Common use of Timing of Payment and Performance Clause in Contracts

Timing of Payment and Performance. When the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (except as otherwise set forth herein or in any other Loan Document) or performance shall extend to the immediately succeeding Business Day and, in the case of any payment that accrues interest, interest thereon shall be payable for the period of such extension; provided that, in the case of any such payment made under Section 2.08 or any payment of interest on the Obligations hereunder, if such next succeeding Business Day would fall in the next calendar month, then the date for such payment shall be on the next preceding Business Day.

Timing of Payment and Performance. When the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of such payment (except as otherwise set forth herein or in any other Loan Document) or performance shall extend to the immediately succeeding Business Day and, in the case of any payment that accrues interest, interest thereon shall be payable for the period of such extension; provided that, in the case of any such payment made under Section 2.08 or any payment of interest on the Obligations hereunder, if such next succeeding Business Day would fall in the next calendar month, then the date for such payment shall be on the next preceding Business Day.