Interest Rate Determinations. (a) Each Reference Bank agrees to furnish to the Administrative Agent timely information for the purpose of determining each Eurodollar Rate. If any one or more of the Reference Banks shall not furnish such timely information to the Administrative Agent for the purpose of determining any such interest rate, the Administrative Agent shall determine such Credit Agreement ---------------- interest rate on the basis of timely information furnished by the remaining Reference Banks. (b) The Administrative Agent shall give prompt notice to the Borrower and the Lenders of the applicable interest rate determined by the Administrative Agent for purposes of Section 2.06(a)(i) or (ii), and the applicable rate, if any, furnished by each Reference Bank for the purpose of determining the applicable interest rate under Section 2.06(a)(ii). (c) If, prior to 10:00 A.M. (New York City time) on any date on which an interest rate is to be determined pursuant to the second sentence in the definition of "Eurodollar Rate", the Administrative Agent receives notice from two or more of the Reference Banks (or, if there is only one Reference Bank at such time, from such Reference Bank) that U.S. dollar deposits are not being offered by such Reference Bank or Banks to prime banks in the London interbank market for the applicable Interest Period or in the applicable amounts, the Administrative Agent shall so notify the Borrower of such circumstances, whereupon the right of the Borrower to select Eurodollar Rate Loans for any requested Revolving Loan Borrowing or any subsequent Revolving Loan Borrowing shall be suspended until the first date on which the circumstances causing such suspension cease to exist. If the Borrower shall not, in turn, before 11:00 a.m. (New York City time) on such date notify the Administrative Agent that its Notice of Revolving Loan Borrowing with respect to which such Eurodollar Rate was to be determined shall be converted to a Notice of Revolving Loan Borrowing for a Base Rate Loan, such Notice of Revolving Loan Borrowing shall be deemed to be canceled and of no force or effect, and Borrower shall not be liable to the Administrative Agent or any Lender with respect thereto except as set forth in Section 9.04(c). In the event of such a suspension, the Administrative Agent shall review the circumstances giving rise to such suspension at least weekly and shall notify the Borrower and the Lenders promptly of the end of such suspension, and thereafter the Borrower shall be entitled, on the terms and subject to the conditions set forth herein, to borrow Eurodollar Rate Loans.
Appears in 2 contracts
Samples: Credit Agreement (Renaissance Hotel Group N V), Credit Agreement (Marriott International Inc)
Interest Rate Determinations. (a) Each Reference Bank agrees to furnish to the Administrative Agent timely information for the purpose of determining each Eurodollar Rate. If any one or more of the Reference Banks shall not furnish such timely information to the Administrative Agent for the purpose of determining any such interest rate, the Administrative Agent shall determine such Credit Agreement ---------------- interest rate on the basis of timely information furnished by the remaining Reference Banks.
(b) The Administrative Agent shall give prompt notice to the Borrower and the Lenders of the applicable interest rate determined by the Administrative Agent for purposes of Section 2.06(a)(i2.08(a)(i) or (ii), and the applicable rate, if any, furnished by each Reference Bank for the purpose of determining the applicable interest rate under Section 2.06(a)(ii2.08(a)(ii).
(c) If, prior to 10:00 A.M. (New York City time) on any date on which an interest rate is to be determined pursuant to the second sentence in the definition of "Eurodollar Rate", the Administrative Agent receives notice from two or more of the Reference Banks (or, if there is only one Reference Bank at such time, from such Reference Bank) that U.S. dollar deposits are not being offered by such Reference Bank or Banks to prime banks in the London interbank market for the applicable Interest Period or in the applicable amounts, the Administrative Agent shall so notify the Borrower of such circumstances, whereupon the right of the Borrower to select Eurodollar Rate Loans for any requested Revolving Loan Borrowing or any subsequent Revolving Loan Credit Agreement ---------------- Borrowing shall be suspended until the first date on which the circumstances causing such suspension cease to exist. If the Borrower shall not, in turn, before 11:00 a.m. (New York City time) on such date notify the Administrative Agent that its Notice of Revolving Loan Borrowing with respect to which such Eurodollar Rate was to be determined shall be converted to a Notice of Revolving Loan Borrowing for a Base Rate Loan, such Notice of Revolving Loan Borrowing shall be deemed to be canceled and of no force or effect, and Borrower shall not be liable to the Administrative Agent or any Lender with respect thereto except as set forth in Section 9.04(c). In the event of such a suspension, the Administrative Agent shall review the circumstances giving rise to such suspension at least weekly and shall notify the Borrower and the Lenders promptly of the end of such suspension, and thereafter the Borrower shall be entitled, on the terms and subject to the conditions set forth herein, to borrow Eurodollar Rate Loans.
(d) Notwithstanding anything in this Agreement to the contrary, no Lender whose Termination Date falls prior to the last day of any Interest Period for any Eurodollar Rate Loan (a "Relevant Lender") shall participate in such --------------- Loan. Without limiting the generality of the foregoing, no Relevant Lender shall (i) participate in a Borrowing of any Eurodollar Rate Loan having an initial Interest Period ending after such Lender's Termination Date, (ii) have any outstanding Eurodollar Rate Loan continued for a subsequent Interest Period if such subsequent Interest Period would end after such Lender's Termination Date or (iii) have any outstanding Base Rate Loan Converted into a Eurodollar Rate Loan if such Eurodollar Rate Loan would have an initial Interest Period ending after such Lender's Termination Date. If any Relevant Lender has outstanding a Eurodollar Rate Loan that cannot be continued for a subsequent Interest Period pursuant to clause (ii) above or has outstanding a Base Rate Loan that cannot be Converted into a Eurodollar Rate Loan pursuant to clause (iii) above, such Lender's ratable share of such Eurodollar Rate Loan (in the case of said clause (ii)) shall be repaid by the Borrower on the last day of its then current Interest Period and such Lender's ratable share of such Base Rate Loan (in the case of said clause (iii)) shall be repaid by the Borrower on the day on which the Loans of Lenders unaffected by said clause (iii) are so Converted. Subject to the terms and conditions hereof, the Borrower may fund the repayment of the Relevant Lenders' ratable shares of such Eurodollar Rate Loans and Base Rate Loans by borrowing from Lenders hereunder that are not Relevant Lenders. Credit Agreement ----------------
Appears in 1 contract
Interest Rate Determinations. (a) Each Reference Bank agrees to furnish to the Administrative Agent timely information for the purpose of determining each Eurodollar Eurocurrency Rate. If any one or more of the Reference Banks shall not furnish such timely information to the Administrative Agent for the purpose of determining any such interest rate, the Administrative Agent shall determine such Credit Agreement ---------------- interest rate on the basis of timely information furnished by the remaining Reference Banks.
(b) The Administrative Agent shall give prompt notice to the Borrower Company and the Lenders of the applicable interest rate determined by the Administrative Agent for purposes of Section 2.06(a)(i2.07(a)(i) or (ii), and the applicable rate, if any, displayed on the relevant Screen or furnished by each Reference Bank Bank, as the case may be, for the purpose of determining the applicable interest rate under Section 2.06(a)(ii2.07(a)(ii).
(c) If, If prior to 10:00 A.M. (New York City time) on any date on which an interest rate is to be determined pursuant to (a) the second sentence in proviso to the definition of "Eurodollar clause (a) of “Eurocurrency Rate"” relating to LIBOR Loans, the Administrative Agent receives notice from two or more of the Reference Banks (or, if there is only one Reference Bank at such time, from such Reference Bank) that U.S. dollar deposits in the relevant Currency are not being offered by such Reference Bank or Banks to prime banks in the London (or, in the case of Pounds Sterling, Paris) interbank market for the applicable Interest Period or in CREDIT AGREEMENT the applicable amounts or (b) the provision in the definition of clause (b) of “Eurocurrency Rate” relating to EURIBOR Loans, the Administrative Agent receives notice from two or more of the Reference Banks that deposits in the Euros are not being offered by such Reference Bank or Banks to prime banks in the European interbank market for the applicable Interest Period or in the applicable amounts, the Administrative Agent shall so notify the Borrower Company of such circumstances, whereupon the right of the Borrower Company to select Eurodollar Eurocurrency Rate Loans in such Currency for any requested Revolving Loan Borrowing or any subsequent Revolving Loan Borrowing shall be suspended until the first date on which the circumstances causing such suspension cease to exist. If the Borrower Company shall not, in turn, before 11:00 a.m. A.M. (New York City time) on such date notify the Administrative Agent that its Notice of Revolving Loan Borrowing with respect to which such Eurodollar Eurocurrency Rate was to be determined shall be converted to a Notice of Revolving Loan Borrowing for Eurocurrency Rate Loan in a different Currency or a Base Rate Loan, such Notice of Revolving Loan Borrowing shall be deemed to be canceled and of no force or effect, and Borrower Company shall not be liable to the Administrative Agent or any Lender with respect thereto except as set forth in Section 9.04(c3.01(c). In the event of such a suspension, the Administrative Agent shall review the circumstances giving rise to such suspension at least weekly and shall notify the Borrower Company and the Lenders promptly of the end of such suspension, and thereafter the Borrower Borrowers shall be entitled, on the terms and subject to the conditions set forth herein, to borrow Eurodollar Eurocurrency Rate LoansLoans in such Currency.
(d) Notwithstanding anything in this Agreement to the contrary, no Lender whose Termination Date falls prior to the last day of any Interest Period for any Eurocurrency Rate Loan (a “Relevant Lender”) shall participate in such Loan. Without limiting the generality of the foregoing, no Relevant Lender shall (i) participate in a Borrowing of any Eurocurrency Rate Loan having an initial Interest Period ending after such Lender’s Termination Date, (ii) have any outstanding Eurocurrency Rate Loan continued for a subsequent Interest Period if such subsequent Interest Period would end after such Lender’s Termination Date or (iii) have any outstanding Base Rate Loan Converted into a Eurocurrency Rate Loan if such Eurocurrency Rate Loan would have an initial Interest Period ending after such Lender’s Termination Date. If any Relevant Lender has outstanding a Eurocurrency Rate Loan that cannot be continued for a subsequent Interest Period pursuant to clause (ii) above or has outstanding a Base Rate Loan that cannot be Converted into a Eurocurrency Rate Loan pursuant to clause (iii) above, such Lender’s ratable share of such Eurocurrency Rate Loan (in the case of said clause (ii)) shall be repaid by the relevant Borrower on the last day of its then current Interest Period and such Lender’s ratable share of such Base Rate Loan (in the case of said clause (iii)) shall be repaid by the relevant Borrower on the day on which the Loans of Lenders unaffected by said clause (iii) are so Converted. Subject to the terms and conditions of this Agreement, the Borrowers may fund the repayment of the Relevant Lenders’ ratable shares of such Eurocurrency Rate Loans and Base Rate Loans by borrowing from Lenders hereunder that are not Relevant Lenders. CREDIT AGREEMENT
Appears in 1 contract
Interest Rate Determinations. (a) Each Reference Bank agrees to furnish to the Administrative Agent timely information for the purpose of determining each Eurodollar Eurocurrency Rate and the Swing Loan Lender agrees to furnish to the Administrative Agent timely information for the purpose of determining, the Swing Loan Base Rate. If any one or more of the Reference Banks shall not furnish such timely information to the Administrative Agent for the purpose of determining any such interest rate, the Administrative Agent shall determine such Credit Agreement ---------------- interest rate on the basis of timely information furnished by the remaining Reference Banks.
(b) The Administrative Agent shall give prompt notice to the U.S. Borrower and the Lenders of the applicable interest rate determined by the Administrative Agent for purposes of Section 2.06(a)(i) or 2.08(a)(i), (ii) and (iii), and the applicable rate, if any, furnished by each Reference Bank for the purpose of determining the any such applicable interest rate under Section 2.06(a)(ii)rate.
(c) If, If prior to 10:00 A.M. (New York City time) on any date on which an interest rate is to be determined pursuant to the second sentence in the definition of "Eurodollar “Eurocurrency Rate"”, the Reuters Screen LIBOR01 Page is unavailable and fewer than two Reference Banks furnish timely information to the Administrative Agent receives notice from two or more of the Reference Banks (or, if there is only one Reference Bank at such time, from such Reference Bank) that U.S. dollar deposits are not being offered by such Reference Bank or Banks to prime banks in the London interbank market for determining the applicable Interest Period or in the applicable amountsEurocurrency Rate, then the Administrative Agent shall so notify the U.S. Borrower of such circumstances, whereupon the right of the Borrower Borrowers to select Eurodollar Eurocurrency Rate Loans for any requested Revolving Loan Borrowing or any subsequent Revolving Loan Borrowing shall be suspended until the first date on which the circumstances causing such suspension cease to exist. If the Borrower Borrowers shall not, in turn, before 11:00 a.m. A.M. (New York City time) on such date notify the Administrative Agent that its a Notice of Revolving Loan Borrowing with respect to which such Eurodollar Eurocurrency Rate was to be determined shall be converted to a Notice of Revolving Loan Borrowing for a Eurocurrency Rate Loan in a different Currency or a Base Rate Loan, such Notice of Revolving Loan Borrowing shall be deemed to be canceled and of no force or effect, and the U.S. Borrower shall not be liable to the Administrative Agent or any Lender with respect thereto except as set forth in Section 9.04(c3.01(c). In the event of such a suspension, the Administrative Agent shall review the circumstances giving rise to such suspension at least weekly and shall notify the U.S. Borrower and the Lenders promptly of the end of such suspension, and thereafter the Borrower Borrowers shall be entitled, on the terms and subject to the conditions set forth herein, to borrow Eurodollar Eurocurrency Rate LoansLoans and Swing Loans in such Currency.
(d) Notwithstanding anything in this Agreement to the contrary, no Lender whose Termination Date falls prior to the last day of any Interest Period for any Eurocurrency Rate Loan (a “Relevant Lender”) shall participate in such Loan. Without limiting the generality of the foregoing, no Relevant Lender shall (i) participate in a Borrowing of any Eurocurrency Rate Loan having an initial Interest Period ending after such Lender's Termination Date, (ii) have any outstanding Eurocurrency Rate Loan continued for a subsequent Interest Period if such subsequent Interest Period would end after such Lender's Termination Date or (iii) have any outstanding Base Rate Loan Converted into a Eurocurrency Rate Loan if such Eurocurrency Rate Loan would have an initial Interest Period ending after such Lender's Termination Date. If any Relevant Lender has outstanding a Eurocurrency Rate Loan that cannot be continued for a subsequent Interest Period pursuant to clause (ii) above or has outstanding a Base Rate Loan that cannot be Converted into a Eurocurrency Rate Loan pursuant to clause (iii) above, such Lender's ratable share of such Eurocurrency Rate Loan (in the case of said clause (ii)) shall be repaid by the relevant Borrower on the last day of its then current Interest Period and such Lender's ratable share of such Base Rate Loan (in the case of said clause (iii)) shall be repaid by the relevant Borrower on the day on which the Loans of Lenders unaffected by said clause (iii) are so Converted. Subject to the terms and conditions of this Agreement, the Borrowers may fund the repayment of the Relevant Lenders' ratable shares of such Eurocurrency Rate Loans and Base Rate Loans by borrowing from Lenders hereunder that are not Relevant Lenders.
Appears in 1 contract
Samples: Credit Agreement (FMC Corp)
Interest Rate Determinations. (a) Each Reference Bank agrees to furnish to the Administrative Agent timely information for the purpose of determining each Eurodollar Eurocurrency Rate. If any one or more of the Reference Banks shall not furnish such timely information to the Administrative Agent for the purpose of determining any such interest rate, the Administrative Agent shall determine such Credit Agreement ---------------- interest rate on the basis of timely information furnished by the remaining Reference Banks.
(b) The Administrative Agent shall give prompt notice to the Borrower Company and the Lenders of the applicable interest rate determined by the Administrative Agent for purposes of Section 2.06(a)(i2.07(a)(i) or (ii), and the applicable rate, if any, displayed on the relevant Screen or furnished by each Reference Bank Bank, as the case may be, for the purpose of determining the applicable interest rate under Section 2.06(a)(ii2.07(a)(ii).
(c) If, If prior to 10:00 A.M. (New York City time) on any date on which an interest rate is to be determined pursuant to the second sentence in proviso to the definition of "Eurodollar Eurocurrency Rate", the Administrative Agent receives notice from two or more of the Reference Banks (or, if there is only one Reference Bank at such time, from such Reference Bank) that U.S. dollar deposits in the relevant Currency are not being offered by such Reference Bank or Banks to prime banks in the London (or, in the case of Pounds Sterling, Paris) interbank market for the applicable Interest Period or in the applicable amounts, the Administrative Agent Credit Agreement shall so notify the Borrower Company of such circumstances, whereupon the right of the Borrower Company to select Eurodollar Eurocurrency Rate Loans in such Currency for any requested Revolving Loan Borrowing or any subsequent Revolving Loan Borrowing shall be suspended until the first date on which the circumstances causing such suspension cease to exist. If the Borrower Company shall not, in turn, before 11:00 a.m. (New York City time) on such date notify the Administrative Agent that its Notice of Revolving Loan Borrowing with respect to which such Eurodollar Eurocurrency Rate was to be determined shall be converted to a Notice of Revolving Loan Borrowing for Eurocurrency Rate Loan in a different Currency or a Base Rate Loan, such Notice of Revolving Loan Borrowing shall be deemed to be canceled and of no force or effect, and Borrower Company shall not be liable to the Administrative Agent or any Lender with respect thereto except as set forth in Section 9.04(c3.01(c). In the event of such a suspension, the Administrative Agent shall review the circumstances giving rise to such suspension at least weekly and shall notify the Borrower Company and the Lenders promptly of the end of such suspension, and thereafter the Borrower Borrowers shall be entitled, on the terms and subject to the conditions set forth herein, to borrow Eurodollar Eurocurrency Rate LoansLoans in such Currency.
(d) Notwithstanding anything in this Agreement to the contrary, no Lender whose Termination Date falls prior to the last day of any Interest Period for any Eurocurrency Rate Loan (a "Relevant Lender") shall --------------- participate in such Loan. Without limiting the generality of the foregoing, no Relevant Lender shall (i) participate in a Borrowing of any Eurocurrency Rate Loan having an initial Interest Period ending after such Lender's Termination Date, (ii) have any outstanding Eurocurrency Rate Loan continued for a subsequent Interest Period if such subsequent Interest Period would end after such Lender's Termination Date or (iii) have any outstanding Base Rate Loan Converted into a Eurocurrency Rate Loan if such Eurocurrency Rate Loan would have an initial Interest Period ending after such Lender's Termination Date. If any Relevant Lender has outstanding a Eurocurrency Rate Loan that cannot be continued for a subsequent Interest Period pursuant to clause (ii) above or has outstanding a Base Rate Loan that cannot be Converted into a Eurocurrency Rate Loan pursuant to clause (iii) above, such Lender's ratable share of such Eurocurrency Rate Loan (in the case of said clause (ii)) shall be repaid by the relevant Borrower on the last day of its then current Interest Period and such Lender's ratable share of such Base Rate Loan (in the case of said clause (iii)) shall be repaid by the relevant Borrower on the day on which the Loans of Lenders unaffected by said clause (iii) are so Converted. Subject to the terms and conditions of this Agreement, the Borrowers may fund the repayment of the Relevant Lenders' ratable shares of such Eurocurrency Rate Loans and Base Rate Loans by borrowing from Lenders hereunder that are not Relevant Lenders.
Appears in 1 contract
Interest Rate Determinations. (a) Each Reference Bank agrees to furnish to the Administrative Agent timely information for the purpose of determining each Eurodollar Eurocurrency Rate. If any one or more of the Reference Banks shall not furnish such timely information to the Administrative Agent for the purpose of determining any such interest rate, the Administrative Agent shall determine such Credit Agreement ---------------- interest rate on the basis of timely information furnished by the remaining Reference Banks.
(b) The Administrative Agent shall give prompt notice to the Borrower Company and the Lenders of the applicable interest rate determined by the Administrative Agent for purposes of Section 2.06(a)(i2.08(a)(i) or (ii), and the applicable rate, if any, displayed on the relevant Screen or furnished by each Reference Bank Bank, as the case may be, for the purpose of determining the applicable interest rate under Section 2.06(a)(ii2.08(a)(ii).
(c) If, If prior to 10:00 A.M. (New York City time) on any date on which an interest rate is to be determined pursuant to the second sentence in proviso to the definition of "Eurodollar Eurocurrency Rate", the Administrative Agent receives notice from two or more of the Reference Banks (or, if there is only one Reference Bank at such time, from such Reference Bank) that U.S. dollar deposits in the relevant Currency are not being offered by such Reference Bank or Banks to prime banks in the London (or, in the case of Pounds Sterling, Paris) interbank market for the applicable Interest Period or in the applicable amounts, the Administrative Agent shall so notify the Borrower Company of such circumstances, whereupon the right of the Borrower Company to select Eurodollar Eurocurrency Rate Loans in such Currency for any requested Revolving Loan Borrowing or any subsequent Revolving Loan Borrowing shall be suspended until the first date on which the circumstances causing such suspension cease to exist. If the Borrower Company shall not, in turn, before 11:00 a.m. (New York City time) on such date notify the Administrative Agent that its Notice of Revolving Loan Borrowing with respect to which such Eurodollar Eurocurrency Rate was to be determined shall be converted to a Notice of Revolving Loan Borrowing for Eurocurrency Rate Loan in a different Currency or a Base Rate Loan, such Notice of Revolving Loan Borrowing shall be deemed to be canceled and of no force or effect, and Borrower Company shall not be liable to the Administrative Agent or any Lender with respect thereto except as set forth in Section 9.04(c3.01(c). In the event of such a suspension, the Administrative Agent shall review the circumstances giving rise to such suspension at least weekly and shall notify the Borrower Company and the Lenders promptly of the end of such suspension, and thereafter the Borrower Borrowers shall be entitled, on the terms and subject to the conditions set forth herein, to borrow Eurodollar Eurocurrency Rate LoansLoans in such Currency.
(d) Notwithstanding anything in this Agreement to the contrary, no Lender whose Termination Date falls prior to the last day of any Interest Period for any Eurocurrency Rate Loan (a "Relevant Lender") shall --------------- participate in such Loan. Without limiting the generality of the foregoing, no Relevant Lender shall (i) participate in a Borrowing of any Eurocurrency Rate Loan having an initial Interest Period ending after such Lender's Termination Date, (ii) have any outstanding Eurocurrency Rate Loan continued for a subsequent Interest Period if such subsequent Interest Period would end after such Lender's Termination Date or (iii) have any outstanding Base Rate Loan Converted into a Eurocurrency Rate Loan if such Eurocurrency Rate Loan would have an initial Interest Period ending after such Lender's Termination Date. If any Relevant Lender has outstanding a Eurocurrency Rate Loan that cannot be continued for a subsequent Interest Period pursuant to clause (ii) above or has outstanding a Base Rate Loan that cannot be Converted into a Eurocurrency Rate Loan pursuant to clause (iii) above, such Lender's ratable share of such Eurocurrency Rate Loan (in the case of said clause (ii)) shall be repaid by the relevant Borrower on the last day of its then current Interest Period and such Lender's ratable share of such Base Rate Loan (in the case of said clause (iii)) shall be repaid by the relevant Borrower on the day on which the Loans of Lenders unaffected by said clause (iii) are so Converted. Subject to the terms and conditions of this Agreement, the Borrowers may fund the repayment of the Relevant Lenders' ratable shares of such Eurocurrency Rate Loans and Base Rate Loans by borrowing from Lenders hereunder that are not Relevant Lenders.
Appears in 1 contract
Interest Rate Determinations. (a) Each Reference Bank agrees to furnish to the Administrative Agent timely information for the purpose of determining each Eurodollar Eurocurrency Rate and the Swing Loan Lender agrees to furnish to the Administrative Agent timely information for the purpose of determining, the Swing Loan Base Rate. If any one or more of the Reference Banks shall not furnish such timely information to the Administrative Agent for the purpose of determining any such interest rate, the Administrative Agent shall determine such Credit Agreement ---------------- interest rate on the basis of timely information furnished by the remaining Reference Banks.
(b) The Administrative Agent shall give prompt notice to the U.S. Borrower and the Lenders of the applicable interest rate determined by the Administrative Agent for purposes of Section 2.06(a)(i) or 2.08(a)(i), (ii) and (iii), and the applicable rate, if any, furnished by each Reference Bank for the purpose of determining the applicable interest rate under Section 2.06(a)(ii2.08(a)(ii) and (iii).
(c) If, If prior to 10:00 A.M. (New York City time) on any date on which an interest rate is to be determined pursuant to the second sentence in the definition of "Eurodollar “Eurocurrency Rate"”, the Reuters Screen LIBOR01 Page is unavailable and fewer than two Reference Banks furnish timely information to the Administrative Agent receives notice from two or more of the Reference Banks (or, if there is only one Reference Bank at such time, from such Reference Bank) that U.S. dollar deposits are not being offered by such Reference Bank or Banks to prime banks in the London interbank market for determining the applicable Interest Period or in the applicable amountsEurocurrency Rate, then the Administrative Agent shall so notify the U.S. Borrower of such circumstances, whereupon the right of the Borrower Borrowers to select Eurodollar Eurocurrency Rate Loans for any requested Revolving Loan Borrowing or any subsequent Revolving Loan Borrowing shall be suspended until the first date on which the circumstances causing such suspension cease to exist. If the Borrower Borrowers shall not, in turn, before 11:00 a.m. A.M. (New York City time) on such date notify the Administrative Agent that its a Notice of Revolving Loan Borrowing with respect to which such Eurodollar Eurocurrency Rate was to be determined shall be converted to a Notice of Revolving Loan Borrowing for a Eurocurrency Rate Loan in a different Currency or a Base Rate Loan, such Notice of Revolving Loan Borrowing shall be deemed to be canceled and of no force or effect, and the U.S. Borrower shall not be liable to the Administrative Agent or any Lender with respect thereto except as set forth in Section 9.04(c3.01(c). In the event of such a suspension, the Administrative Agent shall review the circumstances giving rise to such suspension at least weekly and shall notify the U.S. Borrower and the Lenders promptly of the end of such suspension, and thereafter the Borrower Borrowers shall be entitled, on the terms and subject to the conditions set forth herein, to borrow Eurodollar Eurocurrency Rate LoansLoans and Swing Loans in such Currency.
(d) Notwithstanding anything in this Agreement to the contrary, no Lender whose Termination Date falls prior to the last day of any Interest Period for any Eurocurrency Rate Loan (a “Relevant Lender”) shall participate in such Loan. Without limiting the generality of the foregoing, no Relevant Lender shall (i) participate in a Borrowing of any Eurocurrency Rate Loan having an initial Interest Period ending after such Lender’s Termination Date, (ii) have any outstanding Eurocurrency Rate Loan continued for a subsequent Interest Period if such subsequent Interest Period would end after such Lender’s Termination Date or (iii) have any outstanding Base Rate Loan Converted into a Eurocurrency Rate Loan if such Eurocurrency Rate Loan would have an initial Interest Period ending after such Lender’s Termination Date. If any Relevant Lender has outstanding a Eurocurrency Rate Loan that cannot be continued for a subsequent Interest Period pursuant to clause (ii) above or has outstanding a Base Rate Loan that cannot be Converted into a Eurocurrency Rate Loan pursuant to clause (iii) above, such Lender’s ratable share of such Eurocurrency Rate Loan (in the case of said clause (ii)) shall be repaid by the relevant Borrower on the last day of its then current Interest Period and such Lender’s ratable share of such Base Rate Loan (in the case of said clause (iii)) shall be repaid by the relevant Borrower on the day on which the Loans of Lenders unaffected by said clause (iii) are so Converted. Subject to the terms and conditions of this Agreement, the Borrowers may fund the repayment of the Relevant Lenders’ ratable shares of such Eurocurrency Rate Loans and Base Rate Loans by borrowing from Lenders hereunder that are not Relevant Lenders.
Appears in 1 contract
Samples: Credit Agreement (FMC Corp)
Interest Rate Determinations. (a) Each Reference Bank agrees to furnish to the Administrative Agent timely information for the purpose of determining each Eurodollar Rate. If any one or more of the Reference Banks shall not furnish such timely information to the Administrative Agent for the purpose of determining any such interest rate, the Administrative Agent shall determine such Credit Agreement ---------------- interest rate on the basis of timely information furnished by the remaining Reference Banks[Intentionally omitted].
(b) The Administrative Agent shall give prompt notice to the Borrower Company and the Lenders of the applicable interest rate determined by the Administrative Agent for purposes of Section 2.06(a)(i) or 2.08(a)(i), (ii), ) and the applicable rate, if any, furnished by each Reference Bank for the purpose of determining the applicable interest rate under Section 2.06(a)(ii(iii).
(c) If, If prior to 10:00 A.M. (New York City time) on any date on which an interest rate is to be determined pursuant to the second sentence in clause (ii) of the definition of "Eurodollar “Eurocurrency Rate"”, the Administrative Agent receives notice from two or more of determines that deposits in the Reference Banks (or, if there is only one Reference Bank at such time, from such Reference Bank) that U.S. dollar deposits relevant Currency are not being offered by such Reference Bank or Banks to prime banks in the London interbank market for the applicable Interest Period or in the applicable amounts, then, in each case, the Administrative Agent shall so notify the Borrower Company of such circumstances, whereupon the right of the Borrower Company to select Eurodollar Eurocurrency Rate Loans or Swing Loans, as the case may be, in such Currency for any requested Revolving Loan Borrowing or Swing Loan Borrowing or any subsequent Revolving Loan Borrowing or Swing Loan Borrowing shall be suspended until the first date on which the circumstances causing such suspension cease to exist. If the Borrower Company shall not, in turn, before 11:00 a.m. A.M. (New York City time) on such date notify the Administrative Agent that its Notice of Revolving SECOND AMENDED AND RESTATED CREDIT AGREEMENT Loan Borrowing or Notice of Swing Loan Borrowing with respect to which such Eurodollar the Eurocurrency Rate was to be determined shall be (i) in the case of a Eurocurrency Rate Loan, converted to a Notice of Revolving Loan Borrowing for a Eurocurrency Rate Loan in a different Currency or a Base Rate Loan, such Notice of Revolving Loan Borrowing shall be deemed to be canceled and of no force or effect, and Borrower the Company shall not be liable to the Administrative Agent or any Lender with respect thereto except as set forth in Section 9.04(c)3.01(c) and (ii) in the case of a Swing Loan, converted to a Notice of Swing Loan Borrowing in a different Currency, such Notice of Swing Loan Borrowing shall be deemed to be canceled and of no force and effect, and the Company shall not be liable to the Administrative Agent or any Swing Loan Bank with respect thereto. In the event of such a suspension, the Administrative Agent shall review the circumstances giving rise to such suspension at least weekly and shall notify the Borrower Company, the Swing Loan Banks, the Issuing Banks and the Lenders promptly of the end of such suspension, and thereafter the Borrower Borrowers shall be entitled, on the terms and subject to the conditions set forth herein, to borrow Eurodollar Eurocurrency Rate LoansLoans and Swing Loans in such Currency.
(d) Notwithstanding anything in this Agreement to the contrary, no Lender whose Termination Date falls prior to the last day of any Interest Period for any Eurocurrency Rate Loan (a “Relevant Lender”) shall participate in such Loan. Without limiting the generality of the foregoing, no Relevant Lender shall (i) participate in a Borrowing of any Eurocurrency Rate Loan having an initial Interest Period ending after such Lender’s Termination Date, (ii) have any outstanding Eurocurrency Rate Loan continued for a subsequent Interest Period if such subsequent Interest Period would end after such Lender’s Termination Date or (iii) have any outstanding Base Rate Loan Converted into a Eurocurrency Rate Loan if such Eurocurrency Rate Loan would have an initial Interest Period ending after such Lender’s Termination Date. If any Relevant Lender has outstanding a Eurocurrency Rate Loan that cannot be continued for a subsequent Interest Period pursuant to clause (ii) above or has outstanding a Base Rate Loan that cannot be Converted into a Eurocurrency Rate Loan pursuant to clause (iii) above, such Lender’s ratable share of such Eurocurrency Rate Loan (in the case of said clause (ii)) shall be repaid by the relevant Borrower on the last day of its then current Interest Period and such Lender’s ratable share of such Base Rate Loan (in the case of said clause (iii)) shall be repaid by the relevant Borrower on the day on which the Loans of Lenders unaffected by said clause (iii) are so Converted. Subject to the terms and conditions of this Agreement, the Borrowers may fund the repayment of the Relevant Lenders’ ratable shares of such Eurocurrency Rate Loans and Base Rate Loans by borrowing from Lenders hereunder that are not Relevant Lenders.
Appears in 1 contract
Interest Rate Determinations. (a) Each Reference Bank agrees to furnish to the Administrative Agent timely information for the purpose of determining each Eurodollar Eurocurrency Rate. If any one or more of the Reference Banks shall not furnish such timely information to the Administrative Agent for the purpose of determining any such interest rate, the Administrative Agent shall determine such Credit Agreement ---------------- interest rate on the basis of timely information furnished by the remaining Reference Banks.
(b) The Administrative Agent shall give prompt notice to the Borrower Company and the Lenders of the applicable interest rate determined by the Administrative Agent for purposes of Section 2.06(a)(i2.08(a)(i) or (ii), and the applicable rate, if any, displayed on the relevant Screen or furnished by each Reference Bank Bank, as the case may be, for the purpose of determining the applicable interest rate under Section 2.06(a)(ii2.08(a)(ii).
(c) If, If prior to 10:00 A.M. (New York City time) on any date on which an interest rate is to be determined pursuant to (a) the second sentence in proviso to the definition of clause (a) of "Eurodollar Eurocurrency Rate"" relating to LIBOR Loans, the Administrative Agent receives notice from two or more of the Reference Banks (or, if there is only one Reference Bank at such time, from such Reference Bank) that U.S. dollar deposits in the relevant Currency are not being offered by such Reference Bank or Banks to prime banks in the London (or, in the case of Pounds Sterling, Paris) interbank market for the applicable Interest Period or in the applicable amounts or (b) the provision in the definition of clause (b) of "Eurocurrency Rate" relating to EURIBOR Loans, the Administrative Agent receives notice from two or more of the Reference Banks that deposits in the Euros are not being offered by such Reference Bank or Banks to prime banks in the European interbank market for the applicable Interest Period or in the applicable amounts, the Administrative Agent shall so notify the Borrower Company of such circumstances, whereupon the right of the Borrower Company to select Eurodollar Eurocurrency Rate Loans in such Currency for any requested Revolving Loan Borrowing or any subsequent Revolving Loan Borrowing shall be suspended until the first date on which the circumstances causing such suspension cease to exist. If the Borrower Company shall not, in turn, before 11:00 a.m. A.M. (New York City time) on such date notify the Administrative Agent that its Notice of Revolving Loan Borrowing with respect to which such Eurodollar Eurocurrency Rate was to be determined shall be converted to a Notice of Revolving Loan Borrowing for Eurocurrency Rate Loan in a different Currency or a Base Rate Loan, such Notice of Revolving Loan Borrowing shall be deemed to be canceled and of no force or effect, and Borrower Company shall not be liable to the Administrative Agent or any Lender with respect thereto except as set forth in Section 9.04(c3.01(c). In the event of such a suspension, the Administrative Agent shall review the circumstances giving rise to such suspension at least weekly and shall notify the Borrower Company and the Lenders promptly of the end of such suspension, and thereafter the Borrower Borrowers shall be entitled, on the terms and subject to the conditions set forth herein, to borrow Eurodollar Eurocurrency Rate LoansLoans in such Currency.
(d) Notwithstanding anything in this Agreement to the contrary, no Lender whose Termination Date falls prior to the last day of any Interest Period for any Eurocurrency Rate Loan (a "Relevant -------- Lender") shall participate in such Loan. Without limiting the ------ generality of the foregoing, no Relevant Lender shall (i) participate in a Borrowing of any Eurocurrency Rate Loan having an initial Interest Period ending after such Lender's Termination Date, (ii) have any outstanding Eurocurrency Rate Loan continued for a subsequent Interest Period if such subsequent Interest Period would end after such Lender's Termination Date or (iii) have any outstanding Base Rate Loan Converted into a Eurocurrency Rate Loan if such Eurocurrency Rate Loan would have an initial Interest Period ending after such Lender's Termination Date. If any Relevant Lender has outstanding a Eurocurrency Rate Loan that cannot be continued for a subsequent Interest Period pursuant to clause (ii) above or has outstanding a Base Rate Loan that cannot be Converted into a Eurocurrency Rate Loan pursuant to clause (iii) above, such Lender's ratable share of such Eurocurrency Rate Loan (in the case of said clause (ii)) shall be repaid by the relevant Borrower on the last day of its then current Interest Period and such Lender's ratable share of such Base Rate Loan (in the case of said clause (iii)) shall be repaid by the relevant Borrower on the day on which the Loans of Lenders unaffected by said clause (iii) are so Converted. Subject to the terms and conditions of this Agreement, the Borrowers may fund the repayment of the Relevant Lenders' ratable shares of such Eurocurrency Rate Loans and Base Rate Loans by borrowing from Lenders hereunder that are not Relevant Lenders.
Appears in 1 contract
