicable rate during such extension. (c) All amounts received by Credit Agent on account of Borrowerthe Obligations (except amounts received in respect of fees, (iiMiscellaneous Charges or expenses payable hereunder to Credit Agent for its own account or amounts payable to RFC for RFC Direct Advances or Swingline Advances) shall be disbursed to Lenders by wire transfer to Administrative Agent; or (iii) by transfer from the Cash Collateral Account as provided herein. Payments shall be credited 12:00 noon on the Business Day on which immediately available funds are received prior to 2:00 P.M., and payments received after 2:00 P.M. shall be credited to the Loan on the next Business Day. Payments which are by check, which Administrative Agent on behalf of the Lenders may at its option accept or reject, or which are not in the form of immediately available funds shall not be credited to the Loan until such funds become immediately available to Administrative Agent for the benefit of Lenders, and, with respect to payments by check, such credit shall be provisional until the item is finally paid by the payor bank. All payments shall be applied first to the payment of all fees, expenses, and other amounts due to the Administrative Agent and Lenders (excluding principal and interest), then to accrued interest, and then to the balance on account of outstanding principal; provided, however, that after the occurrence and during the continuation date of an receipt. (d) Without limiting any other right that Credit Agent or any Lender may have under applicable law or otherwise, while a Default or Event of Default which has not been waived in writing by the Administrative Agent, payments will be applied to the Obligations in such order as the Administrative Agent determines. (b) While an Event of Default exists which has not been waived in writing by the Administrative Agentexists, Borrower authorizes Administrative Credit Agent to cause the Funding Bank to charge Borrower’s 's Operating Account for any Obligations due and payable to Administrative Agent or any Lenderowing, without the necessity of prior demand or notice Notice from Administrative Credit Agent.