Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing: (a) the Agent is advised by the Reference Banks that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest Period, or (b) the Required Banks advise the Agent that the Adjusted London Interbank Offered Rate as determined by the Agent will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Loans for such Interest Period, the Agent shall forthwith give notice thereof to the Borrower and the Bank Parties, whereupon until the Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties to make Euro-Dollar Loans, or to continue or convert outstanding Loans as or into Euro-Dollar Loans, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Agent at least two Domestic Business Days before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 6 contracts
Samples: Credit and Reimbursement Agreement (Aes Corp), Credit and Reimbursement Agreement (Aes Corp), Credit and Reimbursement Agreement (Aes Corp)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) Eurodollar Borrowing the Administrative Agent is advised by or the Reference Required Banks determine in good faith that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest Period, or
(b) the Required Banks advise the Agent Period or that the Adjusted London Interbank Offered Eurodollar Rate as determined by the Agent for such Interest Period will not adequately and fairly reflect the cost to the Banks or the Required Banks, as the case may be, of making, funding or maintaining such Banks of funding their Euro-Dollar Loans Eurodollar Borrowing for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesBanks, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Banks to make Euro-Dollar Loansmake, continue, or to continue or convert outstanding Loans as or into Euro-Dollar Loansinto, Eurodollar Loans in Dollars shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable theretosuspended. Unless In such event, unless the Borrower notifies the Administrative Agent at least two Domestic on or before the second (2nd) Eurodollar Business Days before Day before, but excluding, the date of any Euro-Dollar Eurodollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 6 contracts
Samples: Credit Agreement (Istar Inc.), Credit Agreement (Istar Financial Inc), Credit Agreement (Istar Financial Inc)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar BorrowingPeriod:
(a) the Administrative Agent is advised by the Reference Banks determines that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest Period, or
(b) the Required Banks Lenders advise the Administrative Agent that the Adjusted London Interbank InterBank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their the Euro-Dollar Loans Advances for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar LoansAdvances specified in such notice, or to continue permit continuations or convert outstanding Loans as or conversions into Euro-Dollar LoansAdvances, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable theretosuspended. Unless the Borrower notifies the Administrative Agent at least two Domestic (2) Euro-Dollar Business Days before the date of any Borrowing of Euro-Dollar Borrowing Advances for which a Notice of Borrowing has previously been given given, or continuation or conversion into such Euro-Dollar Advances for which a Notice of Continuation or Conversion has previously been given, that it elects not to borrow or so continue or convert on such date, such Borrowing shall instead be made as a Base Rate Borrowing, or such Euro-Dollar Advance shall be converted to a Base Rate Advance.
Appears in 5 contracts
Samples: Credit Agreement (St Joe Co), Credit Agreement (Main Street Capital CORP), Credit Agreement (Usa Truck Inc)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar BorrowingFixed Rate Loans:
(a) the Administrative Agent is advised by the Euro-Dollar Reference Banks that deposits in Dollars dollars (in the applicable amounts) are not being offered to the Euro-Dollar Reference Banks in the relevant market for such Interest Period, or
(b) in the Required case of Euro-Dollar Loans, Banks having 50% or more of the aggregate amount of the Commitments advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower Company and the Bank PartiesBanks, whereupon until the Administrative Agent notifies the Borrower Company that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Banks to make Euro-Dollar Loans, or to continue or convert outstanding Loans as or into Euro-Dollar Loans, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower Company notifies the Administrative Agent at least two Domestic Business Days before the date of any Euro-Dollar Fixed Rate Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, if such Fixed Rate Borrowing is a Euro-Dollar Borrowing, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 5 contracts
Samples: Credit Agreement (Rockwell Automation Inc), Credit Agreement (Rockwell Automation Inc), 364 Day Credit Agreement (Rockwell Automation Inc)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Borrowing consisting of Euro-Dollar BorrowingLoans:
(a) the Administrative Agent is advised by the Reference Banks Required Lenders that deposits in Dollars (and in the applicable amounts) required amounts are not being offered to the Reference Banks Lenders in the relevant market for such Interest Period, or
(b) the Required Banks Lenders advise the Administrative Agent that the Adjusted London Interbank Offered Rate Rate, as determined by the Agent Administrative Agent, will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, or to continue or convert outstanding Loans as or into Euro-Dollar Loans, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable theretosuspended. Unless the Borrower notifies the Administrative Agent at least two Domestic Business Days before the date of any Borrowing consisting of Euro-Dollar Borrowing Loans for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing. The Administrative Agent shall promptly notify the Lenders of any election by the Borrower pursuant to the preceding sentence.
Appears in 3 contracts
Samples: Short Term Credit Agreement (Hilton Hotels Corp), Short Term Credit Agreement (Hilton Hotels Corp), Short Term Credit Agreement (Hilton Hotels Corp)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) the Administrative Agent is advised by the Euro-Dollar Reference Banks that deposits in Dollars dollars (in the applicable amounts) are not being offered to the Euro-Dollar Reference Banks in the relevant market for such Interest Period, or
(b) Banks having 66-2/3% or more of the Required Banks aggregate amount of the affected Loans advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesBanks, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Banks to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two one Domestic Business Days Day before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 3 contracts
Samples: Credit Agreement (Duke Energy Corp), Credit Agreement (Duke Energy Corp), Credit Agreement (Duke Energy Corp)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) Loan the Agent is advised by the Reference Banks determines (which determination shall be conclusive absent manifest error) that deposits in Dollars dollars (in the applicable amounts) are not being offered to the Reference Banks generally available in the relevant London interbank market for such Interest Period, or
(b) the Required Banks advise the Agent period or that the Adjusted London Interbank Offered Rate as cannot be determined by in accordance with the Agent will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Loans for such Interest Perioddefinition thereof, the Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, or to continue or convert outstanding Base Rate Loans as or into Euro-Dollar Loans, Loans or to convert outstanding Euro-Dollar Loans into Euro-Dollar Loans with a different Interest Period shall be suspended and suspended, (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless , and (iii) unless the Borrower notifies the Agent at least two Domestic Business Days before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 3 contracts
Samples: Bridge Credit Agreement (Aetna Inc /Pa/), Term Loan Credit Agreement (Aetna Inc /Pa/), Bridge Credit Agreement (Aetna Inc /Pa/)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) the Administrative Agent is advised by the Reference Banks determines (which determination shall be conclusive absent manifest error) that deposits in Dollars dollars (in the applicable amounts) are not being offered to the Reference Banks financial institutions in general in the relevant market for such Interest Period, or
(b) Lenders having 66-2/3% or more of the Required Banks aggregate amount of the affected Loans advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two one Domestic Business Days Day before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 2 contracts
Samples: Term Loan Credit Agreement (Piedmont Natural Gas Co Inc), Credit Agreement (Duke Energy CORP)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) the Administrative Agent is advised by the Euro-Dollar Reference Banks that deposits in Dollars dollars (in the applicable amounts) are not being offered to the Euro-Dollar Reference Banks in the relevant market for such Interest Period, or
(b) Banks having 66 2/3% or more of the Required Banks aggregate amount of the affected Loans advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesBanks, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Banks to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two one Domestic Business Days Day before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 2 contracts
Samples: Credit Agreement (Duke Energy Corp), Credit Agreement (Duke Energy CORP)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) Borrowing or Money Market IBOR Loan the Administrative Agent is advised by the Reference Banks determines in good faith that deposits in Dollars dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest Period, or
(b) the Required Banks advise the Agent that the Adjusted London Interbank Offered Rate as determined by the Agent will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesBanks, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Banks to make Euro-Dollar Loans, or to continue or convert outstanding Loans as or into Euro-Dollar Loans, shall be suspended and suspended. In such event, (iia) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless unless the Borrower notifies the Administrative Agent at least two Domestic Business Days before the date of (i) any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing, or (ii) any Money Market IBOR Borrowing for which a Notice of Money Market Borrowing has previously been given, the Money Market IBOR Loans comprising such Borrowing shall bear interest for each day from and including the first day to but excluding the last day of the Interest Period applicable thereto at the Base Rate for such day, and (b) any Notice of Borrowing for a Euro-Dollar Borrowing denominated in an Alternate Currency shall be ineffective.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Eop Operating LTD Partnership), Revolving Credit Agreement (Eop Operating LTD Partnership)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Borrowing of Euro-Dollar BorrowingLoans:
(a) the Administrative Agent is advised by the Reference Banks Required Lenders that deposits in Dollars (and in the applicable amounts) required amounts are not being offered to the Reference Banks Lenders in the relevant market for such Interest Period, or
(b) in the Required Banks case of a Committed Borrowing, Lenders having 50% or more of the aggregate amount of the Commitments advise the Administrative Agent that the Adjusted London Interbank Offered Rate Euro-Dollar Rate, as determined by the Agent Administrative Agent, will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, or to continue or convert outstanding Loans as or into Euro-Dollar Loans, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable theretosuspended. Unless the Borrower notifies the Administrative Agent at least two Domestic Business Days before the date of any Borrowing of Euro-Dollar Borrowing Loans for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing. The Administrative Agent shall promptly notify the Lenders of any election by the Borrower pursuant to the preceding sentence.
Appears in 2 contracts
Samples: Multi Year Credit Agreement (Park Place Entertainment Corp), Credit Agreement (Caesars Entertainment Inc)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) the Administrative Agent is advised by the Euro-Dollar Reference Banks Lenders that deposits in Dollars dollars (in the applicable amounts) are not being offered to the Euro-Dollar Reference Banks Lenders or financial institutions in general in the relevant market for such Interest Period, or
(b) Lenders having 66-2/3% or more of the Required Banks aggregate amount of the affected Loans advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower Borrowers and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower Borrowers that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two one Domestic Business Days Day before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 2 contracts
Samples: Credit Agreement (Duke Energy Carolinas, LLC), Credit Agreement (Duke Energy CORP)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar BorrowingPeriod:
(a) the Administrative Agent is advised by the Reference Banks reasonably determines that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest Period, or
(b) the Required Banks Lenders advise the Administrative Agent that the Adjusted London Interbank InterBank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their the Euro-Dollar Loans Advances for such Interest Period, the Administrative Agent shall forthwith give written notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar LoansAdvances specified in such notice, or to continue permit continuations or convert outstanding Loans as or conversions into Euro-Dollar LoansAdvances, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable theretosuspended. Unless the Borrower notifies the Administrative Agent at least two Domestic (2) Euro-Dollar Business Days before the date of any Borrowing of Euro-Dollar Borrowing Advances for which a Notice of Borrowing has previously been given given, or continuation or conversion into such Euro-Dollar Advances for which a Notice of Continuation or Conversion has previously been given, that it elects not to borrow or so continue or convert on such date, such Borrowing shall instead be made as a Base Rate Borrowing, or such Euro-Dollar Advance shall be converted to a Base Rate Advance.
Appears in 2 contracts
Samples: Credit Agreement (Triangle Capital CORP), Credit Agreement (Triangle Capital CORP)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar BorrowingLoans:
(a) the Agent is advised by the Reference Banks determines that (i) deposits in Dollars dollars (in the applicable amounts) are not being offered to the Reference Banks generally available in the relevant market for such Interest PeriodPeriod or (ii) reasonable means do not exist for ascertaining the Euro-Dollar Rate, or
(b) in the Required Banks case of Euro-Dollar Loans, Lenders having 50% or more of the aggregate amount of the Commitments advise the Agent that the Adjusted London Interbank Offered Rate as determined by the Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Loans for such Interest Period, the Agent shall forthwith give notice thereof to the Borrower Company and the Bank PartiesLenders, whereupon until the Agent notifies the Borrower Company that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, or to continue or convert outstanding Loans as or into Euro-Dollar Loans, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower Company notifies the Agent at least two Domestic Business Days before the date of any Euro-Dollar Borrowing for which a the Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 2 contracts
Samples: Term Loan Credit Agreement (Rockwell Collins Inc), Bridge Credit Agreement (Rockwell Collins Inc)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) the Agent is advised by the Reference Banks that deposits in Dollars (in the applicable amounts) are not being offered to by the Reference Banks applicable Administrative Agent in the relevant market for such Interest Period, or
(b) Lenders having 50% or more of the Required Banks aggregate principal amount of the affected Loans advise the applicable Administrative Agent that the Adjusted London Interbank Offered LIBO Rate as determined by the such Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Loans for such Interest Period, the such Administrative Agent shall forthwith give notice thereof to the Borrower applicable Borrower(s) and the Bank PartiesLenders, whereupon until the such Administrative Agent notifies the Borrower such Borrower(s) that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, or to continue or convert outstanding Loans as or into Euro-Dollar Loans, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into (x) in the case of Euro-Dollar Loans to the Company, a U.S. Base Rate Loan and (y) in the case of Euro-Dollar Loans to the Canadian Borrower, a Canadian Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the applicable Borrower notifies the applicable Administrative Agent at least two Domestic Business Days before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 2 contracts
Samples: Credit Agreement (Ryerson Inc.), Credit Agreement (Ryerson Tull Inc /De/)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to before the first day of any Interest Period for any Euro-Dollar BorrowingLoans of any Class:
(a) the Administrative Agent is advised by the Reference Banks Lenders that deposits in Dollars (dollars in the applicable amounts) amounts are not being offered to the Reference Banks Lenders in the relevant London interbank market for such Interest Period, or
(b) Lenders having at least 50% in aggregate amount of the Required Banks Commitments of such Class (or, in the case of Term Lenders, holding at least 50% of the aggregate outstanding principal amount of the affected Class of Term Loans) advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, as the case may be, shall be suspended and (ii) each outstanding Euro-Dollar Loan of the affected Class shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two one Domestic Business Days Day before the date of any Euro-Dollar affected Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 2 contracts
Samples: Credit Agreement (Lyondell Chemical Co), Credit Agreement (Lyondell Chemical Co)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar BorrowingPeriod:
(a) the Administrative Agent is advised by the Reference Banks determines that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest Period, or
(b) the Required Banks advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar the relevant Euro‑Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesBanks, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist (which the Administrative Agent agrees to do promptly upon such circumstances ceasing to exist), (i) the obligations of the Bank Parties Banks to make Euro-Dollar Loans, or to continue or convert outstanding Loans as or into Euro-Dollar Loans, any Euro‑Dollar Loan specified in such notice shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable theretosuspended. Unless the Borrower notifies the Administrative Agent at least two 2 Domestic Business Days before the date of any Euro-Dollar Borrowing of such Euro‑Dollar Loan for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 2 contracts
Samples: 364 Day Credit Agreement (Mohawk Industries Inc), Credit Agreement (Mohawk Industries Inc)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar BorrowingLoan:
(a) the Administrative Agent is advised by in good faith determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Reference Banks that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market LIBO Rate for such Interest Period, or
(b) in the Required case of Euro-Dollar Loans, Banks having 50% or more of the aggregate principal amount of the affected Loans advise the Administrative Agent that the Adjusted London Interbank Offered LIBO Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower PFI and the Bank PartiesBanks, whereupon until the Administrative Agent notifies the Borrower PFI that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Banks to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate an ABR Loan on the last day of the then current Interest Period applicable thereto. Unless the a Borrower notifies the Administrative Agent at least two Domestic Business Days before the date of any Euro-Dollar Borrowing Loan for which a Notice of Borrowing has previously been given by such Borrower that it elects not to borrow on such date, such Borrowing Loan shall instead be made as a Base Rate Borrowingan ABR Loan.
Appears in 2 contracts
Samples: Credit Agreement (Prudential Financial Inc), Credit Agreement (Prudential Financial Inc)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) Currency Borrowing the Administrative Agent is advised by or the Reference Required Banks determine in good faith that deposits in Dollars or the applicable Alternate Currency (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest Period, or
(b) the Required Banks advise the Agent Period or that the Adjusted London Interbank Offered Euro-Currency Rate as determined by the Agent for such Interest Period will not adequately and fairly reflect the cost to the Banks or the Required Banks, as the case may be, of making, funding or maintaining such Banks of funding their Euro-Dollar Loans Currency Borrowing for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesBanks, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Banks to make make, continue, or convert Loans into, Euro-Dollar LoansCurrency Loans in Dollars or the applicable Alternate Currency, or to continue or convert outstanding Loans as or into Euro-Dollar Loansthe case may be, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable theretosuspended. Unless In such event, unless the Borrower notifies the Administrative Agent at least two Domestic on or before the second (2nd) Euro-Currency Business Days before Day before, but excluding, the date of any Euro-Dollar Currency Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 2 contracts
Samples: Second Priority Credit Agreement (Istar Financial Inc), Second Priority Credit Agreement (Istar Financial Inc)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to before the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) Loans Lenders having at least 50% in aggregate amount of the Agent is advised by the Reference Banks that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest Period, or
(b) the Required Banks Commitments advise the Administrative Agent that the Adjusted London Interbank Offered Rate Rate, as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two Domestic Business Days before the date of any Euro-Dollar affected Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, if such affected Borrowing is a Euro-Dollar Borrowing, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 2 contracts
Samples: 364 Day Senior Unsecured Term Loan Credit Agreement (Consolidated Edison Inc), Credit Agreement (Consolidated Edison Inc)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
Period: (a) the Administrative Agent is advised by the Reference Banks reasonably and in good faith determines that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest Period, or
or (b) the Required Banks Lenders advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Eurodollar Loans for such Interest Period, then the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar LoansEurodollar Loans specified in such notice, or to continue permit continuations or convert outstanding Loans as or conversions into Euro-Dollar Eurodollar Loans, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable theretosuspended. Unless the Borrower notifies the Administrative Agent at least two Domestic Business Days before the date of any Euro-Dollar Borrowing of Eurodollar Loans for which a Notice of Borrowing has previously been given given, or continuation or conversion into such Eurodollar Loans for which a Notice of Continuation or Conversion has previously been given, that it elects not to borrow or so continue or convert on such date, such Borrowing shall instead be made as a Base Rate Borrowing, or such Eurodollar Loan shall be converted to a Base Rate Loan, as applicable.
Appears in 1 contract
Samples: Credit Agreement (Avocent Corp)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) the Administrative Agent is advised by the Euro-Dollar Reference Banks that deposits in Dollars dollars (in the applicable amounts) are not being offered to the Euro-Dollar Reference Banks in the relevant market for such Interest Period, or
(b) Banks having 66 2/3% or more of the Required Banks aggregate amount of the affected Loans advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower Borrowers and the Bank PartiesBanks, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Banks to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two one Domestic Business Days Day before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 1 contract
Samples: Credit Agreement (Duke Energy CORP)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) Currency Borrowing the Administrative Agent is advised by or the Reference Required Banks determine in good faith that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest Period, or
(b) the Required Banks advise the Agent Period or that the Adjusted London Interbank Offered Euro-Currency Rate as determined by the Agent for such Interest Period will not adequately and fairly reflect the cost to the Banks or the Required Banks, as the case may be, of making, funding or maintaining such Banks of funding their Euro-Dollar Loans Currency Borrowing for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesBanks, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Banks to make make, continue, or convert Loans into, Euro-Dollar Loans, or to continue or convert outstanding Currency Loans as or into Euro-Dollar Loans, in Dollars shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable theretosuspended. Unless In such event, unless the Borrower notifies the Administrative Agent at least two Domestic on or before the second (2nd) Euro-Currency Business Days before Day before, but excluding, the date of any Euro-Dollar Currency Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 1 contract
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:: NYDOCS02/1004399.8 AES Sixth Amended and Restated Credit Agreement
(a) the Agent is advised by the Reference Banks determines that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest Period, or
(b) the Required Banks advise the Agent that the Adjusted London Interbank Offered Rate as determined by the Agent will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Loans for such Interest Period, the Agent shall forthwith give notice thereof to the Borrower and the Bank Parties, whereupon until the Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties to make Euro-Dollar Loans, or to continue or convert outstanding Loans as or into Euro-Dollar Loans, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Agent at least two Domestic Business Days before the date of any Euro-Dollar Euro‑Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 1 contract
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar BorrowingLoan:
(a) the Administrative Agent is advised by determines (which determination will be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Reference Banks that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market Adjusted London Interbank Offered Rate for such Interest Period, or
(b) in the Required Banks case of Euro-Dollar Loans, Lenders having 50% or more of the aggregate amount of the Euro-Dollar Loans advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower Company and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower Company that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Domestic Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two Domestic Business Days before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Domestic Borrowing.
Appears in 1 contract
Samples: Credit Agreement (Qwest Communications International Inc)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to before the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) Loans Lenders having at least 50% in aggregate amount of the Agent is advised by the Reference Banks that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest Period, or
(b) the Required Banks Commitments advise the Administrative Agent that the Adjusted London Interbank Offered Rate Rate, as determined by the Agent Administrative Agent, will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower Borrowers and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two Domestic Business Days before the date of any Euro-Dollar affected Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, if such affected Borrowing is a Euro-Dollar Borrowing, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 1 contract
Samples: Credit Agreement (Consolidated Edison Co of New York Inc)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar BorrowingCurrency Loan:
(a) the Administrative Agent is advised by the Reference Banks determines that deposits in Dollars (in adequate and fair means do not exist for determining the applicable amounts) are not being offered to the Reference Banks in the relevant market Eurodollar Rate for such Interest Period, or
(b) Lenders having more than 50% of the Required Banks aggregate amount of the undrawn Commitments and Loans advise the Administrative Agent that the Adjusted London Interbank Offered Eurodollar Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Currency Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon whereupon, until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer existexist (which the Administrative Agent shall do promptly after becoming aware thereof), (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Currency Loans, or to continue or convert outstanding Loans as or into Euro-Dollar Currency Loans, shall be suspended and (ii) each outstanding Euro-Dollar Currency Loan shall be prepaid (or converted into a Base Rate Loan Loan) on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two one Domestic Business Days Day before the date of any Euro-Dollar Currency Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 1 contract
Samples: Credit Agreement (Johnson Controls International PLC)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar BorrowingCurrency Loan:
(a) the Administrative Agent is advised by the Reference Banks determines that deposits in Dollars (in adequate and fair means do not exist for determining the applicable amounts) are not being offered to the Reference Banks in the relevant market London Interbank Offered Rate for such Interest Period, or
(b) Lenders having more than 50% of the Required Banks aggregate amount of the Commitments advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Currency Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Principal Borrower and the Bank PartiesLenders, whereupon whereupon, until the Administrative Agent notifies the Principal Borrower that the circumstances giving rise to such suspension no longer existexist (which the Administrative Agent shall do promptly after becoming aware thereof), (i) the obligations of the Bank Parties Lenders to make Euro-Dollar LoansCurrency Loans in the relevant currency, or to continue or convert outstanding Loans as or into Euro-Dollar LoansCurrency Loans in the relevant currency, shall be suspended and (ii) each outstanding Euro-Dollar Currency Loan in the relevant currency shall be prepaid (or, in the case of a Euro-Dollar Loan, converted into a Base Rate Loan Loan) on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two one Domestic Business Days Day before the date of any Euro-Dollar Currency Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate BorrowingBorrowing in an equal Dollar Amount.
Appears in 1 contract
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) the Administrative Agent is advised by the Euro-Dollar Reference Banks Lendersdetermines (which determination shall be conclusive absent manifest error) that deposits in Dollars dollars (in the applicable amounts) are not being offered to the Euro-Dollar Reference Banks Lenders or financial institutions in general in the relevant market for such Interest Period, or
(b) Lenders having 66-2/3% or more of the Required Banks aggregate amount of the affected Loans advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower Borrowers and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower Borrowers that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two one Domestic Business Days Day before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 1 contract
Samples: Credit Agreement Amendment (Duke Energy Carolinas, LLC)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) the Administrative Agent is advised by the Reference Banks that deposits in Dollars dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest PeriodPeriod (and Required Banks have not advised the Administrative Agent in writing to the contrary), or
(b) Banks having 50% or more of the Required Banks aggregate amount of the Commitments advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesBanks, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Banks to make Euro-Dollar Loans, or to continue or convert outstanding Loans as or into Euro-Dollar Loans, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable theretosuspended. Unless the Borrower notifies the Administrative Agent at least two Domestic Business Days before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Euro-Dollar Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 1 contract
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to before the first day of any Interest Period for any Euro-Dollar BorrowingLoans:
(a) the Administrative Agent is advised by the Euro-Dollar Reference Banks Bank that deposits in Dollars (dollars in the applicable amounts) amounts are not being offered to the Euro-Dollar Reference Banks Bank in the relevant market for such Interest Period, or
(b) Lenders having at least 50% in aggregate amount of the Required Banks Commitments advise the Administrative Agent that the Adjusted London Interbank Offered Rate Rate, as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two Domestic Business Days before the date of any Euro-Dollar affected Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, if such affected Borrowing is a Euro-Dollar Borrowing, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 1 contract
Samples: Credit Agreement (Consolidated Edison Co of New York Inc)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) the Administrative Agent is advised by the Reference Banks Required Lenders that deposits in Dollars (and in the applicable amounts) required amounts are not being offered to the Reference Banks Lenders in the relevant market for such Interest Period, or
(b) Lenders having 50% or more of the Required Banks aggregate amount of the Commitments advise the Administrative Agent that the Adjusted London Interbank Offered Rate Euro-Dollar Rate, as determined by the Agent Administrative Agent, will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, or to continue or convert outstanding Loans as or into Euro-Dollar Loans, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable theretosuspended. Unless the Borrower notifies the Administrative Agent at least two Domestic Business Days before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Euro-Dollar Borrowing shall instead be made as a Base Rate Borrowing. The Administrative Agent shall promptly notify the Lenders of any election by the Borrower pursuant to the preceding sentence.
Appears in 1 contract
Samples: Short Term Credit Agreement (Park Place Entertainment Corp)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) Borrowing or Money Market IBOR Loan the Administrative Agent is advised by the Reference Banks determines in good faith that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest Period, or
(b) the Required Banks advise the Agent that the Adjusted London Interbank Offered Rate as determined by the Agent will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesBanks, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Banks to make Euro-Dollar Loans, or to continue or convert outstanding Loans as or into Euro-Dollar Loans, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable theretosuspended. Unless In such event unless the Borrower notifies the Administrative Agent at least two Domestic on or before the second (2nd) Euro-Dollar Business Days before Day before, but excluding, the date of (i) any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing, or (ii) any Money Market IBOR Borrowing for which a Notice of Money Market Borrowing has previously been given, the Money Market IBOR Loans comprising such Borrowing shall bear interest for each day from and including the first day to but excluding the last day of the Interest Period applicable thereto at the Base Rate for such day.
Appears in 1 contract
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) Borrowing or TIBOR Borrowing the Administrative Agent is advised by the Reference Banks determines in good faith that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest Period, or
(b) the Required Banks advise the Agent that the Adjusted London Interbank Offered Rate as determined by the Agent will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesBanks, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Banks to make Euro-Dollar Loans, Loans or to continue or convert outstanding TIBOR Loans as or into Euro-Dollar Loans, shall be suspended and clause (iiiii) each outstanding Euro-Dollar Loan shall be converted into a of the definition of Base Rate Loan on the last day of the then current Interest Period applicable theretoshall not be given any effect. Unless In such event unless the Borrower notifies the Administrative Agent at least two Domestic on or before the second (2nd) Euro-Dollar Business Days before Day before, but excluding, the date of any Euro-Dollar or TIBOR Borrowing for Dollars for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing, and any Notice of Borrowing for a Euro-Dollar Borrowing denominated in an Alternate Currency shall be ineffective.
Appears in 1 contract
Samples: Credit Agreement (Amb Property Lp)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar BorrowingPeriod:
(a) the Administrative Agent is advised by the Reference Banks reasonably determines that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest Period, or
(b) the Required Banks Lenders advise the Administrative Agent that the Adjusted London Interbank InterBank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their the Euro-Dollar Loans Advances for such Interest Period, the Administrative Agent shall forthwith give written notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar LoansAdvances specified in such notice, or to continue permit continuations or convert outstanding Loans as or conversions into Euro-Dollar LoansAdvances, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable theretosuspended. Unless the Borrower notifies the Administrative Agent at least two Domestic (2) Euro-Dollar Business Days before the date of any Borrowing or Swing Borrowing of Euro-Dollar Borrowing Advances for which a Notice of Borrowing has previously been given given, or continuation or conversion into such Euro-Dollar Advances for which a Notice of Continuation or Conversion has previously been given, that it elects not to borrow or so continue or convert on such date, such Borrowing or Swing Borrowing shall instead be made as a Base Rate Borrowing, or such Euro-Dollar Advance shall be converted to a Base Rate Advance.
Appears in 1 contract
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to before the first day of any Interest Period for any Euro-Euro- Dollar BorrowingLoan:
(a) the The Agent is advised by the Reference Banks Lenders that deposits in Dollars dollars (in the applicable amounts) are not being offered to the Reference Banks Lenders in the relevant London interbank market for such Interest Period, or
(b) Lenders holding 50% or more of the Required Banks aggregate principal amount of the affected Loans advise the Agent that the Adjusted London Interbank Offered Rate as determined by the Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Euro- Dollar Loans for such Interest Period, the Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Agent at least two Domestic (2) Business Days before the date of any Euro-Dollar affected Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 1 contract
Samples: Credit Agreement (Tekni Plex Inc)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowingapplicable to a Borrowing to be made as a Libor Loan:
(a) the Agent is advised by the Reference Banks determines that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest Period, or
(b) the Required Banks Xxxxxxx advise the Agent that the Adjusted London Interbank Offered Rate Rate, as determined by the Agent will not adequately and fairly reflect the cost to such Banks Lender of funding their Euro-Dollar Loans the relevant Libor for such Interest Period, the Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, or to continue or convert outstanding the Libor Loans as or into Euro-Dollar Loans, specified in such notice shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable theretosuspended. Unless the Borrower notifies the Agent at least two Domestic (2) Business Days before the date of any Euro-Dollar Borrowing of such Libor Loans for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Prime Rate Borrowing.
Appears in 1 contract
Samples: Credit Agreement (Starrett L S Co)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar BorrowingPeriod:
(a) the Administrative Agent is advised by the Reference Banks determines that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest Period, or
(b) the Required Banks Lenders advise the Administrative Agent that the Adjusted London Interbank InterBank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their the Euro-Dollar Loans Advances for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar LoansAdvances specified in such notice, or to continue permit continuations or convert outstanding Loans as or conversions into Euro-Dollar Loans, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable theretosuspended. Unless the Borrower notifies the Administrative Agent at least two Domestic 2 Euro-Dollar Business Days before the date of any Borrowing of Euro-Dollar Borrowing Loans for which a Notice of Borrowing has previously been given given, or continuation or conversion into such Euro-Dollar Loans for which a Notice of Continuation or Conversion has previously been given, that it elects not to borrow or so continue or convert on such date, such Borrowing shall instead be made as a Base Rate Borrowing, or such Euro-Dollar Loan shall be converted to a Base Rate Loan.
Appears in 1 contract
Samples: Revolving Credit Agreement (Main Street Capital CORP)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar BorrowingLoan:
(a) the Agent is advised by determines that the Reference Banks that deposits in Dollars “London Interbank Offered Rate” cannot be determined pursuant to clauses (i) or (ii) of the definition thereof and are not otherwise being offered in the applicable amountsmanner described in clause (iii) are not being offered to the Reference Banks in thereof for the relevant market for such Interest Period, or
(b) Lenders having 50% or more of the Required Banks aggregate principal amount of the affected Loans advise the Agent that the Adjusted London Interbank Offered Rate as determined by the Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Loans for such Interest Period, the Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Agent at least two Domestic Business Days before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 1 contract
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) the Administrative Agent is advised by the Reference Banks determines (which determination shall be conclusive absent manifest error) that deposits in Dollars dollars (in the applicable amounts) are not being offered to the Reference Banks financial institutions in general in the relevant market for such Interest Period, or
(b) Lenders having 66-2/3% or more of the Required Banks aggregate amount of the affected Loans advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Euro‑Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, Loans or 32 to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two one Domestic Business Days Day before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
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Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar BorrowingEurocurrency Loan:
(a) the Administrative Agent is advised by the Reference Banks Required Lenders that deposits (whether in Dollars (or an Alternative Currency) in the applicable amounts) required amounts are not being offered to the Reference Banks Lenders in the relevant market for such Interest Period, or
(b) the Required Banks Lenders advise the Administrative Agent that the Adjusted London Interbank Offered Rate Eurocurrency Rate, as determined by the Agent Administrative Agent, will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Eurocurrency Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower Company and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower Company that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, or to continue or convert outstanding Eurocurrency Loans as or into Euro-Dollar Loans, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable theretosuspended. Unless the Borrower Company notifies the Administrative Agent at least two Domestic Business Days before the date of any Euro-Dollar Borrowing of a Eurocurrency Loan for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing. The Administrative Agent shall promptly notify the Lenders of any election by the Company pursuant to the preceding sentence.
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Basis for Determining Interest Rate Inadequate or Unfair. If In the case of Eurodollar Rate Loans, if on or prior to the first day of any Interest Period for any Euro-Dollar BorrowingPeriod:
(a) the Administrative Agent is advised unable to obtain a quotation for the London Interbank Offered Rate as contemplated by the Reference Banks that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest PeriodSection 2.5, or
(b) the Required Banks Majority Lenders advise the Administrative Agent that as a result of changes arising after the date of this Agreement the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Eurodollar Rate Loans for such Interest Period, in each case the Administrative Agent shall forthwith give notice thereof (by telephone confirmed in writing) to the Borrower and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations (if any) of the Bank Parties Lenders to make Euro-Dollar Loans, or to continue or convert outstanding Eurodollar Rate Loans as or into Euro-Dollar Loans, shall be suspended and (ii) each outstanding Euro-Dollar Loan suspended, except in the case of Eurodollar Rate Loans required to fund Exposure Amounts; provided that such Lenders shall be converted into a instead fund Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Agent at least two Domestic Business Days before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate BorrowingLoans.
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Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar the Borrowing:
(a) the Agent is advised by the Euro-Yen Reference Banks that deposits in Dollars Yen (in the applicable amounts) are not being offered to the Euro-Yen Reference Banks in the relevant market for such Interest Period, or
(b) Banks having 50% or more of the Required Banks aggregate principal amount of the Loans advise the Agent that the Adjusted London Interbank Offered Rate Euro-Yen LIBOR as determined by the Agent will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Loans for such Interest Period, the Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesBanks, whereupon until the Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Banks to make Euro-Dollar Loans, or to continue or convert outstanding Loans as or into Euro-Dollar Loans, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable theretosuspended. Unless the Borrower notifies the Agent at least two Domestic Business Days before the date first day of any Euro-Dollar Borrowing Interest Period of Loans for which a Notice of Borrowing Continuation has previously been given that it elects not to borrow on such date, such Borrowing Loan shall instead be made bear interest for each day from and including the first day to but excluding the last day of each Interest Period applicable thereto as a Base Prime Rate BorrowingLoan.
Appears in 1 contract
Samples: Loan Agreement (Cabot Corp)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar BorrowingLoan:
(a) the Administrative Agent is advised by determines (which determination will be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Reference Banks that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market Adjusted London Interbank Offered Rate for such Interest Period, or
or (b) in the Required Banks case of Euro-Dollar Loans, Lenders having 50% or more of the aggregate amount of the Euro-Dollar Loans advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower Company and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower Company that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Domestic Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two Domestic Business Days before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Domestic Borrowing.
Appears in 1 contract
Samples: Credit Agreement (Qwest Communications International Inc)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Fixed Rate Borrowing:
(a) the Administrative Agent is advised by the Reference Banks Required Lenders that deposits in Dollars (and in the applicable amounts) required amounts are not being offered to the Reference Banks Lenders in the relevant market for such Interest Period, or
(b) in the case of a Committed Borrowing, the Required Banks Lenders advise the Administrative Agent that the Adjusted London Interbank Offered Rate Euro-Dollar Rate, as determined by the Agent Administrative Agent, will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, or to continue or convert outstanding Loans as or into Euro-Dollar Loans, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable theretosuspended. Unless the Borrower notifies the Administrative Agent at least two Domestic Business Days before the date of any Euro-Dollar Fixed Rate Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, if such Fixed Rate Borrowing is a Committed Borrowing, such Borrowing shall instead be made as a Base Rate Borrowing. The Administrative Agent shall promptly notify the Lenders of any election by the Borrower pursuant to the preceding sentence.
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Basis for Determining Interest Rate Inadequate or Unfair. If If, on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) the Administrative Agent is advised by the Reference Majority Banks that deposits in Dollars dollars (in the applicable amounts) are not being offered to the Reference such Banks in the relevant market for such principal amount and Interest Period, ; or
(b) Banks having 50% or more of the Required Banks Aggregate Commitments advise the Administrative Agent that the Adjusted London Interbank Offered Rate Rate, as determined by the Agent Administrative Agent, will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Loans for such Interest Period, ; the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesBanks, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Banks to make Euro-Dollar Loans, or to continue or convert outstanding Loans as or into Euro-Dollar Loans, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable theretosuspended. Unless the Borrower notifies the Administrative Agent at least two Domestic Business Days before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate an ABR Borrowing.
Appears in 1 contract
Samples: Senior Unsecured Bridge Credit Agreement (Eaton Corp)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar BorrowingPeriod:
(a) the Administrative Agent is advised by the Reference Banks determines that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest Period, or
(b) the Required Banks Lenders advise the Administrative Agent that the Adjusted London Interbank InterBank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their the Euro-Dollar Loans Advances for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar LoansAdvances specified in such notice, or to continue permit continuations or convert outstanding Loans as or conversions into Euro-Dollar LoansAdvances, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable theretosuspended. Unless the Borrower notifies the Administrative Agent at least two Domestic (2) Euro-Dollar Business Days before the date of any Borrowing or Swing Borrowing of Euro-Dollar Borrowing Advances for which a Notice of Borrowing has previously been given given, or continuation or conversion into such Euro-Dollar Advances for which a Notice of Continuation or Conversion has previously been given, that it elects not to borrow or so continue or convert on such date, such Borrowing or Swing Borrowing shall instead be made as a Base Rate Borrowing, or such Euro-Dollar Advance shall be converted to a Base Rate Advance.
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Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) , Banks having 66-2/3% or more of the Agent is advised by aggregate amount of the Reference Banks that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest Period, or
(b) the Required Banks affected Loans advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower Borrowers and the Bank PartiesBanks, whereupon until the Administrative Agent notifies the Borrower Borrowers that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Banks to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two one Domestic Business Days Day before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 1 contract
Samples: Credit Agreement (Duke Energy CORP)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar BorrowingEuroDollar Loan:
(a) the Agent is advised Bank determines (which determination shall be conclusive) that by the Reference Banks that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in reason of circumstances affecting the relevant market market, adequate and reasonable means do not exist for ascertaining the EuroDollar Rate for such Interest Period, or
(b) the Required Banks advise the Agent Bank determines (which determination shall be conclusive) that the Adjusted London Interbank Offered Rate as determined by the Agent will not adequately and fairly reflect the cost to such Banks the Bank of funding their Euro-Dollar its EuroDollar Loans for such Interest Period, the Agent Bank shall forthwith give notice thereof to the Borrower and the Bank PartiesBorrower, whereupon until the Agent Bank notifies the Borrower that the circumstances giving rise to such suspension no longer existexist (which notice shall be given forthwith upon receipt by the Bank of notice of such determination), (i) the obligations ability of the Bank Parties Borrower to make Euro-Dollar request EuroDollar Loans, or to continue or convert outstanding Loans as or into Euro-Dollar EuroDollar Loans, shall be suspended suspended, and (ii) each outstanding Euro-Dollar EuroDollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Agent Bank at least two Domestic Business Days before the date of any Euro-Dollar EuroDollar Borrowing for which a Notice of Borrowing has previously been given (which has not been followed by a notification from the Bank as aforesaid) that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 1 contract
Samples: Term Loan Agreement (Royal Gold Inc)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar BorrowingPeriod:
(a) the Administrative Agent is advised by the Reference Banks determines that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest Period, or
(b) the Required Banks Lenders advise the Administrative Agent that the Adjusted London Interbank InterBank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their the Euro-Dollar Loans Advances for such Interest Period, so as to allow them to maintain the same yield as they earned at the time this Agreement was executed, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar LoansAdvances specified in such notice, or to continue permit continuations or convert outstanding Loans as or conversions into Euro-Dollar Loans, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable theretosuspended. Unless the Borrower notifies the Administrative Agent at least two Domestic 2 Euro-Dollar Business Days before the date of any Borrowing of Euro-Dollar Borrowing Loans for which a Notice of Borrowing has previously been given given, or continuation or conversion into such Euro-Dollar Loans for which a Notice of Continuation or Conversion has previously been given, that it elects not to borrow or so continue or convert on such date, such Borrowing shall instead be made as a Base Rate Borrowing, or such Euro-Dollar Loan shall be converted to a Base Rate Loan.
Appears in 1 contract
Samples: Secured Revolving Credit Agreement (MVC Capital, Inc.)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) the Administrative Agent is advised by the Reference Banks Bank that deposits in Dollars dollars (in the applicable amounts) are not being offered to the Reference Banks Bank in the relevant market for such Interest Period, or
(b) Banks having 50% or more of the Required Banks aggregate amount of the affected Loans advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesBanks, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Banks to make Euro-Dollar Loans, or to continue or convert outstanding Loans as or into Euro-Dollar Loans, as the case may be, shall be suspended suspended, and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two Domestic Business Days before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
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Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Eurodollar Borrowing:
(a) the Administrative Agent is advised by determines that adequate and reasonable means do not exist for ascertaining the Reference Banks that deposits London Interbank Offered Rate to be used in Dollars (in determining the interest rate applicable amounts) are not being offered to the Reference Banks in the relevant market for Loans comprising such Interest Period, Borrowing; or
(b) the Required Banks advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Eurodollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesBanks, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Banks to make Euro-Dollar Loans, or to continue or convert outstanding Eurodollar Loans as or into Euro-Dollar Loans, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on suspended. If the last day obligations of the then current Interest Period applicable thereto. Unless Banks to make Eurodollar Loans have been suspended pursuant to this Section 8.01, unless the Borrower notifies the Administrative Agent at least two Domestic Business Days before the date of any Euro-Dollar Borrowing of Eurodollar Loans for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
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Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar BorrowingLoan:
(a) the Administrative Agent is advised by the Reference Banks shall determine that deposits in Dollars dollars (in the applicable amounts) are not being offered to the Reference Banks banks in the relevant market for such Interest Period, or,
(b) the Administrative Agent shall determine that reasonable and adequate means do not exist for ascertaining the London Interbank Offered Rate for such Interest Period with respect to a proposed Euro-Dollar Loan, or
(c) the Required Banks Lenders advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Loans for such Interest Period, then, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer existexist (which notice the Administrative Agent shall deliver immediately upon its becoming aware thereof), (i) the obligations any Notice of the Bank Parties to make Borrowing requesting a Euro-Dollar Loans, or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loan shall be suspended made as a Base Rate Loan and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two Domestic Business Days before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
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Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for with respect to any Euro-Dollar BorrowingLoan:
(a) the Agent is unable to determine the Euro-Dollar Rate by reference to Telerate and thereafter is advised by the Reference Banks JPMC that deposits in Dollars dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market thereby for such Interest Period, Monthly Term; or
(b) Banks having an aggregate principal amount of outstanding Loans and Available Bank Commitments equal to 50% or more of the Required aggregate principal amount of outstanding Loans and Available Bank Commitments of all Banks advise the Agent that the Adjusted London Interbank Offered Euro-Dollar Rate as determined by the Agent will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Loans for such Interest Period, ; the Agent shall forthwith give notice thereof to the Borrower Trust and the Bank PartiesBanks, whereupon until the Agent notifies the Borrower Trust that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Banks to make Base Rate/Euro-Dollar Loans and Euro-Dollar Loans, or to continue or convert outstanding Loans as or into Euro-Dollar Loans, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower Trust notifies the Agent at least two Domestic one Business Days Day before the date of any Base Rate/Euro-Dollar Borrowing Loan or Euro-Dollar Loan to be made for which a Notice of Borrowing Interest Rate Election has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate BorrowingLoan.
Appears in 1 contract
Samples: Liquidity Agreement (PHH Corp)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) the Administrative Agent is advised by the Reference Banks determines (which determination shall be conclusive absent manifest error) that deposits in Dollars dollars (in the applicable amounts) are not being offered to the Reference Banks financial institutions in general in the relevant market for such Interest Period, or
(b) Lenders having 66-2/3% or more of the Required Banks aggregate amount of the affected Loans advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower Borrowers and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower Borrowers that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two one Domestic Business Days Day before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 1 contract
Samples: Amendment No. 3 and Consent (Duke Energy Ohio, Inc.)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to before the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) Loans Lenders having at least 50% in aggregate amount of the Agent is advised by the Reference Banks that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest Period, or
(b) the Required Banks Commitments advise the Administrative Agent that the Adjusted London Interbank Offered Rate Rate, as determined by the Agent Administrative Agent, will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two Domestic Business Days before the date of any Euro-Dollar affected Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, if such affected Borrowing is a Euro-Dollar Borrowing, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 1 contract
Samples: Credit Agreement (Consolidated Edison Co of New York Inc)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Eurodollar Borrowing:
(a) the Agent is advised by the Reference Required Banks that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks banks in the relevant market for such Interest Period, or
(b) the Required Banks advise the Agent that the Adjusted London Interbank Offered Eurodollar Rate as determined by the Agent will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Eurodollar Loans for such Interest Period, the Agent shall forthwith give notice thereof to the Borrower and the Bank Parties, whereupon until the Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties to make Euro-Dollar Eurodollar Loans, or to continue or convert outstanding Loans as or into Euro-Dollar Eurodollar Loans, shall be suspended and (ii) each outstanding Euro-Dollar Eurodollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Agent at least two Domestic Business Days before the date of any Euro-Dollar Eurodollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 1 contract
Samples: Credit Agreement (Aes Corp)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) the Agent is advised by the Euro-Dollar Reference Banks that deposits in Dollars dollars (in the applicable amounts) are not being offered to the Euro-Dollar Reference Banks in the relevant London interbank market for such Interest Period, or
(b) Banks having 50% or more of the Required Banks aggregate amount of the Commitments advise the Agent that the Adjusted London Interbank Offered Rate as determined by the Agent will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Loans for such Interest Period, the Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesBanks, whereupon until the Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Banks to make Euro-Dollar Loans, or to continue or convert outstanding Loans as or into Euro-Dollar Loans, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable theretosuspended. Unless the Borrower notifies the Agent at least two Domestic Business Days before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 1 contract
Samples: Credit Agreement (Unova Inc)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Eurodollar Rate Borrowing:
(a) the Administrative Agent is advised by the Eurodollar Reference Banks that deposits in Dollars dollars (in the applicable amounts) are not being offered to the Eurodollar Reference Banks in the relevant market for such Interest Period, or
(b) any Lender advises the Required Banks advise the Administrative Agent that the Adjusted London Interbank Offered Rate Rate, as the case may be, as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lender of funding their Euro-Dollar Loans its Eurodollar Rate Advance, as the case may be, for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Eurodollar Rate Advances shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable theretosuspended. Unless the Borrower notifies the Administrative Agent at least two Domestic Business Days before the date of any Euro-Dollar Eurodollar Rate Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Advance Borrowing.
Appears in 1 contract
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar BorrowingLoan:
(a) the Administrative Agent is advised by determines that adequate and fair means do not exist for determining the Reference Banks that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market Euro-Dollar Rate for such Interest Period, or
(b) the Required Banks Lenders advise the Administrative Agent that the Adjusted London Interbank Offered Euro-Dollar Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower Company and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower Company that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two Domestic Business Days before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
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Samples: Credit Agreement (Campbell Soup Co)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) the Administrative Agent is advised by the Reference Banks determines (which determination shall be conclusive absent manifest error) that deposits in Dollars dollars (in the applicable amounts) are not being offered to the Reference Banks financial institutions in general in the relevant market for such Interest Period, or
(b) Lenders having 66-2/3% or more of the Required Banks aggregate amount of the affected Loans advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Euro‑Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two one Domestic Business Days Day before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
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Samples: Term Loan Credit Agreement (Duke Energy Progress, Llc.)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) Loans, Banks having 50% or more of the Agent is advised by aggregate amount of the Reference Banks that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market for such Interest Period, or
(b) the Required Banks Commitments advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower Company and the Bank PartiesBanks, whereupon until the Administrative Agent notifies the Borrower Company that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Banks to make Euro-Dollar Loans, or to continue or convert outstanding Loans as or into Euro-Dollar Loans, shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower Company notifies the Administrative Agent at least two Domestic Business Days before the date of any Euro-Dollar Fixed Rate Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, if such Fixed Rate Borrowing is a Euro-Dollar Borrowing, such Borrowing shall instead be made as a Base Rate Borrowing.
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Samples: Five Year Credit Agreement (Rockwell Automation Inc)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar BorrowingLoan:
(a) the Administrative Agent is advised by determines that adequate and fair means do not exist for determining the Reference Banks that deposits in Dollars (in the applicable amounts) are not being offered to the Reference Banks in the relevant market Euro-Dollar Rate for such Interest Period, or
(b) the Required Banks Lenders advise the Administrative Agent that the Adjusted London Interbank Offered Euro-Dollar Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower Company and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower Company that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower Company notifies the Administrative Agent at least two Domestic Business Days before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
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Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) the Administrative Agent is advised by the Euro-Dollar Reference Banks that deposits in Dollars dollars (in the applicable amounts) are not being offered to the Euro-Dollar Reference Banks in the relevant market for such Interest Period, or
(b) Banks having 66-2/3% or more of the Required Banks aggregate amount of the affected Loans advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower Borrowers and the Bank PartiesBanks, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Banks to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two one Domestic Business Days Day before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 1 contract
Samples: Credit Agreement (Duke Energy CORP)
Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to before the first day of any Interest Period for any Euro-Dollar BorrowingLoans of any Class:
(a) the Administrative Agent is advised by the Reference Banks Lenders that deposits in Dollars (dollars in the applicable amounts) amounts are not being offered to the Reference Banks Lenders in the relevant London interbank market for such Interest Period, or
(b) Lenders having at least 50% in aggregate amount of the Required Banks Commitments of such Class (or, in the case of Term Lenders, holding at least 50% of the aggregate outstanding principal amount of the affected Class of Term Loans) advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks Lenders of funding their Euro-Dollar Loans for such Interest Period, Table of Contents the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesLenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Lenders to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, as the case may be, shall be suspended and (ii) each outstanding Euro-Dollar Loan of the affected Class shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two one Domestic Business Days Day before the date of any Euro-Dollar affected Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
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Basis for Determining Interest Rate Inadequate or Unfair. If on or prior to the first day of any Interest Period for any Euro-Dollar Borrowing:
(a) the Administrative Agent is advised by the Euro-Dollar Reference Banks Bank that deposits in Dollars dollars (in the applicable amounts) are not being offered to the Euro-Dollar Reference Banks Bank in the relevant market for such Interest Period, or
(b) Banks having 66-2/3% or more of the Required Banks aggregate amount of the affected Loans advise the Administrative Agent that the Adjusted London Interbank Offered Rate as determined by the Administrative Agent will not adequately and fairly reflect the cost to such Banks of funding their Euro-Dollar Loans for such Interest Period, the Administrative Agent shall forthwith give notice thereof to the Borrower and the Bank PartiesBanks, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank Parties Banks to make Euro-Dollar Loans, Loans or to continue or convert outstanding Loans as or into Euro-Dollar Loans, Loans shall be suspended and (ii) each outstanding Euro-Dollar Loan shall be converted into a Base Rate Loan on the last day of the then current Interest Period applicable thereto. Unless the Borrower notifies the Administrative Agent at least two one Domestic Business Days Day before the date of any Euro-Dollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Borrowing shall instead be made as a Base Rate Borrowing.
Appears in 1 contract
Samples: Credit Agreement (Duke Capital LLC)