Common use of Funding and Repayment Clause in Contracts

Funding and Repayment. Each advance of Loans under this Agreement shall be made in U.S. Dollars in immediately available funds, at such place as to which a borrowing Participant and ESI may agree. All repayments and prepayments by a Participant of principal and all payments by such Participant of interest, and all other sums due under its Note or this Agreement, shall be made without deduction, setoff, abatement, suspension, deferment, defense or counterclaim, on or before the due date of repayment or payment, and shall be made in U.S. Dollars. All payments received by ESI from a Participant shall be applied as follows: first, to the payment of any amounts due hereunder or under its Note other than principal and interest on the Loans; second, to the payment of interest due on the Loans; and third, to the repayment of principal due on the Loans.