MARKET DISRUPTION AND ALTERNATIVE INTEREST RATES. 55 7. Notification.................................................................................. 56
MARKET DISRUPTION AND ALTERNATIVE INTEREST RATES. 18.1 If, in relation to any Utilization by way of Advances (other than a Short-Term Advance), the Agent determines that at or about 11:00 a.m. on the Quotation Date for the Term in respect of such Advances none of the Reference Banks was offering to prime banks in the London Interbank Market deposits in the relevant currency for the proposed duration of such Term, then, notwithstanding such failure to offer deposits in that currency:
(i) the Agent shall notify the other parties hereto of such event;
(ii) such Advances shall, nevertheless, be made and the amount of interest payable in respect of any such Advance during its Term shall be determined in accordance with the following provisions of this Clause 18; and
(iii) if the Agent so requires, within five days of such notification the Agent and the Borrower shall enter into negotiations with a view to agreeing upon a substitute basis for determining the rates of interest which may be applicable to such Advances and Advances in the future and any such substitute basis that is agreed shall take effect in accordance with its terms and be binding on each party hereto. Provided that the Agent may not agree any such substitute basis without the prior written consent of each Bank.
18.2 If no substitute basis is agreed upon within 10 business days pursuant to Clause 18.1(iii) in respect of such Advances, any such Advance made by a Bank pursuant to Clause 18.1(ii) shall bear interest during its Term at the rate per annum equal to the sum of the Applicable Margin at such time, the Mandatory Liquid Asset Costs Rate (if applicable) and the cost to such Bank (as certified by it in good faith to the Agent with a copy to the Borrower and expressed as a rate per annum) of funding such Advance from whatever sources it may reasonably select.
MARKET DISRUPTION AND ALTERNATIVE INTEREST RATES. 15.1 Absence of Quotations
(a) if LIBOR or, if applicable, EURIBOR is to be determined by reference to the Reference Banks but a Reference Bank does not supply a quotation on the Quotation Date in accordance with Clause 15.2 (Market Disruption), the applicable LIBOR or EURIBOR shall be determined on the basis of the quotations of the remaining Reference Banks; or
(b) if Clause 15.3 (Alternative Reference Bank Rate) applies but an Alternative Reference Bank does not supply a quotation in accordance with Clause 15.3 (Alternative Reference Bank Rate), the applicable Alternative Reference Bank Rate shall be determined on the basis of the quotations of the remaining Alternative Reference Banks.
MARKET DISRUPTION AND ALTERNATIVE INTEREST RATES. 5.1 Absence of quotations
MARKET DISRUPTION AND ALTERNATIVE INTEREST RATES. 30 7. NOTIFICATION ................................................... 31 8. REPAYMENT OF THE TERM FACILITY ................................. 32 9. PREPAYMENT...................................................... 32 10.
MARKET DISRUPTION AND ALTERNATIVE INTEREST RATES. 87 10. Notification.................................................................88 11. Repayment And Reduction Of The Revolving Facility............................88 12. Repayment Of The Term Facility...............................................89 13.
MARKET DISRUPTION AND ALTERNATIVE INTEREST RATES. 18 PART 4 REPAYMENT, PREPAYMENT AND CANCELLATION
MARKET DISRUPTION AND ALTERNATIVE INTEREST RATES. 6.1 MARKET DISRUPTION If, in relation to any Advance:
6.1.1 the relevant interbank rate is to be determined by reference to Reference Banks and at or about 11.00 a.m. on the Quotation Date for the relevant Interest Period none or only one of the Reference Banks supplies a rate for the purpose of determining the relevant interbank rate, for the relevant Interest Period or Term; or
6.1.2 before the close of business in Madrid on the Quotation Date for such Advance the Agent has been notified by a Bank or each of a group of Banks to whom in aggregate thirty-five per cent. or more of such Advance is owed (or, in the case of an undrawn Advance, if made, would be owed) that the relevant interbank rate does not accurately reflect the cost of funding its participation in such Advance,
1.2 applies to a proposed Advance, such Advance shall not be made.
MARKET DISRUPTION AND ALTERNATIVE INTEREST RATES. Without limiting Section 2.13, if, in relation to a EUR Revolving Loan requested in euro, no page of the Telerate Screen displays an average rate of the Banking Federation of the European Union for the euro for such period at or about 11.00 a.m. (Brussels time) on the Quotation Date for such period and no British Bankers Association Interest Settlement Rate is available for the relevant currency and period and no other page or other service for the purpose of displaying an average rate of the Banking Federation of the European Union has been selected by the EUR Agent, then, notwithstanding the provisions of Section 2.12:
(a) the EUR Agent shall notify the EUR Borrower of such event;
(b) such EUR Revolving Loan shall not be made; and
(c) if the EUR Agent so requires, within five days of such notification the EUR Agent and the EUR Borrower shall enter into negotiations with a view to agreeing to a substitute basis for determining the rates of interest which may be applicable to EUR Revolving Loans in the future and any such substitute basis that is agreed shall take effect in accordance with its terms and be binding on the EUR Borrower and the EUR Agent.
MARKET DISRUPTION AND ALTERNATIVE INTEREST RATES. (A) If a Market Disruption Event (as defined below) occurs in relation to a Loan for its Interest Period, then:
(1) the Agent shall promptly notify the Borrower and the Lenders accordingly giving full details of the circumstances relevant to such notification;
(2) the Agent (on behalf of the Lenders) and after consultation with the Lenders shall, within five Business Days of such notice, commence negotiations with the Borrower with a view to agreeing a mutually acceptable substitute basis on which such Loan or Unpaid Sum may be maintained;
(3) any substitute basis agreed in writing by the Agent (on behalf of and with the consent of all of the Lenders) and the Borrower within 30 days of such notice shall take effect in accordance with its terms and interest shall be calculated as if the substitute basis had come into effect from the beginning of the relevant Interest Period;
(4) if no agreement is reached within 30 days, each Lender's participation in such Loan shall during that Interest Period bear interest at the annual rate equal to the cost to that Lender (as certified by it to the Borrower within 10 days of the end of that 30 day period and expressed as a percentage rate per annum) of funding its portion of such Loan, during that Interest Period by whatever means that Lender reasonably determines to be most appropriate (provided that each Lender shall use its reasonable endeavours to obtain the cheapest source of funding reasonably available to it) plus the prevailing Margin
(5) any substitute basis determined in accordance with this clause 9.2 shall take effect until such time as the Agent notifies the Borrower and the Lenders that none of the circumstances previously notified to the Borrower and the Lenders continue to exist whereupon the normal interest rate fixing provisions of clause 7.1 (Calculation of interest) shall apply as from the Quotation Day for the next Interest Period.
(B) In this Agreement "Market Disruption Event" means:
