Duration of Interest Periods. 5 2.5 Interest Rates and Payments of Interest ................. 5 2.6. Changed Circumstances ................................... 5 2.7. Illegality .............................................. 6 2.8. Prepayments of the Loans ................................ 6 2.9.
Duration of Interest Periods. The duration of each Interest Period relating to the Advance shall, save as otherwise provided herein, be one, three, six or twelve months, or any such other period as may be agreed from time to time between the Borrower and the Agent, in each case as the Borrower may select by not less than three business days' prior notice to the Agent Provided that:
(i) if the Borrower selects a duration of twelve months in relation to an Interest Period, then:
(a) the Borrower may, at the same time, notify the Agent of an alternative selection of three or six months to apply if the Borrower's selection becomes ineffective pursuant to (b) below; and
(b) any Bank may, at any time before 9.00 a.m. on the second business day preceding the first day of such Interest Period, notify the Agent that it objects to the Borrower's selection, whereupon such selection shall become ineffective Provided that no such objection shall be given except for reason of the non availability to such Bank of dollars for twelve months interest periods in the London Inter-bank Market;
(ii) if the Borrower fails to give such notice of its selection in relation to an Interest Period, or if its selection becomes ineffective under (i)(b) above and the Borrower has failed to give the Agent any permitted alternative selection pursuant to (i)(a) above, then the duration of that Interest Period shall, subject to (iii) below, be three months;
(iii) the Borrower may not select an Interest Period of one month more than three times during any calendar year; and
(iv) any Interest Period which would otherwise end during the month preceding, or extend beyond, the Final Repayment Date shall be of such duration that it shall end on the Final Repayment Date.
Duration of Interest Periods. (a) Subject to paragraphs (b) and (c) below, each Interest Period for the Loan shall be six (6) Months.
(b) Each Interest Period for the Loan shall start on an Interest Payment Date and ending on the next Interest Payment Date, provided that the first Interest Period for the Loan shall commence on the Utilisation Date and end on the first Interest Payment Date.
(c) An Interest Period for the Loan shall not extend beyond the Final Repayment Date.
Duration of Interest Periods each Interest Period shall be:
a) 3 or 6 months; or
b) such other period as the Lender may agree with the Borrowers.
Duration of Interest Periods. (a) Subject to the provisions of the definition of Interest Period, the duration of each Interest Period applicable to a LIBOR Rate Loan shall be as specified in the applicable Notice of Borrowing or Conversion. The applicable Borrower shall have the option to elect an Interest Period to be applicable to a LIBOR Rate Loan by delivering to the Agent a Notice of Borrowing or Conversion evidencing such election received no later than 10:00 a.m. Boston time on the date two (2) Business Days before the end of the then applicable Interest Period if a LIBOR Rate Loan is to be continued as or a Prime Rate Loan is to be converted to a LIBOR Rate Loan. Each such Notice of Borrowing or Conversion shall specify (i) the effective date of each Loan or portion thereof to be continued or converted to a LIBOR Rate Loan (which must be a Business Day), (ii) the amount of such Loan (which must be a minimum of $100,000 for a Prime Rate Loan and $500,000 and increments of $100,000 for a LIBOR Rate Loan), (iii) the interest rate option to be applicable thereto, and (iv) the duration of the applicable Interest Period, if any (subject to the provisions of the definition of Interest Period).
(b) If the Agent does not receive a notice of election of duration of an Interest Period for a LIBOR Rate Loan pursuant to subsection (a) above within the applicable time limits specified therein, or if, when such notice must be given, a Default exists, the applicable Borrower shall be deemed to have elected to convert such LIBOR Rate Loan in whole into a Prime Rate Loan on the last day of the then current Interest Period with respect thereto.
(c) Notwithstanding the foregoing, (i) URI may not select an Interest Period applicable to any Revolving Credit Advance that would end, but for the provisions of the definition of Interest Period, after the Revolving Credit Termination Date, (ii) URI may not select an Interest Period applicable to any portion of the URI Term Loan that would end, but for the provisions of the definition of Interest Period, after the URI Term Loan Maturity Date, and (iii) Saxet may not select an Interest Period applicable to any portion of the Saxet Term Loan that would end, but for the provisions of the definition of Interest Period, after the Saxet Term Loan Maturity Date.
Duration of Interest Periods and in relation to an Unpaid Sum, each period determined in accordance with Clause 8.3 (Default Interest).
Duration of Interest Periods. (a) Subject to the provisions of the ---------------------------- definition of Interest Period, the duration of each Interest Period applicable to a Loan shall be as specified in the applicable Notice of Borrowing or Conversion. The Company shall have the option to elect a subsequent Interest Period to be applicable to such Loan by giving notice of such election to the Bank received no later than 10:00 a.m. Boston time on the date one Business Day before the end of the then applicable Interest Period if such Loan is to be continued as or converted to an Alternate Base Rate Loan and three Business Days before the end of the then applicable Interest Period is such Loan is to be continued as or converted to a LIBOR Loan.
(b) If the Bank does not receive a notice of election of duration of an Interest Period for a LIBOR Loan pursuant to subsection (a) above within the applicable time limits specified therein, or if, when such notice must be given, a Default exists, the Company shall be deemed to have elected to convert such Loan in whole into an Alternate Base Rate Loan on the last day of the then current Interest Period with respect thereto.
(c) Notwithstanding the foregoing, the Company may not select an Interest Period that would end, but for the provisions of the definition of Interest Period, after the Revolving Credit Termination Date.
Duration of Interest Periods. (a) The first Interest Period for a Loan shall begin at the Utilization Date for such Loan and end on the date falling immediately prior to the next occurring Interest Payment Date. Thereafter, each subsequent Interest Period shall commence on each Interest Payment Date and end on the date falling immediately prior to the next occurring Interest Payment Date.
(b) An Interest Period for a Loan shall not extend beyond the relevant Termination Date.
Duration of Interest Periods. Each Interest Period shall be 6 months and shall end on the next succeeding Repayment Date.
Duration of Interest Periods. (a) Subject to the provisions of the definition of Interest Period, the duration of each Interest Period applicable to a Loan shall be as specified in the applicable Notice of Borrowing or Notice of Continuation or Conversion delivered pursuant to the provisions of Section 2.1.4. or Section 2.2.2.
(b) If the Bank does not receive a notice of election of duration of an Interest Period for a Loan pursuant to subsection (a) above within the applicable time limits specified therein, or if a Default or an Event of Default exists when such notice must be given, the Company shall be deemed to have elected to convert such Loan in whole into a Prime Rate Loan on the last day of the then current Interest Period with respect thereto, except that if such Loan is converted to a Prime Rate Loan because an Event of Default exists, the rate of interest payable on all Loans shall be the Default Rate.
(c) Notwithstanding the foregoing, the Company may not select an Interest Period that would end, but for the provisions of the definition of Interest Period, after the Scheduled Maturity Date.
