Common use of Alternative Basis Clause in Contracts

Alternative Basis. (a) Within five (5) days of receipt of a Market Disruption Notice from the Facility Agent, the Borrower and the Finance Parties shall enter into good faith negotiations with a view to confirming a new applicable rate of interest, and during the negotiation period described in paragraph (c) below, the rate of interest on each Loan shall be the relevant rate last applied in accordance with Clause 8.1 (Interest Rate). (b) Any alternative basis agreed pursuant to paragraph (a) above shall, with the prior consent of all the Lenders and the Borrower, be binding on all the Parties. (c) For the avoidance of any doubt, if no alternative basis is agreed upon between the Borrower and the Lenders within a period of thirty (30) days after the commencement of the negotiation, then the relevant rate last applied according to Clause 8.1 (Interest rate) shall apply to the relevant Loan(s).