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Because of this, it is not strictly necessary to discuss how the NRZ-Level encoding acts "on a clock edge" or "during a clock cycle" since all transitions happen in the given amount of time representing the actual or implied integral clock cycle. The real question is that of sampling--the high or low state will be received correctly provided the transmission line has stabilized for that bit when the physical line level is sampled at the receiving end.
However, it is handy to see NRZ transitions as happening on the trailing (falling) clock edge in order to compare NRZ-Level to other encoding methods, such as the mentioned Manchester code, which requires clock edge information (is the XOR of the clock and NRZ, actually) and to see the difference between NRZ-Mark and NRZ-Inverted...
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