Common use of Interest Computation; Float Charge Clause in Contracts

Interest Computation; Float Charge. In computing interest on the Obligations, all Payments received after 12:00 Noon Pacific time on any day shall be deemed received on the next Business Day. In addition, whenever Advances are outstanding, Bank shall be entitled to charge Borrower a “float” charge in an amount equal to three Business Days interest, at the interest rate applicable to the Loans, on all Payments received by Bank. The float charge for each month shall be payable on the last day of the month. 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 loan account for the amount of any item of payment which is returned to Bank unpaid.

Interest Computation; Float Charge. In computing interest on the Obligations, all Payments received after 12:00 Noon Pacific time on any day shall be deemed received on the next Business Day. In addition, whenever Advances Credit Extensions are outstanding, Bank shall be entitled to charge Borrower a “float” charge in an amount equal to three two (2) Business Days Days’ interest, at the interest rate applicable to the LoansCredit Extensions, on all Payments received by Bank. The float charge for each month shall be payable on the last day of the month. 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 loan account for the amount of any item of payment which is returned to Bank unpaid.

Interest Computation; Float Charge. In computing interest on the Obligations, all Payments received after 12:00 Noon noon Pacific time on any day shall be deemed received on the next Business Day. In addition, whenever Advances are outstanding, Bank shall be entitled to charge Borrower a “float” charge in an amount equal to three Business Days interest, at the interest rate applicable to the Loans, on all Payments received by Bank. The float charge for each month shall be payable on the last day of the month. 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 loan account for the amount of any item of payment which is returned to Bank unpaid.

Interest Computation; Float Charge. In computing interest on the Obligations, all Payments received after 12:00 Noon Pacific time on any day shall be deemed received on the next Business Day. In addition, whenever Advances Credit Extensions are outstanding, Bank shall be entitled to charge Borrower a “"float” " charge in an amount equal to three two (2) Business Days Days' interest, at the interest rate applicable to the LoansCredit Extensions, on all Payments received by Bank. The float charge for each month shall be payable on the last day of the month. Bank shall not, however, be required to credit Borrower’s '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 's loan account for the amount of any item of payment which is returned to Bank unpaid.