Common use of Alternative Interest Rates Clause in Contracts

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 repayment at the end of such Interest Period; and (v) for so long as such circumstances prevail the Agent and the Borrower shall from time to time, but at least monthly, review whether such circumstances still prevail, with a view to returning to the normal provisions of this Agreement. 9.02 If the alternative interest rate charged by any Bank pursuant to Clause 9.01(iv) is unacceptable to the Borrower, the Borrower may (within 30 days of the setting of the rate referred to in Clause 9.01(iv) above) on not less than five business days' written notice by the Borrower to the Agent prepay such Bank's share of all (but not some only) Advances and on the giving of such notice: (i) such Bank shall not thereafter be obliged to make Advances hereunder and the amount of its Commitment shall be immediately reduced to zero; and (ii) if the Agent on behalf of such Bank so requires, the Borrower shall on the expiry of such notice prepay such Bank's share of any outstanding Advances together with accrued interest thereon and shall pay all other amounts owing to such Bank hereunder.

Alternative Interest Rates. 9.01 If If: (a) in attempting to calculate LIBOR under paragraph (b) of the definition of LIBOR for a specified period the Facility Agent acting reasonably determines that as a result of circumstances applying in the London Interbank Market generally at 11.00 a.m. (London time) on the Quotation Date that it is unable to obtain quotations for an Interest Period the Screen Rate is not available and only one or none LIBOR from any of the Reference Banks was offering deposits in Sterling to prime banks in respect of the London Interbank Market relevant Advance or unpaid sum for the proposed duration specified period; or (b) before its close of business on such Interest Period or that otherwise LIBOR cannot be determined or if day, the Facility Agent shall have received notice from has been notified in writing by a Bank or group of Banks whose participations in an to which 35% or more of the relevant Advance constitute at least one-third in aggregate of that or unpaid sum is (or, if the relevant Advance were made, would then be) owed that LIBOR calculated in accordance with its definition in this Agreement does not fully accurately reflect their the cost to them of funding their respective participations in participation; or (c) the relevant AdvanceFacility Agent, acting reasonably, determines that, by reason of circumstances affecting the London inter-bank market, adequate and fair means do not or will not exist for determining the rate of interest applicable to the specified period, then, notwithstanding the provisions of Clauses 7 and 8: (i) the Facility Agent shall promptly notify in writing the Primary Borrower and the Banks of such eventevent or circumstance; (ii) the duration Facility Agent (on behalf of that Interest Period shall be one month; (iiiand after consultation with the Banks) if the Agent or the Borrower so requires shall, within five business days three Banking Days of such notificationnotice, for negotiate with the immediately following period of thirty business days the Agent, the Banks and the Primary Borrower shall enter into negotiation in good faith with a view to agreeing a substitute basis (a) for determining on which the rates relevant part of interest from time to time applicable to Advances and/or (b) upon which such Advances the Facility 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 prevailmaintained; (iviii) for so long as such circumstances prevail and provided that a any substitute basis as specified agreed 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 writing by the Facility Agent (on behalf of and in relation to each Bank's participation in Advances with the rate rounded upwards (if necessaryconsent of all the Banks) 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 repayment at the end of such Interest Period; and (v) for so long as such circumstances prevail the Agent and the Primary Borrower shall from time to time, but at least monthly, review whether such circumstances still prevail, with a view to returning to the normal provisions of this Agreement. 9.02 If the alternative interest rate charged by any Bank pursuant to Clause 9.01(iv) is unacceptable to the Borrower, the Borrower may (within 30 days of such notice shall take effect in accordance with its terms and interest shall be calculated as if the setting substitute basis had come into effect from the beginning of the rate referred to in Clause 9.01(iv) above) on not less than five business days' written notice by the Borrower to the Agent prepay such Bank's share of all (but not some only) Advances and on the giving of such notice: (i) such Bank shall not thereafter be obliged to make Advances hereunder and the amount of its Commitment shall be immediately reduced to zero; and (ii) if the Agent on behalf of such Bank so requires, the Borrower shall on the expiry of such notice prepay such Bank's share of any outstanding Advances together with accrued interest thereon and shall pay all other amounts owing to such Bank hereunder.relevant specific period;

Alternative Interest Rates. 9.01 If If: (a) in attempting to calculate LIBOR under paragraph (c) of the definition of LIBOR for a specified period the Facility Agent acting reasonably determines that as a result of circumstances applying in the London Interbank Market generally at 11.00 a.m. (London time or, in the case of Euros, Central European Time) on the Quotation Date that it is unable to obtain quotations for an Interest Period the Screen Rate is not available and only one or none LIBOR from any of the Reference Banks was offering deposits in Sterling to prime banks in respect of the London Interbank Market relevant Advance or unpaid sum for the proposed duration specified period; or (b) before its close of business on such Interest Period or that otherwise LIBOR cannot be determined or if day, the Facility Agent shall have received notice from has been notified in writing by a Bank or group of Banks whose participations in an to which 35% or more of the relevant Advance constitute at least one-third in aggregate of that or unpaid sum is (or, if the relevant Advance were made, would then be) owed that LIBOR calculated in accordance with its definition in this Agreement does not fully accurately reflect their the cost to them of funding their respective participations in participation; or (c) the relevant AdvanceFacility Agent, acting reasonably, determines that, by reason of circumstances affecting the London Inter-bank Market, adequate and fair means do not or will not exist for determining the rate of interest applicable to the specified period, then, notwithstanding the provisions of Clauses 7 and 8: (i) the Facility Agent shall promptly notify in writing the Primary Borrower and the Banks of such eventevent or circumstance; (ii) the duration Facility Agent (on behalf of that Interest Period shall be one month; (iiiand after consultation with the Banks) if the Agent or the Borrower so requires shall, within five business days three Banking Days of such notificationnotice, for negotiate with the immediately following period of thirty business days the Agent, the Banks and the Primary Borrower shall enter into negotiation in good faith with a view to agreeing a substitute basis (a) for determining on which the rates relevant part of interest from time to time applicable to Advances and/or (b) upon which such Advances the Facility 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 maintained; (iii) any substitute basis is agreed it in writing by the Facility Agent (on behalf of and with the consent of all the Banks) and the Primary Borrower within 30 days of such notice shall apply take effect in accordance with the its terms agreed retrospectively and interest shall be calculated 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 if the substitute basis for so long as such circumstances shall prevailhad come into effect from the beginning of the relevant specific period; (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 default of interest applicable to Advances shall be the rate per annum which is the sum of the Applicable Marginagreement within 30 days, Mandatory Costs as determined by the Agent and in relation to each Bank's participation in Advances the rate rounded upwards Advance or unpaid sum (if necessaryany) to four decimal places notified by such Bank shall during that specific period bear interest at the annual rate equal to the Agent cost to that Bank (as certified by it to the Primary Borrower within ten days of the end of that which expresses 30 day period and expressed as a percentage rate per annum the cost to such Bank annum) of funding from whatever reasonable sources it may select an amount equal to its participation in such Advance for delivery on during that specific period by whatever means that Bank determines to be most appropriate plus the first day of such Interest Period and for repayment at the end of such Interest Period; and (v) for so long as such circumstances prevail the Agent Applicable Margin and the Borrower shall from time to time, but at least monthly, review whether such circumstances still prevail, with a view to returning Mandatory Cost Rate and if and to the normal provisions of this Agreementextent that clause 5.4 (Interest on unpaid sums) applies, a further one per cent. 9.02 If the alternative interest rate charged by any Bank pursuant to Clause 9.01(iv) is unacceptable to the Borrower, the Borrower may (within 30 days of the setting of the rate referred to in Clause 9.01(iv) above) on not less than five business days' written notice by the Borrower to the Agent prepay such Bank's share of all (but not some only) Advances and on the giving of such notice: (i) such Bank shall not thereafter be obliged to make Advances hereunder and the amount of its Commitment shall be immediately reduced to zero; and (ii) if the Agent on behalf of such Bank so requires, the Borrower shall on the expiry of such notice prepay such Bank's share of any outstanding Advances together with accrued interest thereon and shall pay all other amounts owing to such Bank hereunder.

Alternative Interest Rates. 9.01 If If: (a) in attempting to calculate LIBOR under paragraph (b) of the definition of LIBOR for a specified period the Facility Agent acting reasonably determines that as a result of circumstances applying in the London Interbank Market generally at 11.00 a.m. (London time) on the Quotation Date that it is unable to obtain quotations for an Interest Period the Screen Rate is not available and only one or none LIBOR from any of the Reference Banks was offering deposits in Sterling to prime banks in respect of the London Interbank Market relevant Advance or unpaid sum for the proposed duration specified period; or (b) before its close of business on such Interest Period or that otherwise LIBOR cannot be determined or if day, the Facility Agent shall have received notice from has been notified in writing by a Bank or group of Banks whose participations in an to which 35% or more of the relevant Advance constitute at least one-third in aggregate of that or unpaid sum is (or, if the relevant Advance were made, would then be) owed that LIBOR calculated in accordance with its definition in this Agreement does not fully accurately reflect their the cost to them of funding their respective participations in participation; or (c) the relevant AdvanceFacility Agent, acting reasonably, determines that, by reason of circumstances affecting the London inter-bank market, adequate and fair means do not or will not exist for determining the rate of interest applicable to the specified period, then, notwithstanding the provisions of Clauses 7 and 8: (i) the Facility Agent shall promptly notify in writing the Primary Borrower and the Banks of such eventevent or circumstance; (ii) the duration Facility Agent (on behalf of that Interest Period shall be one month; (iiiand after consultation with the Banks) if the Agent or the Borrower so requires shall, within five business days three Banking Days of such notificationnotice, for negotiate with the immediately following period of thirty business days the Agent, the Banks and the Primary Borrower shall enter into negotiation in good faith with a view to agreeing a substitute basis (a) for determining on which the rates relevant part of interest from time to time applicable to Advances and/or (b) upon which such Advances the Facility 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 maintained; (iii) any substitute basis is agreed it in writing by the Facility Agent (on behalf of and with the consent of all the Banks) and the Primary Borrower within 30 days of such notice shall apply take effect in accordance with the its terms agreed retrospectively and interest shall be calculated 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 if the substitute basis for so long as such circumstances shall prevailhad come into effect from the beginning of the relevant specific period; (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 default of interest applicable to Advances shall be the rate per annum which is the sum of the Applicable Marginagreement within 30 days, Mandatory Costs as determined by the Agent and in relation to each Bank's participation in Advances the rate rounded upwards Advance or unpaid sum (if necessaryany) to four decimal places notified by such Bank shall during that specific period bear interest at the annual rate equal to the Agent cost to that Bank (as certified by it to the Primary Borrower within ten days of the end of that which expresses 30 day period and expressed as a percentage rate per annum the cost to such Bank annum) of funding from whatever reasonable sources it may select an amount equal to its participation in such Advance for delivery on during that specific period by whatever means that Bank determines to be most appropriate plus the first day of such Interest Period and for repayment at the end of such Interest Period; and (v) for so long as such circumstances prevail the Agent Applicable Margin and the Borrower shall from time to timeAdditional Cost and if clause 5.4 (Interest on unpaid sums) applies, but at least monthly, review whether such circumstances still prevail, with a view to returning to the normal provisions of this Agreementfurther one per cent. 9.02 If the alternative interest rate charged by any Bank pursuant to Clause 9.01(iv) is unacceptable to the Borrower, the Borrower may (within 30 days of the setting of the rate referred to in Clause 9.01(iv) above) on not less than five business days' written notice by the Borrower to the Agent prepay such Bank's share of all (but not some only) Advances and on the giving of such notice: (i) such Bank shall not thereafter be obliged to make Advances hereunder and the amount of its Commitment shall be immediately reduced to zero; and (ii) if the Agent on behalf of such Bank so requires, the Borrower shall on the expiry of such notice prepay such Bank's share of any outstanding Advances together with accrued interest thereon and shall pay all other amounts owing to such Bank hereunder.

Alternative Interest Rates. 9.01 If If: (a) in attempting to calculate LIBOR under paragraph (b) of the definition of LIBOR for a specified period the Facility Agent acting reasonably determines that as a result of circumstances applying in the London Interbank Market generally at 11.00 a.m. (London time) on the Quotation Date that it is unable to obtain quotations for an Interest Period the Screen Rate is not available and only one or none LIBOR from any of the Reference Banks was offering deposits in Sterling to prime banks in respect of the London Interbank Market relevant Advance or unpaid sum for the proposed duration specified period; or (b) before its close of business on such Interest Period or that otherwise LIBOR cannot be determined or if day, the Facility Agent shall have received notice from has been notified in writing by a Bank or group of Banks whose participations in an to which 35% or more of the relevant Advance constitute at least one-third in aggregate of that or unpaid sum is (or, if the relevant Advance were made, would then be) owed that LIBOR calculated in accordance with its definition in this Agreement does not fully accurately reflect their the cost to them of funding their respective participations in participation; or (c) the relevant AdvanceFacility Agent, thenacting reasonably, notwithstanding determines that, by reason of circumstances affecting the provisions London inter-bank market, adequate and fair means do not or will not exist for determining the rate of Clauses 7 and 8:interest applicable to the specified period, (i) the Facility Agent shall promptly notify in writing the Primary Borrower and the Banks of such eventevent or circumstance; (ii) the duration Facility Agent (on behalf of that Interest Period shall be one month; (iiiand after consultation with the Banks) if the Agent or the Borrower so requires shall, within five business days three Banking Days of such notificationnotice, for negotiate with the immediately following period of thirty business days the Agent, the Banks and the Primary Borrower shall enter into negotiation in good faith with a view to agreeing a substitute basis (a) for determining on which the rates relevant part of interest from time to time applicable to Advances and/or (b) upon which such Advances the Facility 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 maintained; (iii) any substitute basis is agreed it in writing by the Facility Agent (on behalf of and with the consent of all the Banks) and the Primary Borrower within 30 days of such notice shall apply take effect in accordance with the its terms agreed retrospectively and interest shall be calculated 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 if the substitute basis for so long as such circumstances shall prevailhad come into effect from the beginning of the relevant specific period; (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 default of interest applicable to Advances shall be the rate per annum which is the sum of the Applicable Marginagreement within 30 days, Mandatory Costs as determined by the Agent and in relation to each Bank's participation in Advances the rate rounded upwards Advance or unpaid sum (if necessaryany) to four decimal places notified by such Bank shall during that specific period bear interest at the annual rate equal to the Agent cost to that Bank (as certified by it to the Primary Borrower within ten days of the end of that which expresses 30 day period and expressed as a percentage rate per annum the cost to such Bank annum) of funding from whatever reasonable sources it may select an amount equal to its participation in such Advance for delivery on during that specific period by whatever means that Bank determines to be most appropriate plus the first day of such Interest Period and for repayment at the end of such Interest Period; and (v) for so long as such circumstances prevail the Agent Applicable Margin and the Borrower shall from time to timeAdditional Cost and if clause 5.4 (Interest on unpaid sums) applies, but at least monthly, review whether such circumstances still prevail, with a view to returning to the normal provisions of this Agreementfurther one per cent. 9.02 If the alternative interest rate charged by any Bank pursuant to Clause 9.01(iv) is unacceptable to the Borrower, the Borrower may (within 30 days of the setting of the rate referred to in Clause 9.01(iv) above) on not less than five business days' written notice by the Borrower to the Agent prepay such Bank's share of all (but not some only) Advances and on the giving of such notice: (i) such Bank shall not thereafter be obliged to make Advances hereunder and the amount of its Commitment shall be immediately reduced to zero; and (ii) if the Agent on behalf of such Bank so requires, the Borrower shall on the expiry of such notice prepay such Bank's share of any outstanding Advances together with accrued interest thereon and shall pay all other amounts owing to such Bank hereunder.