Common use of Interest Periods and Contract Periods Clause in Contracts

Interest Periods and Contract Periods. In connection with the making, conversion or continuation of (a) any LIBOR Loans, the Lead Borrower (in the case of Loans to a U.S. Borrower or the Canadian Borrower) or the German Lead Borrower (in the case of Loans to a German Borrower) shall select an interest period (“Interest Period”) to apply, which interest period shall be one, two, three or six months and (b) any B/A Equivalent Loans, the Canadian Borrower shall select a Contract Period to apply, which Contract Period shall be one, two, three or six months; provided, however, that: (a) the Interest Period or Contract Period shall commence on the date the Revolver Loan, is made or continued as, or converted into, a LIBOR Loan or a B/A Equivalent Loan, as applicable, and shall expire on the numerically corresponding day in the calendar month at its end; (b) if any Interest Period or Contract Period commences on a day for which there is no corresponding day in the calendar month at its end or if such corresponding day falls after the last Business Day of such month, then the Interest Period or Contract Period shall expire on the last Business Day of such month; and if any Interest Period or Contract Period would expire on a day that is not a Business Day, the period shall expire on the next Business Day; and (c) no Interest Period or Contract Period shall extend beyond the Revolver Termination Date.