sis. in the event that on any date on which an
interest rate is to be determined pursuant to section 2.4, (i) the bank shall
determine that dollar deposits in the principal amount of the note to be
outstanding for the interest period for which such interest rate is to be
determined are not available to the bank in the london interbank market, or (ii)
the bank shall determine that the offered rate quotations at which dollar
deposits are offered in the london interbank market do not accurately reflect
the cost of the bank of making maintaining the loan for such interest period,
the bank shall forthwith give notice of such determination to the borrower, by
telex, telegram or cable at least one business day prior to the first day of any
interest period so affected. during the thirty (30) days next succeeding the
date of any such notice, the bank and the borrower shall enter into negotiations
in good faith in order to arrive at a mutually acceptable alternative basis
(such alternative basis being hereinafter referred to as the "substitute basis")
for funding the loan. if within the thirty (30) days following the date of any
such notice the bank and the borrower shall agree upon a substitute basis, such
substitute basis shall be retroactive to and effective from the first day of the
then current interest period. if after thirty (30) days from the date of such
notice the bank and the borrower have failed to agree upon a substitute basis,
then the bank shall certify in writing to the borrower the interest rate or
rates at which the bank is prepared to make or maintain the loan for such
interest period, it being understood that the bank's interest rate shall be a
rate per annum equal to one and one-half percent (1-1/2%), above a rate which
adequately and fairly reflects the cost to the bank of obtaining the funds
necessary to maintain the loan for the then current interest period, such
interest rate or rates to be retroactive to and effective from the first day of
such interest period. the bank shall furnish to the borrower appropriate
evidence establishing the manner in which the bank obtained such funds and the
cost to the bank of obtaining such funds. upon receipt of notice of the interest
rate or rates at which the bank will make or maintain the loan, the borrower
shall have the right to prepay in full (but not in part), pursuant to t
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