Common use of Changes to reference rates Clause in Contracts

Changes to reference rates. a) If a Published Rate Replacement Event has occurred in relation to any Published Rate, any amendment or waiver which relates to: i) providing for the use of a Replacement Reference Rate in place of or in addition to that Published Rate; and A) aligning any provision of any Finance Document to the use of that Replacement Reference Rate; B) enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement); C) implementing market conventions applicable to that Replacement Reference Rate; D) providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or E) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation), may be made with the consent of the Borrower and the Lender.

Appears in 3 contracts

Samples: Amendment Deed (Hafnia LTD), Amendment Deed (Hafnia LTD), Amendment Deed RFR (Hafnia LTD)

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Changes to reference rates. (a) If a Published Rate Replacement Event has occurred in relation to any Published Rate, any amendment or waiver which relates to: (i) providing for the use of a Replacement Reference Rate in place of or in addition to that Published Rate; and (A) aligning any provision of any Finance Document to the use of that Replacement Reference Rate; (B) enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement); (C) implementing market conventions applicable to that Replacement Reference Rate; (D) providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or (E) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation), may be made with the consent of the Borrower and the Lender. (b) In this Clause 3.9 (Changes to reference rates):

Appears in 2 contracts

Samples: Loan Agreement (Pyxis Tankers Inc.), Loan Agreement (Seanergy Maritime Holdings Corp.)

Changes to reference rates. a) If a Published Rate Replacement Event has occurred in relation to any Published RateRate for dollars, any amendment or waiver which relates to: (i) providing for the use of a Replacement Reference Rate in place of or in addition to that Published Rate; and (A) aligning any provision of any Finance Security Document to the use of that Replacement Reference Rate; (B) enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement); (C) implementing market conventions applicable to that Replacement Reference Rate; (D) providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or (E) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party party hereto to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation), may be made with the consent of the Borrower Lender and the LenderBorrowers.

Appears in 2 contracts

Samples: Facility Agreement (Euroseas Ltd.), Facility Agreement (EuroDry Ltd.)

Changes to reference rates. (a) If a Published Rate Replacement Event has occurred in relation to any Published Rate, any amendment or waiver which relates to: (i) providing for the use of a Replacement Reference Rate in place of or in addition to that Published Rate; and (A) aligning any provision of any Finance Document to the use of that Replacement Reference Rate; (B) enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement); (C) implementing market conventions applicable to that Replacement Reference Rate; (D) providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or (E) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation), may be made with the consent of the Borrower and the Lender.

Appears in 2 contracts

Samples: First Supplemental Agreement (Toro Corp.), Loan Agreement (Imperial Petroleum Inc./Marshall Islands)

Changes to reference rates. (a) If a Published Rate Replacement Event has occurred in relation to any Published Rate, any amendment or waiver which relates to: (i) providing for the use of a Replacement Reference Rate in place of or in addition to that Published Rate; and (A) aligning any provision of any Finance Document to the use of that Replacement Reference Rate; (B) enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement); (C) implementing market conventions applicable to that Replacement Reference Rate; (D) providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or (E) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation), may be made with the consent of the Borrower Lender and the LenderBorrower.

Appears in 2 contracts

Samples: Loan Agreement (Performance Shipping Inc.), Loan Agreement (Performance Shipping Inc.)

Changes to reference rates. a) 10.9.1 If a Published Rate Replacement Event has occurred in relation to any the Published Rate, the Lender may make any amendment to this Agreement or waiver which relates to: i) the Finance Documents providing for the use of a Replacement Reference Rate in place of or in addition to that Published Rate; , and: A(a) aligning any provision of any Finance Document to the use of that Replacement Reference Rate; B(b) enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement); C(c) implementing market conventions applicable to that Replacement Reference Rate; D(d) providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; orand/or E(e) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation), may be made with the consent of the Borrower and the Lender. 10.9.2 In this Clause 10.9:

Appears in 2 contracts

Samples: Supplemental Agreement (Grindrod Shipping Holdings Ltd.), Supplemental Agreement (Grindrod Shipping Holdings Ltd.)

Changes to reference rates. a) If a Published Rate Replacement Event has occurred in relation to any Published RateRate for dollars, any amendment or waiver which relates to: i(a) providing for the use of a Replacement Reference Rate in place of or in addition to that Published Rate; and A(i) aligning any provision of any Finance Security Document to the use of that Replacement Reference Rate; B(ii) enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement); C(iii) implementing market conventions applicable to that Replacement Reference Rate; D(iv) providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or E(v) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party party hereto to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation), may be made with the consent of the Borrower Lender and the LenderBorrower.

Appears in 1 contract

Samples: Supplemental Agreement (EuroDry Ltd.)

Changes to reference rates. (a) The Borrower agrees and acknowledges that it shall co-operate with the Lender in good faith to agree and implement any amendment or waiver as contemplated pursuant to this Clause 3.10 as a result of an RFR Replacement Event. (b) If a Published Rate an RFR Replacement Event has occurred in relation to any Published Rate, any amendment or waiver which relates to: (i) providing for the use of a Replacement Reference Rate in place of or in addition to that Published Ratethe RFR; and (A) aligning any provision of any Finance Document to the use of that Replacement Reference Rate; (B) enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement); (C) implementing market conventions applicable to that Replacement Reference Rate; (D) providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or (E) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation), may be made with the consent of the Borrower Lender and the LenderBorrower.

Appears in 1 contract

Samples: Loan Agreement (Seanergy Maritime Holdings Corp.)

Changes to reference rates. (a) If a Published Rate Replacement Event has occurred in relation Subject to any Published RateClause 46.3 (Other exceptions), any amendment or waiver which relates to: (i) providing for the use of a Replacement Reference Rate in place of or in addition to that Published Rate; and (A) aligning any provision of any Finance Document to the use of that Replacement Reference Rate; (B) enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement); (C) implementing market conventions applicable to that Replacement Reference Rate; (D) providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or (E) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation), may be made with the consent of the Borrower Facility Agent (acting on the instructions of the Majority Lenders) and the LenderBorrowers.

Appears in 1 contract

Samples: Term Loan Facility (Okeanis Eco Tankers Corp.)

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Changes to reference rates. (a) If a Published Rate Replacement Event has occurred in relation to any Published Rate, any amendment or waiver which relates to: (i) providing for the use of a Replacement Reference Rate in place of or in addition to that Published Rate; and (A) aligning any provision of any Finance Document to the use of that Replacement Reference Rate; (B) enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement); (C) implementing market conventions applicable to that Replacement Reference Rate; (D) providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or (E) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation), may be made with the consent of the Borrower Lender and the LenderBorrower. (b) In this clause 32: Published Rate means: (i) Overnight SOFR; or

Appears in 1 contract

Samples: Uncommitted Borrowing Base Facility Agreement (Hafnia LTD)

Changes to reference rates. a) 13.9.1 If a Published Rate Replacement Event has occurred in relation to any the Published Rate, any amendment or waiver which relates to: i(a) providing for the use of a Replacement Reference Rate in place of or in addition to that Published Rate; andand (b) A(i) aligning any provision of any Finance Security Document to the use of that Replacement Reference Rate; B(ii) enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement); C(iii) implementing market conventions applicable to that Replacement Reference Rate; D(iv) providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or E(v) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation), may be made with the consent of the Borrower Lender and the LenderBorrowers. 13.9.2 In this clause 13.9:

Appears in 1 contract

Samples: Supplemental Agreement (Euroseas Ltd.)

Changes to reference rates. (a) If a Published Rate Replacement Event has occurred in relation to any Published Rate, Rate any amendment or waiver which relates to: (i) providing for the use of a Replacement Reference Rate in place of or in addition to that Published Rate; and (A) aligning any provision of any Finance Document to the use of that Replacement Reference Rate; (B) enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement); (C) implementing market conventions applicable to that Replacement Reference Rate; (D) providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or (E) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation), may be made with the consent of the Borrower Lender and the LenderObligors. (b) In this Clause 30.2:

Appears in 1 contract

Samples: Pre Export Financing Agreement (Sigma Lithium Corp)

Changes to reference rates. a) 13.9.1 If a Published Rate Replacement Event has occurred in relation to any the Published Rate, any amendment or waiver which relates to: i(a) providing for the use of a Replacement Reference Rate in place of or in addition to that Published Rate; andand (b) A(i) aligning any provision of any Finance Security Document to the use of that Replacement Reference Rate; B(ii) enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement); C(iii) implementing market conventions applicable to that Replacement Reference Rate; D(iv) providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or E(v) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation), may be made with the consent of the Borrower Lender and the LenderBorrower. 13.9.2 In this clause 13.9:

Appears in 1 contract

Samples: Loan Agreement (EuroDry Ltd.)

Changes to reference rates. a) If a Published Rate Replacement Event has occurred in relation to any Published RateRate for dollars, any amendment or waiver which relates to: (i) providing for the use of a Replacement Reference Rate in place of or in addition to that Published Rate; and A(i) aligning any provision of any Finance Security Document to the use of that Replacement Reference Rate; B(ii) enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement); C(iii) implementing market conventions applicable to that Replacement Reference Rate; D(iv) providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or E(v) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party party hereto to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation), may be made with the consent of the Borrower Lender and the LenderBorrower.

Appears in 1 contract

Samples: Loan Agreement (Pyxis Tankers Inc.)

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