Interest and Fee Computation; Collection of Funds. Except as otherwise set forth herein, all interest and fees shall be calculated on the basis of a year consisting of 360 days and shall be paid for the actual number of days elapsed. Principal payments submitted in funds not immediately available shall continue to bear interest until collected. If any payment to be made by the Borrower hereunder or under the Note shall become 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 be included in computing any interest in respect of such payment.
Appears in 8 contracts
Samples: Loan and Security Agreement (Medirect Latino Inc), Loan and Security Agreement (First Horizon Pharmaceutical Corp), Revolving Loan Agreement (Aar Corp)
Interest and Fee Computation; Collection of Funds. Except as otherwise set forth herein, all interest and fees shall be calculated on the basis of a year consisting of 360 days and shall be paid for the actual number of days elapsed. Principal payments submitted in funds not immediately available shall continue to bear interest until collected. If any payment to be made by the Borrower hereunder or under the Note Notes shall become 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 be included in computing any interest in respect of such payment.
Appears in 3 contracts
Samples: Loan and Security Agreement (Banyan Rail Services Inc.), Loan and Security Agreement (Bhit Inc), Loan Agreement (Cti Group Holdings Inc)
