Common use of Performance Date Clause in Contracts

Performance Date. Whenever under the terms of this Agreement the performance date of any provision hereof, including the date of maturity of interest on or principal of the Defeased Bonds, shall be a Sunday or a legal holiday or a day on which the Escrow Agent is authorized by law to close, then the performance thereof, including the payment of principal of and interest on the Defeased Bonds, need not be made on such date but may be performed or paid, as the case may be, on the next succeeding business day of the Escrow Agent with the same force and effect as if made on the date of performance or payment and with respect to a payment, no interest shall accrue for the period after such date.

Performance Date. Whenever under the terms of this Agreement the performance date of any provision hereof, including the date of maturity of interest on or principal of the Defeased Refunded Bonds, shall be a Sunday or a legal holiday or a day on which the Escrow Agent Bank is authorized by law to close, then the performance thereof, including the payment of principal of and interest on the Defeased Refunded Bonds, need not be made on such date but may be performed or paid, as the case may be, on the next succeeding business day of the Escrow Agent Bank with the same force and effect as if made on the date of performance or payment and with respect to a payment, no interest shall accrue for the period after such date.