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Interest Periods
Interest Periods contract clause examples

Interest Periods. At any time when the Borrowers shall select any RFR Advance, or convert to or renew a Term RFR Option with respect to Advances denominated in Affected Currencies, the Borrowers shall notify the Agent thereof at least four (4) Business Days prior to the effective date of # the selection of such Daily Simple RFR Option or such Term RFR Option, or # the conversion to or renewal of such Term RFR Option, in each case, by delivering a request for an Advance. The notice shall specify an Interest Period during which such Interest Rate Option shall apply. Notwithstanding the preceding sentence, the following provisions shall apply to any selection of, renewal of, or conversion to a Term RFR Option:

Selection of Interest Rate Options. If the Borrowers fail to select a new Interest Period to apply to any Advances in an Affected Currency under any Term RFR Option at the expiration of an existing Interest Period applicable to such Advances in accordance with the provisions of [Section 4(g)] [Interest Periods] above, then, unless such Advances are repaid as provided herein, the Borrowers shall be deemed to have selected that such Advances shall automatically be continued under the applicable Term RFR Option in its original Affected Currency with an Interest Period of one (1) month at the end of such Interest Period. If on and after the Term RFR Transition Date with respect to any Affected Currency, the Borrowers provide any request for an Advance related to an Advance at the Term RFR Option for such Affected Currency, but fails to identify an Interest Period therefor, such request for an Advance shall be deemed to request an Interest Period of one (1) month. Any request for an Advance that fails to select an Interest Rate Option shall be deemed to be a request for a Domestic Rate Loan. If no election as to currency is specified in the applicable request for an Advance, then the requested Advances shall be made in Dollars.

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