Next Banking Day Clause Samples
The "Next Banking Day" clause defines how actions or obligations that fall on a non-banking day are handled in a contract. Specifically, if a payment or deadline is scheduled for a day when banks are closed, the clause stipulates that the action will be deferred to the next day when banks are open for business. This ensures that contractual obligations are not missed or delayed due to bank holidays or weekends, providing clarity and predictability for both parties regarding timing of payments and other time-sensitive actions.
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Next Banking Day. Whenever any payment of principal of, or interest on, any Base Rate Loans or of commitment or other fees shall be due on a day which is not a Domestic Business Day, the date for payment thereof shall be extended to the next succeeding Domestic Business Day. Whenever any payment of principal of or interest on, the Euro-Dollar Rate Loans shall be due on a day which is not a Euro-Dollar Business Day, the date for payment thereof shall be extended to the next succeeding Euro-Dollar Business Day unless such Euro-Dollar Business Day falls in another calendar month, in which case the date for payment thereof shall be the next preceding Euro-Dollar Business Day.
Next Banking Day. Whenever any payment of principal of, or interest on, any Loans or of any fees shall be due on a day which is not a Domestic Business Day, the date for payment thereof shall be extended to the next succeeding Domestic Business Day.