When Payments Due. (1) Each payment (including any prepayment) by Borrower on account of the principal of or interest on the Loans and any other amount owed to Agent or any Lender on account of the Obligations shall be made not later than 10:00 a.m. (California time) on the date specified for payment under this Agreement to Agent for the benefit of such Lender in lawful money of the United States and in immediately available funds. Any payment received by Agent on a day that is not a Business Day or after 11:00 a.m. (California time) on a Business Day, shall be deemed received on the next Business Day. (2) If any payment on any Obligation is specified to be made upon a day that is not a Business Day, it shall be deemed to be specified to be made on the next succeeding day that is a Business Day, and such extension of time shall in such case be included in computing interest and fees, if any, in connection with such payment.
Appears in 3 contracts
Sources: Loan and Security Agreement (Hercules Technology Growth Capital Inc), Loan and Security Agreement (Hercules Technology Growth Capital Inc), Loan and Security Agreement (Hercules Technology Growth Capital Inc)