Computations; Banking Days Sample Clauses
The "Computations; Banking Days" clause defines how calculations related to the agreement are to be performed and specifies that any actions or obligations falling on non-banking days are deferred to the next banking day. In practice, this means that interest calculations, payment deadlines, or other time-sensitive financial obligations are adjusted if the scheduled date falls on a weekend or public holiday when banks are closed. This clause ensures that all financial computations and transactions occur on days when banks are operational, thereby preventing confusion or disputes over deadlines and ensuring smooth processing of payments and obligations.
Computations; Banking Days. (a) All computations of interest and fees shall be made by the Facility Agent or the Lenders, as the case may be, on the basis of a 360-day year, in each case for the actual number of days (including the first day but excluding the last day) occurring in the period for which interest or fees are payable. Each determination by the Facility Agent or the Lenders of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.
(b) Whenever any payment hereunder or under the Note shall be stated to be due on a day other than a Banking Day, such payment shall be due and payable on the next succeeding Banking Day unless the next succeeding Banking Day falls in the following calendar month, in which case it shall be payable on the immediately preceding Banking Day.
Computations; Banking Days. (a) All computations of interest and fees shall be made by the Creditors on the basis of a 360-day year, in each case for the actual number of days (including the first day but excluding the last day) occurring in the period for which interest or fees are payable. Each determination by a Creditor of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.
(b) Whenever any payment under this Agreement or under the Note shall be stated to be due on a day other than a Banking Day, such payment shall be due and payable on the next succeeding Banking Day unless the next succeeding Banking Day falls in the following calendar month, in which case it shall be payable on the immediately preceding Banking Day.
Computations; Banking Days. All computations of interest and fees shall be made by the Agents or the Lenders, as the case may be, on the basis of a 360-day year, in each case for the actual number of days (including the first day but excluding the last day) occurring in the period for which interest or fees are payable. Each determination by the Agents or the Lenders of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.