Common use of Manner and Treatment of Payments Clause in Contracts

Manner and Treatment of Payments. The amount of each payment -------------------------------- hereunder or on each Note shall be made to the Agent for the account of each applicable Bank in immediately available funds on the day of payment (which must be a Banking Day). Any payment received after 11:00 a.m., California time, on any Banking Day, shall be deemed received on the next succeeding Banking Day. The amount of all payments received by the Agent for the account of each Bank shall be promptly paid by the Agent to the applicable Bank(s) in immediately available funds (and any such payment not remitted on the same Banking Day that it is deemed received by the Agent shall thereafter be payable by the Agent to the applicable Bank(s) together with interest at the overnight Federal Funds Rate, as such rate is reasonably determined by the Agent). Whenever any payment to be made hereunder or on each Note is due on a day that is not a Banking Day, payment shall be made on the next succeeding Banking Day; provided that the extension shall be included in the computation of interest owing on the next following Interest Payment Date. Any payment of the principal of any LIBOR Borrowing shall be made on a LIBOR Banking Day as applicable.

Manner and Treatment of Payments. The amount of each payment -------------------------------- hereunder or on each Note shall be made to the Agent for the account of each applicable Bank in immediately available funds on the day of payment (which must be a Banking Day). Any payment received after 11:00 a.m., California time, on any Banking Day, shall be deemed received on the next succeeding Banking Day. The amount of all payments received by the Agent for the account of each Bank shall be promptly paid by the Agent to the applicable Bank(s) in immediately available funds (and any such payment not remitted on the same Banking Day that it is deemed received by the Agent shall thereafter be payable by the Agent to the applicable Bank(s) together with interest at the overnight Federal Funds Rate, as such rate is reasonably determined by the Agent). Whenever any payment to be made hereunder or on each Note is due on a day that is not a Banking Day, payment shall be made on the next succeeding Banking Day; provided that the extension shall be included in the computation of interest owing on the next following Interest Payment Date. Any payment of the principal of any LIBOR Borrowing shall be made on a LIBOR Banking Day as applicable.