Common use of Change in Interest Period Clause in Contracts

Change in Interest Period. Without prejudice to the provisions of Section 2.05 (Default Rate Interest), if at any time the Borrowers fail to pay any amount of principal of, or interest on, the Loan when due (whether at stated maturity or upon acceleration), and any part of that amount remains unpaid on the third Business Day immediately preceding any Interest Payment Date falling after that amount became due, then: (a) OFID may elect that the duration of the Interest Period commencing on that Interest Payment Date and, subject to Section 2.04(c), any subsequent Interest Period shall be either 3 months or 1 month and shall notify the Borrowers of that election in the notice referred to in Section 2.03(e) (Interest); (b) the Interest Rates applicable to any Interest Period which is 3 months or 1 month shall be determined in accordance with Section 2.03 (Interest) in all respects, except that any reference in Section 2.03(c)(ii) (Interest) to 6 months shall be deemed to be a reference to 3 months or, as the case may be, 1 month; and (c) unless an Event of Default or Potential Event of Default has occurred and is continuing, OFID shall reinstate Interest Periods of 6 months as of the first Interest Payment Date which is June 15 or December 15 falling at least 3 Business Days after the payment default is remedied in full and shall inform the Borrowers of that reinstatement in the notice referred to in Section 2.03(e) (Interest).

Change in Interest Period. Without prejudice to the provisions of Section 2.05 (Default Rate Interest), if at any time the Borrowers fail to pay any amount of principal of, or interest on, the Loan when due (whether at stated maturity or upon acceleration), and any part of that amount remains unpaid on the third Business Day immediately preceding any Interest Payment Date falling after that amount became due, then: (a) OFID IFC may elect that the duration of the Interest Period commencing on that Interest Payment Date and, subject to Section 2.04(c), any subsequent Interest Period shall be either 3 months or 1 month and shall notify the Borrowers of that election in the notice referred to in Section 2.03(e) (Interest); (b) the Interest Rates applicable to any Interest Period which is 3 months or 1 month shall be determined in accordance with Section 2.03 (Interest) in all respects, except that any reference in Section 2.03(c)(ii) (Interest) to 6 months shall be deemed to be a reference to 3 months or, as the case may be, 1 month; and (c) unless an Event of Default or Potential Event of Default has occurred and is continuing, OFID IFC shall reinstate Interest Periods of 6 months as of the first Interest Payment Date which is June 15 or December 15 falling at least 3 Business Days after the payment default is remedied in full and shall inform the Borrowers of that reinstatement in the notice referred to in Section 2.03(e) (Interest).

Change in Interest Period. Without prejudice to the provisions of Section 2.05 3.05 (Default Rate Interest), if at any time the Borrowers fail Borrower fails to pay any amount of principal of, or interest on, the Loan when due (whether at stated maturity or upon acceleration), and any part of that amount remains unpaid on the third Business Day immediately preceding any Interest Payment Date falling after that amount became due, then: (a) OFID IFC may elect that the duration of the Interest Period commencing on that Interest Payment Date and, subject to Section 2.04(c3.04 (c), any subsequent Interest Period shall be either 3 three (3) months or 1 one (1) month and shall notify the Borrowers Borrower of that election in the notice referred to in Section 2.03(e3.03 (e) (Interest); (b) the Interest Rates applicable to any Interest Period which is 3 three (3) months or 1 one (1) month shall be determined in accordance with Section 2.03 3.03 (Interest) in all respects, except that any reference in Section 2.03(c)(ii3.03 (c) (Interestii) to 6 six (6) months shall be deemed to be a reference to 3 three (3) months or, as the case may be, 1 one (1) month; and (c) unless an Event of Default or Potential Event of Default has occurred and is continuing, OFID IFC shall reinstate Interest Periods of 6 six (6) months as of the first Interest Payment Date which is June 15 April l5th or December 15 October 15th falling at least 3 three (3) Business Days after the payment default is remedied in full and shall inform the Borrowers Borrower of that reinstatement in the notice referred to in Section 2.03(e3.03 (e) (Interest).

Change in Interest Period. Without prejudice to the provisions of Section 2.05 3.05 (Default Rate Interest), if at any time the Borrowers fail Borrower fails to pay any amount of principal of, or interest on, the FMO Loan when due (whether at stated maturity or upon acceleration), and any part of that amount remains unpaid on the third Business Day immediately preceding any Interest Payment Date falling after that amount became due, then: (a) OFID FMO may elect that the duration of the Interest Period commencing on that Interest Payment Date and, subject to Section 2.04(c3.04 (c), any subsequent Interest Period shall be either 3 three (3) months or 1 one (1) month and shall notify the Borrowers Borrower of that election in the notice referred to in Section 2.03(e3.03 (e) (Interest); (b) the FMO Interest Rates Rate applicable to any Interest Period which is 3 three (3) months or 1 one (1) month shall be determined in accordance with Section 2.03 3.03 (Interest) in all respects, except that any reference in Section 2.03(c)(ii3.03 (c) (Interestii) to 6 six (6) months shall be deemed to be a reference to 3 three (3) months or, as the case may be, 1 one (1) month; and (c) unless an Event of Default or Potential Event of Default has occurred and is continuing, OFID FMO shall reinstate Interest Periods of 6 six (6) months as of the first Interest Payment Date which is June March 15 or December September 15 falling at least 3 three (3) Business Days after the payment default is remedied in full and shall inform the Borrowers Borrower of that reinstatement in the notice referred to in Section 2.03(e3.03 (e) (Interest).

Change in Interest Period. Without prejudice to the provisions of Section 2.05 (Default Rate Interest)2.05, if at any time the Borrowers fail Borrower fails to pay any amount of principal of, or interest on, the Loan when due (whether at stated maturity or upon acceleration), and any part of that amount remains unpaid on the third Business Day immediately preceding any Interest Payment Date falling after that amount became due, then: (a) OFID may elect that the duration of the Interest Period commencing on that Interest Payment Date and, subject to Section 2.04(c2.04 (c), any subsequent Interest Period shall be either 3 three (3) months or 1 one (1) month and shall notify the Borrowers Borrower of that election in the notice referred to in Section 2.03(e) 2.03 (Intereste); (b) the Interest Rates applicable to any Interest Period which is 3 three (3) months or 1 one (1) month shall be determined in accordance with Section 2.03 (Interest) in all respects, except that any reference in Section 2.03(c)(ii2.03 (c) (Interestii) to 6 six (6) months shall be deemed to be a reference to 3 three (3) months or, as the case may be, 1 one (1) month; and (c) unless an Event of Default or Potential Event of Default has occurred and is continuing, OFID shall reinstate Interest Periods of 6 six (6) months as of the first Interest Payment Date which is June 15 or December 15 falling at least 3 three (3) Business Days after the payment default is remedied in full and shall inform the Borrowers Borrower of that reinstatement in the notice referred to in Section 2.03(e) 2.03 (Intereste).

Change in Interest Period. Without prejudice to the provisions of Section 2.05 (Default Rate Interest), if at any time any of the Borrowers fail fails to pay any amount of principal of, or interest on, the any Loan when due (whether at stated maturity or upon acceleration), and any part of that amount remains unpaid on the third Business Day immediately preceding any Interest Payment Date falling after that amount became due, then: (a) OFID IFC may elect that the duration of the Interest Period commencing on that Interest Payment Date and, subject to Section 2.04(c2.04 (c), any subsequent Interest Period shall be either 3 three (3) months or 1 one (1) month and shall notify the Borrowers of that election in the notice referred to in Section 2.03(e2.03 (e) (Interest); (b) the Interest Rates applicable to any Interest Period which is 3 three (3) months or 1 one (1) month shall be determined in accordance with Section 2.03 (Interest) in all respects, except that any reference in Section 2.03(c)(ii2.03 (c) (Interestii) to 6 six (6) months shall be deemed to be a reference to 3 three (3) months or, as the case may be, 1 one (1) month; and (c) unless an Event of Default or Potential Event of Default has occurred and is continuing, OFID IFC shall reinstate Interest Periods of 6 six (6) months as of the first Interest Payment Date which is June 15 or December 15 falling at least 3 three (3) Business Days after the payment default is remedied in full and shall inform the Borrowers of that reinstatement in the notice referred to in Section 2.03(e2.03 (e) (Interest).

Change in Interest Period. Without prejudice to the provisions of Section 2.05 (Default Rate Interest), if at any time the Borrowers fail Borrower fails to pay any amount of principal of, or interest on, the C Loan when due (whether at stated maturity or upon acceleration), and any part of that amount remains unpaid on the third Business Day immediately preceding any Interest Payment Date falling after that amount became due, then: (a) OFID IFC may elect that the duration of the Interest Period commencing on that Interest Payment Date and, subject to Section 2.04(c2.04 (c), any subsequent Interest Period shall be either 3 three (3) months or 1 one (1) month and shall notify the Borrowers Borrower of that election in the notice referred to in Section 2.03(e2.03 (e) (Interest); (b) the Interest Rates applicable to any Interest Period which is 3 three (3) months or 1 one (1) month shall be determined in accordance with Section 2.03 (Interest) in all respects, except that any reference in Section 2.03(c)(ii2.03 (c) (Interestii) to 6 six (6) months shall be deemed to be a reference to 3 three (3) months or, as the case may be, 1 one (1) month; and (c) unless an Event of Default or Potential Event of Default has occurred and is continuing, OFID IFC shall reinstate Interest Periods of 6 six (6) months as of the first Interest Payment Date which is June May 15 or December November 15 falling at least 3 three (3) Business Days after the payment default is remedied in full and shall inform the Borrowers Borrower of that reinstatement in the notice referred to in Section 2.03(e2.03 (e) (Interest).