Common use of Payments; Application of Payments; Debit of Accounts Clause in Contracts

Payments; Application of Payments; Debit of Accounts. (a) All payments to be made by Borrower under any Loan Document shall be made in immediately available funds in Dollars, without setoff or counterclaim, before 12:00 p.m. Pacific time on the date when due. Payments of principal and/or interest received after 12:00 p.m. Pacific time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. (b) Bank has the exclusive right to determine the order and manner in which all payments with respect to the Obligations may be applied. Borrower shall have no right to specify the order or the accounts to which Bank shall allocate or apply any payments required to be made by Borrower to Bank or otherwise received by Bank under this Agreement when any such allocation or application is not specified elsewhere in this Agreement. (c) Bank may debit any of Borrower’s deposit accounts, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Bank when due; provided, however, that Bank shall not debit any deposit account other than the Designated Deposit Account unless the Designated Deposit Account contains insufficient funds to make any principal, any interest payment or payment for any other amount when due, and only after providing written notice to Borrower that such funds shall be debited from an alternate account. These debits shall not constitute a set-off.

Payments; Application of Payments; Debit of Accounts. (a) All payments to be made by Borrower under any Loan Document shall be made in immediately available funds in Dollars, without setoff or counterclaim, before 12:00 p.m. noon Pacific time on the date when due. Payments of principal and/or interest received after 12:00 p.m. noon Pacific time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. (b) Bank has the exclusive right to determine the order and manner in which all payments with respect to the Obligations may be applied. Borrower shall have no right to specify the order or the accounts to which Bank shall allocate or apply any payments required to be made by Borrower to Bank or otherwise received by Bank under this Agreement when any such allocation or application is not specified elsewhere in this Agreement. (c) Bank may debit any of Borrower’s deposit accounts, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Bank when due; provided, however, that . Bank shall endeavor to provide Borrower notice of any such debit, but failure by Bank to provide such notice shall not debit any deposit account other than the Designated Deposit Account unless the Designated Deposit Account contains insufficient funds limit Bank’s right to make any principal, any interest payment or payment for any other amount when due, and only after providing written notice to Borrower that such funds shall be debited from an alternate accountdebits hereunder. These debits shall not constitute a set-off.

Payments; Application of Payments; Debit of Accounts. (a) All payments to be made by Borrower under any Loan Document shall be made in immediately available funds in Dollars, without setoff or counterclaim, before 12:00 p.m. Pacific time on the date when due. Payments of principal and/or interest received after 12:00 p.m. Pacific time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. (b) Bank has the exclusive right to determine the order and manner in which all payments with respect to the Obligations may be applied. Borrower shall have no right to specify the order or the accounts to which Bank shall allocate or apply any payments required to be made by Borrower to Bank or otherwise received by Bank under this Agreement when any such allocation or application is not specified elsewhere in this Agreement. (c) Bank may debit any of Borrower’s deposit accounts, including the Designated Deposit Account, for principal and interest payments or any other amounts Borrower owes Bank when due. Bank shall make commercially reasonable efforts to promptly notify Borrower after it debits Borrower’s accounts; provided, however, that any failure by Bank to provide Borrower with such notice shall not debit any deposit account other than the Designated Deposit Account unless the Designated Deposit Account contains insufficient funds to make any principal, any interest payment or payment for any other amount when due, and only after providing written notice to Borrower that such funds shall be debited from an alternate accountaffet Bank's rights hereunder. These debits shall not constitute a set-off.