Common use of Extension and shortening of Pre-Redelivery Interest Periods or Interest Periods Clause in Contracts

Extension and shortening of Pre-Redelivery Interest Periods or Interest Periods. If a Pre-Redelivery Interest Period or an Interest Period would otherwise end on a day which is not a Business Day, the Pre-Redelivery Interest Period or Interest Period shall be extended until the next following Business Day unless the next following Business Day falls in the next calendar month or the Interest Period has been selected pursuant to Clause 5.3.2 in which case the Interest Period will be shortened to expire on the preceding Business Day. If a Pre-Redelivery Interest Period or an Interest Period commences on the last Business Day in a month or if there is no day in the month in which the Pre-Redelivery Interest Period or Interest Period will end which corresponds numerically to the day on which it begins, the Pre-Redelivery Interest Period or Interest Period shall end on the last Business Day in that month.