Substitute Basis definition

Substitute Basis has the meaning specified in Section 2.9(b).

Substitute Basis means an alternative basis agreed for maintaining the Loan pursuant to Clause 6;

Substitute Basis has the meaning assigned to such term in Section 2.13.

Examples of Substitute Basis in a sentence

• The Substitute Basis so certified shall be binding upon the Borrowers, and shall take effect in accordance with its terms from the date specified in the Determination Notice until such time as the Agent notifies the Borrowers that none of the circumstances specified in clause 3.6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall apply.

• So long as any Substitute Basis is in force, the Agent, in consultation with the Borrower and the Lenders, shall from time to time, but not less often than monthly, review whether or not the circumstances referred to in Clause 6.1 or Clause 6.2 still prevail with a view to returning to the normal provisions of this Agreement.

• The Substitute Basis may (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but shall include a margin above the cost of funds to the Bank equivalent to the Margin.

• In the event of LIBOR or EURIBOR (as the case may be) not being available then the Agent shall in its discretion use the Substitute Basis for its calculation as set out in Clause 6.3.

• The Substitute Basis so certified shall be binding upon the Borrowers, and shall take effect in accordance with its terms from the date specified in the Determination Notice until such time as the Agent notifies the Borrowers that none of the circumstances specified in clause 3.6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall again apply and, subject to the other provisions of this Agreement, the Commitment may again be borrowed.

More Definitions of Substitute Basis

Substitute Basis shall have the meaning provided in Section 2.11.

Substitute Basis means an alternative basis for maintaining a Drawing certified by the Agent pursuant to Clause 6.3.1;

Substitute Basis shall have the meaning provided in Section 2.11 of this Agreement.

Substitute Basis shall have the meaning given to that term in clause 5.6.2;

Substitute Basis has the meaning set forth in Section 5.02.

Substitute Basis has the meaning provided in Section 4.02 (Inability to Determine Interest Rates).

Substitute Basis means an alternative basis for maintaining the Loan certified by the Agent pursuant to Clause 6.3.1;