Time of Payments and Prepayments in Immediately Available Funds Clause Samples
The 'Time of Payments and Prepayments in Immediately Available Funds' clause establishes when payments and prepayments under an agreement must be made and specifies that such payments must be in funds that are immediately accessible and cleared. In practice, this means that any amounts due—whether regular payments or early repayments—must be transferred using methods like wire transfers or other real-time payment systems, ensuring the recipient can use the funds without delay. This clause ensures prompt settlement of financial obligations, reducing the risk of payment delays and providing certainty to both parties regarding the timing and availability of funds.
Time of Payments and Prepayments in Immediately Available Funds. Notwithstanding any provision to the contrary contained in any of the Loan Documents, (a) the due dates of all payments under the Loan Documents shall be adjusted in accordance with the Following Business Day Convention, and (b) all payments and prepayments of principal, fees, interest and any other amounts owed from time to time under this Agreement and/or under any Note shall be made to the Lender at the Lender's address referred to in Section 17.1 in Dollars and in immediately available funds prior to 12:00 o'clock P.M. on the Business Day that such payment is due, subject to, if applicable, the Following Business Day Convention. Any such payment or prepayment which is received by the Lender in Dollars and in immediately available funds after 12:00 o'clock P.M. on a Business Day shall be deemed received for all purposes of this Agreement on the next succeeding Business Day except that solely for the purpose of determining whether a Default has occurred, any such payment or prepayment if received by the Lender prior to the close of the Lender's business on a Business Day shall be deemed received on such Business Day.
Time of Payments and Prepayments in Immediately Available Funds. 4.9.1 Notwithstanding any provision to the contrary contained in any of the Loan Documents, (a) the due dates of all payments under the Loan Documents shall be adjusted in accordance with the Following Business Day Convention, and (b) all payments and prepayments of principal, fees, interest and any other amounts owed from time to time under this Agreement and/or under any Note shall be made to the Agent for the pro rata account of each Lender at the Agent’s address referred to in Section 13.8 in Dollars and in immediately available funds prior to 12:00 o’clock P.M. on the Business Day that such payment is due, subject to, if applicable, the Following Business Day Convention. Any such payment or prepayment which is received by the Agent in Dollars and in immediately available funds after 12:00 o’clock P.M. on a Business Day shall be deemed received for all purposes of this Agreement on the next succeeding Business Day except that solely for the purpose of determining whether a Default has occurred, any such payment or prepayment if received by the Agent prior to the close of the Agent’s business on a Business Day shall be deemed received on such Business Day.
4.9.2 All payments of principal, interest, fees and any other amounts which are owing to any or all of the Lenders or the Agent hereunder and/or under any Note shall be paid directly to Agent (i.e., Borrower shall not pay and shall have no obligation to pay any such amount directly to any Lender other than Agent). All such payments that are received by the Agent in immediately available Dollars prior to 12:00 o’clock P.M. on any Business Day shall, to the extent owing to Lenders other than the Agent, be sent by wire transfer by the Agent on the same Business Day. Each such wire transfer by Agent shall be addressed to each Lender in accordance with the wire instructions set forth in Exhibit E hereto. The amount of each payment wired by the Agent to each such Lender shall be such amount as shall be necessary to provide such Lender with its Pro Rata Share of such payment (without consideration or use of any contra accounts of any Lender), or with such other amount as may be owing to such Lender in accordance with this Agreement. Each such wire transfer shall be sent by the Agent only after the Agent has received immediately available Dollars from or on behalf of the Borrower and each such wire transfer shall provide each Lender receiving same with immediately available Dollars on receipt by such Lender. ...
Time of Payments and Prepayments in Immediately Available Funds