Common use of Payments by the Issuer Clause in Contracts

Payments by the Issuer. All payments to be made by the Issuer shall be made without set-off, recoupment or counterclaim. Except as otherwise expressly provided herein, all payments by the Issuer shall be made (a) if to TRFC, to the TRFC Account, (b) if to a TRFC Liquidity Provider that is a Liquidity Note Purchaser, to an account designated by such TRFC Liquidity Provider, (c) if to DFC or a DFC Liquidity Provider, to such Agent for the account of such Note Purchaser at such Agent's Payment Office by 1:00 p.m., New York time, and (d) if to PARCO or a PARCO Liquidity Provider, to such Agent for the account of such Note Purchaser at such Agent's Payment office by 1:00 p.m., New York time, in Dollars. Such payments shall be made in immediately available funds so as to be received by the Note Purchasers no later than 1:00 p.m., New York time, on the date specified herein. Payments shall be applied first against interest amounts then due and unpaid in respect of any Note Purchase, second, after all such interest has been paid in full, against fees then due and unpaid hereunder, and third, after all such interest and fees have been paid in full, against any principal amounts then due and unpaid in respect of any Note Purchase. Any payment which is received by any Note Purchaser later than 1:00 p.m., New York time, shall be deemed to have been received on the following Business Day and any applicable interest or fee shall continue to accrue.

Payments by the Issuer. All payments to be made by the Issuer shall be made without set-off, recoupment or counterclaim. Except as otherwise expressly provided herein, all payments by the Issuer shall be made (a) if to TRFC, to the TRFC Account, (b) if to a TRFC Liquidity Provider that is a Liquidity Note Purchaser, to an account designated by such TRFC Liquidity Provider, Provider and (c) if to a DFC or a DFC Liquidity Provider, to such Agent for the account of such Note Purchaser at such Agent's Payment Office by 1:00 p.m., New York time, and (d) if to PARCO or a PARCO Liquidity Provider, to such Agent for the account of such Note Purchaser at such Agent's Payment office by 1:00 p.m., New York time, in Dollars. Such payments shall be made in immediately available funds so as to be received by the Note Purchasers no later than 1:00 p.m., New York time, on the date specified herein. Payments shall be applied first against interest amounts then due and unpaid in respect of any Note Purchase, second, after all such interest has been paid in full, against fees then due and unpaid hereunder, and third, after all such interest and fees have been paid in full, against any principal amounts then due and unpaid in respect of any Note Purchase. Any payment which is received by any Note Purchaser later than 1:00 p.m., New York time, shall be deemed to have been received on the following Business Day and any applicable interest or fee shall continue to accrue.