Common use of Payments to the Administrative Agent Clause in Contracts

Payments to the Administrative Agent. All payments of interest on the Notes, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly to the Administrative Agent without condition or deduction or any counterclaim, defense, recoupment, setoff, or withholding or deduction for taxes, for the pro rata benefit of each Lender, in federal or other immediately available funds before (a) 3:00 p.m. (Central time) if there is only one Lender and (b) 1:00 p.m. (Central time) if there is more than one Lender, in each case on the respective dates when due via wire transfer of immediately available funds to the Settlement Account. The Administrative Agent shall promptly distribute such payments to the Lenders upon receipt in like funds as received. The Borrower shall send notice to the Administrative Agent before (a) 3:00 p.m. (Central time) if there is only one Lender and (b) 11:00 a.m. (Central time) if there is more than one Lender, in each case on the day any payment of principal or interest is received by the Administrative Agent which sets forth the Loans against which such payment is to be applied. Any payment (or any payment received without a notice regarding application of such payment) received by the Administrative Agent after such time will be deemed to have been made on the next following Business Day. Should any such payment become due and payable on a day other than a Business Day, the maturity of such payment shall be extended to the next succeeding Business Day, and, in the case of a payment of principal or past due interest, interest shall accrue and be payable thereon for the period of such extension as provided in the Loan Document under which such payment is due. Each payment under a Loan Document shall be payable at the place provided therein and, if no specific place of payment is provided, shall be payable at the place of payment of the Notes. Prior to the occurrence of an Event of Default and exercise of remedies by the Administrative Agent, when the Administrative Agent collects or receives money on account of the Obligations, the Administrative Agent shall apply all such money so distributed, as follows:

Payments to the Administrative Agent. All payments of interest on the Notes, all payments of principal, including any principal payment made with proceeds of Mortgage Collateral, and fees hereunder shall be made directly to the Administrative Agent without condition or deduction or any counterclaim, defense, recoupment, setoff, or withholding or deduction for taxes, for the pro rata benefit of each Lender, in federal or other immediately available funds before (a) 3:00 p.m. (Central Eastern time) if there is only one Lender and (b) 1:00 p.m. (Central Eastern time) if there is more than one Lender, in each case on the respective dates when due via wire transfer of immediately available funds to the Settlement Account. The Administrative Agent shall promptly distribute such payments to the Lenders upon receipt in like funds as received. The Borrower shall send notice to the Administrative Agent before (a) 3:00 p.m. (Central Eastern time) if there is only one Lender and (b) 11:00 a.m. 12:00 noon (Central Eastern time) if there is more than one Lender, in each case on the day any payment of principal or interest is received by the Administrative Agent which sets forth the Loans against which such payment is to be applied. Any payment (or any payment received without a notice regarding application of such payment) received by the Administrative Agent after such time will be deemed to have been made on the next following Business Day. Should any such payment become due and payable on a day other than a Business Day, the maturity of such payment shall be extended to the next succeeding Business Day, and, in the case of a payment of principal or past due interest, interest shall accrue and be payable thereon for the period of such extension as provided in the Loan Document under which such payment is due. Each payment under a Loan Document shall be payable at the place provided therein and, if no specific place of payment is provided, shall be payable at the place of payment of the Notes. Prior to the occurrence of an Event of Default and exercise of remedies by the Administrative Agent, when the Administrative Agent collects or receives money on account of the Obligations, the Administrative Agent shall apply all such money so distributed, as follows: