Common use of Selection - Term Loans Clause in Contracts

Selection - Term Loans. (a) Each Term Loan has successive Terms. (b) A Borrower must select the first Term for a Term 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 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 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 will be one, two, three or six months, or any other period not exceeding twelve months agreed by all the Lenders. (e) Until the date which is the earlier of 31 January 2007 and the General Syndication Date, 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 the 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.