Obligations Due on Non-Business Day. Whenever any payment under this Note becomes due and payable on a day that is not a Business Day, if no default then exists under this Note, the maturity of the payment shall be extended to the next succeeding Business Day, except, in the case of a LIBOR Rate Advance, if the result of the extension would be to extend the payment into another calendar month, the payment must be made on the immediately preceding Business Day. “Business Day” means a day other than a Saturday, Sunday or any other day on which national banking associations are authorized to be closed.
Appears in 6 contracts
Samples: Line of Credit Note, Line of Credit Note, Line of Credit Note (Neogen Corp)
Obligations Due on Non-Business Day. Whenever any payment under this Note becomes due and payable on a day that is not a Business Day, if no default then exists under this Note, the maturity of the payment shall be extended to the next succeeding Business Day, except, in the case of a LIBOR Rate Advance, if the result of the extension would be to extend the payment into another calendar month, the payment must be made on the immediately preceding Business Day. “Business Day” means a day other than a Saturday, Sunday or any other day on which national banking associations are authorized to be closed.
Appears in 4 contracts
Samples: Line of Credit Note (Flexsteel Industries Inc), Line of Credit Note (Evans Bob Farms Inc), Line of Credit Note (United Western Bancorp Inc)
Obligations Due on Non-Business Day. Whenever any payment under this Note Agreement becomes due and payable on a day that is not a Business Day, if no default Event of Default then exists under this Noteexists, the maturity of the payment shall be extended to the next succeeding Business Day, except, in the case of a LIBOR Rate Advance, if the result of the extension would be to extend the payment into another calendar month, the payment must be made on the immediately preceding Business Day. “Business Day” means a day other than a Saturday, Sunday or any other day on which national banking associations are authorized to be closed.
Appears in 1 contract
Samples: Loan Agreement (American Electric Technologies Inc)
Obligations Due on Non-Business Day. Whenever any payment under this Note becomes due and payable on a day that is not a Business Day or a LIBOR Floating Rate Business Day, if no default then exists under this Note, the maturity of the payment shall be extended to the next succeeding Business Day, except, in the case of a LIBOR Rate Advance or LIBOR Floating Rate Advance, if the result of the extension would be to extend the payment into another calendar month, the payment must be made on the immediately preceding Business Day. “Day or LIBOR Floating Business Day” means a day other than a Saturday, Sunday or any other day on which national banking associations are authorized to be closedas the case may be.
Appears in 1 contract
