Selection of Interest Periods. In each Notice of Borrowing delivered pursuant to Section 3.2, Section 5.2, Section 6.2 or Section 7.2, each Notice of Conversion delivered pursuant to Section 3.8, Section 5.6, Section 6.6 or Section 7.6 and each Notice of Rollover delivered pursuant to Section 8.14 in which the Borrower has elected a Borrowing, Conversion Advance or Rollover Advance comprising a SOFR Loan Portion, the Borrower shall and, at least three (3) Business Days prior to the last day of each Interest Period in respect of each SOFR Loan Portion, the Borrower may, select and notify the Administrative Agent of the Interest Period applicable to such SOFR Loan Portion commencing on the Drawdown Date, Conversion Date, Rollover Date or last day of the Interest Period, as the case may be, and ending on a Business Day, which period shall be one month, three months or six months as the Borrower may elect, the whole subject to market availability; provided, however, that: 9.8.1 if the Borrower fails to so elect the duration of any Interest Period, the Borrower shall be deemed to have selected an Interest Period of one (1) month; 9.8.2 no Interest Period in respect of a SOFR Loan Portion under the Facility A Credit shall end after the Facility A Maturity Date; 9.8.3 no Interest Period in respect of a SOFR Loan Portion under the Facility C Credit shall end after the Facility C Maturity Date; 9.8.4 no Interest Period in respect of a SOFR Loan Portion under the Facility D Credit shall end after the Facility D Maturity Date; 9.8.5 no Interest Period in respect of a SOFR Loan Portion under the Facility E Credit shall end after the Facility E Maturity Date; and 9.8.6 the aggregate amount in respect of which the Borrower selects an Interest Period shall not be less than US$1,000,000 and in integral multiples of US$100,000 in excess thereof.
Appears in 2 contracts
Sources: Credit Agreement (GFL Environmental Inc.), Credit Agreement (GFL Environmental Inc.)
Selection of Interest Periods. In each Notice of Borrowing delivered pursuant (a) The first Interest Period for the Loan as specified in the Drawdown Request shall be three Months from the Drawdown Date or such other period as may be agreed in accordance with paragraph (e) below.
(b) Subject to Section 3.2, Section 5.2, Section 6.2 or Section 7.2, each Notice of Conversion delivered pursuant to Section 3.8, Section 5.6, Section 6.6 or Section 7.6 paragraphs (e) and each Notice of Rollover delivered pursuant to Section 8.14 in which the Borrower has elected a Borrowing, Conversion Advance or Rollover Advance comprising a SOFR Loan Portion(g) below, the Borrower shall and, at least three (3) Business Days prior to the last day of may select each subsequent Interest Period in respect of each SOFR the Loan Portion, in a Selection Notice.
(c) Each Selection Notice is irrevocable and must be delivered to the Facility Agent by the Borrower may, select and notify not later than the Administrative Agent of the Interest Period applicable to such SOFR Loan Portion commencing on the Drawdown Date, Conversion Date, Rollover Date or last day of the Interest Period, as the case may be, and ending on a Business Day, which period shall be one month, three months or six months as the Borrower may elect, the whole subject to market availability; provided, however, that:Specified Time.
9.8.1 if (d) If the Borrower fails to so elect deliver a Selection Notice to the duration of any Facility Agent in accordance with paragraphs (b) and (c) above, the relevant Interest PeriodPeriod will, subject to Clause 9.2 (Changes to Interest Periods) and paragraph (g) below, be three Months.
(e) Subject to this Clause 9 (Interest Periods), the Borrower shall be deemed to have selected may select an Interest Period of one three Months or any other period (1up to a maximum of 12 Months) month;agreed between the Borrower and the Facility Agent (acting on the instructions of all the Lenders).
9.8.2 no (f) An Interest Period in respect of a SOFR the Loan Portion under shall not extend beyond the Facility A Credit shall end after the Facility A Maturity Date;.
9.8.3 no Interest Period in (g) In respect of a SOFR Loan Portion under the Facility C Credit shall end after the Facility C Maturity Date;
9.8.4 no Interest Period in respect of a SOFR Loan Portion under the Facility D Credit shall end after the Facility D Maturity Date;
9.8.5 no Interest Period in respect of a SOFR Loan Portion under the Facility E Credit shall end after the Facility E Maturity Date; and
9.8.6 the aggregate amount in respect of which the Borrower selects Repayment Instalment, an Interest Period for a part of the Loan equal to such Repayment Instalment shall not be less than US$1,000,000 end on the Repayment Date relating to it if such date is before the end of the Interest Period then current.
(h) Subject to paragraph (i) below, the first Interest Period for the Loan shall start on the Drawdown Date and in integral multiples each subsequent Interest Period shall start on the last day of US$100,000 in excess thereofthe preceding Interest Period.
(i) Except for the purposes of paragraph (g) above, the Loan shall have one Interest Period only at any time.
Appears in 2 contracts
Sources: Term Loan Facility (Grindrod Shipping Holdings Ltd.), Facility Agreement (Grindrod Shipping Holdings Pte. Ltd.)
Selection of Interest Periods. In each Notice of Borrowing delivered pursuant (a) The Borrowers may select the Interest Period for a Tranche in the Utilisation Request for that Tranche. Subject to Section 3.2, Section 5.2, Section 6.2 or Section 7.2, each Notice of Conversion delivered pursuant to Section 3.8, Section 5.6, Section 6.6 or Section 7.6 paragraphs (f) and each Notice of Rollover delivered pursuant to Section 8.14 in which the Borrower has elected a Borrowing, Conversion Advance or Rollover Advance comprising a SOFR Loan Portion(h) below, the Borrower shall and, at least three Borrowers may select each subsequent Interest Period in respect of that Tranche in a Selection Notice.
(3b) Business Days prior Each Selection Notice is irrevocable and must be delivered to the last day Facility Agent by the Borrowers not later than the Specified Time.
(c) If the Borrowers fail to select an Interest Period in the first Utilisation Request or fail to deliver a Selection Notice to the Facility Agent in accordance with paragraphs (a) and (b) above, the relevant Interest Period will, subject to Clause 9.2 (Changes to Interest Periods) and paragraph (h) below, be six Months.
(d) Subject to this Clause 9 (Interest Periods), the Borrowers may select an Interest Period of each 3 or 6 Months or (subject to availability) 12 months or any other period agreed between the Borrowers and the Facility Agent (acting on the instructions of all the Lenders).
(e) An Interest Period in respect of each SOFR Loan PortionTranche shall not extend beyond the final Termination Date for that Tranche.
(f) In respect of a Repayment Instalment, an Interest Period for a part of the Borrower may, select and notify applicable Tranche equal to such Repayment Instalment shall end on the Administrative Agent Repayment Date relating to it if such date is before the end of the Interest Period applicable then current.
(g) Subject to such SOFR Loan Portion commencing paragraph (h) below, the first Interest Period for each Tranche shall start on the Drawdown Date, Conversion Date, Rollover Utilisation Date or for that Tranche and each subsequent Interest Period for that Tranche shall start on the last day of the Interest Period, as the case may be, and ending on a Business Day, which period shall be one month, three months or six months as the Borrower may elect, the whole subject to market availability; provided, however, that:
9.8.1 if the Borrower fails to so elect the duration of any Interest Period, the Borrower shall be deemed to have selected an preceding Interest Period of one (1) month;
9.8.2 no Interest Period in respect of a SOFR Loan Portion under the Facility A Credit shall end after the Facility A Maturity Date;
9.8.3 no Interest Period in respect of a SOFR Loan Portion under the Facility C Credit shall end after the Facility C Maturity Date;
9.8.4 no Interest Period in respect of a SOFR Loan Portion under the Facility D Credit shall end after the Facility D Maturity Date;
9.8.5 no Interest Period in respect of a SOFR Loan Portion under the Facility E Credit shall end after the Facility E Maturity Date; and
9.8.6 the aggregate amount in respect of which the Borrower selects an Interest Period shall not be less than US$1,000,000 and in integral multiples of US$100,000 in excess thereoffor that Tranche.
Appears in 2 contracts
Sources: Term Loan Facility (Dorian LPG Ltd.), Term Loan Facility (Dorian LPG Ltd.)
Selection of Interest Periods. In (a) The Borrowers may select the Interest Period for each Advance in the relevant Drawdown Notice of Borrowing delivered pursuant for each Advance. Subject to Section 3.2, Section 5.2, Section 6.2 or Section 7.2, each Notice of Conversion delivered pursuant to Section 3.8, Section 5.6, Section 6.6 or Section 7.6 paragraphs (f) and each Notice of Rollover delivered pursuant to Section 8.14 in which the Borrower has elected a Borrowing, Conversion Advance or Rollover Advance comprising a SOFR Loan Portion(h) below and Clause 6.2, the Borrower shall and, at least three (3) Business Days prior to the last day of Borrowers may select each subsequent Interest Period in respect of each SOFR the Loan Portionin a selection notice.
(b) Each selection notice is irrevocable and must be delivered to the Agent by the Borrowers not later than the Specified Time.
(c) If the Borrowers fail to select an Interest Period in the Drawdown Notice or fail to deliver a selection notice to the Agent in accordance with paragraphs (a) and (b) above, the Borrower may, select and notify the Administrative Agent of the relevant Interest Period applicable will, subject to such SOFR Loan Portion commencing on the Drawdown DateClause 6.2, Conversion Date, Rollover Date or last day of the Interest Period, as the case may be, and ending on a Business Day, which period shall be one month, three months or six months as the Borrower may elect(3) Months.
(d) Subject to this Clause 6, the whole subject to market availability; provided, however, that:
9.8.1 if the Borrower fails to so elect the duration of any Interest Period, the Borrower shall be deemed to have selected Borrowers may select an Interest Period of one three (13) month;or six (6) Months or such longer or shorter period as the Agent may, in its sole discretion, agree with the Borrowers.
9.8.2 no (e) An Interest Period in respect of a SOFR the Loan Portion under shall not extend beyond the Facility A Credit shall end after the Facility A Maturity final Repayment Date;.
9.8.3 no Interest Period in (f) In respect of a SOFR Loan Portion under Repayment Instalment, the Facility C Credit shall end after Borrowers may request in the Facility C Maturity Date;
9.8.4 no Interest Period in respect of a SOFR Loan Portion under the Facility D Credit shall end after the Facility D Maturity Date;
9.8.5 no Interest Period in respect of a SOFR Loan Portion under the Facility E Credit shall end after the Facility E Maturity Date; and
9.8.6 the aggregate amount in respect of which the Borrower selects relevant selection notice that an Interest Period for a part of the Loan equal to such Repayment Instalment shall not be less than US$1,000,000 end on the Repayment Date relating to it and, subject to paragraph (d) above, select a longer Interest Period for the remaining part of the Loan.
(g) The first Interest Period for each Advance shall start on the relevant Drawdown Date and, subject to paragraph (h) below, each subsequent Interest Period shall start on the last day of its preceding Interest Period.
(h) Except for the purposes of paragraph (f) above and in integral multiples of US$100,000 in excess thereofClause 6.2, the Loan shall have one Interest Period only at any time.
Appears in 1 contract
Sources: Loan Agreement (EuroDry Ltd.)
Selection of Interest Periods. In (a) The Borrowers may select the Interest Period for each Notice of Borrowing delivered pursuant Sub-Loan in the Utilisation Request for that Tranche. Subject to Section 3.2, Section 5.2, Section 6.2 or Section 7.2, each Notice of Conversion delivered pursuant to Section 3.8, Section 5.6, Section 6.6 or Section 7.6 paragraph (h) below and each Notice of Rollover delivered pursuant to Section 8.14 in which the Borrower has elected a Borrowing, Conversion Advance or Rollover Advance comprising a SOFR Loan PortionClause 8.1(b), the Borrower shall and, at least three (3) Business Days prior to the last day of Borrowers may select each subsequent Interest Period in respect of each SOFR the Sub-Loan Portionin a Selection Notice.
(b) Each Selection Notice is irrevocable and must be delivered to the Facility Agent by the Borrowers not later than the Specified Time.
(c) If the Borrowers fail to select an Interest Period in the Utilisation Request applicable to a Tranche or fail to deliver a Selection Notice to the Facility Agent in accordance with paragraphs (a) and (b) above, the Borrower relevant Interest Period will, subject to Clause 9.2 (Changes to Interest Periods), paragraph (e) and (f) below and Clause 8.1(b), be three months.
(d) Subject to paragraphs (e) and (f) below, the Interest Period for the Loan shall be three months or such other period agreed between the Borrowers and the Facility Agent (acting on the instructions of all the Lenders) due to exceptional circumstances.
(e) Subject to paragraphs (f) below, the Borrowers may, select on not less than 10 Business Days’ prior written notice, request that the interest rate of the Loan or a substantial part of the Loan be fixed for a period exceeding 12 Months.
(f) An Interest Period shall not extend beyond the Final Repayment Date.
(g) In respect of a Repayment Instalment, an Interest Period for a part of the Sub-Loan equal to such Repayment Instalment shall end on the Repayment Date relating to it if such date is before the end of the Interest Period then current.
(h) Subject to paragraph (i) below and notify Clause 8.1(b), the Administrative Agent first Interest Period for the Sub-Loan shall start on the Utilisation Date of such Sub-Loan and each subsequent Interest Period shall start on the day after the last day of the preceding Interest Period.
(i) If the Borrowers elect:
(i) the option in Clause 6.1(c)(i), the first Interest Period for the second New Ship Tranche utilised under this Agreement shall end on the last day of the Interest Period applicable to such SOFR Loan Portion commencing the first New Ship Tranche utilised under this Agreement ; or
(ii) the option in Clause 6.1(c)(ii), the Interest Period for the first New Ship Tranche utilised under this Agreement current at the time of delivery of the last New Ship shall be adjusted so as to end on the Drawdown DateUtilisation Date applicable to the second New Ship Tranche utilised under this Agreement , Conversion Date, Rollover Date or last day such that all Interest Periods for each of the those 2 Sub-Loans shall thereafter be co-terminous and shall each be treated as a single Interest Period.
(j) Except for the purposes of paragraph (g) and paragraph (i) above, as the case may be, and ending on a Business Day, which period each Sub-Loan shall be have one month, three months or six months as the Borrower may elect, the whole subject to market availability; provided, however, that:
9.8.1 if the Borrower fails to so elect the duration of any Interest Period, the Borrower shall be deemed to have selected an Interest Period of one (1) month;
9.8.2 no Interest Period in respect of a SOFR Loan Portion under the Facility A Credit shall end after the Facility A Maturity Date;
9.8.3 no Interest Period in respect of a SOFR Loan Portion under the Facility C Credit shall end after the Facility C Maturity Date;
9.8.4 no Interest Period in respect of a SOFR Loan Portion under the Facility D Credit shall end after the Facility D Maturity Date;
9.8.5 no Interest Period in respect of a SOFR Loan Portion under the Facility E Credit shall end after the Facility E Maturity Date; and
9.8.6 the aggregate amount in respect of which the Borrower selects an Interest Period shall not be less than US$1,000,000 and in integral multiples of US$100,000 in excess thereofonly at any time.
Appears in 1 contract
Selection of Interest Periods. In each (a) A Borrower may select an Interest Period for a Loan in the Utilisation Request for that Loan or (in respect of a Term Loan) in a Selection Notice. A02583129/5.0/05 Feb 2003 Back to Contents
(b) Each Selection Notice of Borrowing for a Term Loan is irrevocable and must be delivered pursuant to Section 3.2, Section 5.2, Section 6.2 or Section 7.2, each the Agent by a Borrower to which that Term Loan was made not later than the Specified Time.
(c) If a Borrower fails to deliver a Selection Notice of Conversion delivered pursuant to Section 3.8, Section 5.6, Section 6.6 or Section 7.6 and each Notice of Rollover delivered pursuant to Section 8.14 the Agent in which the Borrower has elected a Borrowing, Conversion Advance or Rollover Advance comprising a SOFR Loan Portionaccordance with paragraph (b) above, the relevant Interest Period will be one Month.
(d) Subject to this Clause 10, a Borrower may select an Interest Period of 1, 2, 3 or 6 months or any other period agreed between the Original Borrower and the Agent (acting on the instructions of all the Lenders).
(e) Prior to the Separation Date, a Borrower may only select an Interest Period of 2 months or less (as reasonably agreed by the Lenders) as may be necessary to ensure that the Interest Period ends on the Separation Date provided that if the Separation Date has not occurred by the earlier of (i) the date falling 3 months after the last date on which any shareholder’s circular relating to the Separation is posted to shareholders of the Original Borrower and (ii) 31 May 2003, Interest Periods as specified in paragraph (d) above may be selected.
(f) An Interest Period for a Loan shall and, at least three not extend beyond the Termination Date.
(3g) Business Days prior to Each Interest Period for a Term Loan shall start on the Term Out Date or on the last day of each its preceding Interest Period.
(h) A Revolving Loan has one Interest Period in respect of each SOFR Loan Portion, the Borrower may, select and notify the Administrative Agent of the Interest Period applicable to such SOFR Loan Portion commencing on the Drawdown Date, Conversion Date, Rollover Date or last day of the Interest Period, as the case may be, and ending on a Business Day, which period shall be one month, three months or six months as the Borrower may elect, the whole subject to market availability; provided, however, that:
9.8.1 if the Borrower fails to so elect the duration of any Interest Period, the Borrower shall be deemed to have selected an Interest Period of one (1) month;
9.8.2 no Interest Period in respect of a SOFR Loan Portion under the Facility A Credit shall end after the Facility A Maturity Date;
9.8.3 no Interest Period in respect of a SOFR Loan Portion under the Facility C Credit shall end after the Facility C Maturity Date;
9.8.4 no Interest Period in respect of a SOFR Loan Portion under the Facility D Credit shall end after the Facility D Maturity Date;
9.8.5 no Interest Period in respect of a SOFR Loan Portion under the Facility E Credit shall end after the Facility E Maturity Date; and
9.8.6 the aggregate amount in respect of which the Borrower selects an Interest Period shall not be less than US$1,000,000 and in integral multiples of US$100,000 in excess thereofonly.
Appears in 1 contract
Selection of Interest Periods. In (a) The Borrowers may select the Interest Period for each Notice of Borrowing delivered pursuant Tranche in the Utilisation Request for that Tranche. Subject to Section 3.2, Section 5.2, Section 6.2 or Section 7.2, each Notice of Conversion delivered pursuant to Section 3.8, Section 5.6, Section 6.6 or Section 7.6 and each Notice of Rollover delivered pursuant to Section 8.14 in which the Borrower has elected a Borrowing, Conversion Advance or Rollover Advance comprising a SOFR Loan Portionparagraph (f) below, the Borrower shall and, at least three (3) Business Days prior to the last day of Borrowers may select each subsequent Interest Period in respect of each SOFR Loan PortionTranche in a Selection Notice.
(b) Each Selection Notice is irrevocable and must be delivered to the Facility Agent by the Borrowers not later than the Specified Time.
(c) If the Borrowers fail to select an Interest Period in the Utilisation Request applicable to a Tranche or fail to deliver a Selection Notice to the Facility Agent in accordance with paragraphs (a) and (b) above, the Borrower may, select and notify the Administrative Agent of the relevant Interest Period applicable will, subject to such SOFR Loan Portion commencing on the Drawdown DateClause 9.2 (Changes to Interest Periods) below, Conversion Date, Rollover Date or last day of the be three Months.
(d) Subject to this Clause 9 (Interest Period, as the case may be, and ending on a Business Day, which period shall be one month, three months or six months as the Borrower may electPeriods), the whole subject to market availability; provided, however, that:
9.8.1 if the Borrower fails to so elect the duration of any Interest Period, the Borrower shall be deemed to have selected Borrowers may select an Interest Period of 1, 3, 6, 9 or 12 Months or any other period agreed between the Borrowers and the Facility Agent (acting on the instructions of all the Lenders) provided that the number of one month Interest Periods in any year shall not exceed three one month Interest Periods.
(1e) month;
9.8.2 no An Interest Period in respect of a SOFR the Loan Portion under shall not extend beyond the Facility A Credit shall end after the Facility A Maturity Termination Date;.
9.8.3 no Interest Period in (f) In respect of a SOFR Loan Portion under the Facility C Credit shall end after the Facility C Maturity Date;
9.8.4 no Interest Period in respect of a SOFR Loan Portion under the Facility D Credit shall end after the Facility D Maturity Date;
9.8.5 no Interest Period in respect of a SOFR Loan Portion under the Facility E Credit shall end after the Facility E Maturity Date; and
9.8.6 the aggregate amount in respect of which the Borrower selects Repayment Instalment, an Interest Period for a part of the Loan equal to such Repayment Instalment shall not be less than US$1,000,000 end on the Repayment Date relating to it if such date is before the end of the Interest Period then current.
(g) The first Interest Period for a Tranche shall start on the first Utilisation Date for that Tranche and in integral multiples each subsequent Interest Period shall start on the last day of US$100,000 in excess thereofthe preceding Interest Period.
(h) Except for the purposes of paragraph (f) above, each Tranche shall have one Interest Period only at any time.
Appears in 1 contract
Selection of Interest Periods. In each (A) The Borrower may select an Interest Period for a Loan in a Drawdown Notice of Borrowing or (if such Loan is the Facility A Loan and has already been borrowed) in a Selection Notice.
(B) Each Selection Notice is (subject to this clause 8.1(B)) irrevocable and must be delivered pursuant to Section 3.2, Section 5.2, Section 6.2 or Section 7.2, each Notice of Conversion delivered pursuant to Section 3.8, Section 5.6, Section 6.6 or Section 7.6 and each Notice of Rollover delivered pursuant to Section 8.14 in which the Agent by the Borrower has elected a Borrowing, Conversion Advance not later than 11:00 a.m. on or Rollover Advance comprising a SOFR Loan Portion, before the Borrower shall and, at least three (3) day falling 3 Business Days prior to before the last day of each Interest Period in respect of each SOFR Loan Portion, the Borrower may, select and notify the Administrative Agent of the Interest Period applicable to such SOFR Loan Portion commencing on the Drawdown Date, Conversion Date, Rollover Date or last first day of the relevant Interest Period, as the case may be, and ending on a Business Day, which period shall be one month, three months or six months as the Borrower may elect, the whole subject to market availability; provided, however, that:
9.8.1 if the Borrower fails to so elect the duration of any Interest Period, the Borrower shall be deemed to have selected an Interest Period of one (1) month;
9.8.2 no Interest Period in respect of a SOFR Loan Portion under the Facility A Credit shall end after the Facility A Maturity Date;
9.8.3 no Interest Period in respect of a SOFR Loan Portion under the Facility C Credit shall end after the Facility C Maturity Date;
9.8.4 no Interest Period in respect of a SOFR Loan Portion under the Facility D Credit shall end after the Facility D Maturity Date;
9.8.5 no Interest Period in respect of a SOFR Loan Portion under the Facility E Credit shall end after the Facility E Maturity Date; and
9.8.6 the aggregate amount in respect of which . Where the Borrower selects an Interest Period of 6 Months or longer (if available):
(1) the Borrower shall specify a Fallback Period;
(2) the Agent shall request in its notice of the receipt of the Selection Notice to the Lenders, that each Lender notify the Agent by no later than 11:00 a.m. on the first Business Day immediately following the date of such notice from the Agent of its consent to the Borrower's selection of such 6 Month or longer period; and
(3) if the Agent does not receive the consent of all the Lenders by the designated time, the Lenders shall be less than US$1,000,000 deemed to have rejected such 6 Month or longer Interest Period selected by the Borrower but accepted the Fallback Period which shall be deemed to have been selected by the Borrower. The Agent shall inform the Borrower and the Lenders promptly after the designated time whether the Fallback Period is deemed to have been selected or not (as the case may be).
(C) If the Borrower fails to deliver a Selection Notice or to specify a Fallback Period to the Agent in integral multiples accordance with paragraph (B) above, the relevant Interest Period will (in the absence of US$100,000 in excess thereof.any contrary agreement) be 1
Appears in 1 contract
Sources: Facility Agreement (PCCW LTD)
Selection of Interest Periods. In each (A) A Borrower (or the Parent Company on behalf of a Borrower) may select an Interest Period for a Loan in the Utilisation Request for that Loan or (if that Loan has already been borrowed) in a Selection Notice.
(B) Each Selection Notice of Borrowing for a Loan is irrevocable and must be delivered pursuant to Section 3.2, Section 5.2, Section 6.2 or Section 7.2, each Notice of Conversion delivered pursuant to Section 3.8, Section 5.6, Section 6.6 or Section 7.6 and each Notice of Rollover delivered pursuant to Section 8.14 in which the Agent by the Borrower has elected (or the Parent Company on behalf of that Borrower) not later than the Specified Time.
(C) If the Borrower (or the Parent Company on behalf of the Borrower) fails to deliver a Borrowing, Conversion Advance or Rollover Advance comprising a SOFR Loan PortionSelection Notice to the Agent in accordance with paragraph (B) above, the Borrower shall and, at least three (3) Business Days prior to the last day of each relevant Interest Period in respect of each SOFR Loan Portion, the Borrower may, select and notify the Administrative Agent of the Interest Period applicable to such SOFR Loan Portion commencing on the Drawdown Date, Conversion Date, Rollover Date or last day of the Interest Period, as the case may be, and ending on a Business Day, which period shall will be one monthMonth.
(D) Subject to this Clause 12, three months a Borrower (or six months as the Borrower Parent Company) may elect, the whole subject to market availability; provided, however, that:
9.8.1 if the Borrower fails to so elect the duration of any Interest Period, the Borrower shall be deemed to have selected select an Interest Period of one week, one, two, three or six Months or any other period agreed between the Parent Company and the Agent (1acting on the instructions of all the Lenders).
(E) month;Prior to the close of Syndication, Interest Periods shall be one Month or one week or such shorter period as agreed between the Parent Company and Agent (acting on the instructions of all the Lenders).
9.8.2 (F) An Interest Period for a Loan shall not extend beyond its Maturity Date.
(G) With effect from the close of Syndication, no more than five Interest Periods of one week may be selected during the 12 Month period commencing on the close of Syndication and thereafter no Interest Period Periods of one week may be selected, in respect each case unless otherwise agreed by the Agent (acting on the instructions of a SOFR Loan Portion under all the Facility A Credit shall end after the Facility A Maturity Date;
9.8.3 no Interest Period in respect of a SOFR Loan Portion under the Facility C Credit shall end after the Facility C Maturity Date;
9.8.4 no Interest Period in respect of a SOFR Loan Portion under the Facility D Credit shall end after the Facility D Maturity Date;
9.8.5 no Interest Period in respect of a SOFR Loan Portion under the Facility E Credit shall end after the Facility E Maturity Date; and
9.8.6 the aggregate amount in respect of which the Borrower selects an Interest Period shall not be less than US$1,000,000 and in integral multiples of US$100,000 in excess thereofLenders).
Appears in 1 contract
Selection of Interest Periods. In each Notice of Borrowing delivered pursuant (a) The Borrowers may select the Interest Period for the Loan in the Utilisation Request. Subject to Section 3.2, Section 5.2, Section 6.2 or Section 7.2, each Notice of Conversion delivered pursuant paragraph (f) and Clause 9.2 (Changes to Section 3.8, Section 5.6, Section 6.6 or Section 7.6 and each Notice of Rollover delivered pursuant to Section 8.14 in which the Borrower has elected a Borrowing, Conversion Advance or Rollover Advance comprising a SOFR Loan PortionInterest Periods), the Borrower shall and, at least three (3) Business Days prior to the last day of Borrowers may select each subsequent Interest Period in respect of each SOFR the Loan Portionin a Selection Notice.
(b) Each Selection Notice is irrevocable and must be delivered to the Lender by the Borrowers not later than the Specified Time.
(c) If the Borrowers fail to select an Interest Period in the Utilisation Request or fail to deliver a Selection Notice to the Lender in accordance with paragraphs (a) and (b) above, the Borrower may, select and notify the Administrative Agent of the relevant Interest Period applicable will, subject to such SOFR Loan Portion commencing on the Drawdown Dateparagraphs (f) below and Clause 9.2 (Changes to Interest Periods), Conversion Date, Rollover Date or last day of the be three Months.
(d) Subject to this Clause 9 (Interest Period, as the case may be, and ending on a Business Day, which period shall be one month, three months or six months as the Borrower may electPeriods), the whole subject to market availability; provided, however, that:
9.8.1 if the Borrower fails to so elect the duration of any Interest Period, the Borrower shall be deemed to have selected Borrowers may select an Interest Period of one or three Months or any other period agreed between the Borrowers and the Lender.
(1e) month;
9.8.2 no An Interest Period in respect of a SOFR the Loan Portion under shall not extend beyond the Facility A Credit shall end after the Facility A Maturity final Termination Date;.
9.8.3 no Interest Period in (f) In respect of a SOFR Loan Portion under Repayment Instalment, the Facility C Credit shall end after Borrowers may request in the Facility C Maturity Date;
9.8.4 no Interest Period in respect of a SOFR Loan Portion under the Facility D Credit shall end after the Facility D Maturity Date;
9.8.5 no Interest Period in respect of a SOFR Loan Portion under the Facility E Credit shall end after the Facility E Maturity Date; and
9.8.6 the aggregate amount in respect of which the Borrower selects relevant Selection Notice that an Interest Period for a part of the Loan equal to such Repayment Instalment shall not be less than US$1,000,000 end on the Repayment Date relating to it and, subject to paragraph (d) above, select a longer Interest Period for the remaining part of the Loan.
(g) The first Interest Period for the Loan shall start on the Utilisation Date and in integral multiples each subsequent Interest Period shall start on the last day of US$100,000 in excess thereofthe preceding Interest Period.
(h) Except for the purposes of paragraph (f) above and Clause 9.2 (Changes to Interest Periods), the Loan shall have one Interest Period only at any time.
Appears in 1 contract
Sources: Term Loan Facility Agreement (Seanergy Maritime Holdings Corp.)
Selection of Interest Periods. In each Notice of Borrowing delivered pursuant (a) The Borrowers may select the Interest Period for the Loan in the Drawdown Notice. Subject to Section 3.2, Section 5.2, Section 6.2 or Section 7.2, each Notice of Conversion delivered pursuant to Section 3.8, Section 5.6, Section 6.6 or Section 7.6 paragraphs (f) and each Notice of Rollover delivered pursuant to Section 8.14 in which the Borrower has elected a Borrowing, Conversion Advance or Rollover Advance comprising a SOFR Loan Portion(h) below and Clause 6.2, the Borrower shall and, at least three (3) Business Days prior to the last day of Borrowers may select each subsequent Interest Period in respect of each SOFR the Loan Portionin a selection notice.
(b) Each selection notice is irrevocable and must be delivered to the Agent by the Borrowers not later than the Specified Time.
(c) If the Borrowers fail to select an Interest Period in the Drawdown Notice or fail to deliver a selection notice to the Agent in accordance with paragraphs (a) and (b) above, the Borrower may, select and notify the Administrative Agent of the relevant Interest Period applicable will, subject to such SOFR Loan Portion commencing on the Drawdown DateClause 6.2, Conversion Date, Rollover Date or last day of the Interest Period, as the case may be, and ending on a Business Day, which period shall be one month, three months or six months as the Borrower may elect(3) Months.
(d) Subject to this Clause 6, the whole subject to market availability; provided, however, that:
9.8.1 if the Borrower fails to so elect the duration of any Interest Period, the Borrower shall be deemed to have selected Borrowers may select an Interest Period of one three (13) month;or six (6) Months or such longer or shorter period as the Agent may, in its sole discretion, agree with the Borrowers.
9.8.2 no (e) An Interest Period in respect of a SOFR the Loan Portion under shall not extend beyond the Facility A Credit shall end after the Facility A Maturity final Repayment Date;.
9.8.3 no Interest Period in (f) In respect of a SOFR Loan Portion under Repayment Instalment, the Facility C Credit shall end after Borrowers may request in the Facility C Maturity Date;
9.8.4 no Interest Period in respect of a SOFR Loan Portion under the Facility D Credit shall end after the Facility D Maturity Date;
9.8.5 no Interest Period in respect of a SOFR Loan Portion under the Facility E Credit shall end after the Facility E Maturity Date; and
9.8.6 the aggregate amount in respect of which the Borrower selects relevant selection notice that an Interest Period for a part of the Loan equal to such Repayment Instalment shall not be less than US$1,000,000 end on the Repayment Date relating to it and, subject to paragraph (d) above, select a longer Interest Period for the remaining part of the Loan.
(g) The first Interest Period for the Loan shall start on the Drawdown Date and, subject to paragraph (h) below, each subsequent Interest Period shall start on the last day of its preceding Interest Period.
(h) Except for the purposes of paragraph (f) above and in integral multiples of US$100,000 in excess thereofClause 6.2, the Loan shall have one Interest Period only at any time.
Appears in 1 contract
Sources: Loan Agreement (EuroDry Ltd.)
Selection of Interest Periods. In each Notice of Borrowing delivered pursuant to Section 3.2, Section 5.2, Section 6.2 5.2 or Section 7.26.2, each Notice of Conversion delivered pursuant to Section 3.8, Section 5.6, 5.6 or Section 6.6 or Section 7.6 and each Notice of Rollover delivered pursuant to Section 8.14 7.13 in which the Borrower has elected a Borrowing, Conversion Advance or Rollover Advance comprising a SOFR LIBO Rate Loan Portion, the Borrower shall and, at least three (3) Business Days prior to the last day of each Interest Period in respect of each SOFR LIBO Rate Loan Portion, the Borrower may, select and notify the Administrative Agent of the Interest Period applicable to such SOFR LIBO Rate Loan Portion commencing on the Drawdown Date, Conversion Date, Rollover Date or last day of the Interest Period, as the case may be, and ending on a Business Day, which period shall be one month, two months, three months or six months as the Borrower may elect, the whole subject to market availability; provided, however, that:
9.8.1 8.8.1 if the Borrower fails to so elect the duration of any Interest Period, the Borrower shall be deemed to have selected an Interest Period of one (1) month;
9.8.2 8.8.2 no Interest Period in respect of a SOFR LIBO Rate Loan Portion under the Facility A Credit shall end after the Facility A Maturity Date;
9.8.3 8.8.3 no Interest Period in respect of a SOFR LIBO Rate Loan Portion under the Facility C Credit shall end after the Facility C Maturity Date;
9.8.4 8.8.4 no Interest Period in respect of a SOFR LIBO Rate Loan Portion under the Facility D Credit shall end after the Facility D Maturity Date;; and
9.8.5 no Interest Period in respect of a SOFR Loan Portion under the Facility E Credit shall end after the Facility E Maturity Date; and
9.8.6 8.8.5 the aggregate amount in respect of which the Borrower selects an Interest Period shall not be less than US$1,000,000 and in integral multiples of US$100,000 in excess thereof.
Appears in 1 contract
Selection of Interest Periods. In each Notice of Borrowing delivered pursuant (a) The Borrowers may select the Interest Period for a Tranche in the relevant Utilisation Request. Subject to Section 3.2, Section 5.2, Section 6.2 or Section 7.2, each Notice of Conversion delivered pursuant paragraph (f) below and Clause 9.2 (Changes to Section 3.8, Section 5.6, Section 6.6 or Section 7.6 and each Notice of Rollover delivered pursuant to Section 8.14 in which the Borrower has elected a Borrowing, Conversion Advance or Rollover Advance comprising a SOFR Loan PortionInterest Periods), the Borrower shall and, at least three (3) Business Days prior to the last day of Borrowers may select each subsequent Interest Period in respect of each SOFR the Loan Portionin a Selection Notice.
(b) Each Selection Notice is irrevocable and must be delivered to the Facility Agent by the Borrowers not later than the Specified Time.
(c) If the Borrowers fail to select an Interest Period in the Utilisation Request or fails to deliver a Selection Notice to the Facility Agent in accordance with paragraphs (a) and (b) above, the Borrower may, select and notify the Administrative Agent of the relevant Interest Period applicable will, subject to such SOFR Loan Portion commencing on paragraph (f) below and Clause 9.2 (Changes to Interest Periods), be the Drawdown Date, Conversion Date, Rollover Date or last day of period specified in the Reference Rate Terms.
(d) Subject to this Clause 9 (Interest Period, as the case may be, and ending on a Business Day, which period shall be one month, three months or six months as the Borrower may electPeriods), the whole subject to market availability; provided, however, that:
9.8.1 if the Borrower fails to so elect the duration of any Interest Period, the Borrower shall be deemed to have selected Borrowers may select an Interest Period of one any period specified in the Reference Rate Terms or any other period for the purpose of alignment of the Repayment Instalments for the purposes of paragraph (1b) month;of Clause 6.2 (Repayment Dates) or any other period agreed between the Borrowers, the Facility Agent (acting on the instructions of all the Lenders) and Sinosure.
9.8.2 no (e) An Interest Period in respect of a SOFR the Loan Portion under or any part of the Facility A Credit Loan shall end after not extend beyond the Facility A Maturity Termination Date;.
9.8.3 no Interest Period in (f) In respect of a SOFR Loan Portion under Repayment Instalment, the Facility C Credit shall end after Borrowers may request in the Facility C Maturity Date;
9.8.4 no Interest Period in respect of a SOFR Loan Portion under the Facility D Credit shall end after the Facility D Maturity Date;
9.8.5 no Interest Period in respect of a SOFR Loan Portion under the Facility E Credit shall end after the Facility E Maturity Date; and
9.8.6 the aggregate amount in respect of which the Borrower selects relevant Selection Notice that an Interest Period for a part of the Loan equal to such Repayment Instalment shall not end on the Repayment Date relating to it and, subject to paragraph (d) above, select a longer Interest Period for the remaining part of the Loan.
(g) The first Interest Period for the Loan shall start on the first Utilisation Date and each subsequent Interest Period shall start on the last day of the preceding Interest Period.
(h) Except for the purposes of paragraph (f) above and Clause 9.2 (Changes to Interest Periods), the Loan shall have one Interest Period only at any time.
(i) No Interest Period shall be less longer than US$1,000,000 and in integral multiples of US$100,000 in excess thereofthree Months.
Appears in 1 contract
Selection of Interest Periods. In each Notice of Borrowing delivered pursuant (a) The Borrower may select the Interest Period for the Loan in the Drawdown Notice. Subject to Section 3.2, Section 5.2, Section 6.2 or Section 7.2, each Notice of Conversion delivered pursuant to Section 3.8, Section 5.6, Section 6.6 or Section 7.6 paragraphs (f) and each Notice of Rollover delivered pursuant to Section 8.14 in which the Borrower has elected a Borrowing, Conversion Advance or Rollover Advance comprising a SOFR Loan Portion(h) below and Clause 6.2, the Borrower shall and, at least three (3) Business Days prior to the last day of may select each subsequent Interest Period in respect of each SOFR the Loan Portion, in a selection notice.
(b) Each selection notice is irrevocable and must be delivered to the Agent by the Borrower may, select and notify not later than the Administrative Agent of the Interest Period applicable to such SOFR Loan Portion commencing on the Drawdown Date, Conversion Date, Rollover Date or last day of the Interest Period, as the case may be, and ending on a Business Day, which period shall be one month, three months or six months as the Borrower may elect, the whole subject to market availability; provided, however, that:Specified Time.
9.8.1 if (c) If the Borrower fails to so elect select an Interest Period in the duration of any Drawdown Notice or fails to deliver a selection notice to the Agent in accordance with paragraphs (a) and (b) above, the relevant Interest PeriodPeriod will, subject to Clause 6.2, be three (3) Months.
(d) Subject to this Clause 6, the Borrower shall be deemed to have selected may select an Interest Period of one three (13) month;or six (6) Months or such longer period as the Agent may, in its sole discretion, agree with the Borrower.
9.8.2 no (e) An Interest Period in respect of a SOFR the Loan Portion under shall not extend beyond the Facility A Credit shall end after the Facility A Maturity final Repayment Date;.
9.8.3 no Interest Period in (f) In respect of a SOFR Loan Portion under the Facility C Credit shall end after the Facility C Maturity Date;
9.8.4 no Interest Period in respect of a SOFR Loan Portion under the Facility D Credit shall end after the Facility D Maturity Date;
9.8.5 no Interest Period in respect of a SOFR Loan Portion under the Facility E Credit shall end after the Facility E Maturity Date; and
9.8.6 the aggregate amount in respect of which Repayment Instalment, the Borrower selects may request in the relevant selection notice that an Interest Period for a part of the Loan equal to such Repayment Instalment shall not be less than US$1,000,000 end on the Repayment Date relating to it and, subject to paragraph (d) above, select a longer Interest Period for the remaining part of the Loan.
(g) The first Interest Period for the Loan shall start on the Drawdown Date and, subject to paragraph (h) below, each subsequent Interest Period shall start on the last day of its preceding Interest Period.
(h) Except for the purposes of paragraph (f) above and in integral multiples of US$100,000 in excess thereofClause 6.2, the Loan shall have one Interest Period only at any time.
Appears in 1 contract
Sources: Loan Agreement (Euroseas Ltd.)
Selection of Interest Periods. In each Notice of Borrowing delivered pursuant to Section 3.2(a) The first Interest Period for the Loan as specified in the first Drawdown Request shall be three Months from the Drawdown Date, Section 5.2, Section 6.2 or Section 7.2, each Notice of Conversion delivered pursuant to Section 3.8, Section 5.6, Section 6.6 or Section 7.6 and each Notice of Rollover delivered pursuant to Section 8.14 in which unless otherwise agreed between the Borrower has elected a Borrowing, Conversion Advance or Rollover Advance comprising a SOFR Loan Portionand the Facility Agent (acting on instructions of all Lenders).
(b) Subject to paragraph (g) below, the Borrower shall and, at least three (3) Business Days prior to the last day of may select each subsequent Interest Period in respect of each SOFR the Loan Portion, in a Selection Notice.
(c) Each Selection Notice is irrevocable and must be delivered to the Facility Agent by the Borrower may, select and notify not later than the Administrative Agent of the Interest Period applicable to such SOFR Loan Portion commencing on the Drawdown Date, Conversion Date, Rollover Date or last day of the Interest Period, as the case may be, and ending on a Business Day, which period shall be one month, three months or six months as the Borrower may elect, the whole subject to market availability; provided, however, that:Specified Time.
9.8.1 if (d) If the Borrower fails to so elect deliver a Selection Notice to the duration of any Facility Agent in accordance with paragraphs (b) and (c) above, the relevant Interest PeriodPeriod will, subject to Clause 9.2 (Changes to Interest Periods) and paragraph (g) below, be three Months.
(e) Subject to this Clause 9 (Interest Periods), the Borrower shall be deemed to have selected may select an Interest Period of one three Months or any other period (1up to a maximum of 12 Months) month;agreed between the Borrower and the Facility Agent (acting on the instructions of all the Lenders).
9.8.2 no (f) An Interest Period in respect of a SOFR the Loan Portion under shall not extend beyond the Facility A Credit shall end after the Facility A Maturity Date;
9.8.3 no Interest Period in respect of a SOFR Loan Portion under the Facility C Credit shall end after the Facility C Maturity Date;
9.8.4 no Interest Period in respect of a SOFR Loan Portion under the Facility D Credit shall end after the Facility D Maturity Date;
9.8.5 no Interest Period in respect of a SOFR Loan Portion under the Facility E Credit shall end after the Facility E Maturity Date; and
9.8.6 the aggregate amount in respect of which the Borrower selects an Interest Period shall not be less than US$1,000,000 and in integral multiples of US$100,000 in excess thereof.
Appears in 1 contract