Common use of SUSPENSION OF DRAWDOWNS Clause in Contracts

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 and is continuingto a Loan which has not been made, the Finance Parties that Loan shall not be under no obligation to advance any further Loansmade. However, within five 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 determining the rate borrowing of interest and/or funding applicable to that and any future LoansLoan. Any alternative basis agreed shall be, with the prior consent of all the Banks, binding on all the Parties.