Payments Reductions of Commitments Prepayments Sample Clauses
The "Payments; Reductions of Commitments; Prepayments" clause governs how and when payments must be made under an agreement, as well as the procedures for reducing loan commitments and making early repayments. It typically outlines the timing, method, and currency of payments, details how a borrower can voluntarily reduce the amount of undrawn credit, and specifies the process for making prepayments, including any required notices or penalties. This clause ensures that both parties have clear expectations regarding financial transactions, helps manage the lender's risk exposure, and provides flexibility for the borrower to manage their debt obligations.
Payments Reductions of Commitments Prepayments. 13 2.4. Promise to Pay; Promissory Notes. 19
Payments Reductions of Commitments Prepayments. (a) Payments by Borrowers.
(i) Except as otherwise expressly provided herein, all payments by the Borrowers shall be made to the Appropriate Agent’s Account in immediately available funds in the Applicable Currency, no later than 1:30 p.m. Local Time on the date specified herein. Any payment received by the Administrative Agent later than 1:30 p.m. Local Time shall be deemed to have been received (unless the Administrative Agent, in its sole discretion, elects to credit it on the date received) on the following Business Day and any applicable interest or fee shall continue to accrue until such following Business Day.
(ii) Unless the Administrative Agent receives notice from the Borrower Representative prior to the date on which any payment is due to Lenders that the Borrowers will not make such payment in full as and when required, the Administrative Agent may assume that the Borrowers have made (or will make) such payment in full to the Administrative Agent on such date in immediately available funds and the Administrative Agent may (but shall not be so required), in reliance upon such assumption, distribute to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent that the Borrowers do not make such payment in full to the Administrative Agent on the date when due, each Lender severally shall repay to the Administrative Agent on demand such amount distributed to such Lender, together with interest thereon at the Defaulting Lender Rate for each day from the date such amount is distributed to such Lender until the date repaid.
Payments Reductions of Commitments Prepayments. 12 2.5. Overadvances. 17
Payments Reductions of Commitments Prepayments. <115>120 2.5. Promise to Pay <128>133
Payments Reductions of Commitments Prepayments