Payment; Interest Computation. Interest is payable monthly on the last calendar day of each month. In computing interest on the Obligations, all Payments received after 12:00 noon Eastern time on any day shall be deemed received on the next Business Day. Bank shall not, however, be required to credit Borrower’s account for the amount of any item of payment which is unsatisfactory to Bank in its good faith business judgment, and Bank may charge Borrower’s Designated Deposit Account for the amount of any item of payment which is returned to Bank unpaid.
Appears in 4 contracts
Samples: Loan and Security Agreement (Xata Corp /Mn/), Loan and Security Agreement (NxStage Medical, Inc.), Loan and Security Agreement (NxStage Medical, Inc.)
Payment; Interest Computation. Interest Unless otherwise provided, interest is payable monthly on the last calendar day of each month. In computing interest on the Obligations, all Payments received after 12:00 noon 3:00 p.m. Eastern time on any day shall be deemed received on the next Business Day. Bank shall not, however, be required to credit Borrower’s account for the amount of any item of payment which is unsatisfactory to Bank in its good faith business judgment, and Bank may charge Borrower’s Designated Deposit Account for the amount of any item of payment which is returned to Bank unpaid.
Appears in 3 contracts
Samples: Loan and Security Agreement (Global Telecom & Technology, Inc.), Loan and Security Agreement (Global Telecom & Technology, Inc.), Loan and Security Agreement (Global Telecom & Technology, Inc.)
