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This excerpt taken from the CVS 8-K filed Mar 23, 2007. “Fees”),
and of all of the other amounts to be paid
to the Administrative Agent and the Lenders in connection with the Loan
Documents shall be made by the Borrower to the Administrative Agent at its
office specified in Section 11.2 without setoff, deduction or counterclaim
in
funds immediately available in New York by 3:00 P.M. on the due date for such
payment. The failure of the Borrower to make any such payment by such time
shall
not constitute a default hereunder, provided
that such
payment is made on such due date, but any such payment made after 3:00 P.M.
on
such due date shall be deemed to have been made on the next Domestic Business
Day or Eurodollar Business Day, as the case may be, for the purpose of
calculating interest on amounts outstanding on the Loans. If the Borrower has
not made any such payment prior to 3:00 P.M., the Borrower hereby authorizes
the
Administrative Agent to deduct the amount of any such payment from such
account(s) as the Borrower may from time to time designate in writing to the
Administrative Agent, upon which the Administrative Agent shall apply the amount
of such deduction to such payment. Promptly upon receipt thereof by the
Administrative Agent, each payment of principal and interest on the: (i)
Revolving Credit Loans shall be remitted by the Administrative Agent in like
funds as received to each Lender (a) first, pro rata according to the amount
of
interest which is then due and payable to the Lenders, and (b) second, pro
rata
according to the amount of principal which is then due and payable to the
Lenders, (ii) Competitive Bid Loans shall be remitted by the Administrative
Agent in like funds as received to each applicable Lender and (iii) Swing Line
Loans shall be remitted by the Administrative Agent in like funds as received
to
the Swing Line Lender. Each payment of the Facility Fee and the Letter of Credit
Participation Fee payable to the Lenders shall be promptly transmitted by the
Administrative Agent in like funds as received to each Lender pro rata according
to such Lender’s Commitment Amount or, if the Commitments shall have terminated
or been terminated, according to the outstanding principal amount of such
Lender’s Revolving Credit Loans. Each payment of the Utilization Fee payable to
the Lenders shall be promptly transmitted by the Administrative Agent in like
funds as received to each Lender in accordance with Section 3.11(b)
.
(b) If any payment
hereunder or under the
Loans shall be due and payable on a day which is not a Domestic Business Day
or
Eurodollar Business Day, as the case may be, the due date thereof (except as
otherwise provided in the definition of Eurodollar Interest Period or
Competitive Interest Period) shall be extended to the next Domestic Business
Day
or Eurodollar Business Day, as the case may be, and (except with respect to
payments in respect of the Facility Fee, the Utilization Fee and the Letter
of
Credit Participation Fee) interest shall be payable at the applicable rate
specified herein during such extension.
3.3 |
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