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Common use of Base Rate Loans Substituted for Affected Fixed Rate Loans Clause in Contracts

Base Rate Loans Substituted for Affected Fixed Rate Loans. If (i) the obligation of any Bank to make Euro-Dollar Loans has been suspended pursuant to Section 8.02 or (ii) any Bank has demanded compensation under Section 8.03(a) and the Borrower shall, by at least five Euro-Dollar Business Days' prior notice to such Bank through the Administrative Agent, have elected that the provisions of this Section shall apply to such Bank, then, unless and until such Bank notifies the Borrower that the circumstances giving rise to such suspension or demand for compensation no longer apply: (a) all Loans which would otherwise be made by such Bank as Euro-Dollar Loans shall be made instead as Base Rate Loans (on which interest and principal shall be payable contemporaneously with the related Euro-Dollar Loans of the other Banks), and (b) after each of its Euro-Dollar Loans has been repaid, all payments of principal which would otherwise be applied to repay such Euro-Dollar Loans shall be applied to repay its Base Rate Loans instead.

Appears in 1 contract

Samples: Credit Agreement (Corporate Realty Consultants Inc)

Base Rate Loans Substituted for Affected Fixed Rate Loans. If (i) the obligation of any Bank to make Euro-Dollar Currency Loans has been suspended pursuant to Section 8.02 8.2 or (ii) any Bank has demanded compensation under Section 8.03(a8.3(a) and the Borrower shallBorrower, by at least five Euro-Dollar Currency Business Days' prior notice to such Bank through the Administrative Agent, shall have elected that the provisions of this Section shall apply to such Bank, then, unless and until such Bank notifies the Borrower that the circumstances giving rise to such suspension or demand for compensation no longer apply: (a) all Loans which would otherwise be made by such Bank as Euro-Dollar Currency Loans shall be made instead as Base Rate Loans denominated in Dollars (on which interest and principal shall be payable contemporaneously with the related Euro-Dollar Fixed Rate Loans of the other Banks), ; and (b) after each of its Euro-Dollar Currency Loans has been repaid, all payments of principal which would otherwise be applied to repay such Euro-Dollar Fixed Rate Loans shall be applied to repay its Base Rate Loans instead.

Appears in 1 contract

Samples: Credit Agreement (Ingersoll-Rand PLC)

Base Rate Loans Substituted for Affected Fixed Rate Loans. If (i) the obligation of any Bank Lender to make Euro-Dollar Loans has been suspended pursuant to Section 8.02 or (ii) any Bank Lender has demanded compensation under Section 8.03(a) and the Borrower shall, by at least five Euro-Dollar Business Days' , prior notice to such Bank Lender through the Administrative Agent, have elected that the provisions of this Section shall apply to such BankLender, then, unless and until such Bank Lender notifies the Borrower that the circumstances giving rise to such suspension or demand for compensation no longer applyexist: (a) all Loans which would otherwise be made by such Bank Lender as Euro-Dollar Loans shall be made instead as Base Rate Loans (on which interest and principal shall be payable contemporaneously with the related Euro-Dollar Fixed Rate Loans of the other BanksLenders), and (b) after each of its Euro-Dollar Loans has been repaid, all payments of principal which would otherwise be applied to repay such Euro-Dollar Fixed Rate Loans shall be applied to repay its Base Rate Loans instead.. ARTICLE

Appears in 1 contract

Samples: Short Term Credit Agreement (Park Place Entertainment Corp)

Base Rate Loans Substituted for Affected Fixed Rate Loans. If (ia) the obligation of any Bank Lender to make Euro-Dollar Loans has been suspended pursuant to Section 8.02 or (iib) any Bank Lender has demanded compensation under Section 8.03(a) and the Borrower shall, by at least five Euro-Dollar Business Days' prior notice to such Bank Lender through the Administrative Agent, have elected that the provisions of this Section shall apply to such BankLender, then, unless and until such Bank Lender notifies the Borrower that the circumstances giving rise to such suspension or demand for compensation no longer apply: (ai) all Loans which would otherwise be made by such Bank Lender as Euro-Dollar Loans shall be made instead as Base Rate Loans (on which interest and principal shall be payable contemporaneously with the related Euro-Dollar Loans of the other BanksLenders), ; and (bii) after each of its Euro-Dollar Loans has been repaid, all payments of principal which would otherwise be applied to repay such Euro-Dollar Loans shall be applied to repay its Base Rate Loans instead.

Appears in 1 contract

Samples: Credit Agreement (Brylane Inc)

Base Rate Loans Substituted for Affected Fixed Rate Loans. If (i) the obligation of any Bank to make Euro-Dollar Euro- Currency Loans has been suspended pursuant to Section 8.02 8.2 or (ii) any Bank has demanded compensation under Section 8.03(a8.3(a) and the Borrower shall, by at least five Euro-Dollar Currency Business Days' prior notice to such Bank through the Administrative Agent, have elected that the provisions of this Section shall apply to such Bank, then, unless and until such Bank notifies the Borrower that the circumstances giving rise to such suspension or demand for compensation no longer apply: (a) all Loans which would otherwise be made by such Bank as Euro-Dollar Euro- Currency Loans shall be made instead as Base Rate Loans denominated in Dollars (on which interest and principal shall be payable contemporaneously with the related Euro-Dollar Fixed Rate Loans of the other Banks), and (b) after each of its Euro-Dollar Currency Loans has been repaid, all payments of principal which would otherwise be applied to repay such Euro-Dollar Fixed Rate Loans shall be applied to repay its Base Rate Loans instead.

Appears in 1 contract

Samples: Credit Agreement (Ingersoll Rand Co)

Base Rate Loans Substituted for Affected Fixed Rate Loans. If (i) the obligation of any Bank to make or continue Euro-Dollar Loans has been suspended pursuant to Section 8.02 or (ii) any Bank has demanded compensation under Section 8.03(a) or 8.05 and the Borrower Company shall, by at least five Euro-Dollar Business Days' prior notice to such Bank through the Administrative Agent, have elected that the provisions of this Section shall apply to such Bank, then, unless and until such Bank notifies the Borrower Company that the circumstances giving rise to such suspension or demand for compensation no longer apply: (a) all Loans which would otherwise be made made, or continued, by such Bank as Euro-Dollar Loans shall be made instead as as, or converted into, Base Rate Loans (on which interest and principal shall be payable contemporaneously with the related Euro-Dollar Fixed Rate Loans of the other Banks), and (b) after each of its Euro-Dollar Loans has been repaid, all payments of principal which would otherwise be applied to repay such Euro-Dollar Fixed Rate Loans shall be applied to repay its Base Rate Loans instead.

Appears in 1 contract

Samples: Letter of Credit and Reimbursement Agreement (Lincoln National Corp)

Base Rate Loans Substituted for Affected Fixed Rate Loans. If (i) the obligation of any Bank to make Euro-Dollar Loans has been suspended pursuant to Section 8.02 10.02 or (ii) any Bank has demanded compensation under Section 8.03(a) 10.03 or 10.04 with respect to its Euro-Dollar Loans and the Borrower shall, by at least five Euro-Dollar Business Days' prior notice to such Bank through the Administrative Agent, have elected that the provisions of this Section shall apply to such Bank, then, unless and until such Bank notifies the Borrower that the circumstances giving rise to such suspension or demand for compensation no longer applyexist: (a) all Loans which would otherwise be made by such Bank as Euro-Dollar Loans shall be made instead as Base Rate Loans (on which interest and principal shall be payable contemporaneously with the related Euro-Dollar Loans of the other Banks), ; and (b) after each of its Euro-Dollar Loans has been repaid, all payments of principal which would otherwise be applied to repay such Euro-Dollar Loans shall be applied to repay its Base Rate Loans instead.

Appears in 1 contract

Samples: Credit Agreement (Valero Refining & Marketing Co)

Base Rate Loans Substituted for Affected Fixed Rate Loans. If (i) the obligation of any Bank Lender to make Euro-Dollar Loans has been suspended pursuant to Section 8.02 8.2 or (ii) any Bank Lender has demanded compensation under Section 8.03(a8.3(a) and the Borrower shall, by at least five Euro-Dollar Business Days' prior notice to such Bank Lender through the Administrative Agent, have elected that the provisions of this Section shall apply to such BankLender, then, unless and until such Bank Lender notifies the Borrower that the circumstances giving rise to such suspension or demand for compensation no longer applyexist: (a) all Loans which would otherwise be made by such Bank as Euro-Dollar Loans shall be made instead as Base Rate Loans (on which interest and principal shall be payable contemporaneously with the related Euro-Dollar Fixed Rate Loans of the other Banks), and (b) after each of its Euro-Dollar Loans has been repaid, all payments of principal which would otherwise be applied to repay such Euro-Dollar Fixed Rate Loans shall be applied to repay its Base Rate Loans instead.

Appears in 1 contract

Samples: Five Year Credit Agreement (Meadwestvaco Corp)

Base Rate Loans Substituted for Affected Fixed Rate Loans. If (i) the obligation of any Bank to make Euro-Dollar Loans to any Borrower has been suspended pursuant to Section 8.02 8.2 or (ii) any Bank has demanded compensation under Section 8.03(a8.3(a) and the Borrower shall, by at least five Euro-Dollar Business Days' prior notice to such Bank through the Administrative Agent, have elected that the provisions of this Section shall apply to such Bank, then, unless and until such Bank notifies the Borrower Company that the circumstances giving rise to such suspension or demand for compensation no longer apply: (a) all Loans to such Borrower which would otherwise be made by such Bank as Euro-Dollar Loans shall be made instead as Base Rate Loans (on which interest and principal shall be payable contemporaneously with the related Euro-Dollar Loans of the other Banks), and (b) after each of its Euro-Dollar Loans to such Borrower has been repaid, all payments of principal which would otherwise be applied to repay such Euro-Dollar Loans shall be applied to repay its Base Rate Loans instead.

Appears in 1 contract

Samples: Credit Agreement (Albany International Corp /De/)