Common use of Notes and Payments Clause in Contracts

Notes and Payments. (A) The Principal Debt (other than Competitive Borrowings and under the Swing Line Loan) shall be evidenced by the Revolving Credit Notes, one payable to each Lender in the stated principal amount of its Commitment. The Principal Debt of all Competitive Borrowings shall be evidenced by the Competitive Bid Notes. The Principal Debt under the Swing Line Loan shall be evidenced by the Swing Line Note. (B) Borrower must make each payment and prepayment on the Obligation, without offset, counterclaim, or deduction, to Administrative Agent's principal office in Dallas, Texas, in funds that will be available for immediate use by Administrative Agent by 12:00 noon on the day due. Payments received after such time shall be deemed received on the next Business Day. Administrative Agent shall pay to each Lender any payment to which such Lender is entitled on the same day Administrative Agent receives the funds from Borrower if Administrative Agent receives the payment or prepayment before 12:00 noon, and otherwise before 12:00 noon on the following Business Day. If and to the extent that Administrative Agent does not make payments to Lenders when due, then unpaid amounts shall accrue interest at the Federal Funds Rate from the due date until (but not including) the payment date.

Notes and Payments. (Aa) The Principal Debt (other than Competitive Borrowings and under the Swing Line LoanLoans) shall be evidenced by the Revolving Credit Notes, one payable to each Lender in the stated principal amount of its Commitment. The Principal Debt of all Competitive Borrowings shall be evidenced by the Competitive Bid Notes. The Principal Debt under the of all Swing Line Loan Loans shall be evidenced by the Swing Line Note. (Bb) Borrower must make each payment and prepayment on the Obligation, without offset, counterclaim, or deduction, to Administrative Agent's principal office in Dallas, Texas, in funds that will be available for immediate use by Administrative Agent by 12:00 noon on the day due. Payments received after such time shall be deemed received on the next Business Day. Administrative Agent shall pay to each Lender any payment to which such Lender is entitled on the same day Administrative Agent receives the funds from Borrower if Administrative Agent receives the payment or prepayment before 12:00 noon, and otherwise before 12:00 noon on the following Business Day. If and to the extent that Administrative Agent does not make payments to Lenders when due, then unpaid amounts shall accrue interest at the Federal Funds Rate from the due date until (but not including) the payment date.

Notes and Payments. (Aa) The Total Principal Debt (other than Competitive Borrowings and under the Swing Line LoanLoans) shall be evidenced by the Revolving Credit Notes, one payable to each Lender in the stated principal amount of its Commitment; provided that the Revolving Credit Notes executed by a Subsidiary Borrower shall not exceed the aggregate amount of the Total Commitment available to such Subsidiary Borrower under Section 2. 1. The Principal Debt of all Competitive Borrowings shall be evidenced by the Competitive Bid Notes. The Principal Debt under the of all Swing Line Loan Loans shall be evidenced by the Swing Line NoteNotes. (Bb) Borrower Borrowers must make each payment and prepayment on the Obligation, without offset, counterclaim, or deduction, to Administrative Agent's principal office in Dallas, Texas, in funds that will be available for immediate use by Administrative Agent by 12:00 noon on the day due. Payments received after such time shall be deemed received on the next Business Day. Administrative Agent shall pay to each Lender any payment to which such Lender is entitled on the same day Administrative Agent receives the funds from a Borrower if Administrative Agent receives the payment or prepayment before 12:00 noon, and otherwise before 12:00 noon on the following Business Day. If and to the extent that Administrative Agent does not make payments to Lenders when due, then unpaid amounts shall accrue interest at the Federal Funds Rate from the due date until (but not including) the payment date.