ALTERNATE BASIS OF BORROWING Sample Clauses

ALTERNATE BASIS OF BORROWING. If at any time during the term of this Agreement, a Lender determines reasonably and in good faith (which determination shall, in the absence of manifest error, be final, conclusive and binding upon the Borrower) and notifies the Administrative Agent in accordance with Section 17.6 that: (a) adequate and fair means do not exist for ascertaining the rate of interest with respect to a Libor Loan, (b) the cost to such Lender of making, funding or maintaining its Lender's Proportion of a Libor Loan does not accurately reflect its effective cost in respect thereof, (c) the making or continuing of Libor Loans by such Lender has been made impracticable by the occurrence of any event which materially and adversely affects the London interbank eurodollar market, or (d) deposits in US Dollars are not available to such Lender in the London interbank eurodollar market in sufficient amounts in the ordinary course of business for the applicable Libor Interest Period to make, fund or maintain a Libor Loan during such Libor Interest Period, then, the Administrative Agent shall, on behalf of the Lender affected by such event or circumstance (the "Affected Lender"), notify the Borrower of such determination in writing with an indication of the Loans affected by such determination (each an "Affected Loan"). For so long as the circumstances referred to in paragraph (a), (b), (c) or (d) above shall continue and until notice to the contrary is given to the Borrower by the Administrative Agent on behalf of the Affected Lender, the Affected Lender shall not be obliged to make any further Affected Loans available under the Credit Facilities. The principal amount of all outstanding Affected Loans granted by the Affected Lender shall, at the expiry of the relevant Libor Interest Period, automatically be converted without novation into a US Prime Rate Loan and thereafter, for so long as the circumstances referred to in any of paragraphs (a) to (d) above continue, such Affected Lender shall only be obliged to extend its Lender's Proportion of Affected Loans in US Prime Rate Loans. Alternatively, the Borrower: (A) may designate another Lender or a new lender to whom such Affected Lender's rights, benefits and/or obligations under this Agreement shall be assigned and such Affected Lender shall effect such transfer to such designated Lender or new lender in accordance with Section 18.3 provided that (i) no Event of Default or Default has occurred which is continuing, (ii) the replacement...
Sample 1
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ALTERNATE BASIS OF BORROWING if at any time during the term of this Agreement, a Lender determines in good faith (which determination shall be final, conclusive and binding upon the Borrower) that by reasons of circumstances or changes affecting the market for Bankers' Acceptances: (a) it is no longer possible to establish the Discount Rate in respect of Bankers' Acceptances, or (b) the market for Bankers' Acceptances no longer exists, is too weak for its normal use or is not capable in the normal course of business to absorb Bankers' Acceptances accepted hereunder, then, such Lender shall immediately notify the Borrower of its determination in writing. For so long as the circumstances referred to in paragraphs (a) or (b) of this subsection shall continue, no further Borrowings will be available by way of Bankers' Acceptances from such Lender and thereafter, until notice to the contrary is given to the Borrower by such Lender, the said Lender shall only be obligated to make other forms of Borrowings available to the Borrower hereunder, and the principal amount of all Borrowings outstanding by way of Bankers' Acceptances shall, at the expiry of the related Bankers' Acceptances, be converted without novation into such other form of Borrowing as the Borrower may request by notice to the relevant Lender or failing such notice, into Prime Rate Loans;
Sample 1
ALTERNATE BASIS OF BORROWING. If at any time during the term of this ---------------------------- Agreement, a Revolving Credit Lender determines in good faith (which determination shall be final, conclusive and binding upon the Borrower) that, by reasons of circumstances or changes affecting the market for Bankers' Acceptances, (i) it is no longer possible to establish the Discount Rate in respect to Bankers' Acceptances, or (ii) the market for Bankers' Acceptances no longer exists, is too weak for its normal use by such Revolving Credit Lender or is not capable in the normal course of business to absorb Bankers' Acceptances accepted by such Revolving Credit Lender, then the Agent shall, on behalf of the Revolving Credit Lender affected by such event or circumstances (the "Affected -------- Lender"), immediately notify the Borrower of the Affected Lender's determination ------ in writing with an indication of the Revolving Credit Loans affected by such determination. For so long as the circumstances referred to in clause (i) or ----------
Sample 1
ALTERNATE BASIS OF BORROWING. If at any time during the term of this Agreement, the Bank determines in good faith (which determination shall be final, conclusive and binding upon all members of the Borrower Affiliated Group) that by reason of circumstances or changes affecting the market for Bankers' Acceptances: (i) it is no longer possible to establish the Acceptance Rate in respect of Bankers' Acceptances, or (ii) the market for Bankers' Acceptances no longer exists, is too weak for its normal use by the Bank or is not capable in the normal course of business to absorb Bankers' Acceptances accepted by the Bank, then, the Bank shall immediately notify the Borrower of its determination in writing. For so long as the circumstances referred to in paragraphs (i) or (ii) of this Section shall continue, the Bank shall not be obligated to make any further utilizations under any of the Credit Facilities available by way of Bankers' Acceptances and thereafter, until notice to the contrary is given to the Borrower by the Bank, the Bank shall only be obligated to make other forms of utilizations under the Credit Facilities available to the Borrower hereunder.
Sample 1

Related to ALTERNATE BASIS OF BORROWING

  • Alternate Base Rate Loans During such periods as Revolving Loans shall be comprised of Alternate Base Rate Loans, each such Alternate Base Rate Loan shall bear interest at a per annum rate equal to the sum of the Alternate Base Rate plus the Applicable Percentage; and

  • Interest Rate Basis Interest on this Note will be determined by reference to the applicable Interest Rate Basis or Interest Rate Bases, which may, as described below, include the CD Rate, the CMT Rate, the Commercial Paper Rate, the Constant Maturity Swap Rate, the Federal Funds Open Rate, the Federal Funds Rate, LIBOR, the Prime Rate or the Treasury Rate (each as defined below).

  • Calculation of Borrowing Base For purposes of this Agreement, the “Borrowing Base” shall be determined, as at any date of determination, as the sum of the Advance Rates of the Value of each Portfolio Investment (excluding any Cash Collateral held by the Administrative Agent pursuant to Section 2.05(k) or the last paragraph of Section 2.09(a)); provided that: (a) the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments in a consolidated group of corporations or other entities (collectively, a “Consolidated Group”), in accordance with GAAP, that exceeds 10% of Shareholders’ Equity of the Borrower (which, for purposes of this calculation shall exclude the aggregate amount of investments in, and advances to, Financing Subsidiaries) shall be 50% of the Advance Rate otherwise applicable; provided that, with respect to the Portfolio Investments in a single Consolidated Group designated by the Borrower to the Administrative Agent such 10% figure shall be increased to 12.5%; (b) the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments of all issuers in a Consolidated Group exceeding 20% of Shareholders’ Equity of the Borrower (which, for purposes of this calculation shall exclude the aggregate amount of investments in, and advances to, Financing Subsidiaries) shall be 0%; (c) the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments in any single Industry Classification Group that exceeds 20% of Shareholders’ Equity of the Borrower (which for purposes of this calculation shall exclude the aggregate amount of investments in, and advances to, Financing Subsidiaries) shall be 0%; provided that, with respect to the Portfolio Investments in a single Industry Classification Group from time to time designated by the Borrower to the Administrative Agent such 20% figure shall be increased to 30% and, accordingly, only to the extent that the Value for such single Industry Classification Group exceeds 30% of the Shareholders’ Equity shall the Advance Rate applicable to such excess Value be 0%; (d) no Portfolio Investment may be included in the Borrowing Base unless the Collateral Agent maintains a first priority, perfected Lien (subject to Permitted Liens) on such Portfolio Investment and such Portfolio Investment has been Delivered (as such term is used in and to the extent required under Section 7.01(a) of the Guarantee and Security Agreement) to the Collateral Agent, and then only for so long as such Portfolio Investment continues to be Delivered as contemplated therein; (e) the portion of the Borrowing Base attributable to Performing Non-Cash Pay High Yield Securities, Performing Non-Cash Pay Mezzanine Investments, Equity Interests and Non-Performing Portfolio Investments shall not exceed 20%; (f) the portion of the Borrowing Base attributable to Equity Interests shall not exceed 10% (it being understood that in no event shall Equity Interests of Financing Subsidiaries be included in the Borrowing Base); (g) the portion of the Borrowing Base attributable to Non-Performing Portfolio Investments shall not exceed 15% and the portion of the Borrowing Base attributable to Portfolio Investments that were Non-Performing Portfolio Investments at the time such Portfolio Investments were acquired shall not exceed 5%; and (h) the portion of the Borrowing Base attributable to Portfolio Investments invested outside the United States, Canada, the United Kingdom, Australia, Germany, France, Belgium, the Netherlands, Luxembourg, Switzerland, Denmark, Finland, Norway and Sweden shall not exceed 5% without the consent of the Administrative Agent. As used herein, the following terms have the following meanings:

  • Eurodollar Rate Loans After Default After the occurrence of and during the continuation of a Potential Event of Default or an Event of Default, (i) Company may not elect to have a Loan be made or maintained as, or converted to, a Eurodollar Rate Loan after the expiration of any Interest Period then in effect for that Loan and (ii) subject to the provisions of subsection 2.6D, any Notice of Borrowing or Notice of Conversion/Continuation given by Company with respect to a requested borrowing or conversion/continuation that has not yet occurred shall be deemed to be rescinded by Company.

  • Application of Prepayments of Loans to Base Rate Loans and Eurodollar Rate Loans Considering each Class of Loans being prepaid separately, any prepayment thereof shall be applied first to Base Rate Loans to the full extent thereof before application to Eurodollar Rate Loans, in each case in a manner which minimizes the amount of any payments required to be made by Borrower pursuant to Section 2.18(c).

  • Base Rate Loans During such periods as Revolving Loans shall be comprised in whole or in part of Base Rate Loans, such Base Rate Loans shall bear interest at a per annum rate equal to the Adjusted Base Rate.

  • Settlement Date Basis For purposes of this Agreement, all determinations of whether an investment is to be included as a Portfolio Investment shall be determined on a settlement-date basis (meaning that any investment that has been purchased will not be treated as a Portfolio Investment until such purchase has settled, and any Portfolio Investment which has been sold will not be excluded as a Portfolio Investment until such sale has settled); provided that no such investment shall be included as a Portfolio Investment to the extent it has not been paid for in full.

  • Reserves on Eurodollar Rate Loans The Borrower shall pay to each Lender, as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and payable on each date on which interest is payable on such Loan, provided the Borrower shall have received at least 10 days’ prior notice (with a copy to the Administrative Agent) of such additional interest from such Lender. If a Lender fails to give notice 10 days prior to the relevant Interest Payment Date, such additional interest shall be due and payable 10 days from receipt of such notice.

  • Manner of Borrowing Each Borrowing hereunder shall be made by a single Borrower (it being understood and agreed that any Qualified Borrower’s Obligations shall be guaranteed by the Initial Borrower in accordance with Section 2.9 hereof). The applicable Borrower shall give the Administrative Agent notice at the Agency Services Address of the date of each requested Borrowing hereunder, which notice may be by telephone, if confirmed in writing, facsimile, electronic mail, or other written communication substantially in the form of Exhibit E attached hereto (a “Request for Borrowing”). Each Request for Borrowing: (a) shall be furnished to the Administrative Agent no later than the Specified Time; and (b) must specify: (i) the amount of such Borrowing; (ii) the Interest Option; (iii) in the case of a request for LIBOR Loans, the Interest Period therefor and currency (which shall be, subject to Section 2.2 hereof, US Dollars or an Alternate Currency); and (iv) including a confirmation that such Borrowing will be secured (either directly or indirectly) by a first priority, exclusive security interest and Lien (subject to Permitted Liens), granted to the Secured Parties, in and on 100% of the Unused Commitments of all Investors, which can be satisfied by checking the box next to such confirmation in a Request for Borrowing. If multiple Borrowers are requesting a Borrowing on the same date, then a separate Request for Borrowing shall be submitted by each applicable Borrower (or such Request for borrowing shall specify the respective amounts being requested by each applicable Borrower). Any Request for Borrowing received by the Administrative Agent after the Specified Time shall be deemed to have been given by the applicable Borrower on the next succeeding Business Day. No Request for Borrowing shall be required to be delivered in connection with any Borrowing under Section 2.8(g)(i), 2.9(f), 2.12(b), 3.3(c) or 3.3(d) hereof.

  • Reserves on LIBOR Rate Loans The Borrower shall pay to each Lender, as long as such Lender shall be required under regulations of the Federal Reserve Board to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional costs on the unpaid principal amount of each LIBOR Rate Loan equal to actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent manifest error), payable on each date on which interest is payable on such Loan provided the Borrower shall have received at least fifteen (15) days’ prior written notice (with a copy to Agent) of such additional interest from the Lender. If a Lender fails to give notice fifteen (15) days prior to the relevant Interest Payment Date, such additional interest shall be payable fifteen (15) days from receipt of such notice.

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