Common use of Place and Application of Payments Clause in Contracts

Place and Application of Payments. All payments of principal, interest, fees, and all other Obligations payable under the Loan Documents shall be made to the Bank at its office at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ (or at such other place as the Bank may specify) no later than 1:00 p.m. (Chicago time) on the date any such payment is due and payable. Payments received by the Bank after 1:00 p.m. (Chicago time) shall be deemed received as of the opening of business on the next Business Day. All such payments shall be made in lawful money of the United States of America, in immediately available funds at the place of payment, without set-off or counterclaim and without reduction for, and free from, any and all present or future taxes, levies, imposts, duties, fees, charges, deductions, withholdings, restrictions, and conditions of any nature imposed by any government or any political subdivision or taxing authority thereof (but excluding any taxes imposed on or measured by the net income of the Bank). Unless the Borrower otherwise directs, principal payments shall be applied first to the Base Rate Portion until payment in full thereof, with any balance applied to the LIBOR Portions in the order in which their Interest Periods expire. The Borrower hereby irrevocably authorizes the Bank to (a) charge from time to time any of the Borrower’s deposit accounts with the Bank and/or (b) make Loans from time to time hereunder (and any such Loan may be made by the Bank hereunder without regard to the provisions of Section 7 hereof), in each case for payment of any Obligation then due and payable (whether such Obligation is for interest then due on a Loan, reimbursement under an Application, or otherwise); provided that the Bank shall not be under any obligation to charge any such deposit account or make any such Loan under this Section, and the Bank shall incur no liability to the Borrower or any other Person for its failure to do so.

Place and Application of Payments. All payments of principal, interest, fees, and all other Obligations payable under the Loan Documents shall be made to the Bank at its office at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ (or at such other place as the Bank may specify) no later than 1:00 p.m. (Chicago time) on the date any such payment is due and payable. Payments received by the Bank after 1:00 p.m. (Chicago time) shall be deemed received as of the opening of business on the next Business Day. All such payments shall be made in lawful money of the United States of America, in immediately available funds at the place of payment, without set-off or counterclaim and without reduction for, and free from, any and all present or future taxes, levies, imposts, duties, fees, charges, deductions, withholdings, restrictions, and conditions of any nature imposed by any government or any political subdivision or taxing authority thereof (but excluding any taxes imposed on or measured by the net income of the Bank). All payments shall be applied (i) first, towards payment of interest and fees then due hereunder and under the other Loan Documents, and (ii) second, towards payment of principal. Unless the Borrower Borrowers otherwise directsdirect, principal payments shall be applied first to the Base Rate Portion Term Loan until payment in full thereof, with any balance applied to the LIBOR Portions in the order in which their Interest Periods expireRevolving Loan. The Each Borrower hereby irrevocably authorizes the Bank to (a) charge from time to time any of the each Borrower’s deposit accounts with the Bank and/or (b) make Revolving Loans from time to time hereunder (and any such Revolving Loan may be made by the Bank hereunder without regard to the provisions of Section 7 4 hereof), in each case for payment of any Obligation then due and payable (whether such Obligation is for interest then due on a Loan, reimbursement under an Application, a Reimbursement Obligation or otherwise); provided that the Bank shall not be under any obligation to charge any such deposit account or make any such Revolving Loan under this Section, and the Bank shall incur no liability to the any Borrower or any other Person for its failure to do so.

Place and Application of Payments. All payments of principal, interest, fees, and all other Obligations payable under the Loan Documents shall be made to the Bank at its office at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ (or at such other place as the Bank may specify) no later than 1:00 p.m. (Chicago time) on the date any such payment is due and payable. Payments received by the Bank after 1:00 p.m. (Chicago time) shall be deemed received as of the opening of business on the next Business Day. All such payments shall be made in lawful money of the United States of America, in immediately available funds at the place of payment, without set-off or counterclaim and without reduction for, and free from, any and all present or future taxes, levies, imposts, duties, fees, charges, deductions, withholdings, restrictions, and conditions of any nature imposed by any government or any political subdivision or taxing authority thereof (but excluding any taxes imposed on or measured by the net income of the Bank). All payments shall be applied (i) first, towards payment of interest and fees then due hereunder and under the other Loan Documents, and (ii) second, towards payment of principal. Unless the Borrower otherwise directs, principal payments shall be applied first to the relevant Base Rate Portion Loan portion until payment in full thereof, with any balance applied to the LIBOR relevant Eurodollar Loan Portions in the order in which their Interest Periods expire. The Borrower hereby irrevocably authorizes the Bank to (a) charge from time to time any of the Borrower’s deposit accounts with the Bank and/or (b) make Revolving Loans from time to time hereunder (and any such Revolving Loan may be made by the Bank hereunder without regard to the provisions of Section 7 4 hereof), in each case for payment of any Obligation then due and payable (whether such Obligation is for interest then due on a Loan, reimbursement under an Applicationa Reimbursement Obligation, a Banking Services Obligation, a Rate Management Obligation or otherwise); provided that the Bank shall not be under any obligation to charge any such deposit account or make any such Revolving Loan under this Section, and the Bank shall incur no liability to the Borrower or any other Person for its failure to do so.

Place and Application of Payments. All payments of principal, interest, fees, and all other Obligations payable under the Loan Documents shall be made to the Bank at its office at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ (or at such other place as the Bank may specify) no later than 1:00 p.m. (Chicago time) on the date any such payment is due and payable. Payments received by the Bank after 1:00 p.m. (Chicago time) shall be deemed received as of the opening of business on the next Business Day. All such payments shall be made in lawful money of the United States of America, in immediately available funds at the place of payment, without set-off or counterclaim and without reduction for, and free from, any and all present or future taxes, levies, imposts, duties, fees, charges, deductions, withholdings, restrictions, and conditions of any nature imposed by any government or any political subdivision or taxing authority thereof (but excluding any taxes imposed on or measured by the net income of the Bank). Unless the Borrower otherwise directs, principal payments shall be applied first to the Base Rate Portion until payment in full thereof, with any balance applied to the LIBOR Fixed Rate Portions in the order in which their Interest Periods expire. The Borrower hereby irrevocably authorizes the Bank to (a) charge from time to time any of the Borrower’s deposit accounts with the Bank and/or (b) make Loans from time to time hereunder (and any such Loan may be made by the Bank hereunder without regard to the provisions of Section 7 hereof), in each case for payment of any Obligation then due and payable (whether such Obligation is for interest then due on a Loan, reimbursement under an Application, Application or otherwise); provided that the Bank shall not be under any obligation to charge any such deposit account or make any such Loan under this Section, and the Bank shall incur no liability to the Borrower or any other Person for its failure to do so.

Place and Application of Payments. All payments of principal, interest, fees, fees and all other Obligations payable hereunder and under the other Loan Documents shall be made to the Bank at its office at ▇▇▇ 111 ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ (or ▇▇ at such other place as the Bank may specify) no later than 1:00 2:00 p.m. (Chicago time) on the date any such payment is due and payable. Payments received by the Bank after 1:00 2:00 p.m. (Chicago time) shall be deemed received as of the opening of business on the next Business Day. All such payments shall be made in lawful money of the United States of America, in immediately available funds at the place of payment, without set-off setoff or counterclaim and without reduction for, and free from, any and all present or future taxes, levies, imposts, duties, fees, charges, deductions, withholdings, restrictions, restrictions and conditions of any nature imposed by any government or any political subdivision or taxing authority thereof (but excluding any taxes imposed on or measured by the net income or gross receipts of the Bank). Unless the Borrower Company otherwise directs, except during the continuance of any Event of Default, principal payments shall be first applied first to the Base Rate Portion of the Note until payment in full thereof, with any balance applied to the LIBOR Fixed Rate Portions of the Note in the order in which their Interest Periods expire. The Borrower hereby irrevocably authorizes All payments on any Note (whether voluntary or required) shall be accompanied by any amount due the Bank to (a) charge from time to time any under Section 2.7 hereof, but no acceptance of the Borrower’s deposit accounts with the Bank and/or (b) make Loans from time to time hereunder (and any such Loan may be made a payment without requiring payment of amounts due under Section 2.7 shall preclude a later demand by the Bank hereunder without regard for any amount due it under Section 2.7 in respect of such payment. Any amount paid or prepaid on the Note may, subject to all of the provisions of Section 7 terms and conditions hereof), in each case for payment of any Obligation then due be borrowed, repaid and payable (whether such Obligation is for interest then due on a Loan, reimbursement under an Application, or otherwise); provided that the Bank shall not be under any obligation to charge any such deposit account or make any such Loan under this Section, and the Bank shall incur no liability to the Borrower or any other Person for its failure to do soborrowed again.

Place and Application of Payments. All payments of principal, interest, fees, fees and all other Obligations payable hereunder and under the other Loan Documents shall be made to the Bank at its office at 111 West Monroe Street, Chicago, Illinois (or at such other plac▇ ▇▇ ▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇) ▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇:▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ (or at such other place as the Bank may specify) no later than 1:00 0 p.m. (Chicago time) on the date any such payment is due and payable. Payments received by the Bank after 1:00 2:00 p.m. (Chicago time) shall be deemed received as of the opening of business on the next Business Day. All such payments shall be made in lawful money of the United States of America, in immediately available funds at the place of payment, without set-off setoff or counterclaim and without reduction for, and free from, any and all present or future taxes, levies, imposts, duties, fees, charges, deductions, withholdings, restrictions, restrictions and conditions of any nature imposed by any government or any political subdivision or taxing authority thereof (but excluding any taxes imposed on or measured by the net income or gross receipts of the Bank). Unless the Borrower Company otherwise directs, except during the continuance of any Event of Default, principal payments shall be first applied first to the Base Rate Portion of the Note until payment in full thereof, with any balance applied to the LIBOR Fixed Rate Portions of the Note in the order in which their Interest Periods expire. The Borrower hereby irrevocably authorizes All payments on any Note (whether voluntary or required) shall be accompanied by any amount due the Bank to (a) charge from time to time any under Section 2.7 hereof, but no acceptance of the Borrower’s deposit accounts with the Bank and/or (b) make Loans from time to time hereunder (and any such Loan may be made a payment without requiring payment of amounts due under Section 2.7 shall preclude a later demand by the Bank hereunder without regard for any amount due it under Section 2.7 in respect of such payment. Any amount paid or prepaid on the Note may, subject to all of the provisions of Section 7 terms and conditions hereof), in each case for payment of any Obligation then due be borrowed, repaid and payable (whether such Obligation is for interest then due on a Loan, reimbursement under an Application, or otherwise); provided that the Bank shall not be under any obligation to charge any such deposit account or make any such Loan under this Section, and the Bank shall incur no liability to the Borrower or any other Person for its failure to do soborrowed again.

Place and Application of Payments. All payments of principal, interest, fees, fees and all other Obligations payable hereunder and under the other Loan Documents shall be made to the Bank at its office at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ (or at such other place as the Bank may specify) no later than 1:00 2:00 p.m. (Chicago time) on the date any such payment is due and payable. Payments received by the Bank after 1:00 2:00 p.m. (Chicago time) shall be deemed received as of the opening of business on the next Business Day. All such payments shall be made in lawful money of the United States of America, in immediately available funds at the place of payment, without set-off setoff or counterclaim and without reduction for, and free from, any and all present or future taxes, levies, imposts, duties, fees, charges, deductions, withholdings, restrictions, restrictions and conditions of any nature imposed by any government or any political subdivision or taxing authority thereof (but excluding any taxes imposed on or measured by the net income or gross receipts of the Bank). Unless the Borrower Company otherwise directs, except during the continuance of any Event of Default, principal payments shall be first applied first to the Base Rate Portion of the Note until payment in full thereof, with any balance applied to the LIBOR Fixed Rate Portions of the Note in the order in which their Interest Periods expire. The Borrower hereby irrevocably authorizes All payments on any Note (whether voluntary or required) shall be accompanied by any amount due the Bank to (a) charge from time to time any under Section 2.7 hereof, but no acceptance of the Borrower’s deposit accounts with the Bank and/or (b) make Loans from time to time hereunder (and any such Loan may be made a payment without requiring payment of amounts due under Section 2.7 shall preclude a later demand by the Bank hereunder without regard for any amount due it under Section 2.7 in respect of such payment. Any amount paid or prepaid on the Note may, subject to all of the provisions of Section 7 terms and conditions hereof), in each case for payment of any Obligation then due be borrowed, repaid and payable (whether such Obligation is for interest then due on a Loan, reimbursement under an Application, or otherwise); provided that the Bank shall not be under any obligation to charge any such deposit account or make any such Loan under this Section, and the Bank shall incur no liability to the Borrower or any other Person for its failure to do soborrowed again.

Place and Application of Payments. All payments of principal, interest, fees, fees and all other Obligations payable hereunder and under the other Loan Documents shall be made to the Bank at its office at ▇1▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ (or at such other place as the Bank may specify) no later than 1:00 2:00 p.m. (Chicago time) on the date any such payment is due and payable. Payments received by the Bank after 1:00 2:00 p.m. (Chicago time) shall be deemed received as of the opening of business on the next Business Day. All such payments shall be made in lawful money of the United States of America, in immediately available funds at the place of payment, without set-off setoff or counterclaim and without reduction for, and free from, any and all present or future taxes, levies, imposts, duties, fees, charges, deductions, withholdings, restrictions, restrictions and conditions of any nature imposed by any government or any political subdivision or taxing authority thereof (but excluding any taxes imposed on or measured by the net income or gross receipts of the Bank). Unless the Borrower Company otherwise directs, except during the continuance of any Event of Default, principal payments shall be first applied first to the Base Rate Portion of the Note until payment in full thereof, with any balance applied to the LIBOR Fixed Rate Portions of the Note in the order in which their Interest Periods expire. The Borrower hereby irrevocably authorizes All payments on any Note (whether voluntary or required) shall be accompanied by any amount due the Bank to (a) charge from time to time any under Section 2.7 hereof, but no acceptance of the Borrower’s deposit accounts with the Bank and/or (b) make Loans from time to time hereunder (and any such Loan may be made a payment without requiring payment of amounts due under Section 2.7 shall preclude a later demand by the Bank hereunder without regard for any amount due it under Section 2.7 in respect of such payment. Any amount paid or prepaid on the Note may, subject to all of the provisions of Section 7 terms and conditions hereof), in each case for payment of any Obligation then due be borrowed, repaid and payable (whether such Obligation is for interest then due on a Loan, reimbursement under an Application, or otherwise); provided that the Bank shall not be under any obligation to charge any such deposit account or make any such Loan under this Section, and the Bank shall incur no liability to the Borrower or any other Person for its failure to do soborrowed again.

Place and Application of Payments. All payments of principal, interest, fees, and all other Obligations payable under the Loan Documents shall be made to the Bank at its office at ▇1▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ (or at such other place as the Bank may specify) no later than 1:00 p.m. (Chicago time) on the date any such payment is due and payable. Payments received by the Bank after 1:00 p.m. (Chicago time) shall be deemed received as of the opening of business on the next Business Day. All such payments shall be made in lawful money of the United States of America, in immediately available funds at the place of payment, without set-off or counterclaim and without reduction for, and free from, any and all present or future taxes, levies, imposts, duties, fees, charges, deductions, withholdings, restrictions, and conditions of any nature imposed by any government or any political subdivision or taxing authority thereof (but excluding any taxes imposed on or measured by the net income of the Bank). All payments shall be applied (i) first, towards payment of fees then due hereunder and under the other Loan Documents, (ii) second, towards payment of interest; (iii) third, towards payment of principal and any amounts due and owing to the Bank pursuant to a hedging arrangement; and (iv) fourth, to any and all other outstanding obligations of the Borrower to the Bank. Unless the Borrower otherwise directs, principal payments shall be applied first to the relevant Base Rate Portion until payment in full thereof, with any balance applied to the LIBOR Portions Eurodollar Loans in the order in which their Interest Periods expire. The Borrower hereby irrevocably authorizes the Bank to (a) charge from time to time any of the Borrower’s deposit accounts with the Bank and/or (b) make Revolving Loans from time to time hereunder (and any such Revolving Loan may be made by the Bank hereunder without regard to the provisions of Section 7 4 hereof), in each case for payment of any Obligation then due and payable (whether such Obligation is for interest then due on a Revolving Loan, reimbursement under an Application, a Reimbursement Obligation or otherwise); provided that the Bank shall not be under any obligation to charge any such deposit account or make any such Revolving Loan under this Section, and the Bank shall incur no liability to the Borrower or any other Person for its failure to do so.

Place and Application of Payments. All payments of principal, interest, fees, fees and all other Obligations payable hereunder and under the other Loan Documents shall be made to the Bank at its office at ▇▇11▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ (or at such other place as the Bank may specify) no later than 1:00 2:00 p.m. (Chicago time) on the date any such payment is due and payable. Payments received by the Bank after 1:00 2:00 p.m. (Chicago time) shall be deemed received as of the opening of business on the next Business Day. All such payments shall be made in lawful money of the United States of America, in immediately available funds at the place of payment, without set-off setoff or counterclaim and without reduction for, and free from, any and all present or future taxes, levies, imposts, duties, fees, charges, deductions, withholdings, restrictions, restrictions and conditions of any nature imposed by any government or any political subdivision or taxing authority thereof (but excluding any taxes imposed on or measured by the net income or gross receipts of the Bank). Unless the Borrower Company otherwise directs, except during the continuance of any Event of Default, principal payments shall be first applied first to the Base Term Note until payment in full thereof, then to the Domestic Rate Portion of the Revolving Credit Note until payment in full thereof, with any balance applied to the LIBOR Fixed Rate Portions of the Revolving Credit Note in the order in which their Interest Periods expire. The Borrower hereby irrevocably authorizes All payments on any Note (whether voluntary or required) shall be accompanied by any amount due the Bank to (a) charge from time to time any under Section 2.7 hereof, but no acceptance of the Borrower’s deposit accounts with the Bank and/or (b) make Loans from time to time hereunder (and any such Loan may be made a payment without requiring payment of amounts due under Section 2.7 shall preclude a later demand by the Bank hereunder without regard for any amount due it under Section 2.7 in respect of such payment. Any amount paid or prepaid on the Revolving Credit Note may, subject to all of the terms and conditions hereof, be borrowed, repaid and borrowed again. No amount paid or prepaid on the Term Note may be reborrowed. All prepayments on the Term Note shall be applied to the provisions several installments thereof in the order of Section 7 hereof), in each case for payment of any Obligation then due and payable (whether such Obligation is for interest then due on a Loan, reimbursement under an Application, or otherwise); provided that the Bank shall not be under any obligation to charge any such deposit account or make any such Loan under this Section, and the Bank shall incur no liability to the Borrower or any other Person for its failure to do sotheir maturity.

Place and Application of Payments. All payments of principal, interest, fees, and all other Obligations payable to the Bank under the Loan Documents shall be made to the Bank at its office located at ▇1▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ (or at such other place as the Bank may specify) no later than 1:00 p.m. (Chicago time) on the date any such payment is due and payable. Payments received by the Bank after 1:00 p.m. (Chicago time) shall be deemed received as of the opening of business on the next Business Day. All such payments shall be made in lawful money of the United States of America, in immediately available funds at the place of payment, without set-off or counterclaim and without reduction for, and free from, any and all present or future taxestaxes (except for income or franchise taxes as set forth in Section 11.1 hereof), levies, imposts, duties, fees, charges, deductions, withholdings, restrictions, and conditions of any nature imposed by any government or any political subdivision or taxing authority thereof (but excluding any taxes imposed on or measured by the net income or gross receipts of the Bank). Unless the either Borrower otherwise directs, principal payments shall be applied first to the Base Rate Portion until payment in full thereof, with any balance applied to the LIBOR Portions in the order in which their Interest Periods expire. The Each Borrower hereby irrevocably authorizes the Bank to (a) charge from time to time any of the Borrower’s deposit accounts with the Bank and/or (b) make Loans from time to time hereunder (and any such Loan may be made by the Bank hereunder without regard to the provisions of Section 7 hereof), in each case for payment of any Obligation then due and payable (whether such Obligation is for interest then due on a Loan, reimbursement under an Application, or otherwise); provided provided, that the Bank shall not be under any obligation to charge any such deposit account or make any such Loan under this Section, and the Bank shall incur no liability to the Borrower Borrowers or any other Person for its failure to do so. The Bank agrees to use reasonable efforts to provide the Borrowers with prompt written notice of any such charge made or Loan advanced pursuant to the preceding sentence.

Place and Application of Payments. All payments of principal, interest, fees, and all other Obligations payable under the Loan Documents shall be made to the Bank at its office at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ (or at such other place as the Bank may specify) no later than 1:00 p.m. (Chicago time) on the date any such payment is due and payable. Payments received by the Bank after 1:00 p.m. (Chicago time) shall be deemed received as of the opening of business on the next Business Day. All such payments shall be made in lawful money of the United States of America, in immediately available funds at the place of payment, without set-off or counterclaim and without reduction for, and free from, any and all present or future taxes, levies, imposts, duties, fees, charges, deductions, withholdings, restrictions, and conditions of any nature imposed by any government or any political subdivision or taxing authority thereof (but excluding any taxes imposed on or measured by the net income of the Bank). Unless the Borrower otherwise directs, principal payments shall be applied first to the relevant Base Rate Portion until payment in full thereof, with any balance applied to the relevant LIBOR Portions in the order in which their Interest Periods expire. Any amount repaid under the Revolving Credit may, subject to the terms and conditions hereof, be borrowed, repaid, and borrowed again. No amount repaid on the Term Loan Note, the Mortgage Note, or the Equipment Note may be reborrowed, and partial prepayments of the Term Loan Note, the Mortgage Note, and the Equipment Note (on or after the Equipment Loan Commitment Termination Date) shall be applied to the several remaining installments thereof in the inverse order of maturity. The Borrower hereby irrevocably authorizes the Bank to (ah) charge from time to time any of the Borrower’s deposit accounts with the Bank and/or (bi) make Revolving Loans from time to time hereunder (and any such Revolving Loan may be made by the Bank hereunder without regard to the provisions of Section 7 0 hereof), in each case for payment of any Obligation then due and payable (whether such Obligation is for interest then due on a Loan, reimbursement under an Application, Application or otherwise); provided that the Bank shall not be under any obligation to charge any such deposit account or make any such Revolving Loan under this Section, and the Bank shall incur no liability to the Borrower or any other Person for its failure to do so.

Place and Application of Payments. All payments of principal, interest, fees, and all other Obligations payable under the Loan Documents shall be made to the Bank at its office at ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ (or at such other place as the Bank may specify) no later than 1:00 3:00 p.m. (Chicago time) on the date any such payment is due and payable. Payments received by the Bank after 1:00 3:00 p.m. (Chicago time) shall be deemed received as of the opening of business on the next Business Day. All such payments shall be made in lawful money of the United States of America, in immediately available funds at the place of payment, without set-off or counterclaim and without reduction for, and free from, any and all present or future taxes, levies, imposts, duties, fees, charges, deductions, withholdings, restrictions, and conditions of any nature imposed by any government or any political subdivision or taxing authority thereof (but excluding any taxes imposed on or measured by the net income of the Bank). Unless the Borrower otherwise directs, principal payments shall be applied first to the Base Rate Portion until payment in full thereof, with any balance applied to the LIBOR Portions in the order in which their Interest Periods expire. The Borrower hereby irrevocably authorizes the Bank to (a) charge from time to time any of the Borrower’s deposit accounts with the Bank (other than the Reserve Account) and/or (b) make Loans from time to time hereunder (and any such Loan may be made by the Bank hereunder without regard to the provisions of Section 7 hereof), in each case for payment of any Obligation then due and payable (whether such Obligation is for interest then due on a Loan, reimbursement under an Application, or otherwise); provided that the Bank shall not be under any obligation to charge any such deposit account or make any such Loan under this Section, and the Bank shall incur no liability to the Borrower or any other Person for its failure to do so.