Payments Mandatory Prepayment Reserve Requirements and Illegality Sample Clauses

Payments Mandatory Prepayment Reserve Requirements and Illegality. 16.1. All moneys payable by the Borrowers under or pursuant to any of the Finance Documents (excluding any Master Agreement) shall be paid to such accounts at such banks as the Agent may from time to time direct to the Borrowers and (unless payable in any other Currency of Account) shall be paid in Dollars in same day funds (or such funds as are required by the authorities in the United States of America for settlement of international payments for immediate value). Payments shall be deemed to have been received by the Agent on the date on which the Agent receives authenticated advice of receipt, unless that advice is received by the Agent on a day other than a Business Day or at a time of day (whether on a Business Day or not) when the Agent in its discretion considers that it is impossible or impracticable for the Agent to utilise the moneys received for value that same day, in which event those moneys shall be deemed to have been received by the Agent on the next Business Day following the date of receipt of advice by the Agent.
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Payments Mandatory Prepayment Reserve Requirements and Illegality. 16.1. All moneys payable by the Borrowers under or pursuant to any of the Finance Documents (excluding any Master Agreement) shall be paid to such accounts at such banks as the Agent may from time to time direct to the Borrowers and (unless payable in any other Currency of Account) shall be paid in Dollars in same day funds (or such funds as are required by the authorities in the United States of America for settlement of international payments for immediate value). Payments shall be deemed to have been received by the Agent on the date on which the Agent receives authenticated advice of receipt, unless that advice is received by the Agent on a day other than a Business Day or at a time of day (whether on a Business Day or not) when the Agent in its discretion considers that it is impossible or impracticable for the Agent to utilise the moneys received for value that same day, in which event those moneys shall be deemed to have been received by the Agent on the next Business Day following the date of receipt of advice by the Agent. 16.2. All payments (whether of principal or interest or otherwise) to be made by the Borrowers pursuant to the Finance Documents (excluding any Master Agreement) shall, subject only to Clause 16.3, be made without any Tax Deduction, and payments to be made by a Security Party under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim and the Borrowers will not claim any equity in respect of any payment due from them to the Finance Parties under or in relation to any of the Finance Documents (excluding any Master Agreement). If at any time any law requires (or is interpreted to require) any of the Borrowers to make a Tax Deduction from any payment, that Borrower will simultaneously with making that payment pay to the Agent whatever additional amount (after taking into account any additional Taxes on, or Tax Deduction from, or restrictions or conditions on, that additional amount) is necessary to ensure that, after making the Tax Deduction, the Banks receive a net sum equal to the sum which they would have received had no Tax Deduction been made.
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Payments Mandatory Prepayment Reserve Requirements and Illegality. 13.1 Payments All amounts payable by the Borrowers to the Finance Parties under or pursuant to any of the Security Documents shall be paid to such accounts at such banks as the Agent may from time to time direct to the Borrowers and shall be paid in Dollars in same day funds (or such funds as are required by the authorities in the United States of America for settlement of international payments for immediate value). Payments shall be deemed to have been received by the Agent on the date on which the Agent receives authenticated advice of receipt, unless that advice is received by the Agent on a day other than a Business Day or at a time of day (whether on a Business Day or not) when the Agent in its reasonable discretion considers that it is impossible or impracticable for the Agent to utilise the amount received for value that same day, in which event the payment in question shall be deemed to have been received by the Agent on the Business Day next following the date of receipt of advice by the Agent.
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Payments Mandatory Prepayment Reserve Requirements and Illegality 
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Related to Payments Mandatory Prepayment Reserve Requirements and Illegality

  • Mandatory Prepayments (a) If on any date the Borrower or any of its Subsidiaries shall receive Net Cash Proceeds from any Asset Sale or Recovery Event then, with respect to an amount equal to 75% of such Net Cash Proceeds (“Allocated Proceeds”; provided that the Borrower or such Subsidiary may instead deem a portion of such Net Cash Proceeds equal to the first 75% of the Total Net Proceeds to the Borrower or such Subsidiary from such Asset Sale or Recovery Event, when and as received, to be the Allocated Proceeds of such Asset Sale or Recovery Event), (i) if such Allocated Proceeds are not Reinvestment Proceeds, such Allocated Proceeds shall be applied on the fifth Business Day after the date such proceeds are received toward the prepayment of the Term Loans or (ii) if such Allocated Proceeds are Reinvestment Proceeds, on each Reinvestment Prepayment Date, an amount equal to the relevant Reinvestment Prepayment Amount shall be applied toward the prepayment of the Term Loans in the manner specified in Section 2.9(c); provided that, notwithstanding clauses (i) and (ii) above, to the extent that the terms of the documentation for any First Lien Notes or Pre-Existing Debt that is secured on a pari passu basis with the Obligations under this Agreement require that a portion of such Allocated Proceeds be applied to purchase First Lien Notes or Pre-Existing Debt pursuant to a mandatory offer to purchase such First Lien Notes or Pre-Existing Debt, such Allocated Proceeds may be applied to prepay Term Loans in accordance with Section 2.9(c) and purchase First Lien Notes and/or Pre-Existing Debt on a pro rata basis based on the respective amounts of Term Loans and First Lien Notes and/or Pre-Existing Debt then outstanding.

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