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Common use of Duration of normal Interest Periods Clause in Contracts

Duration of normal Interest Periods. Subject to Clauses 6.3, and 6.4, each Interest Period shall be: (a) 3, 6 or 12 months as notified by the Borrower to the Agent not later than 11.00 a.m. (Hamburg time) 3 Business Days before the commencement of the Interest Period; or (b) such other period (as proposed by the Borrower to the Agent not later than 11:00 a.m. (Hamburg time) 5 Business Days before the commencement of the Interest Period in respect of the Loan) as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrower; or (c) 3 months, if the Borrower fails to notify the Agent by the time specified in paragraph (a) or if no such other period is agreed with the Borrower and the Agent in accordance with paragraph (b).

Appears in 4 contracts

Samples: Loan Agreement (Capital Product Partners L.P.), Loan Agreement (Capital Product Partners L.P.), Loan Agreement (Capital Product Partners L.P.)

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Duration of normal Interest Periods. Subject to Clauses 6.3, 6.3 and 6.4, each Interest Period shall be: (a) 3, 6 6, 9 or 12 months as notified by the Borrower Borrowers to the Agent not later than 11.00 a.m. (Hamburg Rotterdam time) 3 2 Business Days before the commencement of the Interest Period; or (b) such other period (as proposed by in the Borrower case of the first Interest Period applicable to the Agent not later than 11:00 a.m. (Hamburg time) 5 Business Days before second and any other subsequent Tranche, a period ending on the commencement last day of the Interest Period in respect of applicable to the Loan) Tranche or Tranches then current, whereupon all Tranches shall be consolidated and treated as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrower; ora single Tranche; (c) 3 months, if the Borrower fails Borrowers fail to notify the Agent by the time specified in paragraph (a); or (d) or if no such other period is agreed as the Agent may, with the Borrower and authorisation of all the Agent in accordance Lenders, agree with paragraph (b)the Borrowers.

Appears in 3 contracts

Samples: Amending and Restating Agreement (Box Ships Inc.), Amending and Restating Agreement (Box Ships Inc.), Loan Agreement (Box Ships Inc.)

Duration of normal Interest Periods. Subject to Clauses 6.3, 6.3 and 6.4, each Interest Period in respect of the Advance shall be: (a) 3, 6 or 12 months as notified by the Borrower to the Agent not later than 11.00 a.m. (Hamburg time) 3 Business Days before the commencement of the Interest Periodmonths; or (b) such other period (as proposed notified by the Borrower to the Agent not later than 11:00 a.m. (Hamburg time) 5 3 Business Days before the commencement of the Interest Period in respect of the LoanAdvance) as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrower; or (c) 3 months, if the Borrower fails to notify the Agent of another period by the time specified in paragraph (a) or if no such other period is agreed with between the Borrower and the Agent in accordance with paragraph (ba).

Appears in 3 contracts

Samples: Loan Agreement (EuroDry Ltd.), Loan Agreement (EuroDry Ltd.), Loan Agreement (Euroseas Ltd.)

Duration of normal Interest Periods. Subject to Clauses 6.3, 6.3 and 6.4, each Interest Period shall be: (a) 3, 3 or 6 or 12 months as notified by the Borrower to the Agent not later than 11.00 11:00 a.m. (Hamburg New York time) 3 three (3) Business Days before the commencement of the Interest Period; or; (b) such in the case of the first Interest Period applicable to each Advance other than the first Advance, a period (as proposed by ending on the Borrower to the Agent not later than 11:00 a.m. (Hamburg time) 5 Business Days before the commencement last day of the Interest Period in respect of applicable to the Loan) prior Advances then outstanding, whereupon all Advances shall be consolidated and treated as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrower; ora single Advance; (c) 3 months, if the Borrower fails to notify the Agent by the time specified in paragraph (a); or (d) or if no such other period is agreed as the Agent may, with the Borrower and authorization of the Agent in accordance Majority Lenders, agree with paragraph (b)the Borrower.

Appears in 3 contracts

Samples: Loan Agreement (Scorpio Tankers Inc.), Loan Agreement (Scorpio Tankers Inc.), Loan Agreement (Scorpio Tankers Inc.)

Duration of normal Interest Periods. Subject to Clauses 6.3, 6.3 and 6.4, each Interest Period shall be: (a) 1, 3, 6 or 12 9 months as notified by the Borrower Borrowers to the Agent not later than 11.00 a.m. (Hamburg Rotterdam time) 3 Business Days before the commencement of the Interest PeriodPeriod Provided that the Borrowers may not select a 1-month Interest Period more than 4 times per calendar year; or (b) such other period (as proposed by the Borrower to the Agent not later than 11:00 a.m. (Hamburg time) 5 Business Days before the commencement of the Interest Period in respect of the Loan) as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrower; or (c) 3 months, if the Borrower fails Borrowers fail to notify the Agent by the time specified in paragraph (a); or (c) or if no such other period is agreed as the Agent may, with the Borrower and authorisation of all the Agent in accordance Lenders, agree with paragraph (b)the Borrowers.

Appears in 2 contracts

Samples: Loan Agreement (Diana Shipping Inc.), Loan Agreement (Diana Shipping Inc.)

Duration of normal Interest Periods. Subject to Clauses 6.3, 6.3 and 6.4, each Interest Period (other than the first Interest Period to which Clause 6.1 shall apply) shall be: (a) 31, 2, 3 or 6 or 12 months as notified by the Borrower to the Agent not later than 11.00 a.m. (Hamburg London time) 3 Business Days before the commencement of the Interest Period; or; (b) such other period (as proposed by the Borrower to the Agent not later than 11:00 a.m. (Hamburg time) 5 Business Days before the commencement of the Interest Period in respect of the Loan) as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrower; or (c) 3 months, if the Borrower fails to notify the Agent by the time specified in paragraph (a); or (c) or if no such other period is agreed as the Agent may, with the Borrower and authorisation of all the Agent in accordance Lenders, agree with paragraph (b)the Borrower.

Appears in 2 contracts

Samples: Loan Agreement (GasLog Partners LP), Loan Agreement

Duration of normal Interest Periods. Subject to Clauses 6.3, 6.3 and 6.4, each Interest Period shall be: (a) 1, 2, 3, 6 or 12 months as notified by the Borrower to the Agent not later than 11.00 a.m. (Hamburg London time) 3 Business Days before the commencement of the Interest Period; or (b) such other period (as proposed by the Borrower to the Agent not later than 11:00 a.m. (Hamburg time) 5 2 Business Days before the commencement of the Interest Period in respect subject to the consent of the Loan) as Lenders in their discretion in the Agent may, with case that the authorisation of the Majority Lenders, agree with the BorrowerInterest Period is longer than 6 months; or (cb) 3 months, if the Borrower fails to notify the Agent by the time specified in paragraph (a) or if no above; or (c) such other period is agreed as the Agent may, with the Borrower and authorisation of all the Agent in accordance Lenders, agree with paragraph (b)the Borrower.

Appears in 1 contract

Samples: Loan Agreement (Tsakos Energy Navigation LTD)

Duration of normal Interest Periods. Subject to Clauses Clause 6.3, and 6.4, each Interest Period in respect of each Advance shall be: (a) 3, 3 or 6 or 12 months as notified by the Borrower to the Agent not later than 11.00 a.m. (Hamburg time) 3 Business Days before the commencement of the Interest Period; or; (b) such other period (as proposed by in the Borrower case of the first Interest Period applicable to the Agent not later than 11:00 a.m. (Hamburg time) 5 Business Days before second and any subsequent Advance, a period ending on the commencement last day of the then current Interest Period in respect Period, whereupon all of the Loan) Advances shall be consolidated and treated as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrower; ora single Advance; (c) 3 months, if the Borrower fails to notify the Agent by the time specified in paragraph (a) or if no above; or (d) such other period is agreed as the Agent may, with the Borrower and Majority Lenders’ authority, agree with the Agent in accordance with paragraph (b)Borrower.

Appears in 1 contract

Samples: Loan Agreement (Star Bulk Carriers Corp.)

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Duration of normal Interest Periods. Subject to Clauses 6.36.1, 6.3 and 6.4, each Interest Period shall be: (a) 3, 6 or 12 9 months as notified by the Borrower to the Agent not later than 11.00 a.m. (Hamburg Amsterdam time) 3 5 Business Days before the commencement of the Interest Period; or (b) such other period (as proposed by in the Borrower to the Agent not later than 11:00 a.m. (Hamburg time) 5 Business Days before the commencement case of the first Interest Period in respect of applicable to each Tranche, a period ending on the Loan) as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrowerfirst Repayment Date relating to that Tranche; or (c) 3 months, if the Borrower fails to notify the Agent by the time specified in paragraph (a); or (d) or if no such other period is agreed as the Agent may, with the Borrower and authorisation of all the Agent in accordance Lenders, agree with paragraph (b)the Borrower.

Appears in 1 contract

Samples: Loan Agreement (Scorpio Tankers Inc.)

Duration of normal Interest Periods. Subject to Clauses 6.3, 6.3 and 6.4, each Interest Period shall be: (a) 31, 3 or 6 or 12 months as notified by the Borrower to the Agent not later than 11.00 a.m. (Hamburg London time) 3 Business Days before the commencement of the Interest PeriodPeriod Provided that there may be no more than 3 Interest Periods having a duration of 1 month in any calendar year; or (b) such other period (as proposed by the Borrower to the Agent not later than 11:00 a.m. (Hamburg time) 5 Business Days before the commencement of the Interest Period in respect of the Loan) as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrower; or (c) 3 months, if the Borrower fails to notify the Agent by the time specified in paragraph (a); or (c) or if no such other period is agreed as the Agent may, with the Borrower and authorisation of the Agent in accordance Majority Lenders, agree with paragraph (b)the Borrower.

Appears in 1 contract

Samples: Amending and Restating Agreement (Seacastle Inc.)

Duration of normal Interest Periods. Subject to Clauses 6.3, 6.3 and 6.4, each Interest Period shall be: (a) 1, 2, 3, or 6 or 12 months as notified by the Borrower to the Agent not later than 11.00 11:00 a.m. (Hamburg New York time) 3 three (3) Business Days before the commencement of the Interest Period; or; (b) such in the case of the first Interest Period applicable to each Advance other than the first Advance, a period (as proposed by ending on the Borrower to the Agent not later than 11:00 a.m. (Hamburg time) 5 Business Days before the commencement last day of the Interest Period in respect of applicable to the Loan) prior Advances then outstanding, whereupon all Advances shall be consolidated and treated as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrower; ora single Advance; (c) 3 months, if the Borrower fails to notify the Agent by the time specified in paragraph (a); or (d) or if no such other period is agreed as the Agent may, with the Borrower and authorization of all Lenders, agree with the Agent in accordance with paragraph (b)Borrower.

Appears in 1 contract

Samples: Loan Agreement (Scorpio Tankers Inc.)

Duration of normal Interest Periods. Subject to Clauses 6.3, 6.3 and 6.4, each Interest Period shall be: (a) 3, 3 or 6 or 12 months as notified by the Borrower to the Agent not later than 11.00 a.m. (Hamburg London time) 3 5 Business Days before the commencement of the Interest Period; or (b) such other period (as proposed by in the Borrower to the Agent not later than 11:00 a.m. (Hamburg time) 5 Business Days before the commencement case of the first Interest Period in respect of applicable to each Tranche, a period ending on the Loan) as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrowerfirst Repayment Date relating to that Tranche; or (c) 3 months, if the Borrower fails to notify the Agent by the time specified in paragraph (a); or (d) or if no such other period is agreed as the Agent may, with the Borrower and authorisation of all the Agent in accordance Lenders, agree with paragraph (b)the Borrower.

Appears in 1 contract

Samples: Loan Agreement (Scorpio Bulkers Inc.)

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