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 any Borrower shall be made to Agent’s Account for the account of the Lender Group and shall be made in immediately available funds, no later than 11:00 a.m. (New York time) on the date specified herein. Any payment received by Agent later than 11:00 a.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 until such following Business Day.
(ii) Unless Agent receives notice from Administrative Borrower prior to the date on which any payment is due to the Lenders that Borrowers will not make such payment in full as and when required, Agent may assume that Borrowers have made (or will make) such payment in full to Agent on such date in immediately available funds and 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 Borrowers do not make such payment in full to Agent on the date when due, each Lender severally shall repay to Agent on demand such amount distributed to such Lender, together with interest thereon at the interest rate then applicable to the Term Loans for each day from the date such amount is distributed to such Lender until the date repaid.
Payments Reductions of Commitments Prepayments. <115>120 2.5. Promise to Pay <128>133
Payments Reductions of Commitments Prepayments. 12 2.5. Overadvances. 17
Payments Reductions of Commitments Prepayments