Common use of Method of Payments; Computations Clause in Contracts

Method of Payments; Computations. (a) All payments by the Borrower hereunder shall be made without setoff, counterclaim or other defense, in Dollars and in immediately available funds to the Lender at its office referred to in Section 9.5, prior to 11:00 a.m., Birmingham time, on the date payment is due. Any payment made as required hereinabove, but after 11:00 a.m., Birmingham time, shall be deemed to have been made on the next succeeding Business Day. If any payment falls due on a day that is not a Business Day, then such due date shall be extended to the next succeeding Business Day, and such extension of time shall then be included in the computation of payment of interest, fees or other applicable amounts. (b) The Lender may, but shall not be obligated to, debit the amount of any such payment not made as and when required hereunder to any ordinary deposit account of the Borrower with the Lender (with prompt notice to the Lender and the Borrower); provided, however, that the failure to give such notice shall not affect the validity of such debit by the Lender. (c) All computations of interest and fees hereunder shall be made on an Actual/360 Basis.

Method of Payments; Computations. (a) All payments by the Borrower hereunder shall be made without setoff, counterclaim or other defense, in Dollars and in immediately available funds to the Lender at its office referred to in Section 9.5, prior to 11:00 a.m., Birmingham time, on the date payment is due. Any payment made as required hereinabove, but after 11:00 a.m., Birmingham time, shall be deemed to have been made on the next succeeding Business Day. If any payment falls due on a day that is not a Business Day, then such due date shall be extended to the next succeeding Business Day, and such extension of time shall then be included in the computation of payment of interest, fees or other applicable amounts. (b) The Lender may, but shall not be obligated to, debit the amount of any such payment not made as and when required hereunder to any ordinary deposit account of the Borrower with the Lender (with prompt notice to the Lender and the Borrower); provided, however, that the failure to give such notice shall not affect the validity of such debit by the Lender. (c) All computations of interest and fees hereunder shall be made on an Actual/360 Basisthe basis of a year consisting of 360 days and the actual number of days (including the first day, but excluding the last day) elapsed.