Common use of Substitute Basis Clause in Contracts

Substitute Basis. If either of those events mentioned at paragraphs (a) and (b) in Clause 8.1 occurs: (i) the Agent shall promptly notify the Borrower and the Banks of such event; and (ii) within five days of such notification the Agent and the Borrower shall enter into negotiations in good faith with a view to agreeing a substitute basis (a) for determining the rates of interest from time to time applicable to the Advances and/or (b) upon which the Advances may be maintained (whether in sterling or some other currency) thereafter and any agreement resulting from any such negotiations shall take effect in accordance with its terms Provided that the Agent may not agree any substitute basis without the prior consent of each Bank.