Interest Period would otherwise end on a day which is not a Business Day,
that Interest Period will instead end on the next Business Day in that calendar
month (if there is one) or the preceding Business Day (if there is not).
9.3
CONSOLIDATION AND DIVISION OF LOANS
9.3.1
SUBJECT TO SUB-CLAUSE 9.3.2 BELOW, IF TWO OR MORE
INTEREST PERIODS:
(A)
RELATE TO LOANS IN THE SAME CURRENCY; AND
(B)
END ON THE SAME DATE;
those Loans will, unless the Borrower specifies to the contrary in the Selection
Notice for the next Interest Period, be consolidated into, and treated as, a
single Loan on the last day of the Interest Period.
9.3.2
SUBJECT TO CLAUSE 4.3 (MAXIMUM NUMBER OF LOANS),
IF THE BORROWER REQUESTS IN A SELECTION NOTICE THAT A LOAN BE DIVIDED INTO TWO
OR MORE LOANS OF THE SAME CURRENCY, THAT LOAN WILL, ON THE LAST DAY OF ITS
INTEREST PERIOD, BE SO DIVIDED.
11
10.
CHANGES TO THE CALCULATION OF INTEREST
10.1
MARKET DISRUPTION
10.1.1
IF A MARKET DISRUPTION EVENT OCCURS IN RELATION TO A
LOAN FOR ANY INTEREST PERIOD, THEN THE RATE OF INTEREST ON THAT LOAN FOR THE
INTEREST PERIOD SHALL BE THE PERCENTAGE RATE PER ANNUM WHICH IS THE SUM OF:
(A)
THE MARGIN;
(B)
THE RATE NOTIFIED TO THE BORROWER BY THE LENDER AS SOON
AS PRACTICABLE AND IN ANY EVENT BEFORE INTEREST IS DUE TO BE PAID IN RESPECT OF
THAT INTEREST PERIOD, TO BE THAT WHICH EXPRESSES AS A PERCENTAGE RATE PER ANNUM
THE COST TO THE LENDER OF FUNDING THAT LOAN FROM WHATEVER SOURCE IT
MAY REASONABLY SELECT; AND
(C)
THE MANDATORY COST, IF ANY.
10.1.2
IN THIS AGREEMENT "MARKET DISRUPTION EVENT" MEANS BEFORE
CLOSE OF BUSINESS IN LONDON ON THE QUOTATION DAY FOR THE RELEVANT INTEREST
PERIOD, THE LENDER DETERMINES THAT THE COST TO IT OF OBTAINING MATCHING DEPOSITS
IN THE RELEVANT INTERBANK MARKET WOULD BE IN EXCESS OF LIBOR.
10.2
ALTERNATIVE BASIS OF INTEREST OR FUNDING
10.2.1
IF A MARKET DISRUPTION EVENT OCCURS AND THE LENDER OR
THE BORROWER SO REQUIRES, THE LENDER AND THE BORROWER SHALL ENTER INTO
NEGOTIATIONS (FOR A PERIOD OF NOT MORE THAN THIRTY DAYS) WITH A VIEW TO AGREEING
A SUBSTITUTE BASIS FOR DETERMINING THE RATE OF INTEREST.
10.2.2
ANY ALTERNATIVE BASIS AGREED PURSUANT TO SUB-CLAUSE
10.2.1 ABOVE SHALL BE BINDING ON ALL PARTIES.
10.3
BREAK COSTS
The Borrower shall, within three Business Days of demand by the Lender, pay to
the Lender its Break Costs attributable to all or any part of a Loan or Unpaid
Sum being paid by the Borrower on a day other than the last day of an Interest
Period for that Loan or Unpaid Sum.
11.
TAX GROSS UP AND INDEMNITIES
11.1
DEFINITIONS
11.1.1
IN THIS AGREEMENT:
"Tax Deduction" means a deduction or withholding for or on account of Tax from a
payment under a Finance Document.
11.1.2
UNLESS A CONTRARY INDICATION APPEARS, IN THIS CLAUSE 11
A REFERENCE TO "DETERMINES" OR "DETERMINED" MEANS A DETERMINATION