Common use of Notes and Payments Clause in Contracts

Notes and Payments. (i) The Facility A Principal Debt shall be evidenced by the Facility A Notes, one payable to each Lender in the stated principal amount of its Commitment for Facility A. (ii) The Facility B Principal Debt shall be evidenced by the Facility B Notes, one payable to each Lender in the stated principal amount of its Commitment for Facility B. (iii) The Facility C Principal Debt shall be evidenced by the Facility C Notes, one payable to each Lender in the stated principal amount of its Commitment for Facility C. (b) Borrower must make each payment and prepayment on the Obligation, without offset, counterclaim, or deduction, to Agent's principal office in Dallas, Texas, in funds that will be available for immediate use by Agent by 12:00 noon on the day due. Payments received after such time shall be deemed received on the next Business Day. Agent shall pay to each Lender any payment to which that Lender is entitled on the same day Agent receives the funds from Borrower, if 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 Agent does not make payments to Lenders when due, unpaid amounts due by Agent to such Lender shall accrue interest at the Federal Funds Rate from the due date until (but not including) the payment date.