Common use of Inability to Determine Eurodollar Rate Clause in Contracts

Inability to Determine Eurodollar Rate. In the event that -------------------------------------- the Administrative Agent shall have determined prior to the first day of any Settlement Period (which determination shall be conclusive and binding upon the parties hereto) by reason of circumstances affecting the interbank Eurodollar market, either (a) dollar deposits in the relevant amounts and for the relevant Settlement Period are not available, (b) adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Settlement Period or (c) the Eurodollar Rate determined pursuant hereto does not accurately reflect the cost to the Transferees (as conclusively determined by the Administrative Agent) of maintaining Receivables during such Settlement Period, the Administrative Agent shall promptly give telephonic notice of such determination, confirmed in writing, to the Transferor prior to the first day of such Settlement Period. Until such notice has been withdrawn by the Administrative Agent, no further Tranches shall be funded or maintained at the Eurodollar Rate. The Administrative Agent agrees to withdraw any such notice as soon as reasonably practicable after the Administrative Agent is notified of a change in circumstances which makes such notice inapplicable.

Appears in 3 contracts

Samples: Receivables Transfer Agreement (Ikon Office Solutions Inc), Receivables Transfer Agreement (Ios Capital Inc), Receivables Transfer Agreement (Ios Capital Inc)

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Inability to Determine Eurodollar Rate. In the event that -------------------------------------- the Administrative Agent shall have determined prior to the first day of any Settlement Period (which determination shall be conclusive and binding upon the parties hereto) by reason of circumstances affecting the interbank Eurodollar market, either (a) dollar deposits in the relevant amounts and for the relevant Settlement Period are not available, (b) adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Settlement Period or (c) the Eurodollar Rate determined pursuant hereto does not accurately reflect the cost to the Transferees (as conclusively determined by the Administrative Agent) of maintaining Receivables during such Settlement Period, the Administrative Agent shall promptly give telephonic notice of such determination, confirmed in writing, to the Transferor prior to the first day of such Settlement Period. Until such notice has been withdrawn by the Administrative Agent, no further Tranches shall be funded or maintained at the Eurodollar Rate. The Administrative Agent agrees to withdraw any such notice as soon as reasonably practicable after the Administrative Agent is notified of a change in circumstances which makes such notice inapplicable.

Appears in 1 contract

Samples: Receivables Transfer Agreement (Ikon Office Solutions Inc)

Inability to Determine Eurodollar Rate. In If, prior to the event that first -------------------------------------- day of any Eurodollar Period: (i) the Administrative Agent shall have determined prior to the first day of any Settlement Period (which determination in the absence of manifest error shall be conclusive and binding upon the parties heretoBorrower) that, by reason of circumstances affecting the interbank Eurodollar relevant market, either (a) dollar deposits in the relevant amounts and for the relevant Settlement Period are not available, (b) adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Settlement Period Eurodollar Funding Period; or (ii) the Administrative Agent shall have received notice from one or (c) more of the APA Banks that the Eurodollar Rate determined pursuant hereto does or to be determined for such Eurodollar Funding Period will not accurately adequately and fairly reflect the cost to the Transferees such APA Banks (as conclusively determined certified by the Administrative Agentsuch APA Banks) of maintaining Receivables purchasing or main- taining their affected portions of Eurodollar Fundings during such Settlement Eurodollar Funding Period; then, in either such event, the Administrative Agent shall promptly give telecopy or telephonic notice of such determination, thereof (confirmed in writing, ) to the Transferor prior to Borrower and the first day of such Settlement Periodother APA Banks as soon as practicable thereafter. Until such notice has been withdrawn by the Administrative Agent, no further Tranches Eurodollar Fundings shall be funded or maintained at the Eurodollar Ratemade with respect to such APA Bank. The Administrative Agent agrees to withdraw any such notice as soon as reasonably practicable after the Administrative Agent it is notified of a change in circumstances which makes such notice inapplicable.

Appears in 1 contract

Samples: Security and Funding Agreement (Americredit Corp)

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Inability to Determine Eurodollar Rate. In the event that -------------------------------------- the Administrative Funding Agent shall have determined prior to the first day of any Settlement Eurodollar Tranche Period (which determination shall be conclusive and binding upon the parties hereto) by reason of circumstances affecting the interbank Eurodollar market, either (a) dollar deposits in the relevant amounts and for the relevant Settlement Eurodollar Tranche Period are not available, (b) adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Settlement Eurodollar Tranche Period or (c) the Eurodollar Rate determined pursuant hereto does not accurately reflect the cost to the Transferees Lender (as conclusively determined by the Administrative Funding Agent) of maintaining Receivables Loans during such Settlement Eurodollar Tranche Period, the Administrative Funding Agent shall promptly give telephonic notice of such determination, confirmed in writing, to the Transferor Borrower prior to the first day of such Settlement Eurodollar Tranche Period. Until such notice has been withdrawn by the Administrative Funding Agent, no further Tranches shall be funded or maintained at the Eurodollar Rate. The Administrative Funding Agent agrees to withdraw any such notice as soon as reasonably practicable after the Administrative Funding Agent is notified of a change in circumstances which makes such notice inapplicable.

Appears in 1 contract

Samples: Asset Backed Loan Agreement (Ikon Office Solutions Inc)

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