Day notify
the Lenders and the Borrower of the determination of a rate of interest under
this Agreement.
9.
INTEREST PERIODS
9.1
INTEREST PERIODS
(A)
THE INTEREST PERIOD FOR WHICH ANY LOAN IS
OUTSTANDING SHALL BE DIVIDED INTO SUCCESSIVE INTEREST PERIODS EACH OF WHICH
SHALL START ON THE LAST DAY OF THE PRECEDING SUCH INTEREST PERIOD.
(B)
THE INITIAL INTEREST PERIOD FOR EACH LOAN:
(I)
SHALL START ON (AND INCLUDE) THE
UTILISATION DATE OF SUCH LOAN AND END ON (BUT EXCLUDING) THE LAST DAY OF SUCH
INTEREST PERIOD.
EACH SUBSEQUENT INTEREST PERIOD IN RESPECT OF SUCH LOAN SHALL
START (AND INCLUDE) ON THE LAST DAY OF THE PREVIOUS INTEREST PERIOD AND END ON
(BUT EXCLUDING) THE LAST DAY OF THE RELEVANT INTEREST PERIOD PROVIDED THAT, THE
INTEREST PERIOD OCCURRING PRIOR TO THE FIRST REPAYMENT DATE SHALL START (AND
INCLUDE) ON THE LAST DAY OF THE PREVIOUS INTEREST PERIOD AND END ON (BUT
EXCLUDING) THE FIRST REPAYMENT DATE; AND
(II)
AFTER THE FIRST UTILISATION SHALL START ON
(AND INCLUDE) THE UTILISATION DATE OF THE RELEVANT LOAN AND END ON (BUT
EXCLUDING) THE LAST DAY OF THE CURRENT INTEREST PERIOD FOR THE FIRST
UTILISATION.
9.2
DURATION
(A)
THE DURATION OF EACH INTEREST PERIOD SHALL,
SAVE AS OTHERWISE PROVIDED IN THIS AGREEMENT, BE SIX (6) MONTHS OR SUCH OTHER
PERIOD AS THE COFACE AGENT MAY AGREE, PROVIDED THAT ANY INTEREST PERIOD THAT
WOULD OTHERWISE EXTEND BEYOND A REPAYMENT DATE RELATING TO ANY LOAN SHALL BE OF
SUCH DURATION THAT IT SHALL END ON THAT REPAYMENT DATE.
EACH FOLLOWING INTEREST
PERIOD SHALL END ON THE FOLLOWING REPAYMENT DATE.
(B)
AN INTEREST PERIOD FOR A LOAN SHALL NOT
EXTEND BEYOND THE FINAL MATURITY DATE.
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9.3
NON-BUSINESS DAYS
If an Interest Period would otherwise end on a day which is not a Business Day,
that Interest Period will instead end on the next Business Day in that calendar
month (if there is one) or the preceding Business Day (if there is not).
9.4
CONSOLIDATION OF LOANS
If two (2) or more Interest Periods:
(A)
RELATE TO LOANS; AND
(B)
END ON THE SAME DATE,
those Loans will be consolidated into, and treated as, a single Loan on the last
day of the Interest Period.
10.
CHANGES TO THE CALCULATION OF INTEREST
10.1
ABSENCE OF QUOTATIONS
Subject to Clause 10.2 (Market Disruption), if LIBOR is to be determined by
reference to the Reference Banks but a Reference Bank does not supply a
quotation by 11:00 a.m. (London time) on the Quotation Day, the applicable LIBOR
shall be determined on the basis of the quotations of the remaining Reference
Banks.
10.2
MARKET DISRUPTION
(A)
IF A MARKET DISRUPTION EVENT OCCURS IN
RELATION TO A LOAN FOR ANY INTEREST PERIOD, THEN THE RATE OF INTEREST ON EACH
LENDER'S SHARE OF THAT LOAN FOR THE INTEREST PERIOD SHALL BE THE PERCENTAGE RATE
PER ANNUM WHICH IS THE SUM OF:
(I)
THE APPLICABLE MARGIN;
(II)
THE RATE NOTIFIED TO THE COFACE AGENT BY
THAT LENDER AS SOON AS PRACTICABLE