Common use of EURODOLLAR DEPOSITS UNAVAILABLE OR INTEREST RATE UNASCERTAINABLE Clause in Contracts

EURODOLLAR DEPOSITS UNAVAILABLE OR INTEREST RATE UNASCERTAINABLE. If the Company has any Eurodollar Advance outstanding, or has notified the Agent of its intention to borrow a Eurodollar Advance as provided herein, then in the event that prior to any Interest Period any Bank shall have determined (which determination shall be conclusive and binding on the parties hereto) that deposits of the necessary amount for the relevant Interest Period are not available to such Bank in the interbank eurodollar market or that, by reason of circumstances affecting such market, adequate and reasonable means do not exist for ascertaining the Interbank Rate applicable to such period or term, as the case may be, the affected Bank shall promptly give notice of such determination to the Company, the Agent and the other Bank, and (i) any notice of new Eurodollar Advances previously given by the Company and not yet borrowed or converted shall be deemed a notice to make a Domestic Advance, to the extent of the affected Bank's ratable share of the proposed Eurodollar Advance, and (ii) the Company shall be obligated either to prepay or to convert any outstanding Eurodollar Advances to Domestic Advances on the last day of the then current Interest Period with respect thereof for the affected Bank's ratable share of the outstanding Eurodollar Advance.

Appears in 2 contracts

Samples: Revolving Loan Agreement (Michael Foods Inc /Mn), Revolving Loan Agreement (North Star Universal Inc)

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EURODOLLAR DEPOSITS UNAVAILABLE OR INTEREST RATE UNASCERTAINABLE. If the Company has In respect of any Eurodollar Advance outstandingLIBOR Loans, or has notified the Agent of its intention to borrow a Eurodollar Advance as provided herein, then in the event that prior to any Interest Period any Bank shall have determined that (which determination shall be conclusive and binding on the parties heretoa) for Eurodollar Loans, that Dollar deposits or (b) for other Eurocurrency Loans, that deposits of the necessary relevant Eurocurrency, of the relevant amount for the relevant Interest Period for such LIBOR Loans are not available to such Bank in the interbank eurodollar applicable Eurodollar market or that, by reason of circumstances affecting such market, adequate and reasonable means do not exist for ascertaining the Interbank Rate LIBOR rate applicable to such period or termInterest Period, as the case may be, the affected such Bank shall give prompt notice to Agent and Agent shall promptly give notice of such determination to the Company, the Agent and the other Bank, Borrower and (ia) any notice of new Eurodollar Advances LIBOR Loans (or conversion of existing Loans to LIBOR Loans) previously given by the Company Borrower and not yet borrowed (or converted converted, as the case may be) shall be deemed a notice to make a Domestic Advance, to the extent of the affected Bank's ratable share of the proposed Eurodollar AdvancePrime Rate Loans, and (iib) the Company Borrower shall be obligated either to prepay or prepay, or, with respect to LIBOR Loans that are in Eurodollars, to convert to Prime Rate Loans, any outstanding Eurodollar Advances to Domestic Advances LIBOR Loans on the last day of the then current Interest Period or Periods with respect thereof for the affected Bank's ratable share of the outstanding Eurodollar Advancethereto.

Appears in 1 contract

Samples: Credit Agreement (Standard Products Co)

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EURODOLLAR DEPOSITS UNAVAILABLE OR INTEREST RATE UNASCERTAINABLE. If the Company has any Eurodollar Advance Loan outstanding, or has notified the Agent of its intention to borrow a Eurodollar Advance Loan as provided herein, then in the event that prior to any Interest Period any Bank shall have determined (which determination shall be conclusive and binding on the parties hereto) that that: (a) deposits of the necessary amount for the relevant Interest Period are not available to such Bank in the interbank eurodollar market or that, by reason of circumstances affecting such market, adequate and reasonable means do not exist for ascertaining the Interbank Rate (Reserve Adjusted) applicable to such period Interest Period; or (b) the making or termfunding of Eurodollar Loans has become impracticable as a result of any event occurring after the date of this Agreement which, as in the case may beopinion of such Bank, materially and adversely affects such Eurodollar Loans or the Bank's obligation to make such Eurodollar Loans, or the relevant market; the affected Bank shall promptly give notice of such determination to the Company, the Agent and the other BankBanks, and (i) any notice of new Eurodollar Advances Loans previously given by the Company and not yet borrowed or converted shall be deemed a notice to make a Domestic Advance, an Floating Rate Loan to the extent of the affected Bank's ratable share of the proposed Borrowing of Eurodollar AdvanceLoans, and (ii) the Company shall shall, at its option, be obligated either to prepay or to convert any outstanding Eurodollar Advances such Loans to Domestic Advances Floating Rate Loans or prepay in full without premium or penalty, but subject to the indemnification provisions of Section 3.4, all Borrowings related to such Loans, on the last day of the then current Interest Period with respect thereof for the affected Bank's ratable share of the outstanding Eurodollar Advanceto such Loans.

Appears in 1 contract

Samples: Credit Agreement (Trans Leasing International Inc)

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