Special Payment Timing Issues Sample Clauses
The 'Special Payment Timing Issues' clause defines specific rules or exceptions regarding when payments must be made under the contract. It may address situations such as payments due upon the completion of certain milestones, delays caused by third parties, or adjustments to standard payment schedules due to holidays or unforeseen events. By clarifying these timing nuances, the clause helps prevent disputes over late or early payments and ensures both parties have a clear understanding of their financial obligations in atypical circumstances.
Special Payment Timing Issues. Whenever any payment to be made under any Loan Document is due on a day that is not a Business Day, then such payment may be made on the next succeeding Business Day, and such extension of time will be included in the computation of interest under such Loan Document. Any funds received by Administrative Agent after 2:00 p.m. ET on any day will be deemed to be received on the next succeeding Business Day.
Special Payment Timing Issues. Whenever any payment to be made under any Loan Document is due on a day that is not a Business Day, then such payment may be made on the next succeeding Business Day, and such extension of time will be included in the computation of interest under such Loan Document. Any funds received by Administrative Agent after 1:00 p.m. St. Louis time on any day will be deemed to be received on the next succeeding Business Day (provided, however, no Event of Default under Section 7.1.1 hereof shall be deemed to occur if such funds are received by Administrative Agent by no later than 4:00 p.m. St. Louis time on such day).