Common use of Payment Requirements and Computations Clause in Contracts

Payment Requirements and Computations. All amounts to be paid or deposited by any Loan Party pursuant to any provision of this Agreement shall be paid or deposited in accordance with the terms hereof no later than 12:00 p.m. (New York time) on the day when due in immediately available funds, and if not received before 12:00 p.m. (New York time) shall be deemed to be received on the next succeeding Business Day. If such amounts are payable to the Deal Agent for the account of VFCC, they shall be paid to the Deal Agent’s Account, for the account of VFCC until otherwise notified by the Deal Agent. All computations of Interest, per annum fees calculated as part of the CP 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. 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.