Common use of Selection of Interest Period Clause in Contracts

Selection of Interest Period. An Interest Period for a Drawing is: (a) for the first Interest Period, the period specified in the Drawdown Notice for that Drawing; and (b) for each subsequent Interest Period, a period notified in a Selection Notice given by the Obligors’ Agent to the Financier on the Business Day before the last day of the current Interest Period. However, in each case, the specified period must be one that is set out in the Details. If the Obligors’ Agent does not give correct notice, the subsequent Interest Period is the same length as the Interest Period which immediately precedes it (or it is the period until the Maturity Date, if that is shorter than the preceding Interest Period).

Selection of Interest Period. An Interest Period for a Drawing is: (a) for the first Interest Period, the period specified in the Drawdown Notice for that Drawing; and (b) for each subsequent Interest Period, a period notified in a Selection Notice given by the Obligors’ Agent Borrower to the Financier on the Business Day before the last day of the current Interest Period. However, in each case, the specified period must be one that is set out in the Details. If the Obligors’ ' Agent does not give correct notice, the subsequent Interest Period is the same length as the Interest Period which immediately precedes it (or it is the period until the Maturity Date, if that is shorter than the preceding Interest Period).

Selection of Interest Period. An Interest Period for a Drawing is: (a) for the first Interest Period, the period specified in the Drawdown Notice for that Drawing; and (b) for each subsequent Interest Period, a period notified in a Selection Notice given by the [Borrower / Obligors’ Agent Agent] to the Financier on the Business Day before the last day of the current Interest Period. However, in each case, the specified period must be one that is set out in the Details. If the Obligors’ Agent does not give correct notice, the subsequent Interest Period is the same length as the Interest Period which immediately precedes it (or it is the period until the Maturity Date, if that is shorter than the preceding Interest Period).