Common use of Alternative Basis Clause in Contracts

Alternative Basis. (a) Within five (5) days of receipt of a Market Disruption Notice from the Lender, the Borrower shall enter into good faith negotiations with a view to confirming a new applicable rate of interest, and during the negotiation period, the rate of interest on each Loan shall be the relevant rate last applied in accordance with Section 8.1 (Interest Rate). (b) Any alternative basis agreed pursuant to paragraph (a) above shall, with the prior consent of the Lender and the Borrower, be binding on all the Parties. (c) For the avoidance of doubt, if no alternative basis is agreed upon between the Borrower and the Lender within a period of thirty (30) days after the commencement of the negotiation, then the Borrower: (i) may prepay the Loans in full at any time without premium or penalty but together with accrued interest thereon to the date of prepayment; or (ii) not prepay the Loans in whole, in which event, for so long as the Market Disruption Event is continuing, the rate of interest applicable to such the Loan during such period shall be: (1) in respect of the interest rate of a USD Loan, the aggregate of (A) the actual and reasonable financing cost incurred by the Lender from obtaining the corresponding interbank loan in the London interbank market, and (B) the Margin; and (2) in respect of the interest rate of a RMB loan, the relevant rate last applied according to Section 8.1 (Interest rate).

Alternative Basis. (a) Within five (5) calendar days of receipt of a Market Disruption Notice from the Lender, the Borrower shall enter into good faith negotiations with the Lender with a view to confirming a new applicable rate of interest, and during the negotiation period, the rate of interest on each Loan shall be the relevant rate last applied in accordance with Section 8.1 (Interest Rate). (b) Any alternative basis agreed pursuant to paragraph (a) above shall, with the prior consent of the Lender and the Borrower, be binding on all the Parties. (c) For the avoidance of doubt, if no alternative basis is agreed upon between the Borrower and the Lender within a period of thirty (30) calendar days after the commencement of the negotiation, then the Borrower: (i) may prepay the Loans in full at any time without premium or penalty but together with accrued interest thereon to the date of prepayment; or (ii) not prepay the Loans in whole, in which event, for so long as the Market Disruption Event is continuing, the rate of interest applicable to such the Loan during such period shall be: (1) in respect of the interest rate of a USD Loan, the aggregate of (A) the actual and reasonable financing cost incurred by the Lender from obtaining the corresponding interbank loan in the London interbank market, and (B) the Margin; and (2) in respect of the interest rate of a RMB loan, be the relevant rate last applied according to Section 8.1 (Interest rate).