Common use of Payments; Computations and Statements Clause in Contracts

Payments; Computations and Statements. The Borrowers will make each payment under this Agreement not later than 12:00 noon (New York City time) on the day when due, in Dollars and in immediately available funds, to the Loan Account. All payments received by the Lender after 12:00 noon (New York City time) on any Business Day will be credited to the Loan Account on the next succeeding Business Day. Subject to Section 2.07, all payments shall be made by the Borrowers without set-off, counterclaim, recoupment, deduction or other defense (other than payment in full) to the Lender. Whenever any payment to be made under any such Loan Document 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 of interest or fees, as the case may be. All computations of fees shall be made by the Lender on the basis of a year of 360 days for the actual number of days (including the first day but excluding the last day) occurring in the period for which such fees are payable. Each determination by the Lender of an interest rate or fees hereunder shall be conclusive and binding for all purposes in the absence of manifest error.