Common use of Substitute Basis Clause in Contracts

Substitute Basis. After any notification under Clause 13.2 (Market disruption) the relevant Loan shall not be made. However, within five (5) Business Days of receipt of the notification, the Borrower and the Facility Agent shall enter into negotiations for a period of not more than thirty (30) days with a view to agreeing a substitute basis for determining the rate of interest and/or funding applicable to that Loan and (to the extent required) any future Loan. Any substitute basis agreed shall, with the prior consent of all the Banks, be binding on all the Parties.

Substitute Basis. After any If notification is given under Clause 13.2 12.2 (Market disruption) the relevant in respect of a Loan that has not yet been made, then that Loan shall not be made. However, within five (5) Business Days of after receipt of the notification, the Borrower Borrowers' Agent and the Facility Agent shall enter into negotiations for a period of not more than thirty (30) 30 days with a view to agreeing a substitute basis for determining the rate of interest and/or funding applicable to that Loan and (to the extent required) any future Loan. Any substitute basis agreed shallshall be, with the prior consent of all the Banks, be binding on all the Parties.

Substitute Basis. After any notification under Clause 13.2 (Market disruption) the relevant Loan shall not be made. However, within five (5) Business Days of receipt of the notification, the Borrower Obligors' Agent and the Facility Agent shall enter into negotiations for a period of not more than thirty (30) 30 days with a view to agreeing a substitute basis for determining the rate of interest and/or funding applicable to that Loan and (to the extent required) any future Loan. Any substitute basis agreed shall, with the prior consent of all the Banks, be binding on all the Parties. For the avoidance of doubt the relevant Loan shall not be made unless and until a substitute basis is agreed.