Common use of Selection of an optional duration Clause in Contracts

Selection of an optional duration. (a) If a Borrower selects an Interest Period of an optional duration, it may also select in the relevant Request or notice an Interest Period of an approved duration to apply if the selection of an Interest Period of an optional duration becomes ineffective in accordance with paragraph (b) below. (b) If:- (i) a Borrower requests an Interest Period of an optional duration; and (ii) the Agent receives notice from a Bank not later than 3.00 p.m. on the Business Day before the beginning of that Interest Period that it does not agree to the request, the Interest Period for the proposed Loan shall be the alternative period of an approved duration specified in the relevant Request or notice or, in the absence of any alternative selection, 3 months. (c) If the Agent receives a notice from a Bank under paragraph (b) above, it shall notify the relevant Borrower and the Banks promptly of the new Interest Period for the proposed Loan.

Selection of an optional duration. (a) If a Borrower selects requests an Interest Period of an optional durationor a Term in a Utilisation Request other than 1, 2, 3 or 6 months, it may also select in the relevant Utilisation Request or notice an alternative Interest Period or Term of an approved duration 1, 2, 3 or 6 months to apply if the selection of an Interest Period of an optional duration becomes ineffective in accordance with and paragraph (b) belowbelow shall apply. (b) If:-If: (i) a Borrower requests an Interest Period of an optional durationor a Term other than 1, 2, 3 or 6 months; and and (ii) the Agent receives notice from a Bank not later than 3.00 p.m. on the Business Day before the beginning of that Interest Period Relevant Time stating that it does not agree to the such request, then the Interest Period or Term for the proposed Loan Utilisation shall instead be the alternative period of an approved duration specified in the relevant Utilisation Request or notice or, in the absence of any alternative selection, 3 months. (c) If the Agent receives a notice from a Bank under paragraph (bb)(ii) above, above it shall notify the relevant Borrower and the Banks promptly of the new revised Interest Period or Term for the proposed LoanAdvances not later than the Relevant Time.