Common use of PAYMENT TO THE AGENT Clause in Contracts

PAYMENT TO THE AGENT. (A) The Agent shall send the Borrower statements of all amounts due hereunder (or the Banks may in the case of Section 2.7 above), which statements shall be considered correct and conclusively binding on the Borrower unless the Borrower notifies the Agent to the contrary within one hundred eighty (180) days of its receipt of any statement to which it objects. All sums payable to the Banks hereunder shall be paid directly to the Agent for the account of each Bank in immediately available funds prior to 12:00 noon, Nashville time, on the date when such sums are due and payable. Any amounts received by the Agent after 12:00 noon Nashville time on any Business Day shall be deemed to have been received on the next Business Day. (B) Each payment made to the Agent on the Notes or for other sums or fees due hereunder for the account of the Banks shall in like funds be properly remitted by the Agent to each Bank, no later than 2:00 p.m. Nashville time on the date on which Agent receives such payment.