Common use of Selection and duration of Pre-Delivery Interest Periods and Interest Periods Clause in Contracts

Selection and duration of Pre-Delivery Interest Periods and Interest Periods. 5.3.1 Subject to the other provisions of this Clause 5, 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 Pre-Delivery Interest Period in respect of a Portion or part thereof or Interest Period in respect of the Loan, specifying whether that interest period is to be of three (3) or six (6) months’ duration or end on the next Cash Sweep Payment Date or Repayment Date. Pre-Delivery Interest Periods shall commence, in the case of the first in respect of the first part of Portion 1 and Portion 2 to be drawn down, on the First Drawdown Date, in the case of the first in respect of the first part of Portion 3 to be drawn down on the first Pre-Delivery Interest Payment Date and, in the case of Pre-Delivery Interest Periods other than the first in respect of any Portion or part thereof, on the expiry of the preceding Pre-Delivery Interest Period. Interest Periods in respect of the Loan shall commence, in the case of the first, on the Termination Date and, in the case of Interest Periods other than the first, on the expiry of the preceding Interest Period. However, the Agent shall have the right to adjust the length of any Pre-Delivery Interest Period for a part of a Portion (other than the first part to be drawn down) such that it ends on the same date as any existing Pre-Delivery Interest Period in respect of that Portion and the first Pre-Delivery Interest Period in respect of a Portion such that it ends on the same date as the current Pre-Delivery Interest Period of the other Portions. The final Pre-Delivery Interest Period in respect of a Portion, the Portions or any part thereof (as the case may be) shall end on the Termination Date and the final Interest Period shall end on the final Repayment Date. 5.3.2 Subject to the consent of Hermes and of each of the Lenders which consents have not, at the date hereof, been obtained, and provided that any such consents obtained remain in full force and effect on the date of the Election Notice (as hereinafter defined), the Borrower may, if no Event of Default has occurred and is continuing and no Total Loss has occurred, at any time prior to the Termination Date, elect to convert the basis upon which interest is calculated hereunder by giving notice (an “Election Notice”) to the Agent not less than fifteen (15) Business Days (or such shorter time as the parties may agree) before the date on which the Interest Exchange Arrangements are to be entered into (the “Election Date”) to request that with effect from the Termination Date (the “Conversion Date”) the rate of interest applicable to the Loan then outstanding shall be the Fixed Rate. 5.3.3 The Borrower shall forthwith provide a copy of the Election Notice to the Guarantor, who shall upon receipt provide a written confirmation to both the Borrower and the Agent that the Guarantee remains in full force and effect, PROVIDED ALWAYS that no Interest Exchange Arrangement will be entered into by a Lender unless a confirmation satisfactory to the Agent, the Lenders and Hermes is received from the Guarantor. 5.3.4 Any such request under Clause 5.3.2 shall be irrevocable, provided that any informal request made by the Borrower to the Agent for an indication of the rates which might be available should the Borrower deliver an Election Notice shall not be construed as the giving of an Election Notice by the Borrower pursuant to Clause 5.3.2. The parties hereto agree that not more than two (2) informal requests may be made. 5.3.5 On receipt of an Election Notice from the Borrower pursuant to Clause 5.3.2, the Agent shall promptly notify the Lenders of such election and of the applicable Election Date and Conversion Date.

Selection and duration of Pre-Delivery Interest Periods and Interest Periods. 5.3.1 Subject to the other provisions of this Clause 5, 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 Pre-Delivery Interest Period in respect of a Portion or part thereof or Interest Period in respect of the LoanLoan (prior to the Conversion Date) or the Delayed Principal Amount, specifying whether that interest period is to be of three (3) or six (6) months’ duration or end on the next Cash Sweep Payment Date or Repayment Date. Pre-Delivery Interest Periods shall commence, in the case of the first in respect of the first part of Portion 1 and Portion 2 to be drawn down, on the First Drawdown Date, in the case of the first in respect of the first part of Portion 3 to be drawn down on the first Pre-Delivery Interest Payment Date and, in the case of Pre-Delivery Interest Periods other than the first in respect of any Portion or part thereof, on the expiry of the preceding Pre-Delivery Interest Period. Interest Periods in respect of the Loan and the Delayed Principal Xxxxxx shall commence, in the case of the first, on the Termination Date and 4 August 2009 respectively and, in the case of Interest Periods other than the first, on the expiry of the preceding Interest Period. However, the Agent shall have the right to adjust the length of any Pre-Delivery Interest Period for a part of a Portion (other than the first part to be drawn down) such that it ends on the same date as any existing Pre-Delivery Interest Period in respect of that Portion and the first Pre-Delivery Interest Period in respect of a Portion such that it ends on the same date as the current Pre-Delivery Interest Period of the other Portions. The final Pre-Delivery Interest Period in respect of a Portion, the Portions or any part thereof (as the case may be) shall end on the Termination Date and the final Interest Period shall end on the final Repayment Date. 5.3.2 Subject to the consent of Hermes and of each of the Lenders which consents have not, at the date hereof, been obtained, and provided that any such consents obtained remain remaining in full force and effect on the date of the Election Notice (as hereinafter defined), the Borrower may, if no Event of Default has occurred and is continuing and no Total Loss has occurred, at any time prior to the Termination Date29 September 2006, elect to convert the basis upon which interest is calculated hereunder by giving notice (an “Election Notice”) to the Agent not less than fifteen (15) Business Days (or such shorter time as the parties may agree) before the date on which the Interest Exchange Arrangements are to be entered into (the “Election Date”) to request that with effect from the Termination Date a date on or prior to 29 September 2006 (the “Conversion Date”) the rate of interest applicable to the Loan then outstanding shall be the Fixed Rate. 5.3.3 The Borrower shall forthwith provide a copy of the Election Notice to the Guarantor, who shall upon receipt provide a written confirmation to both the Borrower and the Agent that the Guarantee remains in full force and effect, PROVIDED ALWAYS that no Interest Exchange Arrangement will be entered into by a Lender unless a confirmation satisfactory to the Agent, the Lenders and Hermes is received from the Guarantor. 5.3.4 Any such request under Clause 5.3.2 shall be irrevocable, provided that any informal request made by the Borrower to the Agent for an indication of the rates which might be available should the Borrower deliver an Election Notice shall not be construed as the giving of an Election Notice by the Borrower pursuant to Clause 5.3.2. The parties hereto agree that not more than two (2) informal requests may be made. 5.3.5 On receipt of an Election Notice from the Borrower pursuant to Clause 5.3.2, the Agent shall promptly notify the Lenders of such election and of the applicable Election Date and Conversion Date.

Selection and duration of Pre-Delivery Interest Periods and Interest Periods. 5.3.1 Subject to the other provisions of this Clause 5, 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 Pre-Delivery Interest Period in respect of a Portion or part thereof or Interest Period in respect of the Loan, specifying whether that interest period is to be of three (3) or six (6) months’ duration or end on the next Cash Sweep Payment Date or Repayment Date' duration. Pre-Delivery Interest Periods shall commence, in the case of the first in respect of the first part of Portion 1 and Portion 2 to be drawn down, on the First Drawdown Date, in the case of the first in respect of the first part of Portion 3 to be drawn down on the first Pre-Delivery Interest Payment Date and, in the case of Pre-Delivery Interest Periods other than the first in respect of any Portion or part thereof, on the expiry of the preceding Pre-Delivery Interest Period. Interest Periods in respect of the Loan shall commence, in the case of the first, on the Termination Date and, in the case of Interest Periods other than the first, on the expiry of the preceding Interest Period. However, the Agent shall have the right to adjust the length of any Pre-Delivery Interest Period for a part of a Portion (other than the first part to be drawn down) such that it ends on the same date as any existing Pre-Delivery Interest Period in respect of that Portion and the first Pre-Delivery Interest Period in respect of a Portion such that it ends on the same date as the current Pre-Delivery Interest Period of the other Portions. The final Pre-Delivery Interest Period in respect of a Portion, the Portions or any part thereof (as the case may be) shall end on the Termination Date and the final Interest Period shall end on the final Repayment Date. 5.3.2 Subject to the consent of Hermes and of each of the Lenders which consents have not, at the date hereof, been obtained, and provided that any such consents obtained remain in full force and effect on the date of the Election Notice (as hereinafter defined), the Borrower may, if no Event of Default has occurred and is continuing and no Total Loss has occurred, at any time prior to the Termination Date, elect to convert the basis upon which interest is calculated hereunder by giving notice (an “Election Notice”"ELECTION NOTICE") to the Agent not less than fifteen (15) Business Days (or such shorter time as the parties may agree) before the date on which the Interest Exchange Arrangements are to be entered into (the “Election Date”"ELECTION DATE") to request that with effect from the Termination Date (the “Conversion "CONVERSION Date”") the rate of interest applicable to the Loan then outstanding shall be the Fixed Rate. 5.3.3 The Borrower shall forthwith provide a copy of the Election Notice to the Guarantor, who shall upon receipt provide a written confirmation to both the Borrower and the Agent that the Guarantee remains in full force and effect, PROVIDED ALWAYS that no Interest Exchange Arrangement will be entered into by a Lender unless a confirmation satisfactory to the Agent, the Lenders and Hermes is received from the Guarantor. 5.3.4 Any such request under Clause 5.3.2 shall be irrevocable, provided that any informal request made by the Borrower to the Agent for an indication of the rates which might be available should the Borrower deliver an Election Notice shall not be construed as the giving of an Election Notice by the Borrower pursuant to Clause 5.3.2. The parties hereto agree that not more than two (2) informal requests may be made5. 5.3.5 On receipt of an Election Notice from the Borrower pursuant to Clause 5.3.2, the Agent shall promptly notify the Lenders of such election and of the applicable Election Date and Conversion Date.

Selection and duration of Pre-Delivery Interest Periods and Interest Periods. 5.3.1 Subject to the other provisions of this Clause 5, 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 Pre-Delivery Interest Period in respect of a Portion or part thereof or Interest Period in respect of the Loan, specifying whether that interest period is to be of three (3) or six (6) months’ duration or end on the next Cash Sweep Payment Date or Repayment Dateduration. Pre-Delivery Interest Periods shall commence, in the case of the first in respect of the first part of Portion 1 and Portion 2 to be drawn down, on the First Drawdown Date, in the case of the first in respect of the first part of Portion 3 to be drawn down on the first Pre-Delivery Interest Payment Date and, in the case of Pre-Delivery Interest Periods other than the first in respect of any Portion or part thereof, on the expiry of the preceding Pre-Delivery Interest Period. Interest Periods in respect of the Loan shall commence, in the case of the first, on the Termination Date and, in the case of Interest Periods other than the first, on the expiry of the preceding Interest Period. However, the Agent shall have the right to adjust the length of any Pre-Delivery Interest Period for a part of a Portion (other than the first part to be drawn down) such that it ends on the same date as any existing Pre-Delivery Interest Period in respect of that Portion and the first Pre-Delivery Interest Period in respect of a Portion such that it ends on the same date as the current Pre-Delivery Interest Period of the other Portions. The final Pre-Delivery Interest Period in respect of a Portion, the Portions or any part thereof (as the case may be) shall end on the Termination Date and the final Interest Period shall end on the final Repayment Date. 5.3.2 Subject to the consent of Hermes and of each of the Lenders which consents have not, at the date hereof, been obtained, and provided that any such consents obtained remain in full force and effect on the date of the Election Notice (as hereinafter defined), the Borrower may, if no Event of Default has occurred and is continuing and no Total Loss has occurred, at any time prior to the Termination Date, elect to convert the basis upon which interest is calculated hereunder by giving notice (an “Election Notice”) to the Agent not less than fifteen (15) Business Days (or such shorter time as the parties may agree) before the date on which the Interest Exchange Arrangements are to be entered into (the “Election Date”) to request that with effect from the Termination Date (the “Conversion Date”) the rate of interest applicable to the Loan then outstanding shall be the Fixed Rate. 5.3.3 The Borrower shall forthwith provide a copy of the Election Notice to the Guarantor, who shall upon receipt provide a written confirmation to both the Borrower and the Agent that the Guarantee remains in full force and effect, PROVIDED ALWAYS that no Interest Exchange Arrangement will be entered into by a Lender unless a confirmation satisfactory to the Agent, the Lenders and Hermes is received from the Guarantor. 5.3.4 Any such request under Clause 5.3.2 shall be irrevocable, provided that any informal request made by the Borrower to the Agent for an indication of the rates which might be available should the Borrower deliver an Election Notice shall not be construed as the giving of an Election Notice by the Borrower pursuant to Clause 5.3.2. The parties hereto agree that not more than two (2) informal requests may be made. 5.3.5 On receipt of an Election Notice from the Borrower pursuant to Clause 5.3.2, the Agent shall promptly notify the Lenders of such election and of the applicable Election Date and Conversion Date.

Selection and duration of Pre-Delivery Interest Periods and Interest Periods. 5.3.1 Subject to the other provisions of this Clause 5, 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 Pre-Delivery Interest Period in respect of a Portion or part thereof or Interest Period in respect of the Loan, specifying whether that interest period is to be of three (3) or six (6) months’ duration or end on the next Cash Sweep Payment Date or Repayment Dateduration. Pre-Delivery Interest Periods shall commence, in the case of the first in respect of the first part of Portion 1 and Portion 2 to be drawn down, on the First Drawdown Date, in the case of the first in respect of the first part of Portion 3 to be drawn down on the first Pre-Delivery Interest Payment Date and, in the case of Pre-Delivery Interest Periods other than the first in respect of any Portion or part thereof, on the expiry of the preceding Pre-Delivery Interest Period. Interest Periods in respect of the Loan shall commence, in the case of the first, on the Termination Date and, in the case of Interest Periods other than the first, on the expiry of the preceding Interest Period. However, the Agent shall have the right to adjust the length of any Pre-Delivery Interest Period for a part of a Portion (other than the first part to be drawn down) such that it ends on the same date as any existing Pre-Delivery Interest Period in respect of that Portion and the first Pre-Delivery Interest Period in respect of a Portion such that it ends on the same date as the current Pre-Delivery Interest Period of the other Portions. The final Pre-Delivery Interest Period in respect of a Portion, the Portions or any part thereof (as the case may be) shall end on the Termination Date and the final Interest Period shall end on the final Repayment Date. 5.3.2 Subject to the consent of Hermes and of each of the Lenders which consents have not, at the date hereof, been obtained, and provided that any such consents obtained remain remaining in full force and effect on the date of the Election Notice (as hereinafter defined), the Borrower may, if no Event of Default has occurred and is continuing and no Total Loss has occurred, at any time prior to the Termination Date29 September 2006, elect to convert the basis upon which interest is calculated hereunder by giving notice (an “Election Notice”) to the Agent not less than fifteen (15) Business Days (or such shorter time as the parties may agree) before the date on which the Interest Exchange Arrangements are to be entered into (the “Election Date”) to request that with effect from the Termination Date a date on or prior to 29 September 2006 (the “Conversion Date”) the rate of interest applicable to the Loan then outstanding shall be the Fixed Rate. 5.3.3 The Borrower shall forthwith provide a copy of the Election Notice to the Guarantor, who shall upon receipt provide a written confirmation to both the Borrower and the Agent that the Guarantee remains in full force and effect, PROVIDED ALWAYS that no Interest Exchange Arrangement will be entered into by a Lender unless a confirmation satisfactory to the Agent, the Lenders and Hermes is received from the Guarantor. 5.3.4 Any such request under Clause 5.3.2 shall be irrevocable, provided that any informal request made by the Borrower to the Agent for an indication of the rates which might be available should the Borrower deliver an Election Notice shall not be construed as the giving of an Election Notice by the Borrower pursuant to Clause 5.3.2. The parties hereto agree that not more than two (2) informal requests may be made. 5.3.5 On receipt of an Election Notice from the Borrower pursuant to Clause 5.3.2, the Agent shall promptly notify the Lenders of such election and of the applicable Election Date and Conversion Date.