Common use of Interest Rate Unascertainable, Inadequate or Unfair Clause in Contracts

Interest Rate Unascertainable, Inadequate or Unfair. (i) If (A) an 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 (including, without limitation, because the LIBO Screen Rate is not available or published on a current basis) or (B) the Applicable Requisite Lenders notify the Applicable 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 or calendar quarter, such Administrative Agent shall forthwith so notify the Borrowers and the Applicable Lenders, whereupon each Eurodollar Rate Loan in respect of such Facility 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 Applicable Lenders to make Eurodollar Rate Loans or to convert Base Rate Loans into Eurodollar Rate Loans shall be suspended until such Administrative Agent shall notify the Borrowers that the Applicable Requisite Lenders have determined that the circumstances causing such suspension no longer exist, which notice shall be given promptly following such determination. Thereafter, the Borrowers’ right to request, and the Applicable Lenders’ obligations, if any, to make Eurodollar Rate Loans shall be restored.

Appears in 4 contracts

Samples: Credit Agreement (McDermott International Inc), Credit Agreement (McDermott International Inc), Credit Agreement (McDermott International Inc)

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Interest Rate Unascertainable, Inadequate or Unfair. (i) If In the event that (A) an the Administrative Agent determines (in its commercially reasonable credit judgment) that adequate and fair means do not exist for ascertaining the applicable interest rates by reference to which the Eurodollar LIBO Rate then being determined is to be fixed (including, without limitation, including because the LIBO Reuters Screen Rate is not available or published on a current basis) ); provided that no Benchmark Transition Event shall have occurred at such time or (B) the Applicable Requisite Required Lenders notify the Applicable Administrative Agent that the Eurodollar LIBO Rate for any Interest such Calculation Period will not adequately and fairly reflect the cost to the Lenders (or Lender) of making or maintaining such Loans their Advances (or its Advance) for such Interest Calculation Period or calendar quarter(determined in their commercially reasonable credit judgment), such the Administrative Agent shall forthwith so notify the Borrowers Company and the Applicable Lenders, whereupon each Eurodollar Rate Loan in respect of such Facility 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 Applicable Lenders to make Eurodollar any Advance that accrues interest based on the LIBO Rate Loans or to convert Base Rate Loans into Eurodollar Rate Loans shall be suspended until such the Administrative Agent shall notify the Borrowers Company that the Applicable Requisite Required Lenders have determined (in their commercially reasonable credit judgment) that the circumstances causing such suspension no longer exist. Furthermore, which if any Advance is outstanding on the date of the Company’s receipt of the notice from the Administrative Agent referred to in this Section 3.01(h)(i), then on the last day of the Calculation Period (or the next succeeding Business Day if such day is not a Business Day), such Advance shall be given promptly following such determination. Thereafter, accrue interest at the Borrowers’ right to request, and Base Rate plus the Applicable Lenders’ obligations, if any, to make Eurodollar Rate Loans shall be restoredMargin as of such day.

Appears in 4 contracts

Samples: Loan and Security Agreement (Goldman Sachs Private Middle Market Credit LLC), Loan and Security Agreement (Goldman Sachs Private Middle Market Credit II LLC), Loan and Security Agreement (Goldman Sachs Private Middle Market Credit II LLC)

Interest Rate Unascertainable, Inadequate or Unfair. In the event, and on each occasion, that prior to the commencement of any Interest Period for a Eurodollar Borrowing or the determination of the LIBO Rate on any day (ia) If (A) an the Administrative Agent determines shall have determined that by reasons of circumstances affecting the relevant market adequate and fair reasonable means do not exist for ascertaining determining the applicable interest rates by reference to which the Eurodollar Adjusted LIBO Rate then being determined is to be fixed (including, without limitation, because for such Interest Period or the LIBO Screen Rate is not available or published on a current basis) for such day or (Bb) the Applicable Requisite Lenders notify the Applicable Administrative Agent is advised by the Required Lenders reasonably and in good faith (as conclusively certified by such Lenders) that the Eurodollar Adjusted LIBO Rate for any such Interest Period or the LIBO Rate for such day will not adequately and fairly reflect the cost to the such Lenders of making or maintaining their Loans included in such Loans Borrowing for such Interest Period Period, then the Administrative Agent shall, as soon as practicable thereafter, give written or calendar quarterfax notice of such determination to the Borrower and the Lenders, provided that if the circumstances giving rise to such notice shall cease or otherwise become inapplicable to such Required Lenders, then such Required Lenders shall promptly give notice of such change in circumstances to the Administrative Agent and the Borrower, and the Administrative Agent shall, as soon as practicable thereafter, give notice to the Borrowers and Lenders of such changed circumstances. In the event of any such notice, until the Administrative Agent shall forthwith so notify have advised the Borrowers Borrower and the Applicable Lenders, whereupon each Eurodollar Rate Loan in respect of such Facility 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 Applicable Lenders to make Eurodollar Rate Loans or to convert Base Rate Loans into Eurodollar Rate Loans shall be suspended until such Administrative Agent shall notify the Borrowers that the Applicable Requisite Lenders have determined that the circumstances causing giving rise to such suspension written or fax notice no longer exist, which notice (i) any request by the Borrower for a Eurodollar Borrowing pursuant to Section 2.02 or 2.10 shall be given promptly following such determination. Thereafterdeemed to be a request for an ABR Borrowing and (ii) any Interest Period election that requests the conversion of any Borrowing to, the Borrowers’ right to requestor continuation of any Borrowing as, and the Applicable Lenders’ obligations, if any, to make a Eurodollar Rate Loans Borrowing shall be restoredineffective. Each determination by the Administrative Agent under this Section 2.08 shall, absent clearly demonstrable error, be final and conclusive and binding on all parties hereto.

Appears in 3 contracts

Samples: Credit Agreement (Entergy Corp /De/), Credit Agreement (Enexus Energy CORP), Collateral Agreement (Enexus Energy CORP)

Interest Rate Unascertainable, Inadequate or Unfair. In the event that (i) If (A) an Administrative the Agent determines that adequate and fair means do not exist for ascertaining the applicable interest rates by reference to which the Eurodollar Eurocurrency Rate then being determined is to be fixed (including, without limitation, because the LIBO Screen Rate is not available or published on a current basis) or (Bii) the Applicable Requisite Required Class Lenders of the affected Term Loan Facility notify the Applicable Administrative Agent that the Eurodollar Eurocurrency Rate for any Interest Period will not adequately reflect the cost to the Lenders of making or maintaining such Term Loans for such Interest Period or calendar quarterPeriod, such Administrative the Agent shall forthwith so notify the Borrowers Borrower and the Applicable Lenders, whereupon each Eurodollar affected Eurocurrency Rate Term Loan in respect of such Facility shall automatically, on the last day of the current Interest Period for such Term Loan, convert into a Base Rate Term Loan and the obligations of the Applicable Lenders to make Eurodollar Eurocurrency Rate Term Loans or to convert Base Rate Term Loans into Eurodollar Eurocurrency Rate Term Loans shall be suspended until such Administrative the Agent shall notify the Borrowers Borrower that the Applicable Requisite Required Class Lenders under the affected Term Loan Facility have determined that the circumstances causing such suspension no longer exist, which notice shall be given promptly following such determination. Thereafter, the Borrowers’ right to request, and the Applicable Lenders’ obligations, if any, to make Eurodollar Rate Loans shall be restored.

Appears in 3 contracts

Samples: Credit Agreement, First Amendment (Clean Harbors Inc), Credit Agreement (Clean Harbors Inc)

Interest Rate Unascertainable, Inadequate or Unfair. In the event that (i) If (A) an the Administrative Agent determines that adequate and fair means do not exist for ascertaining the applicable interest rates by reference to which the Eurodollar Eurocurrency Rate or the BA Rate then being determined is to be fixed (including, without limitation, because the LIBO Screen Rate is not available or published on a current basis) or (Bii) the Applicable Requisite Lenders notify the Applicable Administrative Agent that the Eurodollar Eurocurrency Rate or the BA Rate for any Interest Period will not adequately reflect the cost to the Lenders of making or maintaining such Loans in the applicable currency for such Interest Period or calendar quarterPeriod, such the Administrative Agent shall forthwith so notify the Borrowers and the Applicable Lenders, whereupon each Eurodollar Eurocurrency Rate Loan in respect of such Facility or BA Rate Loan, as applicable, shall automatically, on the last day of the current Interest Period for such Loan, convert into a the applicable Base Rate Loan and the obligations of the Applicable Lenders to make Eurodollar Eurocurrency Rate Loans or BA Rate Loans, as applicable, or to convert Base Rate Loans into Eurodollar Eurocurrency Rate Loans or BA Rate Loans, as applicable, shall be suspended until such the Administrative Agent shall notify the Borrowers that the Applicable Requisite Lenders have determined that the circumstances causing such suspension no longer exist, which notice shall be given promptly following such determination. Thereafter, the Borrowers’ right to request, and the Applicable Lenders’ obligations, if any, to make Eurodollar Rate Loans shall be restored.

Appears in 2 contracts

Samples: Credit Agreement (Novelis Inc.), Credit Agreement (Novelis Inc.)

Interest Rate Unascertainable, Inadequate or Unfair. (i) If In the event that (A) an the Administrative Agent determines (in its commercially reasonable credit judgment) that adequate and fair means do not exist for ascertaining the applicable interest rates by reference to which the Eurodollar LIBO Rate then being determined is to be fixed (including, without limitation, including because the LIBO Reuters Screen Rate is not available or published on a current basis) ); provided that no Benchmark Transition Event shall have occurred at such time or (B) the Applicable Requisite Required Lenders notify the Applicable Administrative Agent that the Eurodollar LIBO Rate for any Interest such Calculation Period will not adequately and fairly reflect the cost to the Lenders (or Lender) of making or maintaining such Loans their Advances (or its Advance) for such Interest Calculation Period or calendar quarter(determined in their commercially reasonable credit judgment), such the Administrative Agent shall forthwith so notify the Borrowers Company and the Applicable Lenders, whereupon each Eurodollar Rate Loan in respect of such Facility 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 Applicable Lenders to make Eurodollar any Advance that accrues interest based on the LIBO Rate Loans or to convert Base Rate Loans into Eurodollar Rate Loans shall be suspended until such the Administrative Agent shall notify the Borrowers Company that the Applicable Requisite Required Lenders have determined (in their commercially reasonable credit judgment) that the circumstances causing such suspension no longer exist. Furthermore, which if any Advance is outstanding on the date of the Company's receipt of the notice from the Administrative Agent referred to in this Section 3.01(h)(i), then on the last day of the Calculation Period (or the next succeeding Business Day if such day is not a Business Day), such Advance shall be given promptly following such determination. Thereafter, accrue interest at the Borrowers’ right to request, and Base Rate plus the Applicable Lenders’ obligations, if any, to make Eurodollar Rate Loans shall be restoredMargin as of such day.

Appears in 2 contracts

Samples: Loan and Security Agreement (Goldman Sachs Private Middle Market Credit LLC), Loan and Security Agreement (Goldman Sachs Private Middle Market Credit LLC)

Interest Rate Unascertainable, Inadequate or Unfair. In the event that (i) If (A) an the Administrative Agent reasonably determines that adequate and fair means do not exist for ascertaining the applicable interest rates by reference to which the Eurodollar Eurocurrency Rate or BA Rate then being determined is to be fixed (including, without limitation, because the LIBO Screen Rate is not available or published on a current basis) or (Bii) the Applicable Requisite Lenders reasonably determine and notify the Applicable Administrative Agent that the Eurodollar Eurocurrency Rate or BA Rate for any Interest Period will not adequately reflect the cost to the Lenders of making or maintaining such Loans for such Interest Period or calendar quarterPeriod, such the Administrative Agent shall forthwith so notify the Borrowers Borrower and the Applicable Lenders, whereupon each Eurodollar Eurocurrency Rate Loan denominated in respect of such Facility Dollars or BA Rate Loan shall automatically, on the last day of the current Interest Period for such Loan, convert into a Base Rate Loan or Canadian Prime Rate Loan, as applicable, and the obligations of the Applicable Lenders to make Eurodollar Eurocurrency Rate Loans or BA Rate Loans, as applicable, or to convert Base Rate Loans or Canadian Prime Rate Loans, as applicable, into Eurodollar Eurocurrency Rate Loans denominated in Dollars or BA Rate Loans, as applicable, shall be suspended until such the Administrative Agent shall notify the Borrowers Borrower that the Applicable Requisite Lenders have determined that the circumstances causing such suspension no longer exist, which notice shall be given promptly following such determination. Thereafter, the Borrowers’ right to request, and the Applicable Lenders’ obligations, if any, to make Eurodollar Rate Loans shall be restored.

Appears in 2 contracts

Samples: Credit Agreement (Chinos Holdings, Inc.), Credit Agreement (J Crew Group Inc)

Interest Rate Unascertainable, Inadequate or Unfair. If (i) If (A) an the Administrative Agent determines that adequate and fair means do not exist for ascertaining (i) the applicable interest rates by reference Term SOFR Rate with respect to which any Term SOFR Rate Loan for such Interest Period (the Eurodollar “Affected Term SOFR Rate”), (ii) the Daily Simple SOFR Rate then being determined is with respect to be fixed any Daily Simple SOFR Rate Loan (includingthe “Affected Daily Simple SOFR Rate”), without limitation, because the LIBO Screen Rate is not available or published on a current basis) or (Bii) the Applicable Requisite Lenders notify the Applicable Administrative Agent that the Eurodollar Daily Simple SOFR Rate, or Term SOFR Rate for any Interest Period Period, will not adequately reflect the cost to the Lenders of making or maintaining such Loans for such Interest Period or calendar quarterLoans, such the Administrative Agent shall forthwith so notify the Borrowers Borrower and the Applicable Lenders, whereupon whereupon: each Eurodollar (i) Term SOFR Rate Loan in respect the rate of interest applicable to which is based on the Affected Term SOFR Rate requested to be made on the first day of such Facility Interest Period shall automatically, be made as Base Rate Loans and (ii) Daily Simple SOFR Rate Loan the rate of interest applicable to which is based on the last day of the current Interest Period for such Loan, convert into a Affected Daily Simple SOFR Rate shall be made as Base Rate Loan Loans; and the obligations of the Applicable Lenders to make Eurodollar Daily Simple SOFR Rate Loans or Term SOFR Rate Loans or to convert Base Rate Loans into Eurodollar Daily Simple SOFR Rate Loans or Term SOFR Rate Loans shall be suspended until such the Administrative Agent shall notify the Borrowers Borrower that the Applicable Requisite Lenders have determined that the circumstances causing such suspension no longer exist, which notice shall be given promptly following such determination. Thereafter, the Borrowers’ right to request, and the Applicable Lenders’ obligations, if any, to make Eurodollar Rate Loans shall be restored.

Appears in 1 contract

Samples: Credit Agreement (Agilon Health, Inc.)

Interest Rate Unascertainable, Inadequate or Unfair. If (i) If (A) an 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 (including, without limitation, because the LIBO Screen Rate is not available or published on a current basis) or (Bii) the Applicable Requisite Lenders notify the Applicable Administrative Agent that the Eurodollar Rate for any Interest Period (or, in respect of the Credit-Linked Deposit Return, the Initial Period or any calendar quarter) will not adequately reflect the cost to the Lenders and the Synthetic Investors of making or maintaining such Loans (or of making, maintaining or receiving the corresponding Credit-Linked Deposits) for such Interest Period, Initial Period or calendar quarter, such the Administrative Agent shall forthwith so notify the Borrowers Borrower, the Synthetic Investors and the Applicable Lenders, whereupon each Eurodollar Rate Loan in respect of such Facility 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 Applicable Lenders to make Eurodollar Rate Loans or to convert Base Rate Loans into Eurodollar Rate Loans shall be suspended until such the Administrative Agent shall notify the Borrowers Borrower that the Applicable Requisite Lenders have determined that the circumstances causing such suspension no longer exist, which notice shall be given promptly following such determination. Thereafter, the Borrowers’ Borrower’s right to request, and the Applicable Lenders’ obligations, if any, to make Eurodollar Rate Loans shall be restored.

Appears in 1 contract

Samples: Credit Agreement (McDermott International Inc)

Interest Rate Unascertainable, Inadequate or Unfair. In the event that (i) If (A) an the Administrative Agent determines that adequate and fair means do not exist for ascertaining the applicable interest rates by reference to which the Adjusted Eurodollar Rate (or, as the case may be Adjusted Eurodollar Rate or Adjusted CD Rate), then being determined is to be fixed (including, without limitation, because the LIBO Screen Rate is not available or published on a current basis) or (Bii) the Applicable Requisite Lenders notify the Applicable Administrative Agent that the Adjusted Eurodollar Rate (or, as the case may be, Eurodollar Rate or Adjusted CD Rate) for any Interest Period will not adequately reflect the cost to the Lenders and the Tranche B Investors of making or maintaining such Loans (or of making, maintaining or receiving the corresponding deposits evidenced by the Tranche B CDs) for such Interest Period or calendar quarterPeriod, such the Administrative Agent shall forthwith so notify the Borrowers Borrower and the Applicable Lenders, whereupon each Eurodollar Rate Loan in respect of such Facility 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 Applicable Lenders to make Eurodollar Rate Loans or to convert Base Rate Loans into Eurodollar Rate Loans shall be suspended until such the Administrative Agent shall notify the Borrowers Borrower that the Applicable Requisite Lenders have determined that the circumstances causing such suspension no longer exist, which notice shall be given promptly following such determination. Thereafter, the Borrowers’ right to request, and the Applicable Lenders’ obligations, if any, to make Eurodollar Rate Loans shall be restored.

Appears in 1 contract

Samples: Credit Agreement (Washington Group International Inc)

Interest Rate Unascertainable, Inadequate or Unfair. If (i) If (A) an 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 (including, without limitation, because the LIBO Screen Rate is not available or published on a current basis) or (Bii) the Applicable Requisite Lenders notify the Applicable 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 or calendar quarter, such the Administrative Agent shall forthwith so notify the Borrowers Borrower and the Applicable Lenders, whereupon each Eurodollar Rate Loan in respect of such Facility 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 Applicable Lenders to make Eurodollar Rate Loans or to convert Base Rate Loans into Eurodollar Rate Loans shall be suspended until such the Administrative Agent shall notify the Borrowers Borrower that the Applicable Requisite Lenders have determined that the circumstances causing such suspension no longer exist, which notice shall be given promptly following such determination. Thereafter, the Borrowers’ Borrower’s right to request, and the Applicable Lenders’ obligations, if any, to make Eurodollar Rate Loans shall be restored.

Appears in 1 contract

Samples: Credit Agreement (McDermott International Inc)

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Interest Rate Unascertainable, Inadequate or Unfair. If (i) If (A) an 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 (including, without limitation, because the LIBO Screen Rate is not available or published on a current basis) or (Bii) the Applicable Requisite Term Lenders notify the Applicable Administrative Agent that the Eurodollar Rate for any Interest Period will not adequately reflect the cost to the Term Lenders of making or maintaining such Term Loans for such Interest Period or calendar quarter, such the Administrative Agent shall forthwith so notify the Borrowers Term Borrower and the Applicable Term Lenders, whereupon each Eurodollar Rate Loan in respect of such Facility shall automatically, on the last day of the current Interest Period for such Term Loan, convert into a Base Rate Loan and the obligations of the Applicable Term Lenders to make Eurodollar Rate Loans or to convert Base Rate Loans into Eurodollar Rate Loans shall be suspended until such the Administrative Agent shall notify the Borrowers Term Borrower that the Applicable Requisite Term Lenders have determined that the circumstances causing such suspension no longer exist, which notice shall be given promptly following such determination. Thereafter, the Borrowers’ Term Borrower’s right to request, and the Applicable Term Lenders’ obligations, if any, to make Eurodollar Rate Loans shall be restored.

Appears in 1 contract

Samples: Credit Agreement (McDermott International Inc)

Interest Rate Unascertainable, Inadequate or Unfair. Subject to Section 2.14(c), in the event that (i) If (A) an the Administrative Agent reasonably determines that adequate and fair means do not exist for ascertaining the applicable interest rates by reference to which the Eurodollar Rate Eurocurrency RateTerm SOFR then being determined is to be fixed (including, without limitation, because the LIBO Screen Rate is not available or published on a current basis) or (Bii) the Applicable Requisite Lenders reasonably determine and notify the Applicable Administrative Agent that the Eurodollar Rate Eurocurrency RateTerm SOFR for any Interest Period will not adequately reflect the cost to the Lenders of making or maintaining such Loans for such Interest Period or calendar quarterPeriod, such the Administrative Agent shall forthwith so notify the Borrowers Borrower and the Applicable Lenders, whereupon each Eurodollar Rate Eurocurrency RateSOFR Loan in respect of such Facility shall automatically, on the last day of the current Interest Period for such Loan, convert into a Base Rate Loan Loan, and the obligations of the Applicable Lenders to make Eurodollar Rate Loans Eurocurrency RateSOFR Loans, or to convert Base Rate Loans into Eurodollar Rate Eurocurrency RateSOFR Loans denominated in Dollars, shall be suspended until such the Administrative Agent shall notify the Borrowers Borrower that the Applicable Requisite Lenders have determined that the -the circumstances causing such suspension no longer exist, which notice shall be given promptly following such determination. Thereafter, the Borrowers’ right to request, and the Applicable Lenders’ obligations, if any, to make Eurodollar Rate Loans shall be restored.

Appears in 1 contract

Samples: Credit Agreement (eHealth, Inc.)

Interest Rate Unascertainable, Inadequate or Unfair. In the event that (i) If (A) an the Administrative Agent determines that adequate and fair means do not exist for ascertaining the applicable interest rates by reference to which the Eurodollar Eurocurrency Rate or EURIBOR Rate then being determined is to be fixed (including, without limitation, because the LIBO Screen Rate is not available or published on a current basis) or (Bii) the Applicable Requisite Lenders notify the Applicable Administrative Agent that the Eurodollar Eurocurrency Rate or EURIBOR Rate for any Interest Period will not adequately reflect the cost to the Revolving Credit Lenders of making or maintaining such Loans for such Interest Period or calendar quarterPeriod, such the Administrative Agent shall forthwith so notify the Borrowers Borrower and the Applicable Revolving Credit Lenders, whereupon each Eurodollar Eurocurrency Rate Loan in respect of such Facility that is a Dollar Loan shall automatically, on the last day of the current Interest Period for such Loan, convert into a Base Rate Loan Loan, a Eurocurrency or EURIBOR Borrowing, shall be ineffective and such Borrowing shall be maintained or made, as applicable, at a rate determined in a customary manner in good faith by the Administrative Agent and the Borrower, and the obligations of the Applicable Revolving Credit Lenders to make Eurodollar Eurocurrency Rate Loans or EURIBOR Rate Loans or to convert Base Rate Loans into Eurodollar Eurocurrency Rate Loans shall be suspended until such the Administrative Agent shall notify the Borrowers Borrower that the Applicable Requisite Lenders have determined that the circumstances causing such suspension no longer exist, which notice shall be given promptly following such determination. Thereafter, the Borrowers’ right to request, and the Applicable Lenders’ obligations, if any, to make Eurodollar Rate Loans shall be restored.AMENDED AND RESTATED CREDIT AGREEMENT XXXXX HEALTHCARE CORPORATION

Appears in 1 contract

Samples: Credit Agreement (Tenet Healthcare Corp)

Interest Rate Unascertainable, Inadequate or Unfair. (i) If In the event that (A) an the Administrative Agent determines (in its commercially reasonable credit judgment) that adequate and fair means do not exist for ascertaining the applicable interest rates by reference to which the Eurodollar LIBO Rate then being determined is to be fixed (including, without limitation, including because the LIBO Reuters Screen Rate is not available or published on a current basis) ); provided that no Benchmark Transition Event shall have occurred at such time or (B) the Applicable Requisite Required Lenders notify the Applicable Administrative Agent that the Eurodollar LIBO Rate for any Interest such Calculation Period will not adequately reflect the cost to the Lenders (or Lender) of making or maintaining such Loans their Advances (or its Advance) for such Interest Calculation Period or calendar quarter(determined in their commercially reasonable credit judgment), such the Administrative Agent shall forthwith so notify the Borrowers Company and the Applicable LendersLenders (with a copy to the Collateral Agent), whereupon each Eurodollar Rate Loan in respect of such Facility (x) any Request for Advance for the applicable Calculation Period shall automatically, on the last day of the current Interest Period for such Loan, convert into a Base Rate Loan be ineffective and (y) the obligations of the Applicable Lenders to make Eurodollar Rate Loans or to convert Base Rate Loans into Eurodollar Rate Loans any Advance shall be suspended until such the Administrative Agent shall notify the Borrowers Company that the Applicable Requisite Required Lenders have determined (in their commercially reasonable credit judgment) that the circumstances causing such suspension no longer exist. Furthermore, which if any Advance is outstanding on the date of the Company's receipt of the notice from the Administrative Agent referred to in this Section 3.01(h)(i), then on the last day of the Calculation Period (or the next succeeding Business Day if such day is not a Business Day), such Advance shall be given promptly following such determination. Thereafter, accrue interest at the Borrowers’ right to request, and Base Rate plus the Applicable Lenders’ obligations, if any, to make Eurodollar Rate Loans shall be restoredMargin as of such day.

Appears in 1 contract

Samples: Security Agreement (CION Investment Corp)

Interest Rate Unascertainable, Inadequate or Unfair. If (i) If (A) an 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 (including, without limitation, because the LIBO Screen Rate is not available or published on a current basis) or (Bii) the Applicable Requisite Lenders notify the Applicable Administrative Agent that the Eurodollar Rate for any Interest Period (or, in respect of the Credit-Linked Deposit Return, the Initial Period or any calendar quarter) will not adequately reflect the cost to the Lenders and the Tranche B Investors of making or maintaining such Loans (or of making, maintaining or receiving the corresponding Credit-Linked Deposits) for such Interest Period or calendar quarterPeriod, such the Administrative Agent shall forthwith so notify the Borrowers Borrower and the Applicable Lenders, whereupon each Eurodollar Rate Loan in respect of such Facility 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 Applicable Lenders to make Eurodollar Rate Loans or to convert Base Rate Loans into Eurodollar Rate Loans shall be suspended until such the Administrative Agent shall notify the Borrowers Borrower that the Applicable Requisite Lenders have determined that the circumstances causing such suspension no longer exist, which notice shall be given promptly following such determination. Thereafter, the Borrowers’ Borrower’s right to request, and the Applicable Lenders’ obligations, if any, to make Eurodollar Rate Loans shall be restored.

Appears in 1 contract

Samples: Credit Agreement (Washington Group International Inc)

Interest Rate Unascertainable, Inadequate or Unfair. If (i) If (A) an the Administrative Agent determines that adequate and fair means do not exist for ascertaining the applicable interest rates by reference to which the Eurodollar Eurocurrency Rate then being determined is to be fixed (including, without limitation, because the LIBO Screen Rate is not available or published on a current basis) or (Bii) the Applicable Requisite Lenders notify the Applicable Administrative Agent that the Eurodollar Eurocurrency Rate for any Interest Period will not adequately reflect the cost to the Lenders of making or maintaining such Loans in the applicable currency for such Interest Period or calendar quarterPeriod, such the Administrative Agent shall forthwith so notify the Borrowers Borrower and the Applicable Lenders, whereupon each Eurodollar Eurocurrency Rate Loan denominated in respect of such Facility Dollars or Euros shall automatically, on the last day of the current Interest Period for such Loan, convert into a Base Rate Loan denominated in Dollars (regardless of the currency of such Loan) and the obligations of the Applicable Lenders to make Eurodollar Eurocurrency Rate Loans denominated in Dollars or Euros or to convert Base Rate Loans denominated in Dollars into Eurodollar Eurocurrency Rate Loans shall be suspended until such the Administrative Agent shall notify the Borrowers Borrower that the Applicable Requisite Lenders have determined that the circumstances causing such suspension no longer exist, which notice shall be given promptly following such determination. Thereafter, the Borrowers’ right to request, and the Applicable Lenders’ obligations, if any, to make Eurodollar Rate Loans shall be restored.

Appears in 1 contract

Samples: Credit Agreement (Johnsondiversey Holdings Inc)

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