Common use of Notes and Payments Clause in Contracts

Notes and Payments. (a) Principal Debt under the Facility shall be evidenced by Notes, payable to each Lender in the stated principal amount of its Revolving Credit Commitment, its Tranche A Commitment, and/or its Tranche B Commitment, as applicable. (b) Borrower must make each payment on the Obligation to Agent's principal office in Dallas, Texas, in funds that will be available for immediate use by Agent by 12:00 noon on the day due; otherwise, but subject to SECTION 3.8, those funds continue to accrue interest as if they were received on the next Business Day. Agent shall pay to each Lender any payment to which that Lender is entitled on the same day Agent receives the funds from Borrower if Agent receives the payment before 12:00 noon, and otherwise before 12:00 noon on the following Business Day. If and to the extent that Agent does not make payments to Lenders when due, unpaid amounts shall accrue interest at the Federal Funds Rate from the due date until (but not including) the payment date.