Common use of Selection and duration of Interest Periods Clause in Contracts

Selection and duration of Interest Periods. The Borrower may give notice to the Agent to be received by the Agent not later than 9.00 a.m. London time five (5) Business Days prior to the commencement of each Interest Period, specifying whether that Interest Period is to be of one (1), three (3) or six (6) months’ duration or of such other period as the Borrower and all the Lenders may agree or end on the next Cash Sweep Payment Date or Maturity Date PROVIDED THAT no more than three (3) Interest Periods of one (1) month’s duration may be requested in any one (1) calendar year in respect of a Tranche. Interest Periods shall commence, in the case of the first in respect of a Drawing, on the relevant Advance Date and, in the case of Interest Periods other than the first, on the expiry of the preceding Interest Period. Each Interest Period shall, subject to the following provisions of this Clause 5, be of a duration selected by the Borrower as above PROVIDED THAT the final Interest Period in respect of a Drawing shall end on the Maturity Date of that Drawing.