Common use of Payment Requirements and Computations Clause in Contracts

Payment Requirements and Computations. All amounts to be paid or deposited by a Borrower Party pursuant to any provision of this Agreement shall be paid or deposited in accordance with the terms hereof no later than 12:00 noon (Pittsburgh, Pennsylvania time) on the day when due in immediately available funds, and if not received before 12:00 noon (Pittsburgh, Pennsylvania time) shall be deemed to be received on the next succeeding Business Day. If such amounts are payable to the Agent for the account of the Lender, they shall be paid to the Agent’s Account, for the account of the Lender until otherwise notified by the Agent. All computations of Interest which accrues at the Alternate Base Rate shall be made on the basis of a year of 365 or 366 days, as applicable, for the actual number of days elapsed in the applicable Interest Period. All computations of Interest (other than Interest which accrues at the Alternate Base Rate), per annum fees hereunder and per annum fees under the Fee Letter shall be made on the basis of a year of 360 days for the actual number of days elapsed in the applicable Interest Period. If any amount hereunder shall be payable on a day which is not a Business Day, such amount shall be payable on the next succeeding Business Day.

Payment Requirements and Computations. All amounts to be paid or deposited by a Borrower Party pursuant to any provision of this Agreement shall be paid or deposited in accordance with the terms hereof no later than 12:00 noon (Pittsburgh, Pennsylvania time) on the day when due in immediately available funds, and if not received before 12:00 noon (Pittsburgh, Pennsylvania time) shall be deemed to be received on the next succeeding Business Day. If such amounts are payable to the Agent for the account of the any Lender, they shall be paid to the Agent’s Account, for the account of the such Lender until otherwise notified by the Agent. All computations of Interest which accrues at the Alternate Base Rate shall be made on the basis of a year of 365 or 366 days, as applicable, for the actual number of days elapsed in the applicable Interest Period. All computations of Interest (other than Interest which accrues at the Alternate Base Rate), per annum fees hereunder and per annum fees under the Fee Letter shall be made on the basis of a year of 360 days for the actual number of days elapsed in the applicable Interest Period. If any amount hereunder shall be payable on a day which is not a Business Day, such amount shall be payable on the next succeeding Business Day.