Common use of Time and Place of Payments Clause in Contracts

Time and Place of Payments. The Borrower shall make each payment hereunder at the office of the Bank set forth in, or designated by the Bank pursuant to, Section 8 hereof, on the day when due, in freely transferable Dollars representing "same day" funds. Whenever any payment to be made hereunder or under any instrument delivered hereunder shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day; and such extension of time shall in each such case be excluded in the computation and payment of Interest.

Time and Place of Payments. The Borrower shall make each payment hereunder at the office of the Bank set forth in, or designated by the Bank pursuant to, Section 8 9 hereof, on the day when due, in freely transferable Dollars representing "same day" funds. Whenever any payment to be made hereunder or under any instrument delivered hereunder shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day; and such extension of time shall in each such case be excluded in the computation and payment of Interest.