SUSPENSION OF DRAWDOWNS. If a notification under Clause 12.2 (Market disruption) applies and is continuing, the Finance Parties shall be under no obligation to advance any further Loans. However, within five Business Days of receipt of the notification, the Borrower and the Agent shall enter into negotiations for a period of not more than 30 days with a view to agreeing an alternative basis for determining the rate of interest and/or funding applicable to any future Loans. Any alternative basis agreed shall be, with the prior consent of all the Banks, binding on all the Parties.
SUSPENSION OF DRAWDOWNS. If a notification under Clause 12.2 (Market Disruption) applies to the Loan which has not been made, that Loan shall not be made. However, within five Business Days of receipt of the notification, the Borrower and the Agent shall enter into negotiations for a period of not more than 30 days with a view to agreeing an alternative basis for determining the rate of interest and/or funding applicable to the Loan. Any alternative basis agreed shall be, with the prior consent of all the Banks, binding on all the Parties.
SUSPENSION OF DRAWDOWNS. If a notification under Clause 14.2 (Market disruption) applies to a Loan which has not been made, the Borrower's Agent may (by notice to the Agent) elect that the Loan shall not be made. If the Borrowers' Agent does not so elect and such Loan is made, Clause 14.4 (Alternative basis for outstanding Loans) shall apply thereto. If the Borrowers' Agent does so elect, the Borrowers' Agent and the Agent shall, within five Business Days of the relevant Rate Fixing Day, enter into negotiations for a period of not more than 30 days with a view to agreeing an alternative basis for the borrowing of that and any future Loan made while such circumstances continue. Any alternative basis agreed shall be, with the prior consent of all the Banks, binding on all the Parties.
SUSPENSION OF DRAWDOWNS. If a notification under Clause 14.2 (Market disruption) applies to a Loan which has not been made, that Loan shall not be made. However, within 5 Business Days of receipt of the notification, the Borrower and the Agent shall enter into negotiations for a period of not more than 30 days with a view to agreeing an alternative basis for the borrowing of that and any future Loan. Any alternative basis agreed shall be, with the prior consent of the Majority Banks, binding on all the Parties.
SUSPENSION OF DRAWDOWNS. (a) If the Agent gives a notice in reliance upon Clause 12.2
(a) (Market disruption):
(i) the Borrower and the Majority Banks may (through the Agent) agree that the Loan concerned shall not be made; or
(ii) in the absence of such agreement, the Loan shall still be made and:
(A) the Interest Period of the Loan shall be one month; and
(B) during the Interest Period of the Loan the rate of interest applicable to that Loan shall be the applicable Margin plus the rate per annum determined by each Bank and notified to the Agent before the last day of that Interest Period to be that which expresses as a percentage rate per annum the cost to that Bank of funding the Loan from whatever sources it may select (acting in good faith).
(b) After any notification under Clause 12.2(b) (Market disruption) the relevant Loan shall not be made. However, within five Business Days of receipt of the notification, the Borrower and the Agent shall enter into negotiations for a period of not more than 30 days with a view to agreeing an alternative basis for determining the rate of interest and/or funding applicable to that Loan and (to the extent required) any other Loan. Any alternative basis agreed shall be, with the prior consent of all the Banks, binding on all the Parties. -------------------------------------------------------------------------------- 23 BK:796867.10 --------------------------------------------------------------------------------
SUSPENSION OF DRAWDOWNS. If a notification under Clause 13.2 (Market disruption) applies to an Advance which has not been made, that Advance shall not be made. However, within five Business Days of receipt of the notification, the Borrowers and the Banks shall enter into negotiations for a period of not more than 30 days with a view to agreeing an alternative basis for the borrowings of that and any future Advance. Any alternative basis agreed shall be binding on all the Parties.
SUSPENSION OF DRAWDOWNS. If a notification under Clause 12.2 (Market disruption) applies to a Tranche which has not been advanced, that Tranche shall not be advanced. However, within five Business Days of receipt of the notification, the Borrower and the Agent shall enter into negotiations for a period of not more than 30 days with a view to agreeing an alternative basis for determining the rate of interest and/or funding applicable to that and (to the extent required) any future Tranche. Any alternative basis agreed shall be, with the prior consent of all the Banks, binding on all the Parties.
SUSPENSION OF DRAWDOWNS. If a notification under Clause 14.2 (Market disruption) applies to a Loan which has not been made, the Borrowers' Agent may (by notice to
SUSPENSION OF DRAWDOWNS. After any notification under Clause 15.2 (Market disruption) the relevant Advance shall not be made. However, within five Business Days of receipt of the notification, the Borrower and the Agent shall enter into negotiations for a period of not more than 30 days with a view to agreeing an alternative basis for determining the rate of interest and/or funding applicable to that and (to the extent required) any future Advance. Any alternative basis agreed with the prior consent of all the Banks shall be binding on all the Parties. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------
SUSPENSION OF DRAWDOWNS. 33 14.4 ALTERNATIVE BASIS FOR OUTSTANDING ADVANCES...................... 33
