Common use of Payment to Banks Clause in Contracts

Payment to Banks. Promptly after receipt from the Borrower of any principal repayment of any Loan, any interest due thereunder, and any other interest or fees or other amounts due under any of the Loan Documents, the Agent shall distribute to each Bank in immediately available funds that Bank's Commitment Percentage of the funds so received, provided that in the event payments are received by 11:00 a.m., Pittsburgh time, by the Agent with respect to the Loans and such payments are not distributed to the Banks on the same day received by the Agent, the Agent shall pay the Banks the Federal Funds Rate with respect to the amount of such payments for each day held by the Agent and not distributed to the Banks.

Payment to Banks. Promptly after receipt from the Borrower Borrowers of any principal repayment of any Loan, any interest due thereunder, and any other interest or fees or other amounts due under any of the Loan Documents, the Agent shall distribute to each Bank in immediately available funds that Bank's Commitment Percentage of the funds so received, provided that in the event payments are received by 11:00 a.m., Pittsburgh time, by the Agent with respect to the Loans and such payments are not distributed to the Banks on the same day received by the Agent, the Agent shall pay the Banks the Federal Funds Rate with respect to the amount of such payments for each day held by the Agent and not distributed to the Banks.