Common use of Duration and selection Loan B Clause in Contracts

Duration and selection Loan B. (a) The Borrower shall select the first Interest Period for Loan B in the Drawdown Notice for Loan B, and the first Interest Period for Loan B shall commence on its Drawdown Date. (b) The Borrower shall, by serving the Renewal Notice to the Agent not later than 10:00 a.m. (London time) five Business Days before the beginning of each Interest Period, specify the duration of that Interest Period. The Renewal Notice shall constitute a representation and warranty to the effect that, on the date of that notice, the representations and warranties in Clause 18 remain true and correct and that no Default has occurred and is continuing or is threatening. (c) Subject to the following provisions of this Clause 8.2, each Interest Period shall be for a period of three or six months, or such other period acceptable to the Commercial Lenders. (d) If the Borrower fails to select an Interest Period in accordance with paragraph (a) above, that Interest Period will, subject to the other provisions of this Clause 8, be six (6) months. (e) If the Borrower selects an Interest Period of more than six (6) months (after the Commercial Lenders’ consent) interest accruing during such period shall be paid every six (6) months in arrears.