Next Banking Day Clause Samples

The "Next Banking Day" clause defines how actions or obligations that fall on a non-banking day are handled in a contract. Specifically, if a payment or deadline is scheduled for a day when banks are closed, the clause stipulates that the action will be deferred to the next day when banks are open for business. This ensures that contractual obligations are not missed or delayed due to bank holidays or weekends, providing clarity and predictability for both parties regarding timing of payments and other time-sensitive actions.
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Next Banking Day. Whenever any payment of principal of, or interest on, any Base Rate Loans or of commitment or other fees shall be due on a day which is not a Domestic Business Day, the date for payment thereof shall be extended to the next succeeding Domestic Business Day. Whenever any payment of principal of or interest on, the Euro-Dollar Rate Loans shall be due on a day which is not a Euro-Dollar Business Day, the date for payment thereof shall be extended to the next succeeding Euro-Dollar Business Day unless such Euro-Dollar Business Day falls in another calendar month, in which case the date for payment thereof shall be the next preceding Euro-Dollar Business Day.
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Next Banking Day. Whenever any payment of principal of, or interest on, any Loans or of any fees shall be due on a day which is not a Domestic Business Day, the date for payment thereof shall be extended to the next succeeding Domestic Business Day.
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Related to Next Banking Day

  • Non-Banking Days When any payment under any of the Security Documents would otherwise be due on a day which is not a Banking Day, the due date for payment shall be extended to the next following Banking Day unless such Banking Day falls in the next calendar month in which case payment shall be made on the immediately preceding Banking Day.

  • Banking Day a day (except Saturday, Sunday or official holidays defined by the Legislation for commercial banks), when commercial banks in Georgia are open and conduct their activity.

  • Next Business Day Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day.

  • Business Day For purposes of these By-Laws, “Business Day” shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close.

  • Banking Days Unless otherwise provided in this Agreement, a banking day is a day other than a Saturday, Sunday or other day on which commercial banks are authorized to close, or are in fact closed, in the state where the Bank’s lending office is located, and, if such day relates to amounts bearing interest at an offshore rate (if any), means any such day on which dealings in dollar deposits are conducted among banks in the offshore dollar interbank market. All payments and disbursements which would be due on a day which is not a banking day will be due on the next banking day. All payments received on a day which is not a banking day will be applied to the credit on the next banking day.