Certain Limitations on Eurodollar Rate Loans. The right of the Borrower to maintain, select, continue or convert Eurodollar Rate Loans shall be limited as follows: (i) If the Agent is advised by Bankers Trust Company that it is not offering U.S. dollar deposits (in the 44 50 applicable amounts) in the London interbank market, or the Agent determines that adequate and fair means do not otherwise exist for ascertaining the Eurodollar Rate for Eurodollar Rate Loans comprising any requested Borrowing, continuation or conversion, the right of the Borrower to select or maintain Eurodollar Rate Loans for such Borrowing or any subsequent Borrowing shall be suspended until the Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exists, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan. (ii) If the Majority Lenders shall, at least one Business Day before the date of any requested Borrowing, continuation or conversion, notify the Agent that the Eurodollar Rate for Revolving Loans comprising such Borrowing will not adequately reflect the cost to such Lenders of making or funding their respective Revolving Loans for such Borrowing, the right of the Borrower to select Eurodollar Rate Loans for such Borrowing shall be suspended until the Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exist, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan. (iii) If at any time any Lender determines (which determination shall, absent manifest error, be conclusive and binding on all parties) that the making, continuation or conversion of any Revolving Loan as a Eurodollar Rate Loan has become unlawful or impermissible by reason of compliance by that Lender with any law, governmental rule, regulation or order of any Governmental Authority (whether or not having the force of law or would result in costs or penalties), then, and in any such event, such Lender may give notice of that determination in writing, to the Borrower and the Agent and the Agent shall promptly transmit the notice to each other Lender. Until such Lender gives notice otherwise, the right of the Borrower to select Eurodollar Rate Loans from that Lender shall be suspended and each Eurodollar Rate Loan outstanding from that Lender shall automatically and immediately convert to a Prime Rate Loan. (iv) There shall not be outstanding at any one time more than an aggregate of eight (8) Revolving Loans which consist of Eurodollar Rate Loans.
Appears in 1 contract
Certain Limitations on Eurodollar Rate Loans. The right of the Borrower Company to maintain, select, continue or convert Eurodollar Rate Loans shall be limited as follows:
(i) If the Administrative Agent is advised by Bankers Trust Company BT that it is not offering U.S. dollar deposits (in the 44 50 applicable amounts) in the London interbank market, or the Administrative Agent determines that adequate and fair means do not otherwise exist for ascertaining the Eurodollar Rate for Eurodollar Rate Loans comprising any requested Borrowing, continuation or conversion, the right of the Borrower Company to select or maintain Eurodollar Rate Loans for such Borrowing or any subsequent Borrowing shall be suspended until the Administrative Agent shall notify the Borrower Company and the Lenders Tranche 2 Banks that the circumstances causing such suspension no longer existsexist, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan.
(ii) If the Majority Lenders Tranche 2 Banks holding at least 51% of the Tranche 2 Commitments shall, at least one Business Day before the date of any requested BorrowingBorrowing of, continuation of or conversionconversion into a Eurodollar Rate Loan, notify the Administrative Agent that the Eurodollar Rate for Revolving Loans comprising such Borrowing Borrowing, continuation or conversion will not adequately reflect the cost to such Lenders Tranche 2 Banks of making or funding their respective Revolving Loans for such Borrowing or conversion, or maintaining such continuation, the right of the Company to select or continue Eurodollar Rate Loans for such Borrowing, the right of the Borrower to select Eurodollar Rate Loans for such Borrowing continuation or conversion shall be suspended until the Agent such Tranche 2 Banks shall notify the Borrower Company and the Lenders Administrative Agent that the circumstances causing such suspension no longer exist, and each Revolving Loan comprising such Borrowing Borrowing, continuation or conversion shall be made as a Prime Rate Loan.
(iii) If at any time any Lender Tranche 2 Bank determines (which determination shall, absent manifest error, be conclusive and binding on all parties) that the making, continuation or conversion of any Revolving Loan as a Eurodollar Rate Loan has become unlawful or impermissible by reason of compliance by that Lender Tranche 2 Bank with any law, governmental rule, regulation or order of any Governmental Authority (whether or not having the force of law or would result in costs or penalties), then, and in any such event, such Lender Tranche 2 Bank may give notice of that determination determination, in writing, to the Borrower Company and the Administrative Agent and the Administrative Agent shall promptly transmit the notice to each other LenderTranche 2 Bank. Until such Lender Tranche 2 Bank gives notice otherwise, the right of the Borrower Company to select Eurodollar Rate Loans from that Lender Tranche 2 Bank shall be suspended and each Eurodollar Rate Loan outstanding from that Lender Tranche 2 Bank shall automatically and immediately convert to a Prime Rate Loan.
(iv) No Agent Advance shall be made as a Eurodollar Rate Loan.
(v) The right of the Company to select, continue or convert Eurodollar Rate Loans shall not be effective during the continuance of any Default or Event of Default unless otherwise agreed to by the Majority Banks.
(vi) There shall not be outstanding at any one time more than an aggregate of eight five (8) Revolving 5) Loans which consist of Eurodollar Rate Loans.
Appears in 1 contract
Samples: Credit Agreement (Premcor Inc)
Certain Limitations on Eurodollar Rate Loans. The right of the Borrower Safety to maintain, select, continue or convert Eurodollar Rate Loans shall be limited as follows:
(i) If the Agent is advised by Bankers Trust Company that it is not offering U.S. dollar deposits (in the 44 50 applicable amounts) in the London interbank market, or the Agent determines that adequate and fair means do not otherwise exist for ascertaining the Eurodollar Rate for Eurodollar Rate Loans comprising any requested Borrowing, continuation or conversion, the right of the Borrower Safety to select or maintain Eurodollar Rate Loans for such Borrowing or any subsequent Borrowing shall be suspended until the Agent shall notify the Borrower Safety and the Lenders that the circumstances causing such suspension no longer exists, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan.
(ii) If the Majority Lenders shall, at least one Business Day before the date of any requested Borrowing, continuation or conversion, notify the Agent that the Eurodollar Rate for Revolving Loans comprising such Borrowing will not adequately reflect the cost to such Lenders of making or funding their respective Revolving Loans for such Borrowing, the right of the Borrower Safety to select Eurodollar Rate Loans for such Borrowing shall be suspended until the Agent shall notify the Borrower Safety and the Lenders that the circumstances causing such suspension no longer exist, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan.
(iii) If at any time any Lender determines (which determination shall, absent manifest error, be conclusive and binding on all parties) that the making, continuation or conversion of any Revolving Loan as a Eurodollar Rate Loan has become unlawful or impermissible by reason of compliance by that Lender with any law, governmental rule, regulation or order of any Governmental Authority (whether or not having the force of law or would result resulting in costs or penalties), then, and in any such event, such Lender may give notice of that determination in writing, to the Borrower Safety and the Agent and the Agent shall promptly transmit the notice to each other Lender. Until such Lender gives notice otherwise, the right of the Borrower Safety to select Eurodollar Rate Loans from that Lender shall be suspended and each Eurodollar Rate Loan outstanding from that Lender shall automatically and immediately convert to a Prime Rate Loan.
(iv) The right of Safety to select Eurodollar Rate Loans for any Borrowing is suspended until the first Business Day following the Syndication Date.
(v) There shall not be outstanding at any one time more than an aggregate of eight three (8) Revolving 3) Borrowings of Loans which consist of Eurodollar Rate Loans.
(vi) No Agent Advance shall be made as a Eurodollar Rate Loan.
Appears in 1 contract
Samples: Credit Agreement (Safety 1st Inc)
Certain Limitations on Eurodollar Rate Loans. The right of the -------------------------------------------- Borrower to maintain, select, continue or convert Eurodollar Rate Loans shall be limited as follows:
(i) If the Agent is advised by Bankers Trust Company that it is not offering U.S. dollar deposits (in the 44 50 applicable amounts) in the London interbank market, or the Agent determines that adequate and fair means do not otherwise exist for ascertaining the Eurodollar Rate for Eurodollar Rate Loans comprising any requested Borrowing, continuation or conversion, the right of the Borrower to select or maintain Eurodollar Rate Loans for such Borrowing or any subsequent Borrowing shall be suspended until the Agent shall notify the Borrower and the Lenders that the circumstances circum- stances causing such suspension no longer existsexist, and each Revolving Loan comprising such Borrowing shall be made as a Prime Base Rate Loan.
(ii) If the Majority Lenders shall, at least one Business Day before the date of any requested Borrowing, continuation or conversionconver- sion, notify the Agent that the Eurodollar Rate for Revolving Loans comprising such Borrowing will not adequately reflect the cost to such Lenders of making or funding their respective Revolving Loans for such Borrowing, the right of the Borrower to select Eurodollar Rate Loans for such Borrowing shall be suspended until the Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension suspen- sion no longer exist, and each Revolving Loan comprising such Borrowing Borrow- ing shall be made as a Prime Base Rate Loan.
(iii) If at any time any Lender determines (which determination shall, absent manifest error, be conclusive and binding on all parties) that the making, continuation or conversion of any Revolving Loan as a Eurodollar Rate Loan has become unlawful or impermissible by reason of compliance by that Lender with any law, governmental rule, regulation or order of any Governmental Authority (whether or not having the force of law or would result in costs or penalties), then, and in any such event, such Lender may give notice of that determination determina- tion in writing, to the Borrower and the Agent and the Agent shall promptly transmit the notice to each other Lender. Until such Lender gives notice otherwise, the right of the Borrower to select Eurodollar Rate Loans from that Lender shall be suspended and each Eurodollar Rate Loan outstanding from that Lender shall automatically and immediately immedi- ately convert to a Prime Base Rate Loan.
(iv) There shall not be outstanding at any one time more than an aggregate of eight twelve (8) 12) Revolving Loans which consist of Eurodollar Rate Loans.
Appears in 1 contract
Samples: Credit Agreement (Wickes Inc)
Certain Limitations on Eurodollar Rate Loans. The right of the Borrower Company to maintain, select, continue or convert Eurodollar Rate Loans shall be limited as follows:
(i) If the Administrative Agent is advised by Bankers Trust Company DB that it is not offering U.S. dollar deposits (in the 44 50 applicable amounts) in the London interbank market, or the Administrative Agent determines that adequate and fair means do not otherwise exist for ascertaining the Eurodollar Rate for Eurodollar Rate Loans comprising any requested Borrowing, continuation or conversion, the right of the Borrower Company to select or maintain Eurodollar Rate Loans for such Borrowing or any subsequent Borrowing shall be suspended until the Administrative Agent shall notify the Borrower Company and the Lenders Tranche 2 Banks that the circumstances causing such suspension no longer existsexist, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan.
(ii) If the Majority Lenders Tranche 2 Banks holding at least 51% of the Tranche 2 Commitments shall, at least one Business Day before the date of any requested BorrowingBorrowing of, continuation of or conversionconversion into a Eurodollar Rate Loan, notify the Administrative Agent that the Eurodollar Rate for Revolving Loans comprising such Borrowing Borrowing, continuation or conversion will not adequately reflect the cost to such Lenders Tranche 2 Banks of making or funding their respective Revolving Loans for such Borrowing or conversion, or maintaining such continuation, the right of the Company to select or continue Eurodollar Rate Loans for such Borrowing, the right of the Borrower to select Eurodollar Rate Loans for such Borrowing continuation or conversion shall be suspended until the Agent such Tranche 2 Banks shall notify the Borrower Company and the Lenders Administrative Agent that the circumstances causing such suspension no longer exist, and each Revolving Loan comprising such Borrowing Borrowing, continuation or conversion shall be made as a Prime Rate Loan.
(iii) If at any time any Lender Tranche 2 Bank determines (which determination shall, absent manifest error, be conclusive and binding on all parties) that the making, continuation or conversion of any Revolving Loan as a Eurodollar Rate Loan has become unlawful or impermissible by reason of compliance by that Lender Tranche 2 Bank with any law, governmental rule, regulation or order of any Governmental Authority (whether or not having the force of law or would result in costs or penalties), then, and in any such event, such Lender Tranche 2 Bank may give notice of that determination determination, in writing, to the Borrower Company and the Administrative Agent and the Administrative Agent shall promptly transmit the notice to each other LenderTranche 2 Bank. Until such Lender Tranche 2 Bank gives notice otherwise, the right of the Borrower Company to select Eurodollar Rate Loans from that Lender Tranche 2 Bank shall be suspended and each Eurodollar Rate Loan outstanding from that Lender Tranche 2 Bank shall automatically and immediately convert to a Prime Rate Loan.
(iv) No Agent Advance shall be made as a Eurodollar Rate Loan.
(v) The right of the Company to select, continue or convert Eurodollar Rate Loans shall not be effective during the continuance of any Default or Event of Default unless otherwise agreed to by the Majority Banks.
(vi) There shall not be outstanding at any one time more than an aggregate of eight five (8) Revolving 5) Loans which consist of Eurodollar Rate Loans.
Appears in 1 contract
Certain Limitations on Eurodollar Rate Loans. The right of the -------------------------------------------- each Borrower to maintain, select, continue or convert Eurodollar Rate Loans shall be limited as follows:
(i) If the Agent is advised by Bankers Trust Company that it is not offering U.S. dollar deposits (in the 44 50 applicable amounts) in the London interbank market, or the Agent determines that adequate and fair means do not otherwise exist for ascertaining the Eurodollar Rate for Eurodollar Rate Loans comprising any requested Borrowing, continuation or conversion, the right of the Borrower Borrowers to select or maintain Eurodollar Rate Loans for such Borrowing or any subsequent Borrowing shall be suspended until the Agent shall notify the Borrower Borrowers and the Lenders that the circumstances causing such suspension no longer existsexist, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan.
(ii) If the Majority Revolving Credit Lenders (in the case of a requested Borrowing, continuation or conversion of Revolving Loans) or the Majority Term Loan Lenders (in the case of a requested Borrowing, continuation or conversion of Term Loans) shall, at least one Business Day before the date of any such requested Borrowing, continuation or conversion, notify the Agent (whereupon the Agent will notify the applicable Borrowers) that the Eurodollar Rate for Revolving Loans or Term Loans, as applicable, comprising such Borrowing will not adequately reflect the cost to such Lenders of making or funding their respective Revolving Loans for such Borrowing, the right of the Borrower such Borrowers to select Eurodollar Rate Loans for such Borrowing shall be suspended until the Agent shall notify the Borrower such Borrowers and the Revolving Credit Lenders or the Term Loan Lenders, as applicable, that the circumstances causing such suspension no longer exist, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan; provided, -------- however, that the right of such Borrowers to select Eurodollar Rate Loans ------- for such Borrowing will continue if such Borrowers agree to reimburse each Lender for such additional amounts as are necessary (as reasonably determined by such Lender in its sole discretion) to adequately reflect the cost of making such Eurodollar Rate Loans.
(iii) If at any time any Lender determines (which determination shall, absent manifest error, be conclusive and binding on all parties) that the making, continuation or conversion of any Revolving Loan as a Eurodollar Rate Loan has become unlawful or impermissible by reason of compliance by that Lender with any law, governmental rule, regulation or order of any Governmental Authority or monetary authority (whether or not having the force of law or whether or not noncompliance would result in costs or penalties), then, and in any such event, such Lender may give notice of that determination in writing, to the Borrower Borrowers and the Agent and the Agent shall promptly transmit the notice to each other Lender. Until such Lender gives notice otherwise, the right of the Borrower Borrowers to select Eurodollar Rate Loans from that Lender shall be suspended and each Eurodollar Rate Loan outstanding from that Lender shall automatically and immediately convert to a Prime Rate Loan.
(iv) There shall not be outstanding at any one time more than an aggregate six Borrowings of eight Eurodollar Rate Loans for any Borrower or more than 30 Borrowings of Eurodollar Rate Loans for all Borrowers.
(8) Revolving v) No Agent Advance shall be made as a Eurodollar Rate Loan.
(vi) Subject to the limits set forth in this Section 4.14, ------------ each Borrower may request only one Borrowing of Eurodollar Rate Loans which consist (excluding continuations of Eurodollar Rate Loans) for any Business Day (which shall be funded simultaneously with all Loans requested to made as, or converted into, Eurodollar Rate Loans requested by the other Borrowers for such Business Day).
Appears in 1 contract
Certain Limitations on Eurodollar Rate Loans. The right of the Borrower -------------------------------------------- Company to maintain, select, continue or convert Eurodollar Rate Loans shall be limited as follows:
(i) If the Administrative Agent is advised by Bankers Trust Company BT that it is not offering U.S. dollar deposits (in the 44 50 applicable amounts) in the London interbank market, or the Administrative Agent determines that adequate and fair means do not otherwise exist for ascertaining the Eurodollar Rate for Eurodollar Rate Loans comprising any requested Borrowing, continuation or conversion, the right of the Borrower Company to select or maintain Eurodollar Rate Loans for such Borrowing or any subsequent Borrowing shall be suspended until the Administrative Agent shall notify the Borrower Company and the Lenders Banks that the circumstances causing such suspension no longer existsexist, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan.
(ii) If the Majority Lenders Banks shall, at least one Business Day before the date of any requested BorrowingBorrowing of, continuation of or conversionconversion into a Eurodollar Rate Loan, notify the Administrative Agent that the Eurodollar Rate for Revolving Loans comprising such Borrowing Borrowing, continuation or conversion will not adequately reflect the cost to such Lenders Banks of making or funding their respective Revolving Loans for such Borrowing or conversion, or maintaining such continuation, the right of the Company to select or continue Eurodollar Rate Loans for such Borrowing, the right of the Borrower to select Eurodollar Rate Loans for such Borrowing continuation or conversion shall be suspended until the Administrative Agent shall notify the Borrower Company and the Lenders Banks that the circumstances causing such suspension no longer exist, and each Revolving Loan comprising such Borrowing Borrowing, continuation or conversion shall be made as a Prime Rate Loan.
(iii) If at any time any Lender Bank determines (which determination shall, absent manifest error, be conclusive and binding on all parties) that the making, continuation or conversion of any Revolving Loan as a Eurodollar Rate Loan has become unlawful or impermissible by reason of compliance by that Lender Bank with any law, governmental rule, regulation or order of any Governmental Authority (whether or not having the force of law or would result in costs or penalties), then, and in any such event, such Lender Bank may give notice of that determination determination, in writing, to the Borrower Company and the Administrative Agent and the Administrative Agent shall promptly transmit the notice to each other LenderBank. Until such Lender Bank gives notice otherwise, the right of the Borrower Company to select Eurodollar Rate Loans from that Lender Bank shall be suspended and each Eurodollar Rate Loan outstanding from that Lender Bank shall automatically and immediately convert to a Prime Rate Loan.
(iv) No Agent Advance shall be made as a Eurodollar Rate Loan.
(v) The right of the Company to select, continue or convert Eurodollar Rate Loans shall not be effective during the continuance of any Default or Event of Default unless otherwise agreed to by the Majority Banks.
(vi) There shall not be outstanding at any one time more than an aggregate of eight three (8) Revolving 3) Loans which consist of Eurodollar Rate Loans.
Appears in 1 contract
Certain Limitations on Eurodollar Rate Loans. The right of the each -------------------------------------------- Borrower to maintain, select, continue or convert Eurodollar Rate Loans shall be limited as follows:
(i) If the Agent is advised by Bankers Trust Company that it is not offering U.S. dollar deposits (in the 44 50 applicable amounts) in the London interbank market, or the Agent determines that adequate and fair means do not otherwise exist for ascertaining the Eurodollar Rate for Eurodollar Rate Loans comprising any requested Borrowing, continuation or conversion, the right of the Borrower Borrowers to select or maintain Eurodollar Rate Loans for such Borrowing or any subsequent Borrowing shall be suspended until the Agent shall notify the Borrower Borrowers and the Lenders that the circumstances causing such suspension no longer existsexist, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan.
(ii) If the Majority Lenders shall, at least one Business Day before the date of any requested Borrowing, continuation or conversion, notify the Agent (whereupon the Agent will notify the Borrowers) that the Eurodollar Rate for Revolving Loans comprising such Borrowing will not adequately reflect the cost to such Lenders of making or funding their respective Revolving Loans for such Borrowing, the right of the Borrower Borrowers to select Eurodollar Rate Loans for such Borrowing shall be suspended until the Agent shall notify the Borrower Borrowers and the Lenders that the circumstances causing such suspension no longer exist, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan; provided, however, that the right of the -------- ------- Borrowers to select Eurodollar Rate Loans for such Borrowing will continue if the Borrowers agree to reimburse each Lender for such additional amounts as are necessary (as reasonably determined by such Lender in its sole discretion) to adequately reflect the cost of making such Eurodollar Rate Loans.
(iii) If at any time any Lender determines (which determination shall, absent manifest error, be conclusive and binding on all parties) that the making, continuation or conversion of any Revolving Loan as a Eurodollar Rate Loan has become unlawful or impermissible by reason of compliance by that Lender with any law, governmental rule, regulation or order of any Governmental Authority or monetary authority (whether or not having the force of law or whether or not noncompliance would result in costs or penalties), then, and in any such event, such Lender may give notice of that determination in writing, to the Borrower Borrowers and the Agent and the Agent shall promptly transmit the notice to each other Lender. Until such Lender gives notice otherwise, the right of the Borrower Borrowers to select Eurodollar Rate Loans from that Lender shall be suspended and each Eurodollar Rate Loan outstanding from that Lender shall automatically and immediately convert to a Prime Rate Loan.
(iv) There shall not be outstanding at any one time more than an aggregate of eight (8) Revolving Loans which consist four Borrowings of Eurodollar Rate LoansLoans for any Borrower or more than twenty-four Borrowings of Eurodollar Rate Loans for all Borrowers.
(v) No Agent Advance shall be made as a Eurodollar Rate Loan.
Appears in 1 contract
Certain Limitations on Eurodollar Rate Loans. The right of the Borrower Borrowers to maintain, select, continue or convert Eurodollar Rate Loans shall be limited as follows:
(i) If the Agent is advised by Bankers Trust Company that it is not offering U.S. dollar deposits (in the 44 50 applicable amounts) in the London interbank market, or the Agent determines that adequate and fair means do not otherwise exist for ascertaining the Eurodollar Rate for Eurodollar Rate Loans comprising any requested Borrowing, continuation or conversion, the right of the Borrower Borrowers to select or maintain Eurodollar Rate Loans for such Borrowing or any subsequent Borrowing shall be suspended until the Agent shall notify the Borrower Borrowers and the Lenders that the circumstances causing such suspension no longer existsexist, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan.
(ii) If the Majority Lenders shall, at least one (1) Business Day before the date of any requested Borrowing, continuation or conversion, notify the Agent that the Eurodollar Rate for Revolving Loans comprising such Borrowing will not adequately reflect the cost to such Lenders of making or funding their respective Revolving Loans for such Borrowing, the right of the Borrower Borrowers to select Eurodollar Rate Loans for such Borrowing shall be suspended until the Agent shall notify the Borrower Borrowers and the Lenders that the circumstances causing such suspension no longer exist, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan.
(iii) If at any time any Lender determines (which determination shall, absent manifest error, be conclusive and binding on all parties) that the making, continuation or conversion of any Revolving Loan as a Eurodollar Rate Loan has become unlawful or impermissible by reason of compliance by that Lender with any law, governmental rule, regulation or order of any Governmental Authority (whether or not having the force of law or would result resulting in costs or penalties), then, and in any such event, such Lender may give notice of that determination in writing, to the Borrower Borrowers and the Agent and the Agent shall promptly transmit the notice to each other Lender. Until such Lender gives notice otherwise, the right of the Borrower Borrowers to select Eurodollar Rate Loans from that Lender shall be suspended and each Eurodollar Rate Loan outstanding from that Lender shall automatically and immediately convert to a Prime Rate Loan.
(iv) There shall not be outstanding at any one time more than an aggregate of eight three (8) Revolving 3) Borrowings of Loans which consist of Eurodollar Rate LoansLoans for any one Borrower or an aggregate of six (6) Borrowings of Loans which consist of Eurodollar Rate Loans for all of the Borrowers.
(v) No Agent Advance shall be made as a Eurodollar Rate Loan.
Appears in 1 contract
Samples: Credit Agreement (Lynch Corp)
Certain Limitations on Eurodollar Rate Loans. The right of the Borrower Borrowers to maintain, select, continue or convert Eurodollar Rate Loans shall be limited as follows:
(i) If the Agent is advised by Bankers Trust Company any Lender that it is not offering U.S. dollar deposits (in the 44 50 applicable amounts) in the London interbank market, or the Agent determines that adequate and fair means do not otherwise exist for ascertaining the Eurodollar Rate for Eurodollar Rate Loans comprising any requested Borrowing, continuation or conversion, the right of the Borrower Borrowers to select or maintain Eurodollar Rate Loans for such Borrowing or any subsequent Borrowing shall be suspended until the Agent shall notify the Borrower Borrowers and the Lenders that the circumstances causing such suspension no longer existsexist, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan.
(ii) If the Majority Lenders shall, at least one (1) Business Day before the date of any requested Borrowing, continuation or conversion, notify the Agent that the Eurodollar Rate for Revolving Loans comprising such Borrowing will not adequately reflect the cost to such Lenders of making or funding their respective Revolving Loans for such Borrowing, the right of the Borrower Borrowers to select Eurodollar Rate Loans for such Borrowing shall be suspended until the Agent shall notify the Borrower Borrowers and the Lenders that the circumstances causing such suspension no longer exist, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan.
(iii) If at any time any Lender determines (which determination shall, absent manifest error, be conclusive and binding on all parties) that the making, continuation or conversion of any Revolving Loan as a Eurodollar Rate Loan has become unlawful or impermissible by reason of compliance by that Lender with any law, governmental rule, regulation or order of any Governmental Authority (whether or not having the force of law or would result resulting in costs or penalties), then, and in any such event, such Lender may give notice of that determination in writing, to the Borrower Borrowers and the Agent and the Agent shall promptly transmit the notice to each other Lender. Until such Lender gives notice otherwise, the right of the Borrower Borrowers to select Eurodollar Rate Loans from that Lender shall be suspended and each Eurodollar Rate Loan outstanding from that Lender shall automatically and immediately convert to a Prime Rate Loan.
(iv) There shall not be outstanding at any one time more than an aggregate of eight three (8) Revolving 3) Borrowings of Loans which consist of Eurodollar Rate LoansLoans for any one Borrower or an aggregate of six (6) Borrowings of Loans which consist of Eurodollar Rate Loans for all of the Borrowers.
(v) No Agent Advance shall be made as a Eurodollar Rate Loan.
Appears in 1 contract
Certain Limitations on Eurodollar Rate Loans. The right of the Borrower Borrowers to maintain, select, continue or convert Eurodollar Rate Loans shall be limited as follows:
(i) If the Agent is advised by Bankers Trust Company that it is not offering U.S. dollar deposits (in the 44 50 applicable amounts) in the London interbank market, or the Agent determines that adequate and fair means do not otherwise exist for ascertaining the Eurodollar Rate for Eurodollar Rate Loans comprising any requested Borrowing, continuation or conversion, the right of the Borrower Borrowers to select or maintain Eurodollar Rate Loans for such Borrowing or any subsequent Borrowing shall be suspended until the Agent shall notify the Borrower Borrowers and the Lenders that the circumstances causing such suspension no longer existsexist, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan.
(ii) If the Majority Lenders shall, at least one Business Day before the date of any requested Borrowing, continuation or conversion, notify the Agent that the Eurodollar Rate for Revolving Loans comprising such Borrowing will not adequately reflect the cost to such Lenders of making or funding their respective Revolving Loans for such Borrowing, the right of the Borrower Borrowers to select Eurodollar Rate Loans for such Borrowing shall be suspended until the Agent shall notify the Borrower Borrowers and the Lenders that the circumstances causing such suspension no longer exist, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan.
(iii) If at any time any Lender determines (which determination shall, absent manifest error, be conclusive and binding on all parties) that the making, continuation or conversion of any Revolving Loan as a Eurodollar Rate Loan has become unlawful or impermissible by reason of compliance by that Lender with any law, governmental rule, regulation or order of any Governmental Authority (whether or not having the force of law or would result in costs or penalties), then, and in any such event, such Lender may give notice of that determination in writing, to the Borrower Borrowers and the Agent and the Agent shall promptly transmit the notice to each other Lender. Until such Lender gives notice otherwise, the right of the Borrower Borrowers to select Eurodollar Rate Loans from that Lender shall be suspended and each Eurodollar Rate Loan outstanding from that Lender shall automatically and immediately convert to a Prime Rate Loan.
(iv) The right of the Borrowers to select Eurodollar Rate Loans for any Borrowing is suspended until the first Business Day following the Syndication Date.
(v) There shall not be outstanding at any one time for each Borrower more than an aggregate of eight (8) Revolving 3 Borrowings of Loans which consist of Eurodollar Rate Loans, or for all Borrowers more than an aggregate of 12 Borrowings of Loans which consist of Eurodollar Rate Loans.
(vi) No Agent Advance shall be made as a Eurodollar Rate Loan.
Appears in 1 contract
Certain Limitations on Eurodollar Rate Loans. The right of the Borrower Company to maintain, select, continue or convert Eurodollar Rate Loans shall be limited as follows:
(i) If the Administrative Agent is advised by Bankers Trust Company BT that it is not offering U.S. dollar deposits (in the 44 50 applicable amounts) in the London interbank market, or the Administrative Agent determines that adequate and fair means do not otherwise exist for ascertaining the Eurodollar Rate for Eurodollar Rate Loans comprising any requested Borrowing, continuation or conversion, the right of the Borrower Company to select or maintain Eurodollar Rate Loans for such Borrowing or any subsequent Borrowing shall be suspended until the Administrative Agent shall notify the Borrower Company and the Lenders Banks that the circumstances causing such suspension no longer existsexist, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan.
(ii) If the Majority Lenders Banks shall, at least one Business Day before the date of any requested BorrowingBorrowing of, continuation of or conversionconversion into a Eurodollar Rate Loan, notify the Administrative Agent that the Eurodollar Rate for Revolving Loans comprising such Borrowing Borrowing, continuation or conversion will not adequately reflect the cost to such Lenders Banks of making or funding their respective Revolving Loans for such Borrowing or conversion, or maintaining such continuation, the right of the Company to select or continue Eurodollar Rate Loans for such Borrowing, the right of the Borrower to select Eurodollar Rate Loans for such Borrowing continuation or conversion shall be suspended until the Agent such Banks shall notify the Borrower Company and the Lenders Administrative Agent that the circumstances causing such suspension no longer exist, and each Revolving Loan comprising such Borrowing Borrowing, continuation or conversion shall be made as a Prime Rate Loan.
(iii) If at any time any Lender Bank determines (which determination shall, absent manifest error, be conclusive and binding on all parties) that the making, continuation or conversion of any Revolving Loan as a Eurodollar Rate Loan has become unlawful or impermissible by reason of compliance by that Lender Bank with any law, governmental rule, regulation or order of any Governmental Authority (whether or not having the force of law or would result in costs or penalties), then, and in any such event, such Lender Bank may give notice of that determination determination, in writing, to the Borrower Company and the Administrative Agent and the Administrative Agent shall promptly transmit the notice to each other LenderBank. Until such Lender Bank gives notice otherwise, the right of the Borrower Company to select Eurodollar Rate Loans from that Lender Bank shall be suspended and each Eurodollar Rate Loan outstanding from that Lender Bank shall automatically and immediately convert to a Prime Rate Loan.
(iv) No Agent Advance shall be made as a Eurodollar Rate Loan.
(v) The right of the Company to select, continue or convert Eurodollar Rate Loans shall not be effective during the continuance of any Default or Event of Default unless otherwise agreed to by the Majority Banks.
(vi) There shall not be outstanding at any one time more than an aggregate of eight five (8) Revolving 5) Loans which consist of Eurodollar Rate Loans.
Appears in 1 contract
Certain Limitations on Eurodollar Rate Loans. The right of the ------------------------------------------------- Borrower to maintain, select, continue or convert Eurodollar Rate Loans shall be limited as follows:
(i) If the Agent is advised by Bankers Trust Company that it is not offering U.S. dollar deposits (in the 44 50 applicable amounts) in the London interbank market, or the Agent determines that adequate and fair means do not otherwise exist for ascertaining the Eurodollar Rate for Eurodollar Rate Loans comprising any requested Borrowing, continuation or conversion, the right of the Borrower to select or maintain Eurodollar Rate Loans for such Borrowing or any subsequent Borrowing shall be suspended until the Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer existsexist, and each Revolving Loan and Term Loan comprising such Borrowing shall be made as a Prime Base Rate Loan.
(ii) If the Majority Lenders shall, at least one Business Day before the date of any requested Borrowing, continuation or conversion, notify the Agent that the Eurodollar Rate for Revolving Loans comprising such Borrowing will not adequately reflect the cost to such Lenders of making or funding their respective Revolving Loans for such Borrowing, the right of the Borrower to select Eurodollar Rate Loans for such Borrowing shall be suspended until the Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exist, and each Revolving Loan or Term Loan comprising such Borrowing shall be made as a Prime Base Rate Loan.
(iii) If at any time any Lender determines (which determination shall, absent manifest error, be conclusive and binding on all parties) that the making, continuation or conversion of any Revolving Loan or Term Loan as a Eurodollar Rate Loan has become unlawful or impermissible by reason of compliance by that Lender with any law, governmental rule, regulation or order of any Governmental Authority (whether or not having the force of law or would result in costs or penalties), then, and in any such event, such Lender may give notice of that determination in writing, to the Borrower and the Agent and the Agent shall promptly transmit the notice to each other Lender. Until such Lender gives notice otherwise, the right of the Borrower to select Eurodollar Rate Loans from that Lender shall be suspended and each Eurodollar Rate Loan outstanding from that Lender shall automatically and immediately convert to a Prime Base Rate Loan.
(iv) In the event that any of the circumstances described in Sections 5.7(c)(i) through (iii) apply or the Borrower is otherwise not entitled to select Eurodollar Rate Loans hereunder, the Term Loans shall bear interest at the per annum rate equal to the Base Rate plus one percent (1%).
(v) The Borrower may not select an Interest Period for a Term Loan which is a Eurodollar Rate Loan, which Interest Period extends beyond any date established for a quarterly principal payment of the Term Loan pursuant to Section 4.3 hereof, unless other Term Loan Borrowings in an amount at least equal to the required payment have Interest Periods which expire prior to the date established for each such quarterly principal payment of the Term Loan.
(vi) There shall not be outstanding at any one time more than an aggregate of eight twelve (8) 12) Revolving Loans or three (3) Term Loans which consist of Eurodollar Rate Loans.
Appears in 1 contract
Samples: Credit Agreement (Wickes Inc)
Certain Limitations on Eurodollar Rate Loans. The right of the each Borrower to maintain, select, continue or convert Eurodollar Rate Loans shall be limited as follows:
(i) If the Agent is advised by Bankers Trust Company that it is not offering U.S. dollar deposits (in the 44 50 applicable amounts) in the London interbank market, or the Agent determines that adequate and fair means do not otherwise exist for ascertaining the Eurodollar Rate for Eurodollar Rate Loans comprising any requested Borrowing, continuation or conversion, the right of the each Borrower to select or maintain Eurodollar Rate Loans for such Borrowing or any subsequent Borrowing shall be suspended until the Agent shall notify the Borrower Borrowers and the Lenders that the circumstances causing such suspension no longer exists, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan.
(ii) If the Majority Lenders holding 67% or more of the total Commitments shall, at least one Business Day before the date of any requested Borrowing, continuation or conversion, notify the Agent that the Eurodollar Rate for Revolving Loans comprising such Borrowing will not adequately reflect the cost to such Lenders of making or funding their respective Revolving Loans for such Borrowing, the right of the Borrower Borrowers to select Eurodollar Rate Loans for such Borrowing shall be suspended until the Agent shall notify the Borrower Borrowers and the Lenders that the circumstances causing such suspension no longer exist, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan.
(iii) If at any time any Lender determines (which determination shall, absent manifest error, be conclusive and binding on all parties) that the making, continuation or conversion of any Revolving Loan as a Eurodollar Rate Loan has become unlawful or impermissible by reason of compliance by that Lender with any new, or change in the interpretation of any existing, law, governmental rule, regulation or order of any Governmental Authority (whether or not having the force of law or would result resulting in costs or penalties), then, and in any such event, such Lender may give notice of that determination in writing, to the Borrower Borrowers and the Agent and the Agent shall promptly transmit the notice to each other Lender. Until such Lender gives notice otherwise, the right of the Borrower Borrowers to select Eurodollar Rate Loans from that Lender shall be suspended and each Eurodollar Rate Loan outstanding from that Lender shall automatically and immediately convert to a Prime Rate Loan.
(iv) The right of each Borrower to select Eurodollar Rate Loans for any Borrowing is suspended until the fifth Business Day following the Syndication Date.
(v) There shall not be outstanding at any one time more than an aggregate of eight nine (8) Revolving 9) Borrowings of Loans which consist of Eurodollar Rate Loans.
(vi) No Agent Advance shall be made as a Eurodollar Rate Loan.
Appears in 1 contract
Samples: Credit Agreement (Perry-Judds Inc)
Certain Limitations on Eurodollar Rate Loans. The right of the Borrower to maintain, select, continue or convert Eurodollar Rate Loans shall be limited as follows:
(i) If the Agent is advised by Bankers Trust Company that it is not offering U.S. dollar deposits (in the 44 50 applicable amounts) in the London interbank market, or the Agent determines that adequate and fair means do not otherwise exist for ascertaining the Eurodollar Rate for Eurodollar Rate Loans comprising any requested Borrowing, continuation or conversion, the right of the Borrower to select or maintain Eurodollar Rate Loans for such Borrowing or any subsequent Borrowing shall be suspended until the Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exists, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan.
(ii) If the Majority Lenders shall, at least one Business Day before the date of any requested Borrowing, continuation or conversion, notify the Agent that the Eurodollar Rate for Revolving Loans comprising such Borrowing will not adequately reflect the cost to such Lenders of making or funding their respective Revolving Loans for such Borrowing, the right of the Borrower to select Eurodollar Rate Loans for such Borrowing shall be suspended until the Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exist, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan.
(iii) If at any time any Lender determines (which determination shall, absent manifest error, be conclusive and binding on all parties) that the making, continuation or conversion of any Revolving Loan as a Eurodollar Rate Loan has become unlawful or impermissible by reason of compliance by that Lender with any law, governmental rule, regulation or order of any Governmental Authority (whether or not having the force of law or would result in costs or penalties), then, and in any such event, such Lender may give notice of that determination in writing, to the Borrower and the Agent and the Agent shall promptly transmit the notice to each other Lender. Until such Lender gives notice otherwise, the right of the Borrower to select Eurodollar Rate Loans from that Lender shall be suspended and each Eurodollar Rate Loan outstanding from that Lender shall automatically and immediately convert to a Prime Rate Loan.
(iv) There shall not be outstanding at any one time more than an aggregate of eight (8) Revolving Loans which consist of Eurodollar Rate Loans.
Appears in 1 contract
Certain Limitations on Eurodollar Rate Loans. The right of the Borrower to maintain, select, continue or convert Eurodollar Rate Loans shall be limited as follows:
(i) If the Agent is advised by Bankers Trust Company Deutsche Bank that it is not offering U.S. dollar deposits (in the 44 50 applicable amounts) in the London interbank market, or the Agent determines that adequate and fair means do not otherwise exist for ascertaining the Eurodollar Rate for Eurodollar Rate Loans comprising any requested Borrowing, continuation or conversion, 32 40 the right of the Borrower to select or maintain Eurodollar Rate Loans for such Borrowing or any subsequent Borrowing shall be suspended until the Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exists, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan.
(ii) If the Majority Lenders shall, at least one Business Day before the date of any requested Borrowing, continuation or conversion, notify the Agent that the Eurodollar Rate for Revolving Loans comprising such Borrowing will not adequately reflect the cost to such Lenders of making or funding their respective Revolving Loans for such Borrowing, then the right of the Borrower to select Eurodollar Rate Loans for such Borrowing shall be suspended until the Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exist, and each Revolving Loan comprising such Borrowing shall be made as a Prime Rate Loan.
(iii) If at any time any Lender reasonably determines (which determination shall, absent manifest error, be conclusive and binding on all parties) that the making, continuation or conversion of any Revolving Loan as a Eurodollar Rate Loan has become unlawful or impermissible by reason of compliance by that Lender with any law, governmental rule, regulation or order of any Governmental Authority (whether or not having the force of law or would result in costs or penalties), then, and in any such event, such Lender may give notice of that determination in writing, to the Borrower and the Agent and the Agent shall promptly transmit the notice to each other Lender. Until such Lender gives notice otherwise, the right of the Borrower to select Eurodollar Rate Loans from that Lender shall be suspended and each Eurodollar Rate Loan outstanding from that Lender shall automatically and immediately convert to a Prime Rate Loan; provided, that if the Borrower receives a notice pursuant to this subsection (iii), so long as no Default or Event of Default shall have occurred and be continuing and the Borrower has obtained a commitment from another Lender or other financial institution, acceptable to the Agent in its reasonable discretion, to become a Lender for all purposes under this Credit Agreement and to assume all obligations of the Lender to be replaced, the Borrower may require the Lender giving such notice to assign all of its Loans, Commitments and other Obligations to such other Lender or financial institution pursuant to the provisions of Section 11.8(b); provided further that, prior to or concurrently with such replacement (i) the Borrower has paid to the Lender giving such notice all principal, interest, fees and other amounts due and owing to such Lender through such date of replacement, (ii) the Agent has received the processing and recordation fee required to be paid by Section 11.8(b), and (iii) all of the requirements for such assignment contained in Section 11.8(b), including, without limitation, the receipt by the Agent of an executed Assignment and Assumption Agreement and other supporting documents, have been fulfilled.
(iv) [intentionally omitted]
(v) There shall not be outstanding at any one time more than an aggregate of eight four (8) Revolving 4) Borrowings of Loans which consist of Eurodollar Rate Loans.
(vi) No Agent Advance shall be made as a Eurodollar Rate Loan.
Appears in 1 contract
Samples: Credit Agreement (Mobile Mini Inc)
