Common use of Preparatory steps Clause in Contracts

Preparatory steps. (a) By the date falling 45 Business Days before each Redetermination Date or, in relation to any Interim Banking Case (other than a Desktop Banking Case), such other date as the Technical Bank may specify: (i) the Technical Bank shall submit to the Obligors’ Agent its proposals for the Economic Assumptions to be used for that Banking Case; and (ii) the Obligors’ Agent shall submit to the Technical Bank its proposals for the Technical Assumptions to be used for that Banking Case. (b) Each of: (i) the Obligors’ Agent; and (ii) the Technical Bank, shall seek to agree the Assumptions to be used for each Banking Case based on the proposals submitted in accordance with Clause 6.4(a) by the date falling 20 Business Days before the relevant Redetermination Date or, in relation to any Interim Banking Case, such other date as the Technical Bank may specify. (c) If the Obligors’ Agent and the Technical Bank are not able to agree on any such Assumption by the date referred to in Clause 6.4(b) then such Assumption shall be determined by the Technical Bank (acting reasonably) (including, for the avoidance of doubt, such risk adjustments to the Technical Assumptions as the Technical Bank (acting reasonably) may determine in line with market practice for financing in similar jurisdictions).