PAYMENTS DUE ON DAY OTHER THAN BUSINESS DAY Sample Clauses

PAYMENTS DUE ON DAY OTHER THAN BUSINESS DAY. If any payment hereunder (other than payments on Fixed LIBOR Rate Loans) becomes due and payable on a day other than a Business Day, such payment date shall be extended to the next succeeding Business Day, and interest thereon shall be payable at the then applicable rate during such extension. If any payment on a Fixed LIBOR Rate Loan becomes due and payable on a day other than a London Business Day, the maturity thereof shall be extended to the next succeeding London Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding London Business Day.
Sample 1
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PAYMENTS DUE ON DAY OTHER THAN BUSINESS DAY. Whenever any payment under this Agreement becomes due and payable on a day that is not a Business Day, and if no demand has occurred and no event of acceleration has occurred and is continuing, the date for such payment shall be extended to the next succeeding Business Day.
Sample 1
PAYMENTS DUE ON DAY OTHER THAN BUSINESS DAY. Whenever any payment under this Facility B becomes due and payable on a day that is not a Business Day, if no event of acceleration has occurred and is continuing, the maturity of the payment shall be extended to the next succeeding Business Day, except that, in the case of a loan under this Facility B accruing interest at the Eurodollar Rate, 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. As used in this agreement, "Business Day" means a day other than a Saturday, a Sunday or any other day that commercial banks in Detroit, Michigan are authorized or required to close under the laws of the state of Michigan and, with respect to any loan under this Facility B accruing interest at the Eurodollar Rate, on which dealings in United States Dollar deposits are carried out in the interbank market selected by the Bank for purposes of determining the Eurodollar Rate.
Sample 1

Related to PAYMENTS DUE ON DAY OTHER THAN BUSINESS DAY

  • Payments Due on Non-Business Day If the date fixed for any payment on any Trust Security shall be a day that is not a Business Day, then such payment need not be made on such date but may be made on the next succeeding day that is a Business Day (except as otherwise provided in Sections 4.1(a) and 4.2(d)), with the same force and effect as though made on the date fixed for such payment, and no interest shall accrue thereon for the period after such date.

  • Payments Due on Non-Business Days Anything in this Agreement or the Notes to the contrary notwithstanding (but without limiting the requirement in Section 8.4 that the notice of any optional prepayment specify a Business Day as the date fixed for such prepayment), any payment of principal of or Make-Whole Amount or interest on any Note that is due on a date other than a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; provided that if the maturity date of any Note is a date other than a Business Day, the payment otherwise due on such maturity date shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day.

  • Payments Due on Saturdays Sundays and Holidays. If the date of maturity of interest on or principal of the Securities of any series or any Coupons appertaining thereto or the date fixed for redemption or repayment of any such Security or Coupon shall not be a Business Day, then payment of interest or principal need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption, and no interest shall accrue for the period after such date.

  • Payment Date Other Than a Business Day If any payment with respect to a payment of any principal of, premium, if any, or interest on any Note (including any payment to be made on any date fixed for redemption or purchase of any Note) is due on a day which is not a Business Day, then the payment need not be made on such date, but may be made on the next Business Day with the same force and effect as if made on such date, and no interest will accrue for the intervening period.

  • Payment on non-Business Day If any payment by the Borrower under a Finance Document would otherwise fall due on a day which is not a Business Day:

  • Payments Due on Saturdays, Sundays and Holidays If the date of maturity of interest on or principal of the Securities of any series or any Coupons appertaining thereto or the date fixed for redemption or repayment of any such Security or Coupon shall not be a Business Day, then payment of interest or principal need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date of maturity or the date fixed for redemption, and no interest shall accrue for the period after such date.

  • Payments Due on Legal Holidays In any case where the date of maturity of interest on or principal of and premium, if any, on the Debt Securities of a series or the date fixed for redemption or repayment of any Debt Security or the making of any sinking fund payment shall not be a Business Day at any Place of Payment for the Debt Securities of such series, then payment of interest or principal and premium, if any, or the making of such sinking fund payment need not be made on such date at such Place of Payment, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the date of maturity or the date fixed for redemption, and no interest shall accrue for the period after such date. If a record date is not a Business Day, the record date shall not be affected.

  • Non-Business Day Payments Whenever any payment shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or fees, as the case may be; provided, however, that if such extension would cause payment of interest on or principal of Eurodollar Rate Advances to be made in the next following calendar month, such payment shall be made on the next preceding Business Day.

  • Payments Due The weighted average of the number of Contract Scheduled Payments that have been due under the Contracts since origination is at least 1.

  • Payments on Non-Business Days Whenever any payment to be made by Borrower hereunder shall be stated to be due on a day which is not a Business Day, payments shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of the payment of interest hereunder and of any fees due under this Agreement, as the case may be.

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