Common use of When Payments Due Clause in Contracts

When Payments Due. (a) Except as expressly set forth in this Agreement, each payment (including any prepayment) by Borrower on account of the principal of or interest on the Loans and any other amount owed to Lenders on account of the Obligations shall be made not later than 2:00 p.m. on the date specified for payment under this Agreement to Administrative Agent in lawful money of the United States and in immediately available funds. Any payment received by Administrative Agent on a day that is not a Business Day or after 2:00 p.m. on a Business Day, shall be deemed received on the next Business Day. The amount of all payments received by Administrative Agent for the account of each Lender shall be promptly distributed by Administrative Agent to the applicable Non-Defaulting Lender in like funds as received. The amount of all payments received by the Administrative Agent for the account of any Defaulting Lender shall be treated as provided in Section 11. All payments shall be made in lawful money of the United States of America. (b) If any payment on any Obligation is specified to be made upon a day that is not a Business Day, it shall (subject to the provisions of the Interest Period which may require payment by one (1) earlier Business Day) 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.

When Payments Due. (a) Except as expressly set forth in this Agreement, each payment (including any prepayment) by Borrower on account of the principal of or interest on the Loans and any other amount owed to Lenders on account of the Obligations shall be made not later than 2:00 p.m. on the date specified for payment under this Agreement to Administrative Agent in lawful money of the United States and in immediately available funds. Any payment received by Administrative Agent on a day that is not a Business Day or after 2:00 p.m. on a Business Day, shall be deemed received on the next Business Day. The amount of all payments received by Administrative Agent for the account of each Lender shall be promptly distributed by Administrative Agent to the applicable Non-Defaulting Lender in like funds as received. The amount of all payments received by the Administrative Agent for the account of any Defaulting Lender shall be treated as provided in Section 11. All payments shall be made in lawful money of the United States of America. . -76- ▇▇▇▇▇▇ Lease Finance Corporation Fourth Amended and Restated Credit Agreement (b) If any payment on any Obligation is specified to be made upon a day that is not a Business Day, it shall (subject to the provisions of the Interest Period which may require payment by one (1) earlier Business Day) 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.

When Payments Due. (a) Except as expressly set forth in this Agreement, each payment (including any prepayment) by Borrower on account of the principal of or interest on the Loans and any other amount owed to Lenders on account of the Obligations shall be made not later than 2:00 p.m. on the date specified for payment under this Agreement to Administrative Agent in lawful money of the United States and in immediately available funds. Any payment received by Administrative Agent on a day that is not a Business Day or after 2:00 p.m. on a Business Day, shall be deemed received on the next Business Day. The amount of all payments received by Administrative Agent for the account of each Lender shall be promptly distributed by Administrative Agent to the applicable Non-Defaulting Lender in like funds as received. The amount of all payments received by the Administrative Agent for the account of any Defaulting Lender shall be treated as provided in Section 11. All payments shall be made in lawful money of the United States of America. (b) If any payment on any Obligation is specified to be made upon a day that is not a Business Day, it shall (subject to the provisions of the Interest LIBOR Loan Period which may require payment by one (1) earlier Business Day) 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.