Common use of Form and Place of Payment Clause in Contracts

Form and Place of Payment. All payments and prepayments of principal and interest on each Loan shall be made by paying the same in United States Dollars and in immediately available funds to the Agent not later than 3:00 p.m. (Pago Pago time) on the date on which such payment or prepayment shall become due. If such payment is received after 3:00 p.m. (Pago Pago time), then it will be deemed received on the next Business Day. All payments to be made by the Borrower shall be made without setoff, recoupment or counterclaim. The Agent shall promptly remit to ANZ Finance, in immediately available funds, all payments and prepayments of principal and interest on the Term Loan. In the event the Agent is required to refund any such payment or prepayment of principal and interest on the Term Loan, then ANZ Finance, agrees to immediately repay to the Agent such payment or prepayment of principal and interest on the Term Loan. Whenever any payment under this Article 2 shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall in such case be included in the computation and payment of interest or fees, as the case may be.

Form and Place of Payment. All payments and prepayments of principal and interest on each Loan shall be made by paying the same in United States Dollars and in immediately available funds to the Agent not later than 3:00 p.m. (Pago Pago time) on the date on which such payment or prepayment shall become due. If such payment is received after 3:00 p.m. (Pago Pago time), then it will be deemed received on the next Business Day. All payments to be made by the Borrower shall be made without setoff, recoupment or counterclaim. The Agent shall promptly remit to ANZ FinanceBank, in immediately available funds, all payments and prepayments of principal and interest on the Term Loan. In the event the Agent is required to refund any such payment or prepayment of principal and interest on the Term Loan, then ANZ FinanceBank, agrees to immediately repay to the Agent such payment or prepayment of principal and interest on the Term Loan. Whenever any payment under this Article 2 shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall in such case be included in the computation and payment of interest or fees, as the case may be.