Common use of Basel III Clause in Contracts

Basel III. In respect of Clauses 18.1 and 18.2 and the payment of any Increased Costs attributable to the implementation of or compliance with Basel III, the Borrowers’ obligation to pay such costs to a Relevant Finance Party shall be subject to that Relevant Finance Party confirming to the Borrowers, at the relevant time that any such costs are due, that the payment of such costs is consistent with the general approach that that Relevant Finance Party is taking with respect to other similarly rated borrowers. For the avoidance of doubt, any failure by a particular Relevant Finance Party to provide such confirmation shall not in any way affect the obligation of the Borrowers to pay any other Relevant Finance Party.