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 Borrowers to the Agent not later than 11:00 a.m. (London time) 2 Business Days before the commencement of the Interest Period; or (b) in the case of the first Interest Period applicable to the second Advance, a period ending on the last day of the Interest Period applicable to the first Advance then current, whereupon both Advances shall be consolidated and treated as a single Advance; (c) in the case of the first Interest Period applicable to the second and any subsequent Advance, a period ending on the last day of the then current Interest Period applicable to the first or subsequent Advances; (d) 3 months, if the Borrowers fail to notify the Agent by the time specified in paragraph (a); or (e) such other period as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrowers.