Banking Day definition
Examples of Banking Day in a sentence
Notices for ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Advances shall be given not later than the third Banking Day before the Advance Date.
The Borrower shall deliver to the Facility Agent notice of such prepayment not less than three (3) Banking Days (with respect to a prepayment of a Term SOFR Advance) or one (1) Banking Day (with respect to a prepayment of an ABR Advance) prior to the date on which the Borrower intends to make such prepayment, and such notice shall specify the date and amount of such prepayment and must be received by the Facility Agent by noon (New York time).
The Borrower shall deliver notice (a “Drawdown Notice”), substantially in the form of Exhibit C, on the Facility Agent (x) by 2:00 p.m. (New York City time) at least three (3) Banking Days prior to the making of any Term SOFR Advance and (y) by 12:00 p.m. (New York City time) at least one (1) Banking Day prior to the making of any ABR Advance.
If an Issuing Bank notifies the Borrower of any payment by such Issuing Bank under a Letter of Credit, then the Borrower shall reimburse such Issuing Bank in an amount equal to the amount of such drawing not later than 3:00 p.m. on the next succeeding Banking Day.
The Facility Agent shall remit the funds so received to the applicable Issuing Bank in accordance with the instructions provided to the Facility Agent by such Issuing Bank (which instructions may include standing payment instructions, which may be updated from time to time by such Issuing Bank, provided that, unless the Facility Agent shall otherwise agree, any such update shall not take effect until the Banking Day immediately following the date on which such update is provided to the Facility Agent).