Common use of Certificates of Substitute Basis Clause in Contracts

Certificates of Substitute Basis. 6.3.1 If the Facility or part thereof has been advanced before a Suspension Notice is given, the Lender or Lenders affected by the relevant market disturbance shall within thirty (30) days following the date of the Suspension Notice, certify (through the Agent) in good faith to the Borrower an alternative basis approved by the Hermes Agent (being the Substitute Basis) for maintaining its Contribution affected by the relevant market disturbance. Such Substitute Basis may be retroactive to the beginning of the then current Pre-Delivery Interest Period or Interest Period (or Pre-Delivery Interest Periods or Interest Periods), and may include an alternative currency or an alternative method of fixing the Interest Rate (which shall reflect the cost to the relevant Lender or Lenders of funding its Contribution from other sources plus the Margin) or alternative Pre-Delivery Interest Periods or Interest Periods for the Loan or any relevant part thereof, PROVIDED ALWAYS THAT so far as practicable any such Substitute Basis shall be computed in a manner and for periods as similar as possible to those provided in Clause 5.

Certificates of Substitute Basis. 6.3.1 If the Facility or part thereof has been advanced before a Suspension Notice is given, the Lender or Lenders affected by the relevant market disturbance shall within thirty (30) days following the date of the Suspension Notice, certify (through the Agent) in good faith to the Borrower an alternative basis approved by the Hermes Agent (being the Substitute Basis) for maintaining its Contribution affected by the relevant market disturbance. Such Substitute Basis may be retroactive to the beginning of the then current Pre-Delivery Redelivery Interest Period or Interest Period (or Pre-Delivery Redelivery Interest Periods or Interest Periods), and may include an alternative currency or an alternative method of fixing the Interest Rate (which shall reflect the cost to the relevant Lender or Lenders of funding its Contribution from other sources plus the Margin) or alternative Pre-Delivery Redelivery Interest Periods or Interest Periods for the Loan or any relevant part thereof, PROVIDED ALWAYS THAT so far as practicable any such Substitute Basis shall be computed in a manner and for periods as similar as possible to those provided in Clause 5.