Common use of Inability to Determine Applicable Interest Rate Clause in Contracts

Inability to Determine Applicable Interest Rate. In the ----------------------------------------------- event that Administrative Agent shall have reasonably determined (which determination shall be final and conclusive and binding upon all parties hereto), on any Interest Rate Determination Date with respect to any Eurodollar Rate Loans, that by reason of circumstances arising after the date of this Agreement affecting the London interbank market, adequate and fair means do not exist for ascertaining the interest rate applicable to such Loans on the basis provided for in the definition of Adjusted Eurodollar Rate, Administrative Agent shall on such date give notice (by telecopy or by telephone confirmed in writing) to Company and each Lender of such determination, whereupon (i) no Loans may be made as, or converted to, Eurodollar Rate Loans, until such time as Administrative Agent notifies Company and Lenders that the circumstances giving rise to such notice no longer exist (such notification not to be unreasonably withheld or delayed) and (ii) any Notice of Borrowing or Notice of Conversion/Continuation given by Company with respect to the Loans in respect of which such determination was made shall be deemed to be rescinded by Company.

Appears in 1 contract

Samples: Credit Agreement (Aurora Foods Inc)

AutoNDA by SimpleDocs

Inability to Determine Applicable Interest Rate. In the ----------------------------------------------- event that Administrative Agent shall have reasonably determined (which determination shall be final and conclusive and binding upon all parties hereto), on any Interest Rate Determination Date with respect to any Eurodollar Rate Loans, that by reason of circumstances arising after the date of 55 this Agreement affecting the London interbank market, adequate and fair means do not exist for ascertaining the interest rate applicable to such Loans on the basis provided for in the definition of Adjusted Eurodollar Rate, Administrative Agent shall on such date give notice (by telecopy or by telephone confirmed in writing) to Company and each Lender of such determination, whereupon (i) no Loans may be made as, or converted to, Eurodollar Rate Loans, until such time as Administrative Agent notifies Company and Lenders that the circumstances giving rise to such notice no longer exist (such notification not to be unreasonably withheld or delayed) and (ii) any Notice of Borrowing or Notice of Conversion/Continuation given by Company with respect to the Loans in respect of which such determination was made shall be deemed to be rescinded by Company.

Appears in 1 contract

Samples: Credit Agreement (Aurora Foods Inc /De/)

Inability to Determine Applicable Interest Rate. In the ----------------------------------------------- event that Administrative Agent shall have reasonably determined (which determination shall be final and conclusive and binding upon all parties hereto), on any Interest Rate Determination Date with respect to any Eurodollar Rate Loans, that by reason of circumstances arising after the date of this Agreement affecting the London interbank market, adequate and fair means do not exist for ascertaining the interest rate applicable to such Loans on the basis provided for in the definition of Reserve Adjusted Eurodollar Rate, Rate Administrative Agent shall on such date give notice (by telecopy or by telephone confirmed in writing) to Company and each Lender of such determination, whereupon (i) no Loans may be made as, or converted to, Eurodollar Rate Loans, until such time as Administrative Agent notifies Company and Lenders that the circumstances giving rise to such notice no longer exist (such notification not to be unreasonably withheld or delayed) and (ii) any Notice of Borrowing or Notice of Conversion/Continuation given by Company with respect to the Loans in respect of which such determination was made shall be deemed to be rescinded by Company.

Appears in 1 contract

Samples: Credit Agreement (DMW Worldwide Inc)

Inability to Determine Applicable Interest Rate. In the ----------------------------------------------- event that the Administrative Agent shall have reasonably determined (which determination shall be final and final, conclusive and binding upon all parties hereto), on any Interest Rate Determination Date with respect to any Eurodollar Rate Loans, that by reason of circumstances arising after the date of this Agreement Restatement Date affecting the London interbank market, adequate and fair means do not exist for ascertaining the interest rate applicable to such Term Loans on the basis provided for in the definition of Reserve Adjusted Eurodollar Rate, Rate the Administrative Agent shall on such date give notice (by telecopy in writing or by telephone confirmed in writing) to the Company and each Lender of such determination, whereupon (i) no Term Loans may be made or continued as, or converted to, Eurodollar Rate Loans, until such time as the Administrative Agent notifies the Company and the Lenders that the circumstances giving rise to such notice no longer exist (such notification not to be unreasonably withheld or delayed) and (ii) any Notice of Borrowing or Notice of Conversion/Continuation given by the Company with respect to the Term Loans in respect of which such determination was made shall be deemed to be rescinded by the Company.

Appears in 1 contract

Samples: Credit Agreement (Real Mex Restaurants, Inc.)

Inability to Determine Applicable Interest Rate. In the ----------------------------------------------- event that Administrative Agent shall have reasonably determined (which determination shall shall, absent manifest error, be final and conclusive and binding upon all parties hereto), on any Interest Rate Determination Date with respect to any Eurodollar Rate Loans, that by reason of circumstances arising after the date of this Agreement circum stances affecting the London interbank market, market adequate and fair means do not exist for ascertaining the interest rate applicable to such Loans on the basis provided for in the definition of Adjusted Eurodollar Rate, Administrative Agent shall on such date give notice (by telecopy telefacsimile or by telephone confirmed in writing) to Company and each Lender of 62 such determination, whereupon (i) no Loans may be made as, or converted to, Eurodollar Rate Loans, Loans until such time as Administrative Agent notifies Company and Lenders that the circumstances giving rise to such notice no longer exist (such notification not to be unreasonably withheld or delayed) and (ii) any Notice of Borrowing or Notice of Conversion/Continuation given by Company with respect to the Loans in respect of which such determination was made shall be deemed to be rescinded by Company.

Appears in 1 contract

Samples: Credit Agreement (Precision Engine Products Corp)

Inability to Determine Applicable Interest Rate. In the ----------------------------------------------- event that the Administrative Agent shall have reasonably determined (which determination shall be final and final, conclusive and binding upon all parties hereto), on any Interest Rate Determination Date with respect to any Eurodollar Rate Loans, that by reason of circumstances arising after the date of this Agreement affecting the London interbank market, adequate and fair means do not exist for ascertaining the interest rate applicable to such Term Loans on the basis provided for in the definition of Reserve Adjusted Eurodollar Rate, Rate the Administrative Agent shall on such date give notice (by telecopy in writing or by telephone confirmed in writing) to the Company and each Lender of such determination, whereupon (i) no Term Loans may be made or continued as, or converted to, Eurodollar Rate Loans, until such time as the Administrative Agent notifies the Company and the Lenders that the circumstances giving rise to such notice no longer exist (such notification not to be unreasonably withheld or delayed) and (ii) any Notice of Borrowing or Notice of Conversion/Continuation given by the Company with respect to the Term Loans in respect of which such determination was made shall be deemed to be rescinded by the Company.

Appears in 1 contract

Samples: Credit Agreement (Real Mex Restaurants, Inc.)

Inability to Determine Applicable Interest Rate. In the ----------------------------------------------- event that the Administrative Agent shall have reasonably determined (which determination shall be final and conclusive and binding upon all parties hereto), on any Interest Rate Determination Date with respect to any Eurodollar Rate Loans, that by reason of circumstances arising after the date of this Agreement affecting the London interbank market, adequate and fair means do not exist for ascertaining the interest rate applicable to such Term Loans on the basis provided for in the definition of Reserve Adjusted Eurodollar Rate, Rate the Administrative Agent shall on such date give notice (by telecopy or by telephone confirmed in writing) to the Company and each Lender of such determination, whereupon (i) no Term Loans may be made or continued as, or converted to, Eurodollar Rate Loans, until such time as the Administrative Agent notifies the Company and the Lenders that the circumstances giving rise to such notice no longer exist (such notification not to be unreasonably withheld or delayed) and (ii) any Notice of Borrowing or Notice of Conversion/Continuation given by the Company with respect to the Term Loans in respect of which such determination was made shall be deemed to be rescinded by the Company.

Appears in 1 contract

Samples: Second Lien Credit Agreement (Transportation Technologies Industries Inc)

Inability to Determine Applicable Interest Rate. In the ----------------------------------------------- event that Administrative Agent shall have reasonably determined (which determination shall be final and conclusive and binding upon all parties hereto), on any Interest Rate Determination Date with respect to any Eurodollar Rate Loans or Canadian Eurodollar Rate Loans, that by reason of circumstances arising after the date of this Agreement affecting the London interbank market, market adequate and fair means do not exist for ascertaining the interest rate applicable to such Loans on the basis provided for in the definition of Adjusted Eurodollar Rate or Adjusted Canadian Eurodollar Rate, as applicable, Administrative Agent shall on such date give notice (by telecopy telefacsimile or by telephone confirmed in writing) to Company and each Lender of such determination, whereupon (i) no Loans may be made as, or converted to, Eurodollar Rate Loans or Canadian Eurodollar Rate Loans, as applicable, until such time as Administrative Agent notifies Company and Lenders that the circumstances giving rise to such notice no longer exist (which Administrative Agent agrees to do promptly once it has knowledge that such notification not to be unreasonably withheld or delayed) condition no longer exists), and (ii) any Funding Notice of Borrowing or Notice of Conversion/Continuation Notice given by Company with respect to the Loans in respect of which such determination was made shall be deemed to be rescinded by Company.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (MAAX Holding Co.)

Inability to Determine Applicable Interest Rate. In the event ----------------------------------------------- event that Administrative Agent shall have reasonably determined (which determination shall be final and conclusive and binding upon all parties hereto), on any Interest Rate Determination Date with respect to any Eurodollar Rate Loans, that by reason of circumstances arising after the date of this Agreement affecting the London interbank market, adequate and fair means do not exist for ascertaining the interest rate applicable to such Loans on the basis provided for in the definition of Adjusted Eurodollar Rate, Administrative Agent shall on such date give notice (by telecopy or by telephone confirmed in writing) to Company and each Lender of such determination, whereupon (i) no Loans may be made as, or converted to, Eurodollar Rate Loans, until such time as Administrative Agent notifies Company and Lenders that the circumstances giving rise to such notice no longer exist (such notification not to be unreasonably withheld or delayed) and (ii) any Notice of Borrowing or Notice of Conversion/Continuation given by Company with respect to the Loans in respect of which such determination was made shall be deemed to be rescinded by Company.

Appears in 1 contract

Samples: Credit Agreement (Aurora Foods Inc /De/)

AutoNDA by SimpleDocs

Inability to Determine Applicable Interest Rate. In the ----------------------------------------------- event that Administrative Agent shall have reasonably determined (which determination shall be final and conclusive and binding upon all parties hereto), on any Interest Rate Determination Date with respect to any Eurodollar Rate Loans, that by reason of circumstances arising after the date of this Agreement affecting the London interbank market, adequate and fair means do not exist for ascertaining the interest rate applicable to such Loans on the basis provided for in the definition of Adjusted Eurodollar Rate, Rate Administrative Agent shall on such date give notice (by telecopy or by telephone confirmed in writing) to Company and each Lender of such determination, whereupon (i) no Loans may be made as, or converted to, Eurodollar Rate Loans, until such time as Administrative Agent notifies Company and Lenders that the circumstances giving rise to such notice no longer exist (such notification not to be unreasonably withheld or delayed) and (ii) any Notice of Borrowing or Notice of Conversion/Continuation given by Company with respect to the Loans in respect of which such determination was made shall be deemed to be rescinded by Company.

Appears in 1 contract

Samples: Credit Agreement (MBW Foods Inc)

Inability to Determine Applicable Interest Rate. In the ----------------------------------------------- event that Chase Co-Administrative Agent shall have reasonably determined (which determination shall be final and conclusive and binding upon all parties hereto), on any Interest Rate Determination Date with respect to any Eurodollar Rate Loans, that by reason of circumstances arising after the date of this Agreement affecting the London interbank market, adequate and fair means do not exist for ascertaining the interest rate applicable to such Loans on the basis provided for in the definition of Adjusted Eurodollar Rate, Rate Chase Co-Administrative Agent shall on such date give notice (by telecopy or by telephone confirmed in writing) to Company and each Lender of such determination, whereupon (i) no Loans may be made as, or converted to, Eurodollar Rate Loans, until such time as Administrative Chase Co-A- dministrative Agent notifies Company and Lenders that the circumstances giving rise to such notice no longer exist (such notification not to be unreasonably withheld or delayed) and (ii) any Notice of Borrowing or Notice of Conversion/Continuation given by Company with respect to the Loans in respect of which such determination was made shall be deemed to be rescinded by Company.

Appears in 1 contract

Samples: Credit Agreement (Account Portfolios Gp Inc)

Inability to Determine Applicable Interest Rate. In the ----------------------------------------------- event that the Administrative Agent shall have reasonably determined (which determination shall be final and conclusive and binding upon all parties heretohereto but shall be made only after consultation with the Borrower), on any Interest Rate Determination Date with respect to any Eurodollar Eurocurrency Rate Loans, that by reason of circumstances arising after the date of this Agreement affecting the London interbank market, market adequate and fair means do not exist for ascertaining the interest rate applicable to such Loans on the basis provided for in the definition of β€œAdjusted Eurodollar Eurocurrency Rate”, Administrative Agent shall on such date give notice (by telecopy telefacsimile or by telephone confirmed in writing) to Company Borrower and each Lender of such determination, whereupon (i) no Loans may be made as, or converted to, Eurodollar Eurocurrency Rate Loans, Loans until such time as the Administrative Agent notifies Company the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist (such notification not to be unreasonably withheld or delayed) exist, and (ii) any Committed Loan Notice of Borrowing or Notice of Conversion/Continuation given by Company Borrower with respect to the Loans in respect of which such determination was made shall be deemed to be rescinded by CompanyBorrower.

Appears in 1 contract

Samples: Credit Agreement (W R Grace & Co)

Inability to Determine Applicable Interest Rate. In the event ----------------------------------------------- event that Administrative Agent shall have reasonably determined (which determination shall be final and conclusive and binding upon all parties heretohereto absent manifest error), on any Interest Rate Determination Date with respect to any Eurodollar Eurocurrency Rate Loans, that by reason of circumstances arising after the date of this Agreement affecting the London relevant Eurocurrency interbank market, market adequate and fair means do not exist for ascertaining the interest rate applicable to such Loans on the basis provided for in the definition of any rate that is an Adjusted Eurodollar Eurocurrency Rate, Administrative Agent shall on such date give notice (by telecopy telefacsimile or by telephone confirmed in writing) to Company the Borrower and each Lender of such determination, whereupon (i) no Loans may be made as, or converted to, Eurodollar Rate EURIBOR Term Loans or LIBOR Loans, as the case may be, until such time as Administrative Agent notifies Company the Borrower and Lenders that the circumstances giving rise to such notice no longer exist (such notification not to be unreasonably withheld or delayed) and (ii) any Notice of Borrowing or Notice of Conversion/Continuation given by Company the Borrowers with respect to the Loans in respect of which such determination was made shall be deemed to be rescinded by Companythe Borrowers.

Appears in 1 contract

Samples: Credit Agreement (Applied Power Inc)

Inability to Determine Applicable Interest Rate. In the ----------------------------------------------- event that Chase Co-Administrative Agent shall have reasonably determined (which determination shall be final and conclusive and binding upon all parties hereto), on any Interest Rate Determination Date with respect to any Eurodollar Rate Loans, that by reason of circumstances arising after the date of this Agreement affecting the London interbank market, adequate and fair means do not exist for ascertaining the interest rate applicable to such Loans on the basis provided for in the definition of Adjusted Eurodollar Rate, Rate Chase Co-Administrative Agent shall on such date give notice (by telecopy or by telephone confirmed in writing) to Company and each Lender of such determination, whereupon (i) no Loans may be made as, or converted to, Eurodollar Rate Loans, until such time as Chase Co-Administrative Agent notifies Company and Lenders that the circumstances giving rise to such notice no longer exist (such notification not to be unreasonably withheld or delayed) and (ii) any Notice of Borrowing or Notice of Conversion/Conversion/ Continuation given by Company with respect to the Loans in respect of which such determination was made shall be deemed to be rescinded by Company.

Appears in 1 contract

Samples: Credit Agreement (Sherman Acquisition Corp)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!