Duration of normal Interest Periods. Subject to Clauses 5.3 and 5.4, each Interest Period in respect of each Advance shall be: (a) 3 or 6 months as notified by the Borrower to the Lender not later than 11.00 a.m. (Athens time) 3 Business Days before the commencement of the Interest Period; (b) in the case of the first Interest Period applicable to the second and any subsequent Advance of a Tranche, a period ending on the last day of the then current Interest Period applicable to such Tranche, whereupon all of the Advances in respect of such Tranche shall be consolidated and treated as a single advance; (c) 3 months, if the Borrower fails to notify the Lender by the time specified in paragraph (a) above; or (d) such other period as the Lender may agree with the Borrower.
Appears in 2 contracts
Sources: Loan Agreement (Danaos Corp), Loan Agreement (Danaos Corp)
Duration of normal Interest Periods. Subject to Clauses 5.3 and 5.4, each Interest Period in respect of each Advance shall be:
(a) 3 1, 3, 6, 9 or 6 12 months as notified by the Borrower to the Lender not later than 11.00 a.m. (Athens Basel time) 3 Business Days before the commencement of the Interest Period;
(b) in the case of the first Interest Period applicable to the second and any subsequent Advance of a Tranche, a period ending on the last day of the then current Interest Period applicable to such Tranche, whereupon all of the Advances in respect of such Tranche shall be consolidated and treated as a single advance;
(c) 3 months, if the Borrower fails to notify the Lender by the time specified in paragraph (a) above; or
(d) such other period as the Lender may agree with the Borrower.
Appears in 1 contract
Sources: Loan Agreement (Danaos Corp)
Duration of normal Interest Periods. Subject to Clauses 5.3 and 5.4, each Interest Period in respect of each Advance shall be:
(a) 1, 3 or 6 months as notified by the Borrower Borrowers to the Lender not later than 11.00 a.m. (Athens London time) 3 Business Days before the commencement of the Interest Period;; or
(b) in the case of the first Interest Period applicable to the second and any subsequent Advance of a each Tranche, a period ending on the last day of the then current Interest Period applicable to such Tranche, whereupon all of the Advances in respect of such Tranche shall be consolidated and treated as a single advanceAdvance;
(c) 3 months, if the Borrower fails Borrowers fail to notify the Lender by the time specified in paragraph (a) above; or
(d) such other period as the Lender may agree with the BorrowerBorrowers.
Appears in 1 contract
Sources: Loan Agreement (Omega Navigation Enterprises, Inc.)
Duration of normal Interest Periods. Subject to Clauses 5.3 and 5.4, each Each Interest Period in respect of each Advance shall be:
(a) 1 or 3 or 6 months as notified by the Borrower to the Lender Agent not later than 11.00 a.m. (Athens Hamburg time) 3 Business Days before the commencement of the Interest Period;Period Provided that there may be no more than 2 Interest Periods having a duration of 1 month in any calendar year; or
(b) in the case of the first Interest Period applicable to the second and any subsequent Advance of a TrancheAdvance, a period ending on the last day of the then current Interest Period applicable to such Tranche, whereupon all of the Advances in respect of such Tranche shall be consolidated and treated as a single advanceAdvance;
(c) 3 months, if the Borrower fails to notify the Lender Agent by the time specified in paragraph (a) above; or
(d) such other period as the Lender may Agent may, with the Majority Lenders’ authority, agree with the Borrower.
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