Common use of Determination of Interest Periods Clause in Contracts

Determination of Interest Periods. The length of each Interest Period shall be as requested by the Borrowers under clause 3.2 but so that: 3.3.1 the first Interest Period in respect of each Tranche shall start on the Drawdown Date in respect of the first Advance in respect of that Tranche, and each subsequent Interest Period shall start on the last day of the previous Interest Period; 3.3.2 the first Interest Period in respect of each subsequent Advance shall commence on its Drawdown Date and terminate simultaneously with the Interest Period which is then current for the Tranche under which the Advance is made available; 3.3.3 if any Interest Period would otherwise overrun a Repayment Date, then, in the case of the last Repayment Date, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date the relevant Tranche shall be divided into parts so that there is one part in the amount of the repayment instalment due on each Repayment Date falling in that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part consisting of the balance of the relevant Tranche having an Interest Period ascertained in accordance with the other provisions of this clause 3; and 3.3.4 if the Borrowers fail to specify the length of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3 such Interest Period shall last three months or such other period as complies with this clause 3.3.

Determination of Interest Periods. The length of each Every Interest Period shall be as requested of the duration specified by the Borrowers under pursuant to clause 3.2 but so that: 3.3.1 the first Interest Period in respect of each Tranche Advance shall start commence on the Drawdown Date in respect of the first date on which such Advance in respect of that Tranche, is drawn down and each subsequent Interest Period shall start commence on the last day of the previous Interest PeriodPeriod for such Advance; 3.3.2 the first Interest Period in respect of each subsequent Advance in respect of a Ship (after the first Advance to be drawn down in respect of such Ship) shall commence end on its Drawdown Date and terminate simultaneously with the same day as the then current Interest Period which is then current for the Tranche under which for such Ship and, on the Advance is made availablelast day of such Interest Period, such Advances shall be consolidated into, and shall thereafter constitute, the Tranche in respect of such Ship; 3.3.3 if any Interest Period in respect of a Tranche would otherwise overrun a Repayment DateDate for such Tranche, then, in the case of the last Repayment DateDate for such Tranche, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date or Repayment Dates for such Tranche, the relevant Tranche shall be divided into parts so that there is one part in the amount of the repayment instalment or instalments due on each Repayment Date for such Tranche falling in during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part consisting in the amount of the balance of the relevant Tranche having an Interest Period ascertained in accordance with clause 3.2 and the other provisions of this clause 33.3; and 3.3.4 if the Borrowers fail to specify the length duration of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3 such Interest Period shall last have a duration of three (3) months or such other period as complies shall comply with this clause 3.3.

Determination of Interest Periods. The length of each Interest Period shall be as requested by the Borrowers Borrower under clause 3.2 but so that: 3.3.1 the first Interest Period in respect of each Tranche shall start on the Drawdown Date in respect of the first Advance in respect of that Tranche, and each subsequent Interest Period shall start on the last day of the previous Interest Period; 3.3.2 the first Interest Period in respect of each subsequent Advance shall commence on its Drawdown Date and terminate simultaneously with the Interest Period which is then current for the Tranche under which the Advance is made availablecurrent; 3.3.3 if any Interest Period would otherwise overrun a Repayment Date, then, in the case of the last Repayment Date, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date the relevant Tranche Loan shall be divided into parts so that there is one part in the amount of the repayment instalment due on each Repayment Date falling in that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part consisting of the balance of the relevant Tranche Loan having an Interest Period ascertained in accordance with the other provisions of this clause 3; and 3.3.4 if the Borrowers fail Borrower fails to specify the length of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3 such Interest Period shall last three months or such other period as complies with this clause 3.3.

Determination of Interest Periods. The length of each Every Interest Period shall be as requested of the duration specified by the Borrowers under Borrower pursuant to clause 3.2 but so that: 3.3.1 the first initial Interest Period in respect of each Tranche shall start commence on the Drawdown Date in respect of the first Advance in respect of that Tranche, and each subsequent Interest Period shall start commence on the last day of the previous Interest Period; 3.3.2 the first Interest Period in respect of each subsequent Advance shall commence on its Drawdown Date and terminate simultaneously with the Interest Period which is then current for the Tranche under which the Advance is made available; 3.3.3 if any Interest Period would otherwise overrun a Repayment Date, then, in the case of the last Repayment Date, such Interest Period shall end on such Repayment Date, and and, in the case of any other Repayment Date or Repayment Dates, the relevant Tranche Loan shall be divided into parts so that there is one part in the amount of the repayment instalment due on each Repayment Date falling in during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part consisting in the amount of the balance of the relevant Tranche Loan having an Interest Period ascertained in accordance with clause 3.2 and the other provisions of this clause 33.3; and 3.3.4 3.3.3 if the Borrowers fail Borrower fails to specify the length duration of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3 such Interest Period shall last have a duration of three (3) months or such other period as complies shall comply with this clause 3.3.

Determination of Interest Periods. The length of each Every Interest Period shall be as requested of the duration required by, or specified by the Borrowers under pursuant to, clause 3.2 but so that: 3.3.1 the first initial Interest Period in respect of each Tranche Advance shall start commence on the Drawdown Date in respect of the first such Advance in respect of that Tranche, and each subsequent Interest Period in respect thereof shall start commence on the last day of the previous Interest PeriodPeriod for such Advance; 3.3.2 the first initial Interest Period in respect of each subsequent Advance in respect of a Ship (after the first Advance to be drawn down in respect of such Ship) shall commence end on its Drawdown Date and terminate simultaneously with the same day as the then current Interest Period which is then current for the Tranche under which for such Ship and, on the Advance is made availablelast day of such Interest Period, all drawn Advances of such Tranche shall be consolidated into, and shall thereafter constitute, the Tranche in respect of such Ship; 3.3.3 if any Interest Period in respect of a Tranche would otherwise overrun a Repayment DateDate for such Tranche, then, in the case of the last Repayment DateDate for such Tranche, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date or Repayment Dates for such Tranche, the relevant Tranche shall be divided into parts so that there is one part in the amount of the repayment instalment or instalments due on each Repayment Date for such Tranche falling in during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part consisting in the amount of the balance of the relevant Tranche having an Interest Period ascertained in accordance with clause 3.2 and the other provisions of this clause 33.3; and 3.3.4 if the Borrowers fail to specify the length duration of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3 3.3, such Interest Period shall last have a duration of three (3) months or such other period as complies shall comply with this clause 3.3.

Determination of Interest Periods. The length of each Every Interest Period shall be as requested of the duration specified by the Borrowers under pursuant to clause 3.2 but so that: 3.3.1 the first initial Interest Period in respect of each Tranche Advance shall start commence on the Drawdown Date in respect of the first date such Advance in respect of that Tranche, is made and each subsequent Interest Period in respect of such Advance shall start commence on the day after the last day of the previous Interest Period; 3.3.2 the first Interest Period in respect of each subsequent Advance shall commence on its Drawdown Date and terminate simultaneously with the Interest Period which is then current for the Tranche under which the Advance is made availablesuch Advance; 3.3.3 3.3.2 if any Interest Period for a Tranche would otherwise overrun a Repayment DateDate for such Tranche, then, in the case of the last Repayment DateDate for such Tranche, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date or Repayment Dates for such Tranche, the relevant Tranche shall be divided into parts so that there is one part in the amount of the repayment instalment or instalments due on each Repayment Date for such Tranche falling in during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part consisting in the amount of the balance of the relevant such Tranche having an Interest Period ascertained in accordance with clause 3.2 and the other provisions of this clause 33.3; and 3.3.4 3.3.3 if the Borrowers fail to specify the length duration of an Interest Period in accordance with the provisions of clause 3.2 and or this clause 3.3 such Interest Period shall last have a duration of three (3) months or such other period as complies shall comply with this clause 3.3.

Determination of Interest Periods. The length of each Every Interest Period shall shall, subject to market availability to be as requested conclusively determined by the Borrowers under clause Lender, be of the duration specified by the Borrower pursuant to Clause 3.2 but so that: 3.3.1 (a) the first initial Interest Period in respect of each Tranche shall start the Loan will commence on the Drawdown Date in respect of the first Advance in respect of that Tranche, and each subsequent Interest Period shall start on will commence forthwith upon the last day expiry of the previous Interest Period; 3.3.2 the first Interest Period in respect of each subsequent Advance shall commence on its Drawdown Date and terminate simultaneously with the Interest Period which is then current for the Tranche under which the Advance is made available; 3.3.3 (b) if any Interest Period would otherwise overrun a one or more Repayment DateDates, then, in the case of the last Repayment Date, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date or Dates the relevant Tranche Loan shall be divided into parts so that there is one part in equal to the amount of the repayment instalment Repayment Instalment due on each Repayment Date falling in during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part consisting equal to the amount of the balance of the relevant Tranche Loan having an Interest Period ascertained determined in accordance with Clause 3.2 and the other provisions of this clause 3Clause 3.3 and the expression "Interest Period in respect of the Loan" when used in this Agreement refers to the Interest Period in respect of the balance of the Loan; and 3.3.4 (c) if the Borrowers fail Borrower fails to specify the length duration of an Interest Period in accordance with the provisions of clause Clause 3.2 and this clause 3.3 Clause 3.3, such Interest Period shall last have a duration of three (3) months unless another period shall be agreed between the Lender and the Borrower provided, always, that such period (whether of three months or such other period as complies different duration) shall comply with this clause Clause 3.3.

Determination of Interest Periods. The length of each Every Interest Period shall be as requested of the duration specified by the Borrowers under clause 3.2 Borrower pursuant to Clause 8.2. but so that: 3.3.1 (a) the first Interest Period in respect of each Tranche shall start commence on the Drawdown Date in respect of the first Advance in respect of that Tranche, Commitment and each subsequent Interest Period in respect thereof shall start commence on the last day of the previous Interest Period; 3.3.2 the first immediately preceding Interest Period in respect of each subsequent Advance shall commence on its Drawdown Date and terminate simultaneously with question (b) if the Interest Period which is then current for the Tranche under which the Advance is made available; 3.3.3 if any last Interest Period would otherwise overrun a Repayment Date, then, in the case of the last Repayment Date, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date the relevant Tranche shall be divided into parts so that there is one part in the amount of the repayment instalment due on each Repayment Date falling in that Interest Period and having . Should an Interest Period ending on the relevant Repayment Date and another part consisting of the balance of the relevant Tranche having an Interest Period ascertained determined in accordance with the other provisions of this clause 3; andClause overrun one or more Repayment Dates, so many additional Interest Periods will be specified as the number of the Repayment Dates being overrun by the above Interest Period. Each of such additional Interest Periods will be of a duration ending at the corresponding Repayment Date and for an amount equal to the instalment due on such Date, while the above overrunning Interest Period shall be for the remaining balance of the Loan after the deduction of the amount(s) of the additional Interest Period(s) ending on the Repayment Date(s) falling within the said over-running Interest Period. 3.3.4 (c) if the Borrowers fail Borrower fails to specify the length duration of an Interest Period in accordance with the provisions of clause 3.2 Clause 8.2. and this clause 3.3 Clause 8.3 such Interest Period shall last have a duration of three months or such other period as complies shall comply with this clause 3.3Clause 8.3.; (d) if the Bank determines that the duration of an Interest Period specified by the Borrower in accordance with Clause 8.2. is not readily available, then that Interest Period shall have such duration as the Bank after having consulted with the Borrower may determine.

Determination of Interest Periods. The length of each Every Interest Period shall be as requested of the duration specified by the Borrowers under Borrower pursuant to clause 3.2 but so that: 3.3.1 the first initial Interest Period in respect of each Tranche shall start commence on the Drawdown Date in respect of the first Advance in respect of that Tranche, and each subsequent Interest Period shall start commence on the last day of the previous Interest Period; 3.3.2 the first Interest Period in respect of each subsequent Advance shall commence on its Drawdown Date and terminate simultaneously with the Interest Period which is then current for the Tranche under which the Advance is made available; 3.3.3 if any Interest Period would otherwise overrun a Repayment Date, then, in the case of the last Repayment Date, such Interest Period shall end on such Repayment Date, and and, in the case of any other Repayment Date or Repayment Dates, the relevant Tranche Loan shall be divided into parts so that there is one part in the amount of the repayment instalment due on each Repayment Date falling in during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part consisting in the amount of the balance of the relevant Tranche Loan having an Interest Period ascertained in accordance with clause 3.2 and the other provisions of this clause 33.3; and 3.3.4 3.3.3 if the Borrowers fail Borrower fails to specify the length duration of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3 such Interest Period shall last three have a duration of six (6) months or such other period as complies shall comply with this clause 3.3.

Determination of Interest Periods. The length of each Every Interest Period shall be as requested of the duration specified by the Borrowers under pursuant to clause 3.2 but so that: 3.3.1 the first initial Interest Period in respect of each Tranche Advance shall start commence on the Drawdown Date in respect of the first date such Advance in respect of that Tranche, is made and each subsequent Interest Period in respect of such Advance shall start commence on the last day of the previous Interest PeriodPeriod in respect of such Advance; 3.3.2 the first initial Interest Period in respect of each subsequent Advance for a Ship drawn down after the first Advance for such Ship to be drawn down shall commence end on its Drawdown Date and terminate simultaneously with the same day as the then current Interest Period which is then current for the other drawn Advances of the same Tranche under which and, on such day, all such Advances shall be consolidated into, and shall thereafter constitute, the Advance is made availableTranche for that Ship; 3.3.3 if any Interest Period for a Tranche would otherwise overrun a Repayment DateDate for such Tranche, then, in the case of the last Repayment DateDate for such Tranche, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date or Repayment Dates for such Tranche, the relevant Tranche shall be divided into parts so that there is one part in the amount of the repayment instalment or instalments due on each Repayment Date for such Tranche falling in during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part consisting in the amount of the balance of the relevant such Tranche having an Interest Period ascertained in accordance with clause 3.2 and the other provisions of this clause 33.3; and 3.3.4 if the Borrowers fail to specify the length duration of an Interest Period in accordance with the provisions of clause 3.2 and or this clause 3.3 such Interest Period shall last have a duration of three (3) months or such other period as complies shall comply with this clause 3.3.

Determination of Interest Periods. The length Subject to paragraph (i) of each Part 5 of the Schedule to the Master Swap Agreement every Interest Period shall be as requested of the duration specified by the Borrowers under Borrower pursuant to clause 3.2 but so that: 3.3.1 the first Interest Period in respect of each Tranche shall start the Loan or any Tranches into which it may be divided on the Drawdown Date in respect of shall commence on the first Advance in respect of that Tranche, Drawdown Date and each subsequent Interest Period in respect of any Tranche shall start commence on the last day of the previous Interest Period; 3.3.2 the first Interest Period in respect of each subsequent Advance such Tranche; 3.3.2 Interest Periods in respect of different Tranches shall commence end on its Drawdown Date and terminate simultaneously with the Interest Period which is then current for the Tranche under which the Advance is made available;same day, 3.3.3 if any Interest Period would otherwise overrun a Repayment Date, then, in the case of the last Repayment Date, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date or Repayment Dates the relevant Tranche Loan shall be divided into parts so that there is one part in the amount of the repayment instalment due on each Repayment Date falling in during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part consisting in the amount of the balance of the relevant Tranche Loan having an Interest Period ascertained in accordance with clause 3.2 and the other provisions of this clause 33.3 and the expression “Interest Period in respect of the Loan” when used in clause 4 and elsewhere in this Agreement refers to the Interest Period in respect of the balance of the Loan; and 3.3.4 if the Borrowers fail Borrower fails to specify the length duration of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3 such Interest Period shall last three have a duration of six (6) months or such other period as complies shall comply with this clause 3.3.

Determination of Interest Periods. The length of each Subject to Clause 3.3.1 every Interest Period shall be as requested of the duration specified by the Borrowers under Borrower pursuant to clause 3.2 but so that: 3.3.1 the first Interest Period in respect of each Tranche shall start on the Drawdown Date in respect of the first Advance in respect of that TrancheAdvance, and each subsequent Interest Period shall start on the last day of the previous Interest Period; 3.3.2 the first Interest Period in respect of each the subsequent Advance shall commence on its Drawdown Date and terminate simultaneously with the Interest Period which is then current for the Tranche under which the Advance is made availablecurrent; 3.3.3 if any Interest Period would otherwise overrun a Repayment Date, then, in the case of the last Repayment Date, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date the relevant Tranche shall be divided into parts so that there is one part in the amount of the repayment instalment due on each Repayment Date falling in that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part consisting of the balance of the relevant Tranche Loan having an Interest Period ascertained in accordance with the other provisions of this clause 3; and 3.3.4 if the Borrowers fail Borrower fails to specify the length of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3 such Interest Period shall last three months or such other period as complies with this clause 3.3.

Determination of Interest Periods. The length of each Every Interest Period shall be as requested of the duration specified by the Borrowers under Borrower pursuant to clause 3.2 but so that: 3.3.1 the first initial Interest Period in respect of each Tranche Advance shall start commence on the Drawdown Date in respect of the first date such Advance in respect of that Tranche, is made and each subsequent Interest Period for such Advance shall start commence on the last day of the previous Interest PeriodPeriod for such Advance; 3.3.2 the first if any Interest Period in respect of each subsequent an Advance shall commence on its Drawdown Date and terminate simultaneously with the Interest Period which is then current for the of a Tranche under which the Advance is made available; 3.3.3 if any Interest Period would otherwise overrun a Repayment DateReduction Date for such Tranche, then, in the case of the last Repayment DateReduction Date for such Tranche, such Interest Period shall end on such Repayment Reduction Date, and in the case of any other Repayment Reduction Date or Reduction Dates for such Tranche on which the Borrower will be required to make a prepayment pursuant to clause 4.3, the relevant Tranche (or any Advance thereof) shall be divided into parts so that there is one part in the amount of the repayment instalment prepayment amount due on each Repayment such Reduction Date falling in during that Interest Period and having an Interest Period ending on the relevant Repayment Reduction Date and another part consisting in the amount of the balance of the relevant Tranche (or Advance thereof) having an Interest Period ascertained in accordance with clause 3.2 and the other provisions of this clause 33.3; and 3.3.4 3.3.3 if the Borrowers fail Borrower fails to specify the length duration of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3 such Interest Period shall last have a duration of three (3) months or such other period as complies shall comply with this clause 3.3.

Determination of Interest Periods. The length of each Every Interest Period shall be as requested of the duration specified by the Borrowers under clause 3.2 Borrower pursuant to Clause 8.2. but so that: 3.3.1 (a) the first initial Interest Period in respect of each Tranche shall start commence on the Drawdown Date in respect of the first Advance in respect of that Tranche, Commitment and each subsequent Interest Period shall start commence on the last day of the previous immediately preceding Interest Period;. 3.3.2 (b) if the first Interest Period in respect of each subsequent Advance shall commence on its Drawdown Date and terminate simultaneously with the Interest Period which is then current for the Tranche under which the Advance is made available; 3.3.3 if any last Interest Period would otherwise overrun a Repayment Date, then, in the case of the last Final Repayment Date, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date the relevant Tranche shall be divided into parts so that there is one part in the amount of the repayment instalment due on each Repayment Date falling in that Interest Period and having . Should an Interest Period ending on the relevant Repayment Date and another part consisting of the balance of the relevant Tranche having an Interest Period ascertained determined in accordance with the other provisions of this clause 3; andClause overrun one or more Repayment Dates, so many additional Interest Periods will be specified as the number of the Repayment Dates being overrun by the above Interest Period. Each of such additional Interest Periods will be of a duration ending at the corresponding Repayment Date and for an amount equal to the instalment due on such Date, while the above overrunning Interest Period shall be for the remaining balance of the Loan after the deduction of the amount(s) of the additional Interest Period(s) ending on the Repayment Date(s) falling within the said overrunning Interest Period. 3.3.4 (c) if the Borrowers fail Borrower fails to specify the length duration of an Interest Period in accordance with the provisions of clause 3.2 Clause 8.2. and this clause 3.3 Clause 8.3. such Interest Period shall last have a duration of three months Months or such other period as complies shall comply with this clause 3.3Clause 8.3.; (d) if the Bank determines that the duration of an Interest Period specified by the Borrower in accordance with Clause 8.2. is not readily available, then that Interest Period shall have such duration as the Bank after having consulted with the Borrower may determine.

Determination of Interest Periods. The length of each Subject to Clause 3.3.1 every Interest Period shall be as requested of the duration specified by the Borrowers under pursuant to clause 3.2 but so that: 3.3.1 the first Interest Period in respect of each Tranche the first Advance to be made hereunder shall start on the Drawdown Date in respect of the first Advance in respect of that Tranchethereof, and each subsequent Interest Period relating to the first Advance shall start on the day falling the day after the last day of the previous Interest Period; 3.3.2 the first Interest Period in respect of each subsequent the second Advance to be made hereunder shall commence on its Drawdown Date and terminate simultaneously with the Interest Period which is then current for the Tranche under which Loan and each subsequent Interest Period shall start the Advance is made availableday falling the day after the last day of the previous Interest Period; 3.3.3 if any Interest Period would otherwise overrun a relevant Repayment Date, then, in the case of the last Repayment Date, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date then the relevant Tranche Advance shall be divided into parts so that there is one part in the amount of the repayment instalment due on each such Repayment Date falling in that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part consisting in the amount of the balance of the relevant Tranche that Advance having an Interest Period ascertained in accordance with clause 3.2 and the other provisions of this clause 33.3; and 3.3.4 if the Borrowers fail to specify the length of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3 such Interest Period shall last three months or such other period as complies with this clause 3.3.

Determination of Interest Periods. The length of each Interest Period shall be as requested by the Borrowers under clause 3.2 but so that: 3.3.1 the first Interest Period in respect of each Tranche the first Advance to be made hereunder shall start on the Drawdown Date in respect of the first Advance in respect of that Tranchethereof, and each subsequent Interest Period relating to each Advance shall start on the day falling after the last day of the previous Interest Period; 3.3.2 the first Interest Period in respect of each subsequent Advance to be made hereunder shall commence on its Drawdown Date and terminate simultaneously with the Interest Period which is then current for the Tranche under which Loan and each subsequent Interest Period shall start the Advance is made availableday falling after the last day of the previous Interest Period; 3.3.3 if any Interest Period would otherwise overrun a Repayment Date, then, in the case of the last Repayment Date, such Interest Period shall end on such the last Repayment Date, and in the case of any other Repayment Date the relevant Tranche Advance shall be divided into parts so that there is one part in the amount of the repayment instalment due on each Repayment Date falling in that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part consisting of the balance of the relevant Tranche Advance having an Interest Period ascertained in accordance with the other provisions of this clause 3; and 3.3.4 if the Borrowers fail to specify the length of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3 such Interest Period shall last three months or such other period as complies with this clause 3.3.

Determination of Interest Periods. The length of each Every Interest Period shall be as requested of the duration specified by the Borrowers under Borrower pursuant to clause 3.2 but so that: 3.3.1 the first initial Interest Period in respect of each Tranche Advance shall start commence on the Drawdown Date in respect of the first date such Advance in respect of that Tranche, is made and each subsequent Interest Period for such Advance shall start commence on the last day of the previous Interest PeriodPeriod for such Advance; 3.3.2 the first if any Interest Period in respect of each subsequent a Tranche (or an Advance shall commence on its Drawdown Date and terminate simultaneously with the Interest Period which is then current for the Tranche under which the Advance is made available; 3.3.3 if any Interest Period of a Tranche) would otherwise overrun a Repayment DateReduction Date for such Tranche, then, in the case of the last Repayment DateReduction Date for such Tranche, such Interest Period shall end on such Repayment Reduction Date, and in the case of any other Repayment Reduction Date or Reduction Dates for such Tranche on which the Borrower will be required to make a prepayment pursuant to clause 4.3, the relevant Tranche (or any Advance thereof) shall be divided into parts so that there is one part in the amount of the repayment instalment prepayment amount due on each Repayment such Reduction Date falling in during that Interest Period and having an Interest Period ending on the relevant Repayment Reduction Date and another part consisting in the amount of the balance of the relevant Tranche (or Advance thereof) having an Interest Period ascertained in accordance with clause 3.2 and the other provisions of this clause 33.3; and 3.3.4 3.3.3 if the Borrowers fail Borrower fails to specify the length duration of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3 such Interest Period shall last have a duration of three (3) months or such other period as complies shall comply with this clause 3.3.

Determination of Interest Periods. The length of each Subject to Clause 3.3.1 every Interest Period shall be as requested of the duration specified by the Borrowers under pursuant to clause 3.2 but so that: 3.3.1 the first Interest Period in respect of each Tranche shall start on the Drawdown Date in respect of the first Advance in respect of that Tranche, and each subsequent Interest Period shall start on the last day of the previous Interest Period; 3.3.2 the first Interest Period in respect of each subsequent Advance shall commence on its Drawdown Date and terminate simultaneously with the Interest Period which is then current for the Tranche under which the Advance is made available; 3.3.3 if any Interest Period would otherwise overrun a Repayment Date, then, in the case of the last Repayment Date, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date the relevant Tranche shall be divided into parts so that there is one part in the amount of the repayment instalment due on each Repayment Date falling in that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part consisting of the balance of the relevant Tranche having an Interest Period ascertained in accordance with the other provisions of this clause 3; and 3.3.4 if the Borrowers fail to specify the length of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3 such Interest Period shall last three months or such other period as complies with this clause 3.3.

Determination of Interest Periods. The length of each Subject to Clause 3. 3.1 every Interest Period shall be as requested of the duration specified by the Borrowers under Borrower pursuant to clause 3.2 but so that: 3.3.1 the first Interest Period in respect of each Tranche shall start on the Drawdown Date in respect of the first Advance in respect of that TrancheAdvance, and each subsequent Interest Period shall start on the last day of the previous Interest Period; 3.3.2 the first Interest Period in respect of each the subsequent Advance shall commence on its Drawdown Date and terminate simultaneously with the Interest Period which is then current for the Tranche under which the Advance is made availablecurrent; 3.3.3 if any Interest Period would otherwise overrun a Repayment Date, then, in the case of the last Repayment Date, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date the relevant Tranche shall be divided into parts so that there is one part in the amount of the repayment instalment due on each Repayment Date falling in that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part consisting of the balance of the relevant Tranche Loan having an Interest Period ascertained in accordance with the other provisions of this clause 3; and 3.3.4 if the Borrowers fail Borrower fails to specify the length of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3 such Interest Period shall last three months or such other period as complies with this clause 3.3.

Determination of Interest Periods. The length of each Every Interest Period shall be as requested of the duration specified by the Borrowers under Borrower pursuant to clause 3.2 but so that: 3.3.1 the first Interest Period in respect of each a Tranche shall start commence on the Drawdown Date in respect of the first Advance in respect of that Tranche, and each subsequent Interest Period in respect of a Tranche shall start commence on the last day of the previous Interest Period; 3.3.2 the first Interest Period in respect of each subsequent Advance such Tranche; 3.3.2 Interest Periods in respect of different Tranches shall commence end on its Drawdown Date and terminate simultaneously with the Interest Period which is then current for the Tranche under which the Advance is made availablesame day; 3.3.3 if any Interest Period would otherwise overrun a Repayment Date, then, in the case of the last Repayment Date, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date or Repayment Dates the relevant Tranche Loan or, if the Loan is divided into Tranches, the aggregate of the Tranches, shall be divided into parts so that there is one part (in the case of Tranches to be calculated on pro rata basis between the Tranches in the aggregate Dollar Amount of all such Tranches) in the amount of the repayment instalment due on each Repayment Date falling in during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part consisting (in the case of Tranches to be calculated on a pro rata basis between the Tranches in the aggregate Dollar Amount of all such Tranches) in the amount of the balance of the relevant Tranche Loan having an Interest Period ascertained in accordance with clause 3.2 and the other provisions of this clause 33.3 and the expression “Interest Period in respect of the Loan” when used in clause 4 and elsewhere in this Agreement refers to the Interest Period in respect of the balance of the Loan; and 3.3.4 if the Borrowers fail Borrower fails to specify the length duration of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3 such Interest Period shall last three have a duration of six (6) months or such other period as complies shall comply with this clause 3.3.

Determination of Interest Periods. The length of each Every Interest Period shall be as requested of the duration specified by the Borrowers under Borrower pursuant to clause 3.2 but so that: 3.3.1 the first Interest Period in respect of each Tranche shall start the Loan or any Tranches into which it may be divided on the Drawdown Date in respect of shall commence on the first Advance in respect of that Tranche, Drawdown Date and each subsequent Interest Period in respect of any Tranche shall start commence on the last day of the previous Interest Period; 3.3.2 the first Interest Period in respect of each subsequent Advance such Tranche; 3.3.2 Interest Periods in respect of different Tranches shall commence end on its Drawdown Date and terminate simultaneously with the Interest Period which is then current for the Tranche under which the Advance is made availablesame day; 3.3.3 if any Interest Period would otherwise overrun a Repayment Date, then, in the case of the last Repayment Date, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date or Repayment Dates the relevant Tranche Loan shall be divided into parts so that there is one part in the amount of the repayment instalment due on each Repayment Date falling in during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part consisting in the amount of the balance of the relevant Tranche Loan having an Interest Period ascertained in accordance with clause 3.2 and the other provisions of this clause 33.3 and the expression “Interest Period in respect of the Loan” when used in clause 4 and elsewhere in this Agreement refers to the Interest Period in respect of the balance of the Loan; and 3.3.4 if the Borrowers fail Borrower fails to specify the length duration of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3 such Interest Period shall last three have a duration of six (6) months or such other period as complies shall comply with this clause 3.3.

Determination of Interest Periods. The length Borrower may (in relation to the first Interest Period) in the Drawdown Notice or (in relation to each subsequent Interest Period, save those periods to which clause 3.3 shall apply) by notice to be received by the Agent not later than 10:00 am (London time) on the third (3rd) Banking Date before the beginning of the applicable Interest Period select a duration of one (1), three (3), six (6), nine (9) or twelve (12) month(s) (or such shorter or longer period as may be approved by the Agent) for such Interest Period. Unless otherwise selected each Interest Period shall have a duration of three (3) months. Each Interest Period shall be subject as requested by the Borrowers under clause 3.2 but so thatfollows: 3.3.1 (a) the first such Interest Period in respect of each Tranche shall start commence on the Drawdown Date in respect and shall (subject to clause 6.3) end on expiry of the first Advance period selected by the Borrower pursuant to this clause 3.2 or on the date falling three (3) months after the Drawdown Date in respect the absence of that Tranche, and selection; (b) each subsequent Interest Period shall start commence on the last day expiry of the previous immediately preceding Interest Period;; and 3.3.2 the first Interest Period in respect of each subsequent Advance shall commence on its Drawdown Date and terminate simultaneously with the Interest Period which is then current for the Tranche under which the Advance is made available; 3.3.3 (c) if any such Interest Period would otherwise overrun a any Repayment Date, then, in the case of the last relevant Final Repayment Date, Date such Interest Period shall end on such Final Repayment DateDate and, and in the case of any other Repayment Date Date, the relevant Tranche Loan shall be divided into parts so that there is two parts, one part in the an amount of not less than the repayment instalment due on each such Repayment Date falling in that Interest Period and having an Interest Period ending on such date and the relevant Repayment Date and another other part consisting of in an amount equal to the balance of the relevant Tranche Loan having an Interest Period ascertained in accordance with the other provisions of this clause 3; and 3.3.4 if the Borrowers fail to specify the length of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3 such Interest Period shall last three months or such other period as complies with this clause 3.33.2.

Determination of Interest Periods. The length Subject to paragraph (i) of each Part 5 of the Schedule to the Master Swap Agreement, every Interest Period shall be as requested of the duration required by, or specified by the Borrowers under pursuant to, clause 3.2 but so that: 3.3.1 the first initial Interest Period in respect of each Tranche Advance shall start commence on the Drawdown Date in respect of the first such Advance in respect of that Tranche, and each subsequent Interest Period in respect thereof shall start commence on the last day of the previous Interest PeriodPeriod for such Advance; 3.3.2 the first initial Interest Period in respect of each subsequent Advance in respect of a Newbuilding (after the first Advance to be drawn down in respect of such Newbuilding) shall commence end on its Drawdown Date and terminate simultaneously with the same day as the then current Interest Period which is then current for the Tranche under which for such Newbuilding and, on the Advance is made availablelast day of such Interest Period, such Advances shall be consolidated into, and shall thereafter constitute, the Tranche in respect of such Newbuilding; 3.3.3 if any Interest Period in respect of a Tranche would otherwise overrun a Repayment DateDate for such Tranche, then, in the case of the last Repayment DateDate for such Tranche, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date or Repayment Dates for such Tranche, the relevant Tranche shall be divided into parts so that there is one part in the amount of the repayment instalment or instalments due on each Repayment Date for such Tranche falling in during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part consisting in the amount of the balance of the relevant Tranche having an Interest Period ascertained in accordance with clause 3.2 and the other provisions of this clause 3; 3.3, and 3.3.4 if the Borrowers fail to specify the length duration of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3 3.3, such Interest Period shall last have a duration of three (3) months or such other period as complies shall comply with this clause 3.3.