Common use of Timing of Actions Clause in Contracts

Timing of Actions. Whenever in this Indenture there is designated a time of day at or by which a certain action must be taken, such time shall be local time in San Diego, California, except as otherwise specifically provided herein. If the date for making any payment or the last day for the performance of any act or the exercise of any right, as provided in this Indenture, shall not be a Business Day, such payment may be made or act performed or right exercised on the next succeeding Business Day with the same force and effect as if done on the nominal date provided in this Indenture, except as otherwise specifically provided herein. Notwithstanding the foregoing, if an Interest Payment Date for the Bonds falls on a day which is not a Business Day, then amounts due with respect to the Outstanding Bonds on such Interest Payment Date shall be paid on the next succeeding Business Day but interest shall accrue only to such Interest Payment Date.