Common use of Selection - Loans Clause in Contracts

Selection - Loans. (a) Each Loan has successive Terms. (b) The Company must select the first Term for a Loan in the relevant Request and each subsequent Term in an irrevocable Selection Notice received by the Facility Agent not later than 11.00 a.m. one Business Day before the Rate Fixing Day for that Term. Each Term for a Loan will start on its Utilisation Date or on the expiry of the preceding Term applicable to that Loan. (c) If the Company fails to select a Term for an outstanding Loan under paragraph (b) above, that Term will, subject to the other provisions of this Clause, be three months. (d) Subject to the following provisions of this Clause, each Term for a Loan will be, at the Company’s discretion, one, three or six months or any other period longer than six months agreed by the Company and the Facility Agent or any other period agreed by the Company and the Lenders. (e) Until the date which is the earlier of three months after the Initial Completion Date and the date of successful syndication, the duration of each Term shall be one month or such other period (not exceeding one month) so as to ensure that the Terms for all Loans then outstanding end on the same date or such other period (not exceeding six months) as may be agreed between the Company and the Facility Agent.

Selection - Loans. (a) Each Loan has successive Terms. (b) The Company must select the first Term for a Loan in the relevant Request and each subsequent Term in an irrevocable Selection Notice received by the Facility Agent not later than 11.00 a.m. one [one] Business Day before the Rate Fixing Day for that Term. Each Term for a Loan will start on its Utilisation Date or on the expiry of the preceding Term applicable to that Loan. (c) If the Company fails to select a Term for an outstanding Loan under paragraph (b) above, that Term will, subject to the other provisions of this Clause, be three months. (d) Subject to the following provisions of this Clause, each Term for a Loan will be, at the Company’s discretion, one, three or six months or any other period longer than six months agreed by the Company and the Facility Agent or any other period agreed by the Company and the Lenders. (e) Until the date which is the earlier of three months after the Initial Completion Date and the date of successful syndication, the duration of each Term shall be one month or such other period (not exceeding one month) so as to ensure that the Terms for all Loans then outstanding end on the same date or such other period (not exceeding six months) as may be agreed between the Company and the Facility Agent.