Common use of Receipt of Communications Clause in Contracts

Receipt of Communications. Any communication received by the Custodian or the Collateral Administrator, as applicable, on a day which is not a Business Day or after 3:30 p.m. (or such other time as is agreed by the Borrower and the Custodian from time to time) on a Business Day will be deemed to have been received on the next Business Day; provided that in the case of communications so received after 3:30 p.m. on a Business Day the Custodian or the Collateral Administrator, as applicable, will use its commercially reasonable efforts to process such communications as soon as possible after receipt.

Receipt of Communications. Any communication received by the Custodian or the Collateral Administrator, as applicable, on a day which is not a Business Day or after 3:30 5:00 p.m. (or such other time as is agreed by the Borrower and the Custodian from time to time) on a Business Day will be deemed to have been received on the next Business Day; provided that in the case of communications so received after 3:30 5:00 p.m. on a Business Day the Custodian or the Collateral Administrator, as applicable, will use its commercially reasonable efforts to process such communications as soon as possible after receipt.