Examples of Cleveland Banking Day in a sentence
The Agent shall distribute to each Bank its Pro rata share of the amount of principal, interest and other amounts received by it for the account of such Bank on the same day the Agent receives payment thereof from the Borrower in immediately available funds, unless the Agent does not receive such payment from the Borrower until after 12:00 noon, in which case the Agent shall make payment thereof to the Banks on the next Cleveland Banking Day.
Any such payment received by the Agent after 12:00 noon on a Cleveland Banking Day shall be deemed received on the next succeeding Cleveland Banking Day and interest shall accrue to such next Cleveland Banking Day in respect of any principal of the Loans to be paid by such payment.
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The unused commitment fee shall be payable on the first Cleveland Banking Day after the first Fiscal Quarterly Date occurring after the Restatement Effective Date and continuing on the first Cleveland Banking Day after each Fiscal Quarterly Date thereafter.
Any such payment received by the Agent after 12:00 noon (Cleveland time) on a Cleveland Banking Day shall be deemed received on the next succeeding Cleveland Banking Day and interest shall accrue to such next Cleveland Banking Day in respect of any principal of the Loans to be paid by such payment.
The Agent shall distribute to each Bank entitled thereto its Pro rata share of the amount of principal, interest and other amounts received by it for the account of such Bank on the same day the Agent receives payment thereof from the Borrower in immediately available funds, unless the Agent does not receive such payment from the Borrower until after 12:00 noon (Cleveland time), in which case the Agent shall make payment thereof to the Banks entitled thereto on the next Cleveland Banking Day.
On the Cleveland Banking Day immediately following the date such notice has been given (or deemed given), the Borrower shall be deemed to have requested (the “Mandatory Request”) a Revolving Loan in the aggregate principal amount of such Swing Loans of each Swing Line Lender in accordance with Section 5.01 hereof (other than the requirement set forth in Section 5.01(a)(i) hereof).
The unused commitment fee shall be payable on the first Cleveland Banking Day after each Fiscal Quarterly Date commencing May 2, 2005 and continuing on the first Cleveland Banking Day after each Fiscal Quarterly Date thereafter.
Interest on all Loans shall be payable (a) in arrears on the first Cleveland Banking Day of each month, (b) on any prepayment or conversion (on the amount prepaid or converted), (c) at maturity (whether by acceleration or otherwise) and/or, (d) after such maturity, on demand.
The unused commitment fee shall be payable on the first Cleveland Banking Day after each Fiscal Quarterly Date commencing on the Restatement Effective Date and continuing on the first Cleveland Banking Day after each Fiscal Quarterly Date thereafter.