This excerpt taken from the LUX 20-F filed Jun 28, 2006.
Selection of Interest Periods
(a) A Borrower may select an Interest Period for a Loan in the Utilisation Request for that Loan or (if the Loan has already been borrowed) in a Selection Notice.
(b) Each Selection Notice for a Facility A Loan and for a Facility B Loan is irrevocable and must be delivered to the Agent by the Italian Borrower and the US Borrower respectively, not later than the Specified Time.
(c) If a Borrower fails to deliver a Selection Notice to the Agent in accordance with paragraph (b) above, the relevant Interest Period will, subject to Clause 10.2 (Changes to Interest Periods), be three Months.
(d) Subject to this Clause 10, a Borrower may select an Interest Period of one, two, three or six Months or any other period agreed between a Borrower and the Agent acting on the instructions of all the Lenders. In addition, the Italian Borrower may select an Interest Period of (in relation to Facility A) a period of not being one, two, three or six months, (but in any event not greater than six months), if necessary to ensure that there are sufficient Facility A Loans which have an Interest Period ending on a Facility A Repayment Date for the Italian Borrower to make the Repayment Instalment due on that date.
(e) An Interest Period for a Loan shall not extend beyond the Termination Date applicable to its Facility.
(f) Each Interest Period for a Facility A Loan or a Facility B Loan shall start on the Utilisation Date or (if already made) on the last day of the relevant preceding Interest Period.
(g) A Facility C Loan has one Interest Period only.