Common use of Payments Reductions of Commitments Prepayments Clause in Contracts

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. (a) Payments by Borrowers. (i) Except as otherwise expressly provided herein, all payments by any Borrower the Borrowers shall be made to the Appropriate Agent’s Account for the account of the Lender Group and shall be made in immediately available fundsfunds in the Applicable Currency, no later than 11:00 a.m. (New York time) 1:30 p.m. Local Time on the date specified herein. Any payment received by the Administrative Agent later than 11:00 a.m. (New York time) 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 Administrative the Borrower Representative prior to the date on which any payment is due to the 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 interest rate then applicable to the Term Loans Defaulting Lender Rate for each day from the date such amount is distributed to such Lender until the date repaid.