Common use of Payment Generally Clause in Contracts

Payment Generally. (a) All amounts payable by the Borrower hereunder shall be paid to the Lender in United States Dollars, in immediately available funds, without set-off or counterclaim on the Payment Date. Any payments received after 3:00 p.m. (New York time) will be considered for all purposes as having been made on the next following Business Day. (b) If the Payment Date would otherwise fall on a day that is not a Business Day, such payment shall be due on the next succeeding Business Day, together with interest that has accrued to the date of payment.