Common use of Manner and Time of Payment Clause in Contracts

Manner and Time of Payment. Unless otherwise expressly set forth herein, all payments of principal and interest hereunder and under the Notes by the Company shall be made without defense, set-off or counterclaim and in same-day funds and delivered to the Trustee for deposit into the Issuer Escrow Account, unless otherwise specified, not later than 10:00 a.m. (New York time) on the date due at the Payment Office; funds received by the Trustee after that time shall be deemed to have been paid by the Company on the next succeeding Business Day.