Payments Generally; Pro Rata Treatment. (a) The Company shall make each payment required to be made by it hereunder (whether of principal, interest, fees, reimbursement of LC Disbursements or of any amounts under Section 2.13, 2.14 or 2.15, or otherwise) prior to 12:00 Noon, New York City time, on the date when due in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent to be credited to the Administrative Agent’s Account (other than any amounts expressly stated herein or in the Fee Letter to be payable to GSMC, which payments shall be made by the Company to GSMC). All payments made by the Company to the Administrative Agent or the Issuing Bank as provided herein or in any Note shall be deemed received by the Lenders or the Issuing Bank for all purposes as between the Lenders or the Issuing Bank and the Company. With respect to payments to be made to the Issuing Bank, the Administrative Agent will promptly thereafter cause to be distributed like funds relating to the payment of principal, interest or other amounts to the Issuing Bank. Promptly after any such payment, the Issuing Bank or the Administrative Agent (as the case may be) will cause to be distributed like funds relating to the payment of principal or interest or other amounts (other than amounts payable pursuant to Sections 2.04(f), 2.13, 2.14, 2.15 or 9.03) (according to the Lenders’ respective Commitments) to the Lenders for the account of their respective lending offices, and like funds relating to the payment of any other amount payable to any Lender to the Administrative Agent, and the Administrative Agent then shall cause like funds to be distributed to such Lender for the account of its applicable lending office, in each case to be applied in accordance with the terms of this Agreement or any Note. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension; provided, however, that in the event that the Maturity Date shall be on a day that is not a Business Day, any payment due on the Maturity Date shall be due on the immediately preceding Business Day. All payments hereunder shall be made in dollars.
Appears in 2 contracts
Samples: Credit Agreement (Sherwin Williams Co), Credit Agreement (Sherwin Williams Co)
Payments Generally; Pro Rata Treatment. (a) The Company Borrower shall make each payment required hereunder, under the Notes and under any Financing Document owing to be made by it hereunder any Lender Party, in full, and without condition or deduction for any counterclaim, defense, recoupment or setoff, not later than 2:00 p.m. (whether of principal, interest, fees, reimbursement of LC Disbursements or of any amounts under Section 2.13, 2.14 or 2.15, or otherwise) prior to 12:00 Noon, New York City time, ) on the date day when due in Dollars to the Administrative Agent at the Administrative Agent’s Account in immediately available funds, without set-off or counterclaim. Any amounts with payments being received by the Administrative Agent after such time on any date may, in the discretion of the Administrative Agent, be being deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereonDay. All such payments shall be made to the Administrative Agent to be credited to the Administrative Agent’s Account (other than any amounts expressly stated herein or in the Fee Letter to be payable to GSMC, which payments shall be made by the Company to GSMC). All payments made by the Company to the Administrative Agent or the Issuing Bank as provided herein or in any Note shall be deemed received by the Lenders or the Issuing Bank for all purposes as between the Lenders or the Issuing Bank and the Company. With respect to payments to be made to the Issuing Bank, the The Administrative Agent will promptly thereafter cause like funds to be distributed like funds relating to (i) if the payment by (or for the account of) the Borrower is in respect of principal, interest interest, commitment fees or any other amounts Obligation then payable hereunder and under the Notes to the Issuing Bank. Promptly after any more than one Lender Party, to such payment, the Issuing Bank or the Administrative Agent (as the case may be) will cause to be distributed like funds relating to the payment of principal or interest or other amounts (other than amounts payable pursuant to Sections 2.04(f), 2.13, 2.14, 2.15 or 9.03) (according to the Lenders’ respective Commitments) to the Lenders Lender Parties for the account of their respective lending offices, and like funds relating to Applicable Lending Offices ratably in accordance with the payment amounts of any other amount such respective Obligations then payable to any Lender to the Administrative Agent, and the Administrative Agent then shall cause like funds to be distributed to such Lender Parties and (ii) if such payment is in respect of any Obligation then payable hereunder to one Lender Party, to such Lender Party for the account of its applicable lending officeApplicable Lending Office, in each case to be applied in accordance with the terms of this Agreement or Agreement; provided, that with respect to any Noteprepayment, if any Lender is a Defaulting Lender at the time of any such prepayment, such prepayment of the Advances shall, if the Administrative Agent so directs at the time of making such prepayment, be applied to the Advances of other Lenders as if such Defaulting Lender had no Advances outstanding and the outstanding Advances of such Defaulting Lender were zero until such time as the proportion (expressed as a fraction) of the principal amount outstanding of all Advances owed to each Lender (including Defaulting Lenders) is equal to the Pro Rata Share of such Lender. The Upon its acceptance of an Assignment and Acceptance and recording of the information contained therein in the Register pursuant to Section 8.07(e), from and after the effective date of such Assignment and Acceptance, the Administrative Agent shall distribute any make all payments hereunder and under the Notes in respect of the interest assigned thereby to the Lender Party assignee thereunder, and the parties to such Assignment and Acceptance shall make all appropriate adjustments in such payments received by it for the account of any other Person periods prior to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the such effective date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension; provided, however, that in the event that the Maturity Date shall be on a day that is not a Business Day, any payment due on the Maturity Date shall be due on the immediately preceding Business Day. All payments hereunder shall be made in dollarsdirectly between themselves.
Appears in 2 contracts
Samples: Credit Agreement (Allegheny Energy, Inc), Credit Agreement (Allegheny Energy, Inc)
Payments Generally; Pro Rata Treatment. (a) The Company Borrower shall make each payment required to be made by it hereunder (whether of principaland under the Notes, interest, fees, reimbursement of LC Disbursements or regardless of any amounts under Section 2.13right of counterclaim or setoff, 2.14 or 2.15, or otherwise) prior to 12:00 Noon, not later than 11:00 a.m. (New York City time, ) on the date day when due in Dollars to the Administrative Agent at the Administrative Agent’s Account in immediately available funds, without set-off or counterclaim. Any amounts with payments being received by the Administrative Agent after such time on any date may, in the discretion of the Administrative Agent, be being deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereonDay. All such payments shall be made to the Administrative Agent to be credited to the Administrative Agent’s Account (other than any amounts expressly stated herein or in the Fee Letter to be payable to GSMC, which payments shall be made by the Company to GSMC). All payments made by the Company to the Administrative Agent or the Issuing Bank as provided herein or in any Note shall be deemed received by the Lenders or the Issuing Bank for all purposes as between the Lenders or the Issuing Bank and the Company. With respect to payments to be made to the Issuing Bank, the The Administrative Agent will promptly thereafter cause like funds to be distributed like funds relating to (i) if such payment by (or for the payment account of) the Borrower is in respect of principal, interest or any other amounts Obligation then payable hereunder and under the Notes to the Issuing Bank. Promptly after any more than one Lender, to such payment, the Issuing Bank or the Administrative Agent (as the case may be) will cause to be distributed like funds relating to the payment of principal or interest or other amounts (other than amounts payable pursuant to Sections 2.04(f), 2.13, 2.14, 2.15 or 9.03) (according to the Lenders’ respective Commitments) to the Lenders for the account of their respective lending offices, Applicable Lending Offices ratably in accordance with the amounts of such respective Obligations then payable to such Lenders and like funds relating to (ii) if such payment by (or for the payment account of) the Borrower is in respect of any other amount Obligation then payable hereunder to any Lender to the Administrative Agentone Lender, and the Administrative Agent then shall cause like funds to be distributed to such Lender for the account of its applicable lending officeApplicable Lending Office, in each case to be applied in accordance with the terms of this Agreement or any NoteAgreement. The Upon its acceptance of an Assignment and Acceptance and recording of the information contained therein in the Register pursuant to Section 8.07(d), from and after the effective date of such Assignment and Acceptance, the Administrative Agent shall distribute any make all payments hereunder and under the Notes in respect of the interest assigned thereby to the Lender assignee thereunder, and the parties to such Assignment and Acceptance shall make all appropriate adjustments in such payments received by it for the account of any other Person periods prior to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the such effective date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension; provided, however, that in the event that the Maturity Date shall be on a day that is not a Business Day, any payment due on the Maturity Date shall be due on the immediately preceding Business Day. All payments hereunder shall be made in dollarsdirectly between themselves.
Appears in 2 contracts
Samples: Credit Agreement (Allegheny Energy Supply Co LLC), Credit Agreement (Allegheny Energy Supply Co LLC)
Payments Generally; Pro Rata Treatment. (a) The Company Borrower shall make each payment required hereunder, under the Notes and under any Financing Document to be made by it hereunder which the Borrower is a party (whether of principalunless specifically provided otherwise in such Financing Document) owing to any Lender, interestin full, feesand without condition or deduction for any counterclaim, reimbursement of LC Disbursements defense, recoupment or of any amounts under Section 2.13setoff, 2.14 or 2.15, or otherwise) prior to 12:00 Noon, not later than 11:00 a.m. (New York City time, ) on the date day when due in Dollars to the Administrative Agent at the Administrative Agent's Account in immediately available funds, without set-off or counterclaim. Any amounts with payments being received by the Administrative Agent after such time on any date may, in the discretion of the Administrative Agent, be being deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereonDay. All such payments shall be made to the Administrative Agent to be credited to the Administrative Agent’s Account (other than any amounts expressly stated herein or in the Fee Letter to be payable to GSMC, which payments shall be made by the Company to GSMC). All payments made by the Company to the Administrative Agent or the Issuing Bank as provided herein or in any Note shall be deemed received by the Lenders or the Issuing Bank for all purposes as between the Lenders or the Issuing Bank and the Company. With respect to payments to be made to the Issuing Bank, the The Administrative Agent will promptly thereafter cause like funds to be distributed like funds relating to (i) if such payment by (or for the payment account of) the Borrower is in respect of principal, interest or any other amounts Obligation then payable hereunder and under the Notes to the Issuing Bank. Promptly after any more than one Lender, to such payment, the Issuing Bank or the Administrative Agent (as the case may be) will cause to be distributed like funds relating to the payment of principal or interest or other amounts (other than amounts payable pursuant to Sections 2.04(f), 2.13, 2.14, 2.15 or 9.03) (according to the Lenders’ respective Commitments) to the Lenders for the account of their respective lending offices, Applicable Lending Offices ratably in accordance with the amounts of such respective Obligations then payable to such Lenders and like funds relating to (ii) if such payment by (or for the payment account of) the Borrower is in respect of any other amount Obligation then payable hereunder to any Lender to the Administrative Agentone Lender, and the Administrative Agent then shall cause like funds to be distributed to such Lender for the account of its applicable lending officeApplicable Lending Office, in each case to be applied in accordance with the terms of this Agreement or any NoteAgreement. The Upon its acceptance of an Assignment and Acceptance and recording of the information contained therein in the Register pursuant to Section 9.07(d), from and after the effective date of such Assignment and Acceptance, the Administrative Agent shall distribute any make all payments hereunder and under the Notes in respect of the interest assigned thereby to the Lender assignee thereunder, and the parties to such Assignment and Acceptance shall make all appropriate adjustments in such payments received by it for the account of any other Person periods prior to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the such effective date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension; provided, however, that in the event that the Maturity Date shall be on a day that is not a Business Day, any payment due on the Maturity Date shall be due on the immediately preceding Business Day. All payments hereunder shall be made in dollarsdirectly between themselves.
Appears in 1 contract
Payments Generally; Pro Rata Treatment. (a) The Company Borrower shall make each payment required hereunder, under the Notes and under any Financing Document owing to be made by it hereunder any Lender Party, in full, and without condition or deduction for any counterclaim, defense, recoupment or setoff, not later than 2:00 p.m. (whether of principal, interest, fees, reimbursement of LC Disbursements or of any amounts under Section 2.13, 2.14 or 2.15, or otherwise) prior to 12:00 Noon, New York City time, ) on the date day when due in Dollars to the Administrative Agent at the Administrative Agent’s Account in immediately available funds, without set-off or counterclaim. Any amounts with payments being received by the Administrative Agent after such time on any date may, in the discretion of the Administrative Agent, be being deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereonDay. All such payments shall be made to the Administrative Agent to be credited to the Administrative Agent’s Account (other than any amounts expressly stated herein or in the Fee Letter to be payable to GSMC, which payments shall be made by the Company to GSMC). All payments made by the Company to the Administrative Agent or the Issuing Bank as provided herein or in any Note shall be deemed received by the Lenders or the Issuing Bank for all purposes as between the Lenders or the Issuing Bank and the Company. With respect to payments to be made to the Issuing Bank, the The Administrative Agent will promptly thereafter cause like funds to be distributed like funds relating to (i) if the payment by (or for the account of) the Borrower is in respect of principal, interest interest, commitment fees or any other amounts Obligation then payable hereunder and under the Notes, to the Issuing Bank. Promptly after any such payment, the Issuing Bank or the Administrative Agent (as the case may be) will cause to be distributed like funds relating to the payment of principal or interest or other amounts (other than amounts payable pursuant to Sections 2.04(f), 2.13, 2.14, 2.15 or 9.03) (according to the Lenders’ respective Commitments) to the Lenders Lender Parties for the account of their respective lending offices, and like funds relating to Applicable Lending Offices ratably in accordance with the payment amounts of any other amount such respective Obligations then payable to any Lender to the Administrative Agent, and the Administrative Agent then shall cause like funds to be distributed to such Lender Parties and (ii) if such payment is in respect of any Obligation then payable hereunder to one Lender Party, to such Lender Party for the account of its applicable lending officeApplicable Lending Office, in each case to be applied in accordance with the terms of this Agreement Agreement; provided, that with respect to any optional or mandatory prepayment, if any NoteLender is a Defaulting Lender at the time of any such prepayment, such prepayment of the Advances shall, if the Administrative Agent so directs at the time of making such prepayment, be applied to the Advances of other Lenders as if such Defaulting Lender had no Advances outstanding and the outstanding Advances of such Defaulting Lender were zero until such time as the proportion (expressed as a fraction) of the principal amount outstanding of all Advances owed to each Lender (including Defaulting Lenders) is equal to the Pro Rata Share of such Lender. The Upon its acceptance of an Assignment and Acceptance and recording of the information contained therein in the Register pursuant to Section 8.07(e), from and after the effective date of such Assignment and Acceptance, the Administrative Agent shall distribute any make all payments hereunder and under the Notes in respect of the interest assigned thereby to the Lender Party assignee thereunder, and the parties to such Assignment and Acceptance shall make all appropriate adjustments in such payments received by it for the account of any other Person periods prior to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the such effective date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension; provided, however, that in the event that the Maturity Date shall be on a day that is not a Business Day, any payment due on the Maturity Date shall be due on the immediately preceding Business Day. All payments hereunder shall be made in dollarsdirectly between themselves.
Appears in 1 contract
Payments Generally; Pro Rata Treatment. (a) The Company Borrower shall make each payment required hereunder, under the Notes and under any Financing Document owing to be made by it hereunder any Lender Party, in full, and without condition or deduction for any counterclaim, defense, recoupment or setoff, not later than 12:00 noon (whether of principal, interest, fees, reimbursement of LC Disbursements or of any amounts under Section 2.13, 2.14 or 2.15, or otherwise) prior to 12:00 Noon, New York City time, ) on the date day when due in Dollars to the Administrative Agent at the Administrative Agent's Account in immediately available funds, without set-off or counterclaim. Any amounts with payments being received by the Administrative Agent after such time on any date may, in the discretion of the Administrative Agent, be being deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereonDay. All such payments shall be made to the Administrative Agent to be credited to the Administrative Agent’s Account (other than any amounts expressly stated herein or in the Fee Letter to be payable to GSMC, which payments shall be made by the Company to GSMC). All payments made by the Company to the Administrative Agent or the Issuing Bank as provided herein or in any Note shall be deemed received by the Lenders or the Issuing Bank for all purposes as between the Lenders or the Issuing Bank and the Company. With respect to payments to be made to the Issuing Bank, the The Administrative Agent will promptly thereafter cause like funds to be distributed like funds relating to (i) if the payment by (or for the account of) the Borrower is in respect of principal, interest interest, commitment fees or any other amounts Obligation then payable hereunder and under the Notes to the Issuing Bank. Promptly after any more than one Lender Party, to such payment, the Issuing Bank or the Administrative Agent (as the case may be) will cause to be distributed like funds relating to the payment of principal or interest or other amounts (other than amounts payable pursuant to Sections 2.04(f), 2.13, 2.14, 2.15 or 9.03) (according to the Lenders’ respective Commitments) to the Lenders Lender Parties for the account of their respective lending offices, and like funds relating to Applicable Lending Offices ratably in accordance with the payment amounts of any other amount such respective Obligations then payable to any Lender to the Administrative Agent, and the Administrative Agent then shall cause like funds to be distributed to such Lender Parties and (ii) if such payment is in respect of any Obligation then payable hereunder to one Lender Party, to such Lender Party for the account of its applicable lending officeApplicable Lending Office, in each case to be applied in accordance with the terms of this Agreement or any NoteAgreement. The Upon its acceptance of an Assignment and Acceptance and recording of the information contained therein in the Register pursuant to Section 8.07(e), from and after the effective date of such Assignment and Acceptance, the Administrative Agent shall distribute any make all payments hereunder and under the Notes in respect of the interest assigned thereby to the Lender Party assignee thereunder, and the parties to such Assignment and Acceptance shall make all appropriate adjustments in such payments received by it for the account of any other Person periods prior to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the such effective date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension; provided, however, that in the event that the Maturity Date shall be on a day that is not a Business Day, any payment due on the Maturity Date shall be due on the immediately preceding Business Day. All payments hereunder shall be made in dollarsdirectly between themselves.
Appears in 1 contract
Payments Generally; Pro Rata Treatment. (ai) The Company Borrower shall make each payment required hereunder, under the Notes and under any Financing Document owing to be made by it hereunder any Lender Party, in full, and without condition or deduction for any counterclaim, defense, recoupment or setoff, not later than 2:00 pm (whether of principal, interest, fees, reimbursement of LC Disbursements or of any amounts under Section 2.13, 2.14 or 2.15, or otherwise) prior to 12:00 Noon, New York City time, ) on the date day when due in Dollars to the Administrative Agent at the Administrative Agent’s Account in immediately available funds, without set-off or counterclaim. Any amounts with payments being received by the Administrative Agent after such time on any date may, in the discretion of the Administrative Agent, be being deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereonDay. All such payments shall be made to the Administrative Agent to be credited to the Administrative Agent’s Account (other than any amounts expressly stated herein or in the Fee Letter to be payable to GSMC, which payments shall be made by the Company to GSMC). All payments made by the Company to the Administrative Agent or the Issuing Bank as provided herein or in any Note shall be deemed received by the Lenders or the Issuing Bank for all purposes as between the Lenders or the Issuing Bank and the Company. With respect to payments to be made to the Issuing Bank, the The Administrative Agent will promptly thereafter cause like funds to be distributed like funds relating to (i) if the payment by (or for the 50 AESC Amended and Restated Credit Agreement account of) the Borrower is in respect of principal, interest interest, commitment fees or any other amounts Obligation then payable hereunder and under the Notes to the Issuing Bank. Promptly after any more than one Lender Party, to such payment, the Issuing Bank or the Administrative Agent (as the case may be) will cause to be distributed like funds relating to the payment of principal or interest or other amounts (other than amounts payable pursuant to Sections 2.04(f), 2.13, 2.14, 2.15 or 9.03) (according to the Lenders’ respective Commitments) to the Lenders Lender Parties for the account of their respective lending offices, and like funds relating to Applicable Lending Offices ratably in accordance with the payment amounts of any other amount such respective Obligations then payable to any Lender to the Administrative Agent, and the Administrative Agent then shall cause like funds to be distributed to such Lender Parties and (ii) if such payment is in respect of any Obligation then payable hereunder to one Lender Party, to such Lender Party for the account of its applicable lending officeApplicable Lending Office, in each case to be applied in accordance with the terms of this Agreement or any NoteAgreement. The Upon its acceptance of an Assignment and Acceptance and recording of the information contained therein in the Register pursuant to Section 8.07(e), from and after the effective date of such Assignment and Acceptance, the Administrative Agent shall distribute any make all payments hereunder and under the Notes in respect of the interest assigned thereby to the Lender Party assignee thereunder, and the parties to such Assignment and Acceptance shall make all appropriate adjustments in such payments received by it for the account of any other Person periods prior to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the such effective date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension; provided, however, that in the event that the Maturity Date shall be on a day that is not a Business Day, any payment due on the Maturity Date shall be due on the immediately preceding Business Day. All payments hereunder shall be made in dollarsdirectly between themselves.
Appears in 1 contract
Samples: Assignment and Assumption Agreement (Allegheny Energy, Inc)
Payments Generally; Pro Rata Treatment. (a) The Company Borrower shall make each payment required hereunder, under the Notes and under any Financing Document owing to be made by it hereunder any Lender Party, in full, and without condition or deduction for any counterclaim, defense, Monongahela Power Company Credit Agreement recoupment or setoff, not later than 2:00 p.m. (whether of principal, interest, fees, reimbursement of LC Disbursements or of any amounts under Section 2.13, 2.14 or 2.15, or otherwise) prior to 12:00 Noon, New York City time, ) on the date day when due in Dollars to the Administrative Agent at the Administrative Agent’s Account in immediately available funds, without set-off or counterclaim. Any amounts with payments being received by the Administrative Agent after such time on any date may, in the discretion of the Administrative Agent, be being deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereonDay. All such payments shall be made to the Administrative Agent to be credited to the Administrative Agent’s Account (other than any amounts expressly stated herein or in the Fee Letter to be payable to GSMC, which payments shall be made by the Company to GSMC). All payments made by the Company to the Administrative Agent or the Issuing Bank as provided herein or in any Note shall be deemed received by the Lenders or the Issuing Bank for all purposes as between the Lenders or the Issuing Bank and the Company. With respect to payments to be made to the Issuing Bank, the The Administrative Agent will promptly thereafter cause like funds to be distributed like funds relating to (i) if the payment by (or for the account of) the Borrower is in respect of principal, interest interest, commitment fees or any other amounts Obligation then payable hereunder and under the Notes to the Issuing Bank. Promptly after any more than one Lender Party, to such payment, the Issuing Bank or the Administrative Agent (as the case may be) will cause to be distributed like funds relating to the payment of principal or interest or other amounts (other than amounts payable pursuant to Sections 2.04(f), 2.13, 2.14, 2.15 or 9.03) (according to the Lenders’ respective Commitments) to the Lenders Lender Parties for the account of their respective lending offices, and like funds relating to Applicable Lending Offices ratably in accordance with the payment amounts of any other amount such respective Obligations then payable to any Lender to the Administrative Agent, and the Administrative Agent then shall cause like funds to be distributed to such Lender Parties and (ii) if such payment is in respect of any Obligation then payable hereunder to one Lender Party, to such Lender Party for the account of its applicable lending officeApplicable Lending Office, in each case to be applied in accordance with the terms of this Agreement Agreement; provided, that with respect to any optional or mandatory prepayment, if any NoteLender is a Defaulting Lender at the time of any such prepayment, such prepayment of the Advances shall, if the Administrative Agent so directs at the time of making such prepayment, be applied to the Advances of other Lenders as if such Defaulting Lender had no Advances outstanding and the outstanding Advances of such Defaulting Lender were zero until such time as the proportion (expressed as a fraction) of the principal amount outstanding of all Advances owed to each Lender (including Defaulting Lenders) is equal to the Pro Rata Share of such Lender. The Upon its acceptance of an Assignment and Acceptance and recording of the information contained therein in the Register pursuant to Section 8.07(e), from and after the effective date of such Assignment and Acceptance, the Administrative Agent shall distribute any make all payments hereunder and under the Notes in respect of the interest assigned thereby to the Lender Party assignee thereunder, and the parties to such Assignment and Acceptance shall make all appropriate adjustments in such payments received by it for the account of any other Person periods prior to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the such effective date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension; provided, however, that in the event that the Maturity Date shall be on a day that is not a Business Day, any payment due on the Maturity Date shall be due on the immediately preceding Business Day. All payments hereunder shall be made in dollarsdirectly between themselves.
Appears in 1 contract
Payments Generally; Pro Rata Treatment. (a) The Company Borrower shall make each payment required hereunder, under the Notes and under any Financing Document owing to be made by it hereunder any Lender Party, in full, and without condition or deduction for any counterclaim, defense, recoupment or setoff, not later than 12:00 noon (whether of principal, interest, fees, reimbursement of LC Disbursements or of any amounts under Section 2.13, 2.14 or 2.15, or otherwise) prior to 12:00 Noon, New York City time, ) on the date day when due in Dollars to the Administrative Agent at the Administrative Agent’s Account in immediately available funds, without set-off or counterclaim. Any amounts with payments being received by the Administrative Agent after such time on any date may, in the discretion of the Administrative Agent, be being deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereonDay. All such payments shall be made to the Administrative Agent to be credited to the Administrative Agent’s Account (other than any amounts expressly stated herein or in the Fee Letter to be payable to GSMC, which payments shall be made by the Company to GSMC). All payments made by the Company to the Administrative Agent or the Issuing Bank as provided herein or in any Note shall be deemed received by the Lenders or the Issuing Bank for all purposes as between the Lenders or the Issuing Bank and the Company. With respect to payments to be made to the Issuing Bank, the The Administrative Agent will promptly thereafter cause like funds to be distributed like funds relating to (i) if the payment by (or for the account of) the Borrower is in respect of principal, interest interest, commitment fees or any other amounts Obligation then payable hereunder and under the Notes to the Issuing Bank. Promptly after any more than one Lender Party, to such payment, the Issuing Bank or the Administrative Agent (as the case may be) will cause to be distributed like funds relating to the payment of principal or interest or other amounts (other than amounts payable pursuant to Sections 2.04(f), 2.13, 2.14, 2.15 or 9.03) (according to the Lenders’ respective Commitments) to the Lenders Lender Parties for the account of their respective lending offices, and like funds relating to Applicable Lending Offices ratably in accordance with the payment amounts of any other amount such respective Obligations then payable to any Lender to the Administrative Agent, and the Administrative Agent then shall cause like funds to be distributed to such Lender Parties and (ii) if such payment is in respect of any Obligation then payable hereunder to one Lender Party, to such Lender Party for the account of its applicable lending officeApplicable Lending Office, in each case to be applied in accordance with the terms of this Agreement or any NoteAgreement. The Upon its acceptance of an Assignment and Acceptance and recording of the information contained therein in the Register pursuant to Section 8.07(e), from and after the effective date of such Assignment and Acceptance, the Administrative Agent shall distribute any make all payments hereunder and under the Notes in respect of the interest assigned thereby to the Lender Party assignee thereunder, and the parties to such Assignment and Acceptance shall make all appropriate adjustments in such payments received by it for the account of any other Person periods prior to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the such effective date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension; provided, however, that in the event that the Maturity Date shall be on a day that is not a Business Day, any payment due on the Maturity Date shall be due on the immediately preceding Business Day. All payments hereunder shall be made in dollarsdirectly between themselves.
Appears in 1 contract
Samples: Assignment and Assumption Agreement (Allegheny Energy, Inc)
Payments Generally; Pro Rata Treatment. (a) The Company Borrower shall make each payment required to be made by it hereunder (whether of principaland under the Notes, interest, fees, reimbursement of LC Disbursements or regardless of any amounts under Section 2.13right of counterclaim or setoff, 2.14 or 2.15, or otherwise) prior to 12:00 Noon, not later than 11:00 a.m. (New York City time, ) on the date day when due in Dollars to the New Money Lender Agent (or, in the case of any payment pursuant to Sections 2.06 and 2.07, the Borrower shall pay to the Intercreditor Agent for the account of the New Money Lender Agent) at the New Money Lender Agent's Account in immediately available funds, without set-off or counterclaim. Any amounts with payments being received by the New Money Lender Agent after such time on any date may, in the discretion of the Administrative Agent, be being deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereonDay. All such payments shall be made to the Administrative Agent to be credited to the Administrative Agent’s Account (other than any amounts expressly stated herein or in the Fee Letter to be payable to GSMC, which payments shall be made by the Company to GSMC). All payments made by the Company to the Administrative Agent or the Issuing Bank as provided herein or in any Note shall be deemed received by the Lenders or the Issuing Bank for all purposes as between the Lenders or the Issuing Bank and the Company. With respect to payments to be made to the Issuing Bank, the Administrative The New Money Lender Agent will promptly thereafter cause like funds to be distributed like funds relating to (i) if such payment by (or for the payment account of) the Borrower is in respect of principal, interest or any other amounts Obligation then payable hereunder and under the Notes to the Issuing Bank. Promptly after any more than one New Money Lender, to such payment, the Issuing Bank or the Administrative Agent (as the case may be) will cause to be distributed like funds relating to the payment of principal or interest or other amounts (other than amounts payable pursuant to Sections 2.04(f), 2.13, 2.14, 2.15 or 9.03) (according to the Lenders’ respective Commitments) to the New Money Lenders for the account of their respective lending offices, Applicable Lending Offices ratably in accordance with the amounts of such respective Obligations then payable to such New Money Lenders and like funds relating to (ii) if such payment by (or for the payment account of) the Borrower is in respect of any other amount Obligation then payable hereunder to any Lender to the Administrative Agentone New Money Lender, and the Administrative Agent then shall cause like funds to be distributed to such New Money Lender for the account of its applicable lending officeApplicable Lending Office, in each case to be applied in accordance with the terms of this Agreement or any NoteAgreement. The Administrative Upon its acceptance of an Assignment and Acceptance and recording of the information contained therein in the Register pursuant to Section 8.07(d), from and after the effective date of such Assignment and Acceptance, the New Money Lender Agent shall distribute any make all payments hereunder and under the Notes in respect of the interest assigned thereby to the New Money Lender assignee thereunder, and the parties to such Assignment and Acceptance shall make all appropriate adjustments in such payments received by it for the account of any other Person periods prior to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the such effective date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension; provided, however, that in the event that the Maturity Date shall be on a day that is not a Business Day, any payment due on the Maturity Date shall be due on the immediately preceding Business Day. All payments hereunder shall be made in dollarsdirectly between themselves.
Appears in 1 contract
Payments Generally; Pro Rata Treatment. (a) The Company Borrower shall make each payment required hereunder, under the Notes and under any Financing Document owing to be made by it hereunder any Lender Party, in full, and without condition or deduction for any counterclaim, defense, recoupment or setoff, not later than 2:00 p.m. (whether of principal, interest, fees, reimbursement of LC Disbursements or of any amounts under Section 2.13, 2.14 or 2.15, or otherwise) prior to 12:00 Noon, New York City time, ) on the date day when due in Dollars to the Administrative Agent at the Administrative Agent’s Account in immediately available funds, without set-off or counterclaim. Any amounts with payments being received by the Administrative Agent after such time on any date may, in the discretion of the Administrative Agent, be being deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereonDay. All such payments shall be made to the Administrative Agent to be credited to the Administrative Agent’s Account (other than any amounts expressly stated herein or in the Fee Letter to be payable to GSMC, which payments shall be made by the Company to GSMC). All payments made by the Company to the Administrative Agent or the Issuing Bank as provided herein or in any Note shall be deemed received by the Lenders or the Issuing Bank for all purposes as between the Lenders or the Issuing Bank and the Company. With respect to payments to be made to the Issuing Bank, the The Administrative Agent will promptly thereafter cause like funds to be distributed like funds relating to (i) if the payment by (or for the account of) the Borrower is in respect of principal, interest interest, commitment fees or any other amounts Obligation then payable hereunder and under the Notes to the Issuing Bank. Promptly after any more than one Lender Party, to such payment, the Issuing Bank or the Administrative Agent (as the case may be) will cause to be distributed like funds relating to the payment of principal or interest or other amounts (other than amounts payable pursuant to Sections 2.04(f), 2.13, 2.14, 2.15 or 9.03) (according to the Lenders’ respective Commitments) to the Lenders Lender Parties for the account of their respective lending offices, and like funds relating to Applicable Lending Offices ratably in accordance with the payment amounts of any other amount such respective Obligations then payable to any Lender to the Administrative Agent, and the Administrative Agent then shall cause like funds to be distributed to such Lender Parties and (ii) if such payment is in respect of any Obligation then payable hereunder to one Lender 44 AESC Credit Agreement Party, to such Lender Party for the account of its applicable lending officeApplicable Lending Office, in each case to be applied in accordance with the terms of this Agreement Agreement; provided, that with respect to any optional or mandatory prepayment, if any NoteLender is a Defaulting Lender at the time of any such prepayment, such prepayment of the Advances shall, if the Administrative Agent so directs at the time of making such prepayment, be applied to the Advances of other Lenders as if such Defaulting Lender had no Advances outstanding and the outstanding Advances of such Defaulting Lender were zero until such time as the proportion (expressed as a fraction) of the principal amount outstanding of all Advances owed to each Lender (including Defaulting Lenders) is equal to the Pro Rata Share of such Lender. The Upon its acceptance of an Assignment and Acceptance and recording of the information contained therein in the Register pursuant to Section 8.07(e), from and after the effective date of such Assignment and Acceptance, the Administrative Agent shall distribute any make all payments hereunder and under the Notes in respect of the interest assigned thereby to the Lender Party assignee thereunder, and the parties to such Assignment and Acceptance shall make all appropriate adjustments in such payments received by it for the account of any other Person periods prior to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the such effective date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension; provided, however, that in the event that the Maturity Date shall be on a day that is not a Business Day, any payment due on the Maturity Date shall be due on the immediately preceding Business Day. All payments hereunder shall be made in dollarsdirectly between themselves.
Appears in 1 contract
Payments Generally; Pro Rata Treatment. (a) The Company Issuer shall make each payment required to be made by it hereunder (whether of principal, interest, fees, reimbursement of LC Disbursements interest or of any amounts payable under Section 2.133.6, 2.14 3.8 or 2.159.3(d), or otherwise) and under the Notes prior to 12:00 Noon11:00 AM, New York City time, on the date when due due, in Dollars in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent to be credited to at the Administrative Agent’s 's Account (other than any amounts expressly stated herein or in the Fee Letter to be payable to GSMC, which payments shall be made by the Company to GSMC)same day funds. All payments made by the Company to the Administrative Agent or the Issuing Bank as provided herein or in any Note shall be deemed received by the Lenders or the Issuing Bank for all purposes as between the Lenders or the Issuing Bank and the Company. With respect to payments to be made to the Issuing Bank, the Administrative The Agent will promptly thereafter cause like funds to be distributed like funds relating to (i) if such payment by the payment Issuer is in respect of principal, interest interest, or any other amounts Obligation then payable hereunder and under the Notes to the Issuing Bank. Promptly after any more than one Holder, to such payment, the Issuing Bank or the Administrative Agent (as the case may be) will cause to be distributed like funds relating to the payment of principal or interest or other amounts (other than amounts payable pursuant to Sections 2.04(f), 2.13, 2.14, 2.15 or 9.03) (according to the Lenders’ respective Commitments) to the Lenders Holders for the account of their respective lending offices, Holder Addresses ratably in accordance with the amounts of such respective Obligations then payable to such Holders and like funds relating to (ii) if such payment by the payment Issuer is in respect of any other amount Obligation then payable hereunder to any Lender to the Administrative Agentone Holder, and the Administrative Agent then shall cause like funds to be distributed to such Lender Holder for the account of its applicable lending officeHolder Address, in each case to be applied in accordance with the terms of this Agreement or any NoteAgreement. The Administrative Upon its receipt of an Assignment and Acceptance and recording of the information contained therein in the Register pursuant to Section 9.4(d), from and after the effective date of such Assignment and Acceptance, the Agent shall distribute any make all payments hereunder and under the Notes in respect of the interest assigned thereby to the Holder assignee thereunder, and the parties to such Assignment and Acceptance shall make all appropriate adjustments in such payments received by it for the account of any other Person periods prior to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the such effective date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension; provided, however, that in the event that the Maturity Date shall be on a day that is not a Business Day, any payment due on the Maturity Date shall be due on the immediately preceding Business Day. All payments hereunder shall be made in dollarsdirectly between themselves.
Appears in 1 contract
Samples: Note Purchase Agreement (Grupo Financiero Galicia Sa)