The LSTA's Complete Credit Agreement Guide, Second Edition, 2nd Edition

CHAPTER 4

Amortization and Maturity

4.1 PAYMENTS GENERALLY

4.1.1 Immediately Available Funds

Box 4.1

(a) Advances by Lenders. Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders.

(b) Payments by Borrower. The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, or fees, or of amounts payable under Section [Yield Protection], or otherwise) prior to 12:00 noon, New York City time, on the date when due, in immediately available funds, without deduction, setoff or counterclaim. ...