Payment and Computations Clause Samples
The Payment and Computations clause defines how and when payments are to be made under the agreement, as well as the methods for calculating amounts due. It typically outlines the schedule for payments, acceptable forms of payment, and the basis for any calculations, such as rates, quantities, or milestones achieved. This clause ensures both parties have a clear understanding of financial obligations, reducing the risk of disputes over payment terms and calculation methods.
Payment and Computations. (a) The Borrower and the Lenders shall each make each payment by it hereunder not later than 11:00 a.m. (New York time) on the day when due in Dollars to the Administrative Agent at the Administrative Agent's Account in same-day funds. Payment shall be deemed to have been made for all purposes under this Agreement when received by the Administrative Agent at the Administrative Agent's Account in New York.
(b) The Administrative Agent will, promptly after its receipt thereof, cause to be distributed funds of the kind received relating to the payment of principal or interest or fees and other amounts ratably to the Lenders in accordance with their Commitment Percentages.
(c) Upon the Administrative Agent's acceptance of an Assignment and Acceptance and recording of the information contained therein in the Register pursuant to Section 14.9(d), from and after the effective date specified in such Assignment and Acceptance, the Administrative Agent shall make all payments hereunder in respect of the interest assigned thereby to the Lender assignee thereunder, and the parties to such Assignment and Acceptance shall make all appropriate adjustments in such payments for periods prior to such effective date directly between themselves.
(d) All computations of:
(i) interest (except if determined by reference to the Base Rate) and fees shall be made by the Administrative Agent on the basis of a year of 360 days; and
(ii) interest determined by reference to the Base Rate shall be made by the Administrative Agent on the basis of a year of 365 days, for the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest or fees are payable.
(e) Each determination by the Administrative Agent of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error.
(f) Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, such payment shall be made on the succeeding Business Day, unless such Business Day is in the following calendar month, in which case such payment shall be made on the preceding Business Day.
(g) To the extent permitted by Applicable Law, all payments by the Borrower hereunder and under any of the other Loan Documents shall be made without setoff or counterclaim.
Payment and Computations. (a) All payments required or permitted to be made to the Lender under this Agreement or the Note shall be made to the Lender in Dollars at the Lending Office of the Lender in immediately available funds.
(b) Interest on the Loan shall be computed on the basis of a year of 360 days consisting of 12 months of 30 days each and, in the case of a portion of a month, for the actual number of days (including the first day but excluding the last day) elapsed.
(c) Interest on the Loan shall be payable in arrears on each Interest Payment Date; provided, that in the event that any Interest Payment Date shall be a day which is not a Business Day, the obligation to make such payment shall be deferred to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case the Interest Payment Date shall be advanced to the next preceding Business Day.
(d) Whenever any payment of principal is required or permitted to be made on a day which is not a Business Day, the obligation of the Company to make such payment shall be deferred until the next succeeding Business Day and, in such case, such extension of time shall be included in the computation of interest in respect of such principal amount at the rate in effect at the date such principal amount was otherwise due and payable.
Payment and Computations. (A) All payments required or permitted to be made to the Bank under this Agreement or any Note shall be made to the Bank in Dollars at the Lending Office of the Bank in immediately available funds.
(B) Interest on the Loans shall be computed on the basis of a year of 360 days consisting of 12 months of 30 days each and, in the case of a portion of a month, for the actual number of days (including the first day but excluding the last day) elapsed.
(C) Interest on the Loans shall be payable in arrears on their respective Interest Payment Dates; provided, that in the event that any Interest Payment Date shall be a day which is not a Business Day, the obligation to make such payment shall be deferred to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case the Interest Payment Date shall be advanced to the next preceding Business Day.
Payment and Computations. All payments hereunder (including any payment or prepayment of principal, interest, fees and other changes) or with respect to the blots or the Loans shall be made in lawful money of the United States of America. in immediately available funds, to the Lender at its office at Nort▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇99 ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇ at such other place as the Lender may in writing designate and shall be applied, at the option of the Lender, first to accrued Obligations other than principal and interest, next to accrued interest, then to principal due on Loans bearing, interest at the Prime Rate and last to interest due on monies bearing interest at a LIBO-Based Rate in chronological order according to the last day of the Euro-Dollar Interest Periods applicable thereto. If any payment of principal interest or fees is not due on a Business Day, then the due date will be extended to the next succeeding full Business Day and interest and fees will be payable with respect the extension. If any payment of principal, interest or fees is not made within seven (7) days of its due date, the Borrowers agree to pay to the Lender late charge equal to 4% of the amount of the payment. Except as otherwise specifically provided, interest and fees shall be computed on the basis of a year of 365 days and actual days elapsed. The Lender may, but shall not be obligated to, debit the amount of any payment due under this Agreement to and, deposit account or loan account of a Borrower maintained with the Lender. If the Lender elects to exercise the foregoing rift at any time when no Default or Event of Default exists, the Lender will so notify the Borrowers telephonically in advance.
Payment and Computations. All computations of interest shall be made by H▇▇▇▇▇ on the basis of a year of 360 days for the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest is payable. Whenever any payment to be made hereunder shall be stated to be due on a day which is not a business day, such payment shall be made on the next succeeding day and such extension of time shall in such case be included in the computation of payment of interest.
Payment and Computations. IDI will make each payment hereunder and under the Note not later than 12:00 noon (New York, New York time) on the day due in lawful money of the United States of America and in same day funds to Lender at the address set forth in the Note. All computations of interest under the Note shall be made on the basis of a year of 360 days and 30 day months. Whenever any payment to be made hereunder or under the Note shall be stated to be due on a Saturday, Sunday or a public or bank holiday for banks in New York, New York (any other day being a "Business Day"), such payment may be made on the next succeeding Business Day. All payments shall be applied first to Breakage Costs, if any, second, to interest and then to principal. If any payment due under the Loan Agreement, Note or Security Agreement is not received within ten (10) days after the applicable payment date, IDI agrees to pay in addition to the amount of such installment a late payment charge of ten percent (10%) of such payment amount, but not exceeding any lawful maximum.
Payment and Computations. (a) All payments made by die Borrower under this Note shall be made, without deduction, withholding, set off or counterclaim, no later than 11:00 A.M. (New York City time) on the date when due in freely transferable lawful money of the United States of America to the Bank at its address at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇, U.S.A., for the account of the Bank’s Lending Office in same day funds. The Bank’s “Lending Office” means the main office of the Bank in New York, NY, U.S.A., or any other office or affiliate of the Bank hereafter selected and notified to the Borrower from time to time by the Bank.
Payment and Computations