DURATION OF INTEREST PERIODS. (a) Prior to March 31, 2001, the term of each Interest Period in relation to the Advances under the General Tranche and the Working Capital Tranche shall be three or six months at the option of the Borrower. In such case, the Borrower may select an Interest Period for an Advance in either the relevant Drawdown Request for such Advance or, if the Advance has already been borrowed, a notice to be received by the Facility Agent not later than 10.00 a.m. (Munich time) on the fifth Business Day prior to the commencement of that Interest Period. If the Borrower fails to specify the term of an Interest Period this term shall be six months. The first Interest Period with respect to an Advance shall commence on the first Drawdown Date and, subject to Article 8.9, shall end on the Interest Payment Date of such Interest Period. Each subsequent Interest Period shall commence upon expiry of the previous Interest Period. Notwithstanding the foregoing, the first Interest Period for each Advance under the General Tranche or, as the case may be, the Working Capital Tranche other than the first Advance shall end on the same day as the current Interest Period for any previous Advance under the General Tranche or, as the case may be, the Working Capital Tranche. On the last day of those Interest Periods, those Advances shall be consolidated and treated as one Advance. If any Interest Period in effect on March 31, 2001 would end on a day which is later than March 31, 2001, such Interest Period shall automatically end on March 31, 2001.
