Alternative Interest Rates. 9.01 If the Agent acting reasonably determines that as a result of circumstances applying in the London Interbank Market generally at 11.00 a.m. on the Quotation Date for an Interest Period the Screen Rate is not available and only one or none of the Reference Banks was offering deposits in Sterling to prime banks in the London Interbank Market for the proposed duration of such Interest Period or that otherwise LIBOR cannot be determined or if the Agent shall have received notice from a Bank or Banks whose participations in an Advance constitute at least one-third in aggregate of that Advance that LIBOR does not fully reflect their cost of funding their respective participations in the relevant Advance, then, notwithstanding the provisions of Clauses 7 and 8:
(i) the Agent shall notify the Borrower and the Banks of such event;
(ii) the duration of that Interest Period shall be one month;
(iii) if the Agent or the Borrower so requires within five business days of such notification, for the immediately following period of thirty business days the Agent, the Banks and the Borrower shall enter into negotiation in good faith with a view to agreeing a substitute basis (a) for determining the rates of interest from time to time applicable to Advances and/or (b) upon which such Advances may be made and maintained thereafter, in both cases on the basis that the net return to the Banks shall be the same as it would have been had such event not occurred. If a substitute basis is agreed it shall apply in accordance with the terms agreed retrospectively as appropriate to all Advances made or renewed since the Agent's notification referred to in Clause 9.01(i) and Advances may thereupon again be made on the substitute basis for so long as such circumstances shall prevail;
(iv) for so long as such circumstances prevail and provided that a substitute basis as specified in sub-Clause (iii) above has not been agreed the rate of interest applicable to Advances shall be the rate per annum which is the sum of the Applicable Margin, Mandatory Costs as determined by the Agent and in relation to each Bank's participation in Advances the rate rounded upwards (if necessary) to four decimal places notified by such Bank to the Agent as that which expresses as a percentage rate per annum the cost to such Bank of funding from whatever reasonable sources it may select an amount equal to its participation in such Advance for delivery on the first day of such Interest Period and for repay...
Alternative Interest Rates. (a) If at least two (2) Business Days prior to the commencement of any Interest Period for a Eurodollar Borrowing, the Required Lenders reasonably determine that for any reason, adequate and reasonable means do not exist for determining the Adjusted LIBO Rate for any requested Interest Period with respect to a proposed Eurodollar Loan, or that the Adjusted LIBO Rate for any requested Interest Period with respect to a proposed Eurodollar Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, or that deposits are not being offered to banks in the relevant interbank market for the applicable amount and the Interest Period of such Eurodollar Loan, the Required Lenders shall notify the Administrative Agent in writing, and thereafter the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Loans shall be suspended and (y) in the event of a determination described in the preceding sentence with respect to the Adjusted LIBO Rate component of the Alternate Base Rate, the utilization of the Adjusted LIBO Rate component in determining the Alternate Base Rate shall be suspended, in each case until the Administrative Agent (upon the written instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of or continuation of Eurodollar Loans or, failing that, will be deemed to have converted such request into a request for a Borrowing of ABR Loans (determined without reference to the Adjusted LIBO Rate component thereof) in the amount specified therein; provided, that such ABR Loans will be deemed “Eurodollar Loans” for purposes of Article 2 hereof.
(b) If the Required Lenders and the Borrower shall reasonably agree that either (i) the circumstances set forth in clause (a) of this Section 10.24 have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in clause (a) of this Section 10.24 have not arisen but the supervisor for the administrator of the LIBO Rate (or any component thereof) or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Rate (or any component thereof) shall no longer be published for use in determining interest rates for loans (in the case of either such clause (i) or (ii), an “Alternative Intere...
Alternative Interest Rates. 23 PART 4 REPAYMENT, CANCELLATION, ILLEGALITY AND PREPAYMENT.......................................................... 25
Alternative Interest Rates. 9.1 If, at or about 11.00 a.m. on the Quotation Date for an Interest Period, the Bank was not offering to prime banks in the London Interbank Market deposits in sterling for the proposed duration of such Interest Period, then, notwithstanding the provisions of Clauses 7 and 8:
(i) the duration of that Interest Period shall be one month or, if less, such that it shall end on the next succeeding Repayment Date; and
(ii) the rate of interest applicable to the Advance to which such Interest Period relates from time to time during such Interest Period shall be the rate per annum which is the sum of the Margin, the Associated Costs Rate in respect thereof at such time and the rate per annum determined by the Bank to be that which expresses as a percentage rate per annum the cost to it of funding such Advance during such Interest Period from whatever sources it may reasonably select.
9.2 If the interest rate applicable to an Advance during an Interest Period fails to be determined pursuant to Clause 9.1, then:
(i) the Bank shall notify the Guarantor of such event;
(ii) if the Bank so requires, within five days of such notification the Bank, the Guarantor and the relevant Borrower shall enter into negotiations with a view to agreeing a substitute basis (a) for determining the rates of interest from time to time applicable to the Advances and/or (b) upon which the Advances may be maintained (whether in sterling or some other currency) thereafter and any such substitute basis that is agreed shall take effect in accordance with its terms and be binding on such Borrower and the Bank; and
(iii) if the Bank has required the Guarantor and a Borrower to enter into such negotiations, the Bank may declare (any such declaration to be binding on the Borrowers) that each Advance shall become due and payable on the last day of its then current Interest Period unless by then a substitute basis has been agreed upon in relation thereto.
Alternative Interest Rates. 11.1 If, in relation to an Advance at or about 11.00 a.m. on the Quotation Date for an Interest Period in respect of such Advance:
(i) the Agent was not offering to prime banks in the London Interbank Market deposits in the currency in which such Advance is to be denominated for the proposed duration of such Interest Period; or
(ii) before the close of business in London on the Quotation Date for such Interest Period, the Agent has been notified by each of a group of Banks to whom in aggregate fifty-one (51) per cent or more of the aggregate amount of Advances denominated in the currency of such Advance is (or, if an Advance were then to be then, notwithstanding the provisions of Clause 9:
(a) if paragraph (i) above applies the duration of that Interest Period shall be one month or, if less, such that it shall end on the next succeeding Reduction Date or the Final Maturity Date as the case may be; and
(b) the rate of interest applicable to each Bank's portion of the Advance to which such Interest Period relates from time to time during such Interest Period shall be the rate per annum which is the sum of the Margin (and, in the case of sterling, the Associated Costs Rate in respect thereof at such time) and the rate per annum notified to the Agent by such Bank before the last day of such Interest Period to be that which expresses as a percentage rate per annum the cost to such Bank of funding its portion of the Advance during such Interest Period from whatever sources it may reasonably select.
11.2 If (i) the event mentioned in paragraph (i) or (ii) in Clause 11.1 occurs or (ii) by reason of circumstances affecting the London Interbank Market during any period of three consecutive business days the Agent was not offering deposits in the currency in which an Advance is to be denominated to prime banks in the London Interbank Market, then:
(i) the Agent shall notify the Banks, the Sponsor and the Borrowers of such event;
(ii) if the Agent so requires, within five days of such notification the Agent and the Sponsor and each relevant Borrower shall enter into negotiations with a view to agreeing a substitute basis (a) for determining the rates of interest from time to time applicable to the Advances and/or (b) upon which the Advances may be maintained (whether in dollars or sterling) thereafter and any such substitute basis that is agreed shall take effect in accordance with its terms and be binding on each party hereto; Provided Always that the Agent may not a...
Alternative Interest Rates. 12 PART 4 REPAYMENT, CANCELLATION AND PREPAYMENT
Alternative Interest Rates. Repayment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Alternative Interest Rates. If the principle London, England office of The Bank of Nova Scotia determines that at 1 1:OO a.m. two (2) Business Days prior to an Interest Period, no LIBO Rate is quoted for the proposed duration of such Interest Period for an applicable Advance, then:
(a) The Bank shall promptly notify the Borrower of such event specifying in reasonable detail the circumstances of such event;
(b) the duration of that Interest Period shall be one (1) month or less, such that it shall not end after the Repayment Date; and
(c) the rate of interest applicable to such Advance during such Interest Period shall be the rate per annum which is the sum of the Applicable Margin and the rate per annum determined by the Bank to be the arithmetic mean (rounded upwards, if not already such a multiple, to the nearest whole multiple of one-hundredth of one percent(100(th) of 1%) of the rate or rates of the Bank which express as a percentage rate per annum the Bank's lowest cost alternate source of funding for commercial loans comparable to such Advance during such Interest Period, provided, however, that (b) and (c) shall not apply if the Bank and the Borrower agree on a Substitute Basis in accordance with Section 10.3.
Alternative Interest Rates. 13 12. FEES14 13. TAX GROSS-UP AND INDEMNITIES.............................................................................15
Alternative Interest Rates. 14.1 Notification to the Principal Borrower of market disruption If, in relation to any Advance and any proposed Interest Period, the Bank determines (which determination shall be conclusive and binding on all parties hereto), that, by reason of circumstances affecting the London inter-bank market generally, adequate and fair means do not exist for ascertaining LIBOR applicable to such Advance for the relevant Interest Period, the Bank shall promptly give written notice of such determination to the Principal Borrower.
14.2 Consequence of market disruption If the Bank gives a notice under clause 14.1:
14.2.1 the Interest Period in respect of such Advance shall be 1 month;
14.2.2 the Bank and the Principal Borrower shall negotiate in good faith with a view to agreeing a substitute basis for determining the rate of interest applicable to such Advance; and
14.2.3 if such agreement is not reached within 14 days , then, during such Interest Period, the rate of interest applicable to such Advance shall be the rate per annum which is the aggregate sum of (a) the Applicable Margin and (b) the rate per annum determined by the Bank which fairly expresses the cost to the Bank of funding such Advance from whatever sources it may reasonably select (and which cost of funds may include a Mandatory Cost).
