Common use of When Interest Periods begin and end Clause in Contracts

When Interest Periods begin and end. (a) An Interest Period for a Drawing begins: (i) for the first Interest Period, on its Drawdown Date; and (ii) for each subsequent Interest Period, on the day when the preceding Interest Period for the Drawing ends. (b) An Interest Period which would otherwise end on a day which is not a Business Day ends on the next Business Day (unless that day falls in the following month, in which case the Interest Period ends on the previous Business Day). However, an Interest Period which would otherwise end after the Maturity Date ends on the Maturity Date. (c) If an Interest Period of one or a number of months commences on a date in a month for which there is no corresponding date in the month in which the Interest Period is to end, it will end on the last Business Day of the latter month.