Market Breakdown Sample Clauses

Market Breakdown. If an Event of Market Breakup occurs, the Agent will immediately notify the Borrower, and the applicable Interest Period will then have the duration determined by the Creditors in view of the terms at which they can be Contracted in the market, if applicable, the liability operations necessary to make the amount of the Credit available to the Borrower. As long as this situation is maintained, the Ordinary Interest Rate will be the one that reflects the financing costs of the Creditors and documented documentary evidence to the Borrower. The Interest Period following that determined in accordance with the provisions of this subsection, will be automatically adjusted in terms of its duration, if market circumstances allow it because the Event of Market Breakup has ceased, so that it ends on the Date Payment of Interest that would have been due if the application of the provisions of this subsection had not taken place. The Agent must immediately notify the Borrower of the end of the Market Breakdown Event. Page 56 of 120 If the prevailing circumstances are such that it is commercially impossible for the Creditors to Agreement the indicated liability transactions or the cost is higher than the SOFR Term Rate, the Borrower and the Creditors will negotiate in good faith for 40 (forty) Business Days from the communication. to the Borrower in the Event of Market Breakup the possible alternatives to adopt to make the continuation of the Credit possible. If after this period of communication to the Borrower of the Event of Market Breakup the Parties have not reached an agreement satisfactory to all of them in the negotiation, acting in good faith, the Borrower must reimburse without penalty or cost of breaking any funding, in a reasonable period, not exceeding in any case more than 15 (fifteen) additional Business Days, the entire amount owed to the Creditors in respect of principal, interest, commissions, expenses, taxes or other concepts due under this Agreement (excluding funding break costs) calculated up to the date on which payment actually takes place. In no case will the Creditors assume any responsibility in the event of a Market Breakdown Event and, in particular, for those unavoidable events or exceptional circumstances or force majeure that make it impossible to Agreement the aforementioned liability operations.
Sample 1
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Related to Market Breakdown

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  • Force Majeure Events a) Neither Party shall be responsible or liable for or deemed in breach hereof because of any delay or failure in the performance of its obligations hereunder (except for obligations to pay money due prior to occurrence of Force Majeure events under this Agreement) or failure to meet milestone dates due to any event or circumstance (a "Force Majeure Event") beyond the reasonable control of the Party experiencing such delay or failure, including the occurrence of any of the following: i) acts of God; ii) typhoons, floods, lightning, cyclone, hurricane, drought, famine, epidemic, plague or other natural calamities; iii) acts of war (whether declared or undeclared), invasion or civil unrest; iv) any requirement, action or omission to act pursuant to any judgment or order of any court or judicial authority in India (provided such requirement, action or omission to act is not due to the breach by the SPG or of any Law or any of their respective obligations under this Agreement); v) inability despite complying with all legal requirements to obtain, renew or maintain required licenses or Legal Approvals; vi) earthquakes, explosions, accidents, landslides; fire; vii) expropriation and/or compulsory acquisition of the Project in whole or in part by Government Instrumentality; viii) chemical or radioactive contamination or ionizing radiation; or ix) damage to or breakdown of transmission facilities of GETCO/ DISCOMs; x) Exceptionally adverse weather condition which are in excess of the statistical measure of the last hundred (100) years.

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