Common use of Selection - Term Loans Clause in Contracts

Selection - Term Loans. (a) Each Term Loan and Restructuring Loan has successive Terms. (b) A Borrower must select the first Term for a Term Loan and Restructuring Loan in the relevant Request and each subsequent Term in an irrevocable 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 Term Loan and Restructuring Loan will start on its Utilisation Date or on the expiry of its preceding Term. (c) If a Borrower fails to select a Term for an outstanding Term Loan and Restructuring 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 Term Loan and a Restructuring Loan will be one, two, three or six months or any other period shorter 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 six months after the First Drawdown Date and the Syndication Date, the duration of each Term shall be one month or such other period (not exceeding six months) as may be agreed between the Company and the Facility Agent.