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Common use of Crediting Payments Clause in Contracts

Crediting Payments. Prior to the occurrence of an Event of Default, each Lender shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence and during the continuance of an Event of Default, the receipt by a Lender of any wire transfer of funds, check, or other item of payment shall be promptly applied to conditionally reduce Obligations, but shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender after 12.00 noon Pacific time shall be deemed to have been received by such Lender as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 4 contracts

Samples: Loan and Security Agreement (Enphase Energy, Inc.), Loan and Security Agreement (Enphase Energy, Inc.), Loan and Security Agreement (Enphase Energy, Inc.)

Crediting Payments. Prior to the occurrence of an Event of Default, each Lender Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. specifies After the occurrence and during the continuance of an Event of Default, Bank shall have the receipt by a Lender of right, in its sole discretion, to immediately apply any wire transfer of funds, check, or other item of payment shall be promptly applied Bank may receive to conditionally reduce Obligations, but such applications of funds shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender Bank after 12.00 12:00 noon Pacific time shall be deemed to have been received by such Lender Bank as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 3 contracts

Samples: Loan and Security Agreement (Roka BioScience, Inc.), Loan and Security Agreement (Roka BioScience, Inc.), Loan and Security Agreement (Roka BioScience, Inc.)

Crediting Payments. Prior to Before the occurrence of an Event of Default, each Lender Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence and during the continuance continuation of an Event of Default, the receipt by a Lender of Bank may, in its sole discretion, immediately apply any wire transfer of funds, check, or other item of payment shall be promptly applied Bank may receive to conditionally reduce Obligations, but such applications of funds shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender Bank after 12.00 noon 2:00 p.m. Pacific time Time shall be deemed to have been received by such Lender Bank as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 3 contracts

Samples: Loan and Security Agreement (Taiwan Liposome Company, Ltd.), Loan and Security Agreement (Taiwan Liposome Company, Ltd.), Loan and Security Agreement (Taiwan Liposome Company, Ltd.)

Crediting Payments. Prior to the occurrence of an If no Event of DefaultDefault exists, each Lender Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence and during the continuance of an Event of Default, Bank shall have the receipt by a Lender of right, in its sole discretion, to immediately apply any wire transfer of funds, check, or other item of payment shall be promptly applied Bank may receive to conditionally reduce Obligations, but such applications of funds shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender Bank after 12.00 noon Pacific 5:30 p.m. Eastern time shall be deemed to have been received by such Lender Bank as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 3 contracts

Samples: Loan and Security Agreement (Casper Sleep Inc.), Loan and Security Agreement (Casper Sleep Inc.), Loan and Security Agreement (Otonomy, Inc.)

Crediting Payments. Prior to the occurrence of an Event of Default, each Lender Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifiesBorrowers specify. After the occurrence acceleration of the Obligations and during so long as the continuance of an Event of DefaultObligations remain unpaid, the receipt by a Lender Bank of any wire transfer of funds, check, or other item of payment shall be promptly immediately applied to conditionally reduce Obligations, but shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender Bank after 12.00 noon Pacific 3:30 p.m. Eastern time shall be deemed to have been received by such Lender Bank as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 3 contracts

Samples: Loan and Security Agreement (Safeguard Scientifics Inc), Loan and Security Agreement (Safeguard Scientifics Inc), Loan and Security Agreement (Safeguard Scientifics Inc)

Crediting Payments. Prior to the occurrence of an Event of Default, each Lender Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence and during the continuance of an Event of Default, Bank shall have the receipt by a Lender of right, in its sole discretion, to immediately apply any wire transfer of funds, check, or other item of payment shall be promptly applied Bank may receive to conditionally reduce Obligations, but such applications of funds shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender Bank after 12.00 12:00 noon Pacific Central time shall be deemed to have been received by such Lender Bank as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 3 contracts

Samples: Loan and Security Agreement (Upland Software, Inc.), Loan and Security Agreement (MobileSmith, Inc.), Loan and Security Agreement (Upland Software, Inc.)

Crediting Payments. Prior to the occurrence of an Event of Default, each Lender Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence and during the continuance of an Event of Default, Bank shall have the receipt by a Lender of right, in its sole discretion, to immediately apply any wire transfer of funds, check, or other item of payment shall be promptly applied to conditionally reduce Obligations, but such applications of funds shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender Bank after 12.00 12:00 noon Pacific time shall be deemed to have been received by such Lender Bank as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 3 contracts

Samples: Loan and Security Agreement (Somaxon Pharmaceuticals, Inc.), Loan and Security Agreement (Santarus Inc), Loan and Security Agreement (Santarus Inc)

Crediting Payments. Prior to the occurrence of an While no Event of DefaultDefault is continuing, each Lender Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence and during the continuance of an Event of Default, Bank shall have the receipt by a Lender of right, in its sole discretion, to immediately apply any wire transfer of funds, check, or other item of payment shall be promptly applied Bank may receive to conditionally reduce Obligations, but such applications of funds shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender Bank after 12.00 noon 2:00 p.m. Pacific time shall be deemed to have been received by such Lender Bank as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 2 contracts

Samples: Loan and Security Agreement (Wind Power Holdings Inc), Loan and Security Agreement (Wind Power Holdings Inc)

Crediting Payments. Prior to the occurrence of Unless an Event of DefaultDefault has occurred and is continuing, each Lender Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence and during the continuance of an Event of Default, Bank shall have the receipt by a Lender of right, in its sole discretion, to immediately apply any wire transfer of funds, check, or other item of payment shall be promptly applied Bank may receive to conditionally reduce Obligations, but such applications of funds shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender Bank after 12.00 noon 2:00 PM Pacific time shall be deemed to have been received by such Lender Bank as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 2 contracts

Samples: Loan, Guaranty and Security Agreement (Cinedigm Corp.), Loan, Guaranty and Security Agreement (Cinedigm Corp.)

Crediting Payments. Prior to the occurrence and continuance of an Event of Default, each Lender Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence and during the continuance of an Event of Default, the receipt by a Lender Bank of any wire transfer of funds, check, or other item of payment shall be promptly immediately applied to conditionally reduce Obligations, but shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender Bank after 12.00 2:00 noon Pacific Eastern time shall be deemed to have been received by such Lender Bank as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 2 contracts

Samples: Loan and Security Agreement (908 Devices Inc.), Loan and Security Agreement (908 Devices Inc.)

Crediting Payments. Prior to the occurrence of an So long as no Event of DefaultDefault has occurred and is continuing, each Lender Administrative Agent shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence and during the continuance of If an Event of DefaultDefault has occurred and is continuing, the receipt by a Lender Administrative Agent of any wire transfer of funds, check, or other item of payment shall be promptly immediately applied to conditionally reduce Obligations, but shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender Administrative Agent after 12.00 12:00 noon Pacific time Time shall be deemed to have been received by such Lender Administrative Agent as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender Administrative Agent or Lenders under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 2 contracts

Samples: Loan and Security Agreement (Ubiquiti Networks, Inc.), Loan and Security Agreement (Ubiquiti Networks, Inc.)

Crediting Payments. Prior to the occurrence of an While no Event of DefaultDefault is continuing, each Lender Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence and during the continuance continuation of an Event of Default, Bank shall have the receipt by a Lender of right, in its sole discretion, to immediately apply any wire transfer of funds, check, or other item of payment shall be promptly applied Bank may receive to conditionally reduce Obligations, but such applications of funds shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender Bank after 12.00 12:00 noon Pacific time shall be deemed to have been received by such Lender Bank as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 2 contracts

Samples: Loan and Security Agreement (Verenium Corp), Loan and Security Agreement (Verenium Corp)

Crediting Payments. Prior to the occurrence of an Event of Default, each Lender Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After Unless otherwise agreed in writing by Bank, after the occurrence and during the continuance of an Event of Default, the receipt by a Lender Bank of any wire transfer of funds, check, or other item of payment shall be promptly immediately applied to conditionally reduce Obligations, but shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender Bank after 12.00 12:00 noon Pacific California time shall be deemed to have been received by such Lender Bank as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 1 contract

Samples: Loan and Security Agreement (Viant Corp)

Crediting Payments. Prior to the occurrence and continuance ------------------- of an Event of Default, each Lender shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence and during the continuance of an Event of Default, the receipt by a Lender of any wire transfer of funds, check, or other item of payment shall be promptly immediately applied to conditionally reduce Obligations, but shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender after 12.00 12:00 noon Pacific Central time shall be deemed to have been received by such Lender as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 1 contract

Samples: Loan and Security Agreement (Citadel Security Software Inc)

Crediting Payments. Prior to the occurrence and continuance of an Event of Default, each Lender Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence and during the continuance of an Event of Default, Bank shall have the receipt by a Lender of right, in its sole discretion, to immediately apply any wire transfer of funds, check, or other item of payment shall be promptly applied to conditionally reduce Obligations, but such applications of funds shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender Bank after 12.00 12:00 noon Pacific time shall be deemed to have been received by such Lender Bank as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 1 contract

Samples: Loan and Security Agreement (TorreyPines Therapeutics, Inc.)

Crediting Payments. Prior to the occurrence of an Event of Default, each Lender Bank shall credit a wire transfer of funds, check check, or other item of payment to such deposit account held at such Bank or Obligation as Borrower specifies. After the occurrence and during the continuance of an Event of Default, the receipt by a Lender Bank of any wire transfer of funds, check, or other item of payment shall be promptly immediately applied to conditionally reduce Obligations, but shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender Bank after 12.00 noon 2:00 p.m. Pacific time shall be deemed to have been received by such Lender Bank as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 1 contract

Samples: Loan and Security Agreement (Tegal Corp /De/)

Crediting Payments. Prior to the occurrence of an Event of Default, each Lender Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence and during the continuance of an Event of Default, Bank shall have the receipt by a Lender of right, in its sole discretion, to immediately apply any wire transfer of funds, check, or other item of payment shall be promptly applied Bank may receive to conditionally reduce Obligations, but such applications of funds shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender Bank after 12.00 12:00 noon Pacific time Time shall be deemed to have been received by such Lender Bank as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 1 contract

Samples: Loan and Security Agreement (Cempra, Inc.)

Crediting Payments. Prior to the occurrence of an Event of Default, each Lender Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After During the occurrence and during the continuance continuation of an Event of Default, Bank shall have the receipt by a Lender of right, in its sole discretion, to immediately apply any wire transfer of funds, check, or other item of payment shall be promptly applied Bank may receive to conditionally reduce Obligations, but such applications of funds shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender Bank after 12.00 12:00 noon Pacific time shall be deemed to have been received by such Lender Bank as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 1 contract

Samples: Loan Agreement (Poniard Pharmaceuticals, Inc.)

Crediting Payments. Prior to the occurrence of an Event of Default, each Lender shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower Parent specifies. After the occurrence and during the continuance of an Event of Default, Lender shall have the receipt by a Lender of right, in its sole discretion, to immediately apply any wire transfer of funds, check, or other item of payment shall be promptly applied Lender may receive to conditionally reduce Obligations, but such applications of funds shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender after 12.00 12:00 noon Pacific time shall be deemed to have been received by such Lender as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 1 contract

Samples: Loan and Security Agreement (Pac-West Telecomm Inc)

Crediting Payments. Prior to the occurrence and continuance of an Event of Default, each Lender Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence and during the continuance of an Event of Default, Bank shall have the receipt by a Lender of right, in its sole discretion, to immediately apply any wire transfer of funds, check, or other item of payment shall be promptly applied to conditionally reduce Obligations, but such applications of funds shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender Bank after 12.00 12:00 noon Pacific time shall be deemed to have been received by such Lender Bank as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 1 contract

Samples: Loan and Security Agreement (Trubion Pharmaceuticals, Inc)

Crediting Payments. Prior to the occurrence of an Event of Default, each Lender shall credit a wire transfer of funds, check or other item of payment paid by Borrower to Lender to such deposit account or Obligation as Borrower specifies. After the occurrence and during the continuance of an Event of Default, the receipt by a Lender of any wire transfer of funds, check, or other item of payment shall be promptly immediately applied to conditionally reduce Obligations, but shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender after 12.00 12:00 noon Pacific California time shall be deemed to have been received by such Lender as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.date

Appears in 1 contract

Samples: Loan and Security Agreement (Ardent Software Inc)

Crediting Payments. Prior to the occurrence and continuation of an Event of Default, each Lender Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence and during the continuance continuation of an Event of Default, the receipt by a Lender Bank of any wire transfer of funds, check, or other item of payment shall be promptly immediately applied to conditionally reduce Obligations, but shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender Bank after 12.00 noon 2:00 p.m. Pacific time shall be deemed to have been received by such Lender Bank as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 1 contract

Samples: Loan and Security Agreement (Codexis Inc)

Crediting Payments. Prior to the occurrence of an Event of Default, each Lender the Lenders shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifiesBorrowers specify. After the occurrence and during the continuance of an Event of Default, the receipt by a any Lender of any wire transfer of funds, check, or other item of payment shall be promptly immediately applied to conditionally reduce Obligations, but shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a any Lender after 12.00 12:00 noon Pacific Eastern time shall be deemed to have been received by such any Lender as of the opening of business on the immediately following Business Day. Whenever any payment to a any Lender under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 1 contract

Samples: Loan and Security Agreement (Tabula Rasa HealthCare, Inc.)

Crediting Payments. Prior to the occurrence of an Event of Default, each Lender shall credit a wire transfer of funds, check or other item of payment received from Borrower to such deposit account or Obligation as Borrower specifies. After the occurrence and during the continuance of an Event of Default, Lender shall have the receipt by a Lender of right, in its sole discretion, to immediately apply any wire transfer of funds, check, or other item of payment shall be promptly applied to conditionally reduce Obligations, but such applications of funds shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender after 12.00 12:00 noon Pacific time shall be deemed to have been received by such Lender as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 1 contract

Samples: Loan and Security Agreement (Complete Genomics Inc)

Crediting Payments. Prior to the occurrence of an Event of Default, each Lender Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence and during the continuance of an Event of Default, Bank shall have the receipt by a Lender of right, in its sole discretion, to immediately apply any wire transfer of funds, check, or other item of payment shall be promptly applied Bank may receive to conditionally reduce Obligations, but such applications of funds shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender Bank after 12.00 noon 2:00 p.m. Pacific time shall be deemed to have been received by such Lender Bank as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 1 contract

Samples: Loan and Security Agreement (Infinera Corp)

Crediting Payments. Prior to the occurrence of an Event of Default, each Lender Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower Parent specifies. After the occurrence and during the continuance occurrence of an Event of Default, Bank shall have the receipt by a Lender of right, in its sole discretion, to immediately apply any wire transfer of funds, check, or other item of payment shall be promptly applied Bank may receive to conditionally reduce Obligations, but such applications of funds shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender Bank after 12.00 12:00 noon Pacific Central time shall be deemed to have been received by such Lender Bank as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 1 contract

Samples: Loan and Security Agreement (LDR Holding Corp)

Crediting Payments. Prior to the occurrence of an Event of Default, each Lender shall credit a wire transfer of funds, check check, or other item of payment to such deposit account held at such Bank or Obligation as Borrower specifies. After the occurrence and during the continuance of an Event of Default, the receipt by a Lender Bank of any wire transfer of funds, check, or other item of payment shall be promptly immediately applied to conditionally reduce Obligations, but shall not be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by a Lender such Bank after 12.00 noon 2:00 p.m. Pacific time shall be deemed to have been received by such Lender a Bank as of the opening of business on the immediately following Business Day. Whenever any payment to a Lender Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension.

Appears in 1 contract

Samples: Loan and Security Agreement (Tegal Corp /De/)