Payment Particulars Clause Samples

Payment Particulars. (a) All payments by or on behalf of the Department under this Agreement shall be made to the Bank prior to 4:00 p.m. on the date such payment is due by means of a wire transfer of funds in Dollars to the Bank through the Federal Reserve Wire System to PNC Bank, National Association, Account No. , ABA No. , Account Name: , Ref: (the “Payment Account”), or such other account as the Bank may specify to the Department in writing from time to time. Any payment received by the Bank after 4:00 p.m. shall be deemed to be received by the Bank on the next succeeding day and any applicable interest or fee shall continue to accrue. Any amount owed to the Bank hereunder which is not paid when due shall bear interest from the date such payment was due at the Base Rate, such interest to be payable on demand except as otherwise provided herein. Except as otherwise specified herein, (i) all computations of interest with respect to Term Loans bearing interest at a Tax-Exempt Bank Rate or a Taxable Bank Rate shall be made on the basis of a year of 365 or 366 days, as applicable, based upon the actual number of days elapsed, (ii) all computations of interest with respect to Advances and Revolving Loans shall be made on the basis of a year of 360 days based upon the actual number of days elapsed and (iii) all computations of fees and other amounts due and owing hereunder shall be made on the basis of a year of 360 days based upon the actual number of days elapsed. (b) Except as may be otherwise provided herein, whenever any payment or action to be made or taken hereunder shall be stated to be due on a day which is not a Business Day, such payment or action shall be made or taken on the next following Business Day, and such extension of time shall be included in computing interest or fees, if any, in connection with such payment or action. (c) All payments due by or on behalf of the Department under this Agreement and under the Bank Notes shall be made without defense, counterclaim, setoff, condition or qualification, and free and clear of, and without deduction or withholding for, or by reason of any present or future taxes, levies, imposts, deductions or charges of any nature whatsoever; excluding, however, taxes imposed on or measured by the net income or capital of the Bank by any jurisdiction or any political subdivision or taxing authority thereof or therein solely as a result of a connection between the Bank and such jurisdiction or political subdivision (all such non-ex...