Common use of Determination of Interest Periods Clause in Contracts

Determination of Interest Periods. Every Interest Period shall be of the duration required by, or specified by the Borrowers pursuant to, clause 3.2 but so that: 3.3.1 the initial Interest Period in respect of each Advance shall commence on the Drawdown Date of such Advance and each subsequent Interest Period in respect thereof shall commence on the last day of the previous Interest Period for such Advance; 3.3.2 the initial Interest Period in respect of each Advance in respect of a Ship (after the first Advance to be drawn down in respect of such Ship) shall end on the same day as the then current Interest Period for the Tranche for such Ship and, on the last 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 Date for such Tranche, then, in the case of the last Repayment Date 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 during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part 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; and 3.3.4 if the Borrowers fail to specify the duration of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3, such Interest Period shall have a duration of three (3) months or such other period as shall comply with this clause 3.3.

Determination of Interest Periods. Every Each Interest Period shall be of a duration of three (3) months (subject to clause 5.1 and the duration required byremaining provisions of this clause 5.2) or such other period as the Borrower shall agree with the Bank Agent (acting on the instructions of the Majority Banks acting reasonably) from time to time, or specified by the Borrowers pursuant to, clause 3.2 but so that: 3.3.1 5.2.1 the initial Interest Period in respect of the First Advance relating to a Facility or, if an Interest Advance (in respect of Commitment Fee) relating to a Facility is deemed to be made prior to that First Advance, in respect of that Interest Advance, shall commence on the Drawdown Date for that First Advance or, as the case may be, Interest Advance and shall end on the next following Quarter Date and each subsequent Interest Period in respect of that First Advance or, as the case may be, Interest Advance shall commence on the expiry of the previous Interest Period and end on the next following Quarter Date; 5.2.2 the initial Interest Period for any Subsequent Advance, Swap Advance or Intercompany Interest Advance shall commence on the Drawdown Date of such for that Advance and each subsequent Interest Period in respect thereof shall commence end on the last day of the previous Interest Period for such Advance; 3.3.2 the initial Interest Period in respect of each Advance in respect of a Ship (after the first Advance to be drawn down in respect of such Ship) shall end on the same day as the then current Interest Period for of the Tranche for such Ship Loan of which that Advance forms a part and, on the last day of such Interest Period, such Advances that Advance shall be consolidated into, with that Loan and shall thereafter constitute, the Tranche in respect of such Shiptogether constitute that Loan; 3.3.3 if any 5.2.3 the initial Interest Period in respect of any Subsequent Advance, Swap Advance or Intercompany Interest Advance made during the Interest Period relating to the Loan of which that Advance forms a Tranche would otherwise overrun a Repayment part in which the Initial Charter Hire Date for such Tranche, thenof Rig A, in the case of the last Repayment Facility A Loan, or Rig B, in the case of the Facility B Loan falls shall commence on the Drawdown Date for that Advance and shall end on the next following Quarter Date which falls in a calendar month succeeding the calendar month in which that Initial Charter Hire Date falls and, on the last day of such TrancheInterest Period, the First Advance, each Subsequent Advance, each Swap Advance and (if applicable) the Intercompany Interest Advance relating to that Facility made during any previous Interest Period and each of those Advances shall be consolidated and shall thereafter together constitute the relevant Loan; 5.2.4 the first Interest Period for any Interest Advance relating to a Loan or a Facility shall commence on the date on which it is deemed to be advanced and shall end on the last day of the Interest Period then current or, as the case may be, which then commences relating to the Loan of which that Interest Advance forms a part of or, as the case may be, is constituted by that Interest Advance, and thereafter all Interest Periods for any Interest Advance relating to that Facility and the Loan relating to that Facility shall be coterminous and any such Interest Advance and that Loan shall be treated as one Loan; 5.2.5 where the last day of an Interest Period would otherwise fall on a day which is not a Banking Day, the last day of such Interest Period shall end fall instead on such Repayment Datethe next following Banking Day or, and in as the case of any other Repayment Date or Repayment Dates for such Tranchemay be, 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 during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part 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; and 3.3.4 if the Borrowers fail to specify the duration of an Interest Period immediately preceding Banking Day in accordance with the provisions of clause 3.2 and this clause 3.3, such 8.3; and 5.2.6 the final Interest Period applicable to a Loan shall have a duration not extend beyond the Final Maturity Date of three (3) months or such other period as shall comply with this clause 3.3the Facility to which that Loan relates.

Determination of Interest Periods. Every Each Interest Period shall be of a duration of three (3) months (subject to clause 5.1 and the duration required byremaining provisions of this clause 5.2) or such other period as the Borrower shall agree with the Facility Agent (acting on the instructions of the Majority Lenders acting reasonably) from time to time, or specified by the Borrowers pursuant to, clause 3.2 but so that: 3.3.1 5.2.1 the initial Interest Period in respect of the First Advance relating to a Facility or, if an Interest Advance (in respect of Commitment Fee) relating to a Facility is deemed to be made prior to that First Advance, in respect of that Interest Advance, shall commence on the Drawdown Date for that First Advance or, as the case may be, Interest Advance and shall end on the next following Quarter Date and each subsequent Interest Period in respect of that First Advance or, as the case may be, Interest Advance shall commence on the expiry of the previous Interest Period and end on the next following Quarter Date; 5.2.2 the initial Interest Period for any Subsequent Advance, Swap Advance or Intercompany Interest Advance shall commence on the Drawdown Date of such for that Advance and each subsequent Interest Period in respect thereof shall commence end on the last day of the previous Interest Period for such Advance; 3.3.2 the initial Interest Period in respect of each Advance in respect of a Ship (after the first Advance to be drawn down in respect of such Ship) shall end on the same day as the then current Interest Period for of the Tranche for such Ship Loan of which that Advance forms a part and, on the last day of such Interest Period, such Advances that Advance shall be consolidated into, with that Loan and shall thereafter constitute, the Tranche in respect of such Shiptogether constitute that Loan; 3.3.3 if any 5.2.3 the initial Interest Period in respect of any Subsequent Advance, Swap Advance or Intercompany Interest Advance made during the Interest Period relating to the Loan of which that Advance forms a Tranche part in which the Initial Charter Hire Date of the Rig the Advance Bareboat Hire relating to which is financed by that Loan falls shall commence on the Drawdown Date for that Advance and shall end on the next following Quarter Date which falls in a calendar month succeeding the calendar month in which that Initial Charter Hire Date falls and, on the last day of such Interest Period, the First Advance, each Subsequent Advance, each Swap Advance and (if applicable) the Intercompany Interest Advance relating to that Facility made during any previous Interest Period and each of those Advances shall be consolidated and shall thereafter together constitute the relevant Loan; 5.2.4 the first Interest Period for any Interest Advance relating to a Loan or a Facility shall commence on the date on which it is deemed to be advanced and shall end on the last day of the Interest Period then current or, as the case may be, which then commences relating to the Loan of which that Interest Advance forms a part of or, as the case may be, is constituted by that Interest Advance, and thereafter all Interest Periods for any Interest Advance relating to that Facility and the Loan relating to that Facility shall be coterminous and any such Interest Advance and that Loan shall be treated as one Loan; 5.2.5 where the last day of an Interest Period would otherwise overrun fall on a Repayment Date for such Trancheday which is not a Banking Day, then, in the case of the last Repayment Date for such Tranche, day of such Interest Period shall end fall instead on such Repayment Datethe next following Banking Day or, and in as the case of any other Repayment Date or Repayment Dates for such Tranchemay be, 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 during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part 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; and 3.3.4 if the Borrowers fail to specify the duration of an Interest Period immediately preceding Banking Day in accordance with the provisions of clause 3.2 and this clause 3.3, such 8.3; and 5.2.6 the final Interest Period applicable to a Loan shall have a duration not extend beyond the Final Maturity Date of three (3) months or such other period as shall comply with this clause 3.3the Facility to which that Loan relates.

Determination of Interest Periods. Every Interest Period shall be of the duration required by, or specified by the Borrowers Borrower pursuant to, to clause 3.2 but so that: 3.3.1 the initial first Interest Period in respect of each Advance shall commence on the Drawdown Date of date on which such Advance and each subsequent Interest Period in respect thereof shall commence on the last day of the previous Interest Period for such Advanceis made; 3.3.2 the initial Interest Period in respect of each Advance in respect of a Ship (after the first Advance to be drawn down in respect of such Ship) Facility A shall end on the same day as the then current Interest Period for the Tranche for such Ship Facility A Loan and, on the last day of such Interest Period, such all Advances of Facility A shall be consolidated into, and shall thereafter constitute, constitute the Tranche in respect of such ShipFacility A Loan; 3.3.3 each subsequent Interest Period of each Advance of Facility B shall commence on the last day of the previous Interest Period for that Advance of Facility B; 3.3.4 if any Interest Period in respect of a Tranche for any Advance and/or the Facility A Loan and/or the Facility B Loan and/or the Loan would otherwise overrun a Repayment Date for such TrancheDate, then, in the case of the last Final Repayment Date for such TrancheDate, such Interest Period or Interest Period shall end on such Final Repayment Date, and in the case of any other Repayment Date or Repayment Dates for such TrancheDates, the relevant Tranche Advance and/or the Facility A Loan and/or the Facility B Loan and/or the Loan, as the case may be, 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 during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part in the amount of the balance of the relevant Tranche Advance and/or the Facility A Loan and/or the Facility B Loan and/or the Loan having an Interest Period ascertained in accordance with clause 3.2 and the other provisions of this clause 3.3; and 3.3.4 3.3.5 if the Borrowers fail Borrower fails to specify the 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 have a duration of three (3) months or such other period as shall comply with this clause 3.3. The Borrower agrees that the Agent shall have the right of requiring the Interest Periods for Advances of Facility B to be consolidated so that interest is payable on the Facility B Loan on the same Interest Payment Dates. The Agent may at any time during the Security Period require the Borrower to select an Interest Period in respect of any Advance of Facility B that expires on the same Interest Payment Date as other Advances of Facility B and/or the Facility B Loan. Thereafter the Borrower shall select an Interest Period in accordance with clause 3.2 for the Loan until the Agent agrees otherwise.

Determination of Interest Periods. Every Interest Period shall be of the duration required by, or specified by the Borrowers Borrower pursuant to, to clause 3.2 but so that: 3.3.1 the initial Interest Period in respect of each the Advance constituting Facility A and the Advance constituting the Initial Revolving Amount shall commence on the Drawdown Date of such date Facility A and the Advance constituting the Initial Revolving Amount under the Loan Agreement are made and each subsequent Interest Period in respect thereof of Facility A and the Advance constituting the Initial Revolving Amount shall commence on the last day of the previous Interest Period for such Advancerelating to Facility A and the Advance constituting the Initial Revolving Amount; 3.3.2 the initial Interest Period in respect of each Advance in respect of a Ship Facility B (after the first Advance to be drawn down in respect of such Shipconstituting the Initial Revolving Amount) shall end commence on the same day as date of the then current making of that Advance and each subsequent Interest Period for the Tranche for such Ship and, period of each Advance shall commence on the last day of such the previous Interest Period, such Advances shall be consolidated into, and shall thereafter constitute, the Tranche in respect of such ShipPeriod relating to that Advance; 3.3.3 if any Interest Period in respect of a Tranche for any Advance and/or Facility A and/or Facility B and/or the Loan would otherwise overrun a Final Repayment Date for such TrancheDate, then, in the case of the last Final Repayment Date for such TrancheDate, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date or Repayment Dates for such Tranche, (as the relevant Tranche case may be) 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 during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part in the amount of the balance of the relevant Tranche Advance and/or Facility A and/or Facility B and/or the Loan as the case may be having an Interest Period ascertained in accordance with clause 3.2 and the other provisions of this clause 3.3; and; 3.3.4 if the Borrowers fail Borrower fails to specify the 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 have a duration of three (3) months or such other period as shall comply with this clause 3.3; 3.3.5 for the avoidance of doubt, during the currency of any Transaction, Interest Periods in respect of each Advance or, as the case may be, Facility A or, as the case may be, Facility B or, as the case may be, the Loan shall coincide with the payment dates set out in such Transaction and the rate of interest shall coincide with the fixed rate of interest determined in accordance with such Transaction; and 3.3.6 following consultation with the Borrower the Bank shall be entitled to require that the Interest Periods relating to the Loan or any part thereof to be consolidated.

Determination of Interest Periods. Every Subject to Clause 3. 3.1 every Interest Period shall be of the duration required by, or specified by the Borrowers Borrower pursuant to, to clause 3.2 but so that: 3.3.1 the initial first Interest Period in respect of each Advance shall commence start on the date such Advance is drawn and shall terminate on, (i) in relation to Loan Advance A, the first Repayment Date, (ii) in relation to Loan Advance B simultaneously with the Interest Period in respect of Loan Advance A which is current on the Drawdown Date in respect of Loan Advance B (from which date Loan Advance A and Loan Advance B shall be consolidated and be treated as a single Advance), (iii) in relation to the first Revolving Advance, the date specified by the Borrower and (iv) in respect of any subsequent Revolving Advance, simultaneously with the Interest Period which is current in respect of the Revolving Loan as at the Drawdown Date in respect of the relevant Revolving Advance (from which date such Revolving Advance shall be consolidated with the rest of the Revolving Loan, which shall be treated as a single Advance for the purposes hereof) and each subsequent Interest Period in respect thereof shall commence start on the last day of the previous Interest Period for such AdvanceRevolving Advance or, as the case may be, the Loan; 3.3.2 the initial Interest Period in respect of each Advance in respect of a Ship (after the first Advance to be drawn down in respect of such Ship) shall end on the same day as the then current Interest Period for the Tranche for such Ship and, on the last 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 the Loan would otherwise overrun a Repayment Date for such Tranche, then, in the case of the last Repayment Date for such Tranche, such Interest Period shall end on such relevant Repayment Date, and in then the case of any other Repayment Date or Repayment Dates for such Tranche, the relevant Tranche Loan shall be divided into parts so that there is one part in the amount of the repayment instalment or instalments due on each such Repayment Date for such Tranche falling during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part 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 3.3; and; 3.3.3 if any Interest Period in respect of the Revolving Loan would otherwise overrun a relevant Reduction Date, then the Revolving Loan shall be divided into parts so that there is one part in the amount which is to be repaid to the Lenders on such Reduction Date and having an Interest Period ending on the relevant Reduction Date and another part in the amount of the balance of the Revolving Loan having an Interest Period ascertained in accordance with clause 3.2 and the other provisions of this clause 3.3; 3.3.4 if the Borrowers fail Borrower fails to specify the duration of an Interest Period in accordance with the provisions of clause 3.2 and this clause 3.3, such Interest Period shall have a duration of three (3) months or such other period as shall comply with this clause 3.3.

Determination of Interest Periods. Every Interest Period shall be of the duration required by, or specified by the Borrowers pursuant to, clause Clause 3.2 but so that: 3.3.1 (a) the initial first Interest Period in respect of each Advance shall commence on the Drawdown Date of date on which such Advance is made and each subsequent Interest Period in respect thereof shall commence on the last day of the previous Interest Period for relative to such Advance; 3.3.2 (b) the Agent, acting on the instructions of the Majority Lenders, may determine that the initial Interest Period in respect of each Advance in respect of a Ship (after other than the first Advance to be drawn down in respect of such Ship) shall end on the same day as the then current Interest Period for the Tranche for such Ship Advance and, on the last day of each such Interest Period, such all Advances shall be consolidated into, and shall thereafter constitute, one Advance for the Tranche in respect purpose of such Shipdetermining the length of any Interest Period hereunder; 3.3.3 (c) if any Interest Period in respect of a Tranche for any Advance or, as the case may be, the Loan would otherwise overrun a Repayment Date for such TrancheDate, then, in the case of the last Repayment Date for such TrancheDate, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date or Repayment Dates for such TrancheAdvance or, as the case may be, the relevant Tranche Loan 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 during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part in the amount of the balance of such Advance or, as the relevant Tranche case may be, the Loan having an Interest Period ascertained in accordance with clause Clause 3.2 and the other provisions of this clause Clause 3.3; and; 3.3.4 (d) if the Borrowers fail to specify the 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 have a duration of three (3) months one month or such other period as shall comply with this clause Clause 3.3; and (e) if the Agent determines that the duration of an Interest Period specified by the Borrowers in accordance with Clause 3.2 is not readily available, then that Interest Period shall have such duration as the Agent, in consultation with the Borrowers, may determine.

Determination of Interest Periods. Every Interest Period shall be of the duration required by, or specified by the Borrowers Borrower pursuant to, to clause 3.2 but so that: 3.3.1 the initial Interest Period in respect of each Term Advance shall commence on the Drawdown Date of date such Term Advance is made and each subsequent Interest Period in respect thereof for the Loan shall commence on the last day of the previous Interest Period for such Advancethe Loan; 3.3.2 the initial Interest Period in respect of each Term Advance in respect of a Ship (drawn down after the first Term Advance to be drawn down in respect of such Ship) shall end on the same day as the then current Interest Period for the Tranche for Loan and all Term Advances outstanding on such Ship and, on the last day of such Interest Period, such Advances shall be consolidated into, and shall thereafter constitute, the Tranche in respect of such ShipLoan; 3.3.3 if any Interest Period in respect of a Tranche for the Loan would otherwise overrun a Repayment Date for such TrancheDate, then, in the case of the last Repayment Date for such TrancheDate, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date or Repayment Dates for such TrancheDates, the relevant Tranche Loan 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 during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part 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 3.3; 3.3.4 the initial Interest Period in respect of each Revolving Advance shall commence on the date such Revolving Advance is made and shall end on the same day as the then current Interest Period for the other Revolving Advances and on such day all Revolving Advances shall be consolidated into, and shall thereafter constitute, a single Revolving Advance and each subsequent Interest Period for the Revolving Advance shall commence on the last day of the previous Interest Period for the Revolving Advance; and 3.3.4 3.3.5 if the Borrowers fail Borrower fails to specify the 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 have a duration of three (3) months or such other period as shall comply with this clause 3.3.

Determination of Interest Periods. Every Interest Period shall be of the duration required by, or specified by the Borrowers pursuant to, to clause 3.2 but so that: 3.3.1 the initial first Interest Period in respect of each Advance shall commence on the Drawdown Date of date on which such Advance is drawn down and each subsequent Interest Period in respect thereof shall commence on the last day of the previous Interest Period for such Advance; 3.3.2 the initial first Interest Period in respect of each Advance in respect of a Borrower Ship (after the first Advance to be drawn down in respect of such Borrower Ship) shall end on the same day as the then current Interest Period for the Tranche for such Borrower Ship and, on the last day of such Interest Period, such Advances shall be consolidated into, and shall thereafter constitute, the Tranche in respect of such Borrower Ship; 3.3.3 if any Interest Period in respect of a Tranche would otherwise overrun a Repayment Date for such Tranche, then, in the case of the last Repayment Date 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 during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part 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; and 3.3.4 if the Borrowers fail to specify the 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 have a duration of three (3) months or such other period as shall comply with this clause 3.3.

Determination of Interest Periods. Every Interest Period shall be of the duration required by, or specified by the Borrowers pursuant to, to clause 3.2 but so that: 3.3.1 the initial Interest Period in respect of each Advance of the New Ship Tranche shall commence on the Drawdown Date of for such Advance and each subsequent Interest Period in respect thereof for each such Advance shall commence on the last day of the previous Interest Period for such Advance; 3.3.2 the initial Interest Period in respect of each Advance in respect of a the New Ship (Tranche drawn down after the first Advance of the New Ship Tranche to be drawn down in respect of such Ship) down, shall end on the same day as the then current Interest Period for the Tranche for such Ship other drawn Advance(s) and, on the last day of such Interest Periodday, all such Advances shall be consolidated into, and shall thereafter constitute, the Tranche in respect of such ShipNew Ship Tranche; 3.3.3 if any the initial Interest Period in respect of the Refinancing Tranche shall commence on the Drawdown Date for the Refinancing Tranche and each subsequent Interest Period for such Tranche shall commence on the last day of the previous Interest Period for such Tranche; 3.3.4 if any Interest Period for a Tranche would otherwise overrun a Repayment Date for such Tranche, then, in the case of the last Repayment Date 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 during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part 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; and 3.3.4 3.3.5 if the Borrowers fail to specify the 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 have a duration of three (3) months or such other period as shall comply with this clause 3.3.

Determination of Interest Periods. Every Subject to paragraph (i) of Part 5 of the Schedule to the Master Swap Agreement every Interest Period shall be of the duration required by, or specified by the Borrowers Borrower pursuant to, to clause 3.2 but so that: 3.3.1 the initial first Interest Period in respect of each Advance a Tranche shall commence on the Drawdown Date of such Advance and each subsequent Interest Period in respect thereof of a Tranche shall commence on the last day of the previous Interest Period for such Advance; 3.3.2 the initial Interest Period in respect of each Advance in respect of a Ship (after the first Advance to be drawn down in respect of such Ship) Tranche; 3.3.2 Interest Periods in respect of different Tranches shall end on the same day as the then current Interest Period for the Tranche for such Ship and, on the last day of such Interest Period, such Advances shall be consolidated into, and shall thereafter constitute, the Tranche in respect of such Shipday; 3.3.3 if any Interest Period in respect of a Tranche would otherwise overrun a Repayment Date for such TrancheDate, then, in the case of the last Repayment Date for such TrancheDate, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date or Repayment Dates for such Tranchethe Loan or, if the Loan is divided into Tranches, the relevant Tranche 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 or instalments due on each Repayment Date for such Tranche falling during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part (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 3.33.3 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 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 have a duration of three six (36) months or such other period as shall comply with this clause 3.3.

Determination of Interest Periods. Every Interest Period shall be of the duration required by, or specified by the Borrowers pursuant to, to clause 3.2 but so that: 3.3.1 the initial Interest Period in respect of each Advance Tranche B shall commence on the Drawdown Date of such date the first Advance under the Loan Agreement is made and each subsequent Interest Period in respect thereof of Tranche B shall commence on the last day of the previous Interest Period for such Advancerelating to Tranche B; 3.3.2 the initial Interest Period in respect of each Tranche A shall commence on the date of the making of the Advance which results in the aggregate of all Advances under the Loan Agreement exceeding twenty five million Dollars ($25,000,000); 3.3.3 the initial Interest Period in respect of a Ship (each Tranche after the first Advance (or part thereof) relating to be drawn down in respect of such Ship) that Tranche shall end on the same day as the then current Interest Period for the Tranche for such Ship and, on the last day of such Interest Period, such Advances shall be consolidated into, and shall thereafter constitute, the Tranche in respect of such Shipthat Tranche; 3.3.3 3.3.4 if any Interest Period in respect of a Tranche would otherwise overrun a Repayment Date for such relating to that Tranche, then, in the case of the last Repayment Date for such TrancheDate, 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 during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part 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; and; 3.3.4 3.3.5 if the Borrowers fail to specify the 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 have a duration of three six (36) months or such other period as shall comply with this clause 3.3; 3.3.6 for the avoidance of doubt, during the currency of any Transaction, Interest Periods in respect of each Tranche (or as the case may be) the Loan shall coincide with the payment dates set out in such Transaction and the rate of interest shall coincide with the fixed rate of interest determined in accordance with such Transaction; and 3.3.7 upon repayment and/or prepayment in full of Tranche B all references in this clause 3.3 to Tranche A shall be deemed to be references to the Loan.

Determination of Interest Periods. Every Each Interest Period shall be of a duration of three (3) months (subject to clause 5.1 and the duration required byremaining provisions of this clause 5.2) or such other period as the Borrower shall agree with the Facility Agent (acting on the instructions of the Majority Lenders acting reasonably) from time to time, or specified by the Borrowers pursuant to, clause 3.2 but so that: 3.3.1 5.2.1 the initial Interest Period in respect of the First Advance or, if an Interest Advance (in respect of Commitment Fee) is deemed to be made prior to the First Advance, in respect of that Interest Advance, shall commence on the Drawdown Date for the First Advance or, as the case may be, Interest Advance and shall end on the next following Quarter Date and each subsequent Interest Period in respect of the First Advance or, as the case may be, Interest Advance shall commence on the expiry of the previous Interest Period and end on the next following Quarter Date; 5.2.2 the initial Interest Period for any Subsequent Advance, any Swap Advance or the Intercompany Construction Interest Advance shall commence on the Drawdown Date of such for that Advance and each subsequent Interest Period in respect thereof shall commence end on the last day of the previous Interest Period for such Advance; 3.3.2 the initial Interest Period in respect of each Advance in respect of a Ship (after the first Advance to be drawn down in respect of such Ship) shall end on the same day as the then current Interest Period for of the Tranche for such Ship Loan and, on the last day of such Interest Period, such Advances that Advance shall be consolidated into, with the Loan and shall thereafter constitute, together constitute the Tranche in respect of such ShipLoan; 3.3.3 if any 5.2.3 the initial Interest Period in respect of any Subsequent Advance, any Swap Advance or the Intercompany Construction Interest Advance made during the Interest Period in which the Initial Charter Hire Date falls shall commence on the Drawdown Date for that Advance and shall end on the next following Quarter Date which falls in a Tranche calendar month succeeding the calendar month in which the Initial Charter Hire Date falls and, on the last day of such Interest Period, the First Advance, each Subsequent Advance, each Swap Advance and (if applicable) the Intercompany Construction Interest Advance made during any previous Interest Period shall be consolidated and shall thereafter together constitute the Loan; 5.2.4 the first Interest Period for any Interest Advance shall commence on the date on which it is deemed to be advanced and shall end on the last day of the Interest Period then current or, as the case may be, which then commences, and thereafter all Interest Periods for any Interest Advance shall be coterminous and any such Interest Advance and the Loan shall be treated as one Loan; 5.2.5 where the last day of an Interest Period would otherwise overrun fall on a Repayment Date for such Trancheday which is not a Banking Day, then, in the case of the last Repayment Date for such Tranche, day of such Interest Period shall end fall instead on such Repayment Datethe next following Banking Day or, and in as the case of any other Repayment Date or Repayment Dates for such Tranchemay be, 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 during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part 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; and 3.3.4 if the Borrowers fail to specify the duration of an Interest Period immediately preceding Banking Day in accordance with the provisions of clause 3.2 and this clause 3.3, such 8.3; and 5.2.6 the final Interest Period shall have a duration of three (3) months or such other period as shall comply with this clause 3.3not extend beyond the Final Maturity Date.