Payments on the Obligations. All payments of principal of, and interest on, the Obligations under this Credit Agreement by the applicable Borrower to or for the account of the Lenders, or any of them, shall be made without condition or deduction for any counterclaim, defense or recoupment by the applicable Borrower for receipt by the Administrative Agent before 2:00 p.m. on the due date therefor in federal or other immediately available funds to the Administrative Agent to the account indicated on the administrative form delivered to the Borrower on or prior to the Closing Date or any other account of the Administrative Agent that the Administrative Agent designates in writing to the Borrowers. Funds received after 2:00 p.m. on the due date therefor shall be treated for all purposes as having been received by the Administrative Agent on the first (1st) Business Day next following receipt of such funds. Except as provided in Sections 12.5 and 12.11 hereof, each Lender shall be entitled to receive its Share of Commitments of each payment received by the Administrative Agent hereunder for the account of the Lenders on the Obligations. Each payment received by the Administrative Agent hereunder for the account of a Lender shall be promptly distributed by the Administrative Agent to such Lender. If any payment to be made by any Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in calculating interest or fees, as the case may be. The Administrative Agent and each Lender hereby agree that payments to the Administrative Agent by each Borrower of principal of, and interest on, the Obligations of such Borrower to or for the account of the Lenders in accordance with the terms of this Credit Agreement, the Notes and the other Loan Documents shall constitute satisfaction of such Borrower’s obligations with respect to any such payments, and the Administrative Agent shall indemnify, and each Lender shall hold harmless, the Borrowers from any claims asserted by any Lender in connection with the Administrative Agent’s duty to distribute and apportion such payments to the Lenders in accordance with this Section 3.4. All payments made by a Borrower on the Obligations (including all amounts received by the Administrative Agent pursuant to the exercise of remedies hereunder or under any Collateral Documents) shall be credited, to the extent of the amount thereof, in the following manner: (a) f...
Payments on the Obligations. All payments of principal of, and interest on, the Obligations owing under this Credit Agreement by the Borrower to a Lender shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff by the Borrower for receipt by the Administrative Agent before 2:00 p.m. in immediately available funds. Funds received after 2:00 p.m. shall be treated for all purposes as having been received by the Administrative Agent on the first Business Day next following receipt of such funds. The Administrative Agent will provide the Borrower with written notice of any amounts payable by the Borrower under this Credit Agreement and any Loan Document, including interest and principal on the Notes, and any fees, not later than three (3) Business Days prior to the date such amounts are due; provided, however, that the Administrative Agent’s failure to deliver such written notice discussed in this Section 3.4 shall not relieve the Borrower of its obligation to pay such amounts.
Payments on the Obligations. All payments of principal of, and interest on, the Obligations under this Credit Agreement by the Borrower to or for the account of the Lender, shall be made without condition or deduction for any counterclaim, defense or recoupment by the Borrower to the Lender for receipt by 3:00 p.m. in immediately available funds in the Lender Account or any other account of the Lender that the Lender designates in writing to the Borrower. Funds received after 3:00 p.m. shall be treated for all purposes as having been received by the Lender on the first Business Day next following receipt of such funds.
Payments on the Obligations
