Common use of Mode Clause in Contracts

Mode. (a) Each payment to the Lender under a Loan Agreement and/or the Security Documents is to be made on the due date by 2.00pm in immediately available freely transferable funds in the manner and to the account at the bank that the Lender, by notice to the Borrower, specifies from time to time. If a payment is made on the due date but after the specified time, the Borrower will pay to the Lender, on request, interest on the amount paid until the next business day (as if the payment were made on the later day).

Mode. (a) Each payment to the Lender under a Loan Agreement and/or the these General Security Documents Terms is to be made on the due date by 2.00pm in immediately available freely transferable funds in the manner and to the account at the bank that the Lender, by notice to the BorrowerObligor, specifies from time to time. If a payment is made on the due date but after the specified time, the Borrower Obligor will pay to the Lender, on request, interest on the amount paid until the next business day (as if the payment were made on the later day).