Common use of Method and Place of Payment, etc Clause in Contracts

Method and Place of Payment, etc. Except as expressly provided herein, all payments under this Agreement shall be made to the Agent for the ratable account of the Banks not later than Noon (New York time) on the date when due and shall be made in freely transferable U.S. dollars and in immediately available funds at the Payment Office (or, if such payment is made in respect of principal of or interest on any Eurodollar Loan, for the account of such non-U.S. office of the Agent as the Agent may from time to time direct). Unless the Agent shall have been notified by the applicable Borrower prior to the date on which any payment to be made by the applicable Borrower hereunder is due that the applicable Borrower does not intend to remit such payment, the Agent may, at its discretion, assume that the applicable Borrower has remitted such payment when so due and the Agent may, at its discretion and in reliance upon such assumption, make available to each Bank (for the account of its applicable lending office) on such payment date an amount equal to such Bank's share of such assumed payment. If the applicable Borrower has not in fact remitted such payment to the Agent, each Bank shall forthwith on demand repay to the Agent the amount of such assumed payment made available to such Bank together with interest thereon in respect of each day from and including the date such amount was made available by the Agent to such Bank to the date such amount is repaid to the Agent at a rate per annum equal to the Federal Funds Rate. On the commencement date of each Interest Period and on each date occurring two Business Days prior to an Interest Payment Date, the Agent shall notify the applicable Borrower of the amount of interest and/or fees due at the end of such Interest Period or on such Interest Payment Date (assuming, in the case of Base Rate Loans, that there is no change in the rate of interest applicable to the applicable Base Rate Loan); provided, however, that failure to so notify the applicable Borrower shall not affect such Borrower's obligation to make any such payments.

Appears in 4 contracts

Samples: Day Revolving Credit Agreement (Pp&l Inc), Day Revolving Credit Agreement (Pp&l Resources Inc), Pp&l Resources Inc

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Method and Place of Payment, etc. Except as expressly provided --------------------------------- herein, all payments under this Agreement shall be made to the Agent for the ratable account of the Banks not later than Noon (New York time) on the date when due and shall be made in freely transferable U.S. dollars and in immediately available funds at the Payment Office (or, if such payment is made in respect of principal of or interest on any Eurodollar Loan, for the account of such non-U.S. office of the Agent as the Agent may from time to time direct). Unless the Agent shall have been notified by the applicable Borrower prior to the date on which any payment to be made by the applicable Borrower hereunder is due that the applicable Borrower does not intend to remit such payment, the Agent may, at its discretion, assume that the applicable Borrower has remitted such payment when so due and the Agent may, at its discretion and in reliance upon such assumption, make available to each Bank (for the account of its applicable lending office) on such payment date an amount equal to such Bank's share of such assumed payment. If the applicable Borrower has not in fact remitted such payment to the Agent, each Bank shall forthwith on demand repay to the Agent the amount of such assumed payment made available to such Bank together with interest thereon in respect of each day from and including the date such amount was made available by the Agent to such Bank to the date such amount is repaid to the Agent at a rate per annum equal to the Federal Funds Rate. On the commencement date of each Interest Period and on each date occurring two Business Days prior to an Interest Payment Date, the Agent shall notify the applicable Borrower of the amount of interest and/or fees due at the end of such Interest Period or on such Interest Payment Date (assuming, in the case of Base Rate Loans, that there is no change in the rate of interest applicable to the applicable Base Rate Loan); provided, however, that failure to so notify the applicable Borrower shall not affect such Borrower's obligation to make any such payments.

Appears in 3 contracts

Samples: Pp&l Resources Inc, PPL Electric Utilities Corp, Pp&l Inc

Method and Place of Payment, etc. Except as expressly provided herein, all payments under this Agreement shall be made to the Agent for the ratable account of the Banks not later than Noon (New York time) on the date when due and shall be made in freely transferable U.S. dollars and in immediately available funds at the Payment Office (or, if such payment is made in respect of principal of or interest on any Eurodollar Loan, for the account of such non-U.S. office of the Agent as the Agent may from time to time direct). Unless the Agent shall have been notified by the applicable Borrower Resources prior to the date on which any payment to be made by the applicable Borrower Resources hereunder is due that the applicable Borrower Resources does not intend to remit such payment, the Agent may, at its discretion, assume that the applicable Borrower Resources has remitted such payment when so due and the Agent may, at its discretion and in reliance upon such assumption, make available to each Bank (for the account of its applicable lending office) on such payment date an amount equal to such Bank's share of such assumed payment. If the applicable Borrower Resources has not in fact remitted such payment to the Agent, each Bank shall forthwith on demand repay to the Agent the amount of such assumed payment made available to such Bank together with interest thereon in respect of each day from and including the date such amount was made available by the Agent to such Bank to the date such amount is repaid to the Agent at a rate per annum equal to the Federal Funds Rate. On the commencement date of each Interest Period and on each date occurring two Business Days prior to an Interest Payment Date, the Agent shall notify the applicable Borrower Resources of the amount of interest and/or fees due at the end of such Interest Period or on such Interest Payment Date (assuming, in the case of Base Rate Loans, that there is no change in the rate of interest applicable to the applicable Base Rate Loan); provided, however, that failure to so notify the applicable Borrower Resources shall not affect such BorrowerResources's obligation to make any such payments.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Pp&l Resources Inc), Revolving Credit Agreement (Pennsylvania Power & Light Co /Pa)

Method and Place of Payment, etc. (a) Except as expressly provided hereinfor payments in --------------------------------- respect of Commitment Loans, Special Facility Loans and Acceptances, all payments under this Agreement shall be made to the Paying Agent for the ratable account pro rata --- ---- benefit (on the basis of the Banks category of obligation then being paid, i.e., ---- principal, interest or Fees) of all Banks, not later than 12:00 Noon (New York Chicago time) on the date when due and shall be made in freely transferable U.S. dollars and in immediately available funds at the Payment Office (orfor the account of such non-U.S. office of the Paying Agent as the Paying Agent may from time to time direct, if such payment is made in respect of principal of or interest on any Eurodollar Loan, for the account of such non-U.S. office of the Agent as the Agent may from time to time direct). Unless the Paying Agent shall have been notified by the applicable Borrower Company prior to the date on which any payment to be made by the applicable Borrower Company hereunder is due that the applicable Borrower Company does not intend to remit such payment, the Paying Agent may, at its discretion, assume that the applicable Borrower Company has remitted such payment when so due and the Paying Agent may, at its discretion and in reliance upon such assumption, make available to each Bank with respect to a Syndicate Loan (or to the appropriate Bank in the case of a Commitment Loan) on such payment date (for the account of its applicable lending officeEurodollar Office or CD Office in the case of payments in respect of Eurodollar Loans or Fixed CD Rate Loans, as the case may be) on such payment date an amount equal to such Bank's share of such assumed payment. If the applicable Borrower Company has not in fact remitted such payment to the Paying Agent, each such Bank shall forthwith on demand repay to the Paying Agent the amount of such assumed payment made available to such Bank together with interest thereon in respect of each day from and including the date such amount was made available by the Paying Agent to such Bank to the date such amount is repaid to the Paying Agent at a rate per annum equal to the overnight Federal Funds Rate. On the commencement date of each Interest Period and on each date occurring two Business Days prior rate in effect from time to an Interest Payment Date, the Agent shall notify the applicable Borrower of the amount of interest and/or fees due at the end of such Interest Period or on such Interest Payment Date (assuming, in the case of Base Rate Loans, that there is no change in the rate of interest applicable to the applicable Base Rate Loan); provided, however, that failure to so notify the applicable Borrower shall not affect such Borrower's obligation to make any such paymentstime.

Appears in 1 contract

Samples: Credit Agreement (Mead Corp)

Method and Place of Payment, etc. Except as expressly provided -------------------------------- herein, all payments under this Agreement shall be made to the Agent for the ratable account of the Banks not later than Noon (New York time) on the date when due and shall be made in freely transferable U.S. dollars and in immediately available funds at the Payment Office (or, if such payment is made in respect of principal of or interest on any Eurodollar Loan, for the account of such non-U.S. office of the Agent as the Agent may from time to time direct). Unless the Agent shall have been notified by the applicable Borrower prior to the date on which any payment to be made by the applicable Borrower hereunder is due that the applicable Borrower does not intend to remit such payment, the Agent may, at its discretion, assume that the applicable Borrower has remitted such payment when so due and the Agent may, at its discretion and in reliance upon such assumption, make available to each Bank (for the account of its applicable lending office) on such payment date an amount equal to such Bank's share of such assumed payment. If the applicable Borrower has not in fact remitted such payment to the Agent, each Bank shall forthwith on demand repay to the Agent the amount of such assumed payment made available to such Bank together with interest thereon in respect of each day from and including the date such amount was made available by the Agent to such Bank to the date such amount is repaid to the Agent at a rate per annum equal to the Federal Funds Rate. On the commencement date of each Interest Period and on each date occurring two Business Days prior to an Interest Payment Date, the Agent shall notify the applicable Borrower of the amount of interest and/or fees due at the end of such Interest Period or on such Interest Payment Date (assuming, in the case of Base Rate Loans, that there is no change in the rate of interest applicable to the applicable Base Rate Loan); provided, however, that failure to so notify the applicable -------- ------- Borrower shall not affect such the Borrower's obligation to make any such payments.

Appears in 1 contract

Samples: Credit Agreement (PPL Electric Utilities Corp)

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Method and Place of Payment, etc. Except as expressly provided herein, all All payments by the SPC under this Backup Facility Agreement owing to the Banks shall be made to the Agent for the ratable account of the Banks not later than Noon 2:00 p.m. (New York City time) to the Collateral Agent for (except to the extent this Backup Facility Agreement expressly provides for payments other than on a pro rata basis) the pro rata account of each Bank on the date when due and shall be made in freely transferable U.S. dollars and in immediately available funds at the Payment Office (or, if such Office. The Collateral Agent will promptly thereafter cause to be distributed like funds relating to the payment is made in respect of principal of or interest on any Eurodollar Loanor Facility Fees ratably (other than amounts payable pursuant to Section 12.2, 12.3, 12.4, 12.5 or 12.6 of the Participation Agreement or clauses (i) and (ii) of Section 4.4 hereof) to the Banks for the account of their Applicable Lending Offices, and like funds relating to the payment of any other amount payable to any Bank to such non-U.S. office Bank for the account of its Applicable Lending Office, in each case to be applied in accordance with the Agent as the Agent may from time to time direct)terms of this Backup Facility Agreement. Unless the Collateral Agent shall have been notified by received notice from the applicable Borrower Lessee prior to the date on which time of any payment to be made by the applicable Borrower hereunder is of Basic Rent or Supplemental Rent due that the applicable Borrower does Lessee will not intend to remit make such Rent payment, the Collateral Agent may, at its discretion, may assume that payment will be made in accordance with the applicable Borrower has remitted such payment when so due Lease and the Collateral Agent maymay (but in no event shall be required to), at its discretion and in reliance upon such assumption, make available the payments required under this Section 5.4. If and to the extent that the Lessee shall not have so made such Rent payment, each Bank (for agrees to repay to the account of Collateral Agent forthwith on demand its applicable lending office) on such payment date an amount equal to such Bank's pro rata share of such assumed payment. If the applicable Borrower has not in fact remitted such payment to the Agent, each Bank shall forthwith on demand repay to the Agent the corresponding amount of such assumed payment made available to such Bank together with interest thereon in respect of thereon, for each day from and including the date such amount was is made available by the Collateral Agent to such Bank to until the date such amount is repaid to the Agent Collateral Agent, at a rate per annum for each such day equal to the greater of the Federal Funds RateEffective Rate and a rate determined by the Collateral Agent in accordance with banking industry rules on interbank compensation. On Upon an Assignment and Acceptance, from and after the commencement effective date of each Interest Period such Assignment and on each date occurring two Business Days Acceptance, the Collateral Agent shall make all payments hereunder in respect of the interest assigned thereby to the Bank assignee thereunder, and the parties to such Assignment and Acceptance shall make all appropriate adjustments in such payments for periods prior to an Interest Payment Date, the Agent shall notify the applicable Borrower of the amount of interest and/or fees due at the end of such Interest Period or on such Interest Payment Date (assuming, in the case of Base Rate Loans, that there is no change in the rate of interest applicable to the applicable Base Rate Loan); provided, however, that failure to so notify the applicable Borrower shall not affect such Borrower's obligation to make any such paymentseffective date directly between themselves.

Appears in 1 contract

Samples: Backup Facility Agreement (Genentech Inc)

Method and Place of Payment, etc. Except as expressly provided ------------------------------------- herein, all payments under this Agreement shall be made to the Agent for the ratable account of the Banks not later than Noon (New York time) on the date when due and shall be made in freely transferable U.S. dollars and in immediately available funds at the Payment Office (or, if such payment is made in respect of principal of or interest on any Eurodollar Loan, for the account of such non-U.S. office of the Agent as the Agent may from time to time direct). Unless the Agent shall have been notified by the applicable Borrower prior to the date on which any payment to be made by the applicable Borrower hereunder is due that the applicable Borrower does not intend to remit such payment, the Agent may, at its discretion, assume that the applicable Borrower has remitted such payment when so due and the Agent may, at its discretion and in reliance upon such assumption, make available to each Bank (for the account of its applicable lending office) on such payment date an amount equal to such Bank's share of such assumed payment. If the applicable Borrower has not in fact remitted such payment to the Agent, each Bank shall forthwith on demand repay to the Agent the amount of such assumed payment made available to such Bank together with interest thereon in respect of each day from and including the date such amount was made available by the Agent to such Bank to the date such amount is repaid to the Agent at a rate per annum equal to the Federal Funds Rate. On the commencement date of each Interest Period and on each date occurring two Business Days prior to an Interest Payment Date, the Agent shall notify the applicable Borrower of the amount of interest and/or fees due at the end of such Interest Period or on such Interest Payment Date (assuming, in the case of Base Rate Loans, that there is no change in the rate of interest applicable to the applicable Base Rate Loan); provided, however, that failure to so notify -------- ------- the applicable Borrower shall not affect such the Borrower's obligation to make any such payments.

Appears in 1 contract

Samples: Credit Agreement (PPL Electric Utilities Corp)

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