Interest Rate Unascertainable Sample Clauses

Interest Rate Unascertainable. In the event that the Loan Agent determines that, at the time the Loan Agent is to determine the Applicable Interest Rate for an Interest Period, by reason of circumstances affecting the London interbank market for U.S. Dollar deposits, adequate and fair means do not exist for ascertaining the applicable interest rates by reference to which the LIBOR then being determined is to be fixed, the Loan Agent shall forthwith so notify the Borrowers and the Lenders, whereupon during the 30 days following the date of any such notice given to the Borrowers, the Loan Agent and the Borrowers shall negotiate in good faith in order to arrive at a mutually acceptable alternative basis for determining the interest rate from time to time applicable to the Loans (the "Substitute Basis"). If within the 30 days following the date of any such notice to the Borrowers, the Loan Agent and the Borrowers shall agree upon a Substitute Basis, such Substitute Basis shall be retroactive to and effective from the first day of the then current Interest Period until and including the last day of such Interest Period. If after 30 days from the date of such notice, the Loan Agent and the Borrowers shall have failed to agree upon a Substitute Basis, then the Loan Agent (upon instructions from the Requisite Lenders) shall certify in writing to the Borrowers the interest rate at which such Lenders are prepared to maintain their portion of the Loans for such Interest Period, it being understood that such Lenders' interest rate shall be not more than a rate per annum equal to a rate which adequately and fairly reflects the cost to such Lenders of obtaining the funds necessary to maintain their portion of the Loans for such Interest Period. If no Substitute Basis is established, upon receipt of notice of the interest rates at which the Requisite Lenders are prepared to maintain their respective portion of the Loans, and on the last day of each Interest Period thereafter, the Borrowers shall have the right exercisable upon ten Business Days' prior notice to the Loan Agent (i) to continue to borrow the Loans at the interest rate so advised by the Loan Agent (as such rate may be modified, from time to time, at the outset of each subsequent Interest Period) or (ii) to prepay in full the Loans together with accrued but unpaid interest thereon at the Applicable Interest Rate most recently in effect, whereupon the Loans shall become due and payable on the date specified by the Borrowers in such notice.
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Interest Rate Unascertainable. In the event that, prior ----------------------------- to any Borrowing Date of any group of Eurodollar Loans or CD Loans, Banks having, in the aggregate, a Percentage of 66 2/3% or more shall have determined (which determination shall be conclusive and binding on all parties hereto) that (i) with respect to Eurodollar Loans and CD Loans, the circumstances described in the third sentence of Section 3.1.4 have occurred, or that, (ii) by reason of ----- -------- ------------- other circumstances affecting the London interbank eurodollar market or certificate of deposit market, adequate and reasonable means do not exist for ascertaining the Eurodollar Interest Rate or CD Rate applicable to such group of Eurodollar Loans or CD Loans, (a) such Banks shall give notice of such determination promptly (and in any event within three Eurodollar Days after making such determination with respect to Eurodollar Loans and within two Business Days after making such determination with respect to CD Loans) to the other parties hereto and, (b) with respect to any new Eurodollar Loans or CD Loans, as the case may be, Borrower's request for Eurodollar Loans or CD Loans, as the case may be, shall be deemed a request for Prime Rate Loans and (c) with respect to outstanding Eurodollar Loans or CD Loans, as the case may be, to be continued on such Borrowing Date, such Loans shall be converted into Prime Rate Loans in accordance with the provisions of this Article V on ------- - such Borrowing Date, notwithstanding any failure of Borrower to comply with the notice provisions of Section 1.2 or 5.4, as the case may be. ------- --- ---
Sample 1
Interest Rate Unascertainable. (a) If Lender is advised that deposits in dollars (in the applicable amount) are not being offered to banks in the relevant market for a period of one (1) calendar month, or Lender otherwise determines (which determination shall be binding and conclusive on all parties) that by reason of circumstances affecting the interbank Eurodollar market adequate and reasonable means do not exist for ascertaining the applicable Interbank Rate; or
Sample 1

Related to Interest Rate Unascertainable

  • Interest Rate Unascertainable, Inadequate or Unfair In the event that (i) the Administrative Agent determines that adequate and fair means do not exist for ascertaining the applicable interest rates by reference to which the Eurodollar Rate then being determined is to be fixed or (ii) the Requisite Lenders notify the Administrative Agent that the Eurodollar Rate for any Interest Period will not adequately reflect the cost to the Lenders of making or maintaining such Loans for such Interest Period, the Administrative Agent shall forthwith so notify the Borrower and the Lenders, whereupon each Eurodollar Loan shall automatically, on the last day of the current Interest Period for such Loan, convert into a Base Rate Loan and the obligations of the Lenders to make Eurodollar Rate Loans or to convert Base Rate Loans into Eurodollar Rate Loans shall be suspended until the Administrative Agent shall notify the Borrower that the Requisite Lenders have determined that the circumstances causing such suspension no longer exist.

  • Libor Rate Unascertainable Illegality Increased Costs Deposits Not Available (a) If on any date on which a LIBOR Rate would otherwise be determined, the Administrative Agent shall have determined that:

  • Unascertainable If on any date on which a LIBOR Rate would otherwise be determined, the Administrative Agent shall have determined that:

  • Interest Rate Not Ascertainable If Agent shall determine that on any date for determining LIBOR, due to any circumstance affecting the London interbank market, adequate and fair means do not exist for ascertaining such rate on the basis provided herein, then Agent shall immediately notify Borrowers of such determination. Until Agent notifies Borrowers that such circumstance no longer exists, the obligation of Lenders to make LIBOR Loans shall be suspended, and no further Loans may be converted into or continued as LIBOR Loans.

  • Choice of Interest Rate, Etc The Advances hereunder shall, at the option of the Borrower, be made as one or more Base Rate Advances or LIBOR Advances; provided, however, that at such time as there shall have occurred and be continuing a Default hereunder, the Borrower shall not have the right to Continue a LIBOR Advance or to Convert a Base Rate Advance to a LIBOR Advance. Any notice given to the Administrative Agent in connection with a requested Advance or Conversion hereunder shall be given to the Administrative Agent prior to 11:00 a.m. (New York, New York time) in order for such Business Day to count toward the minimum number of Business Days required.

  • Alternate Rate of Interest; Illegality (a) If prior to the commencement of any Interest Period for a Eurodollar Borrowing:

  • INTEREST RATE NOT ASCERTAINABLE, ETC If, on or prior to the date for determining the Adjusted Eurodollar Rate in respect of the Interest Period for any Eurodollar Rate Advance, any Bank determines (which determination shall be conclusive and binding, absent error) that:

  • Interest Rate Options The Borrower shall pay interest in respect of the outstanding unpaid principal amount of the Loans as selected by it from the Base Rate Option or LIBOR Rate Option set forth below applicable to the Loans, it being understood that, subject to the provisions of this Agreement, the Borrower may select different Interest Rate Options and different Interest Periods to apply simultaneously to the Loans comprising different Borrowing Tranches and may convert to or renew one or more Interest Rate Options with respect to all or any portion of the Loans comprising any Borrowing Tranche; provided that (i) there shall not be at any one time outstanding more than ten (10) Borrowing Tranches in the aggregate among all of the Loans and (ii) if an Event of Default or Potential Default exists and is continuing, the Borrower may not request, convert to, or renew the LIBOR Rate Option for any Loans and the Required Lenders may demand that all existing Borrowing Tranches bearing interest under the LIBOR Rate Option shall be converted immediately to the Base Rate Option, subject to the obligation of the Borrower to pay any indemnity under Section 5.9 [Indemnity] in connection with such conversion. If at any time the designated rate applicable to any Loan made by any Lender exceeds such Lender’s highest lawful rate, the rate of interest on such Lender’s Loan shall be limited to such Lender’s highest lawful rate.

  • Determination of Interest Rate (a) The Applicable Interest Rate with respect to the Loan shall be: (i) LIBOR plus the Spread with respect to the applicable Interest Period for a LIBOR Loan or (ii) the Prime Rate plus the Prime Rate Spread for a Prime Rate Loan if the Loan is converted to a Prime Rate Loan pursuant to the provisions of Section 2.2.3(c) or Section 2.2.3(f).

  • Selection of Interest Rate Options At any time any portion of this Note bears interest determined in relation to LIBOR, it may be continued by Borrower at the end of the Fixed Rate Term applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Rate or to LIBOR for a new Fixed Rate Term designated by Borrower. At any time any portion of this Note bears interest determined in relation to the Prime Rate, Borrower may convert all or a portion thereof so that it bears interest determined in relation to LIBOR for a Fixed Rate Term designated by Borrower. At such time as Borrower requests an advance hereunder or wishes to select a LIBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed Rate Term, Borrower shall give Bank notice specifying: (i) the interest rate option selected by Borrower; (ii) the principal amount subject thereto; and (iii) for each LIBOR selection, the length of the applicable Fixed Rate Term. Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long as, with respect to each LIBOR selection, (A) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) Business Days after such notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. on the first day of the Fixed Rate Term, or at a later time during any Business Day if Bank, at it’s sole option but without obligation to do so, accepts Borrower’s notice and quotes a fixed rate to Borrower. If Borrower does not immediately accept a fixed rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from Borrower shall be subject to a redetermination by Bank of the applicable fixed rate. If no specific designation of interest is made at the time any advance is requested hereunder or at the end of any Fixed Rate Term, Borrower shall be deemed to have made a Prime Rate interest selection for such advance or the principal amount to which such Fixed Rate Term applied.

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