Market disruption If Sample Clauses

Market disruption If a) a Market Disruption Rate is specified in the Reference Rate Terms; and b) before the Reporting Time the Agent receives notifications from a Lender or Lenders (whose participations in a Loan exceed fifty per cent. (50%) of that Loan) that its cost of funds relating to its participation in that Loan would be in excess of that Market Disruption Rate, then Clause 10.3 (Cost of funds) shall apply to that Loan for the relevant Interest Period.
Sample 1Sample 2Sample 3See All (5)
AutoNDA by SimpleDocs
Market disruption If. (a) LIBOR cannot be determined as contemplated in paragraph (a) of the definition in clause 1.1 (Definitions) and the Lenders determine that at or about 11.00 am (London time) on the Quotation Date for an Interest Period none or only one of the Reference Banks was offering to prime banks in the London Interbank Market sterling deposits in the amount and for the period required for the purposes of clause 3.3 (Calculation of Interest); or (b) before the close of business in London on the first day of an Interest Period the Lenders determine that the arithmetic mean referred to in the definition of LIBOR in clause 1.1 (Definitions) does not accurately reflect the cost to it of obtaining such deposits, then, notwithstanding the provisions of clause 3 (Interest) (and until any substitute basis for determining rates of interest has been agreed in accordance with the terms of clause 4.2 (Substitute basis) in respect of the event which caused this clause 4 to apply in respect of a particular Interest Period or, as the case may be, the Advance): (i) (if clause 4.1(a) applies) the duration of the relevant Interest Period shall be one month or such lesser duration as shall cause it to end on the next Repayment Date; and (ii) (if clause 4.1(a) or (b) applies) during such Interest Period the rate of interest applicable to the Advance shall be the rate per annum which is the sum of the Applicable Margin, the Additional Costs Rate in respect thereof at such time and the percentage rate per annum of the cost to the Lenders of funding the Advance from the London Interbank Market (or, if more practicable, from whatever other sources and in whatever manner it may reasonably select) during such Interest Period.
Sample 1Sample 2
Market disruption If. (a) LIBOR is to be determined by reference to the Reference Banks but no, or only one, Reference Bank supplies a rate by 11.30 a.m. on the Drawdown Date or the Agent otherwise determines that, by reason of circumstances affecting the London Interbank Market generally and not specific to the Bank or Banks concerned, adequate and fair means do not exist for ascertaining LIBOR; or (b) the Agent receives notification from Banks whose participations in a Loan exceed 50 per cent. of that Loan that, by reason of circumstances affecting the London Interbank Market generally and not specific to the Bank or Banks concerned:- (i) matching deposits will not be available to them in the London interbank market in the ordinary course of business to fund their participations in that Loan for the relevant Interest Period; or (ii) the cost to them of matching deposits in the London interbank market would be in excess of LIBOR for the relevant Interest Period, the Agent shall promptly notify each Borrower and the relevant Banks of the fact and that this Clause 12 is in operation.
Sample 1
Market disruption If. 9.1.1 in relation to any Advance LIBOR is to be determined by reference to Reference Banks and at or about 11.00 a.m. on the Quotation Date for the relevant Term or Interest Period none or only one of the Reference Banks supplies a rate for the purpose of determining LIBOR for the relevant Term or Interest Period; or 9.1.2 in relation to a Revolving Advance, before the close of business in London on the Quotation Date for such Advance the Agent has been notified by a Revolving Bank or Revolving Banks to whom in aggregate fifty per cent. or more of such Revolving Advance would be owed if made, that the LIBOR rate does not accurately reflect the cost of funding its participation in such Revolving Advance; or 9.1.3 in relation to a Term Advance, before the close of business in London on the Quotation Date for such Advance the Agent has been notified by a Term Bank or Terms Banks to whom in aggregate fifty per cent. or more of such Term Advance is owed, or would be owed if made, that the LIBOR rate does not accurately reflect the cost of funding its participation in such Term Advance, then the Agent shall notify the Relevant Obligor, the relevant Borrower and the Revolving Banks or, as the case may be, the Term Banks of such event and, notwithstanding anything to the contrary in this Agreement, Clause 9.2 (Substitute Interest Rate and Substitute Term or Interest Period) shall apply to such Advance (if it is a Rollover Advance or a Term Advance that is already outstanding). If any of sub-clauses 9.1.1, 9.1.2 or 9.1.3 of this Clause 9.1 applies to a proposed Advance (other than a Rollover Advance), such Advance shall not be made or permitted.
Sample 1
Market disruption If. (a) the Agent determines that at or about 11.00 a.m. (London time) on the Quotation Date for an Interest Period in respect of an Advance none or only one of the Reference Banks was offering to prime banks in the London Interbank Market deposits in Guilders for the proposed duration of such Interest Period; or (b) before the close of business in London on the Quotation Date for an Interest Period in respect of an 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 (or, in the case of an undrawn Advance, if such Advance were then made, would be) owed that the rate at which such deposits were being so offered does not accurately reflect the cost to it of obtaining such deposits, then, notwithstanding the provisions of Clause 4 (Interest Periods) and Clause 5 (Payment and Calculation of Interest): (i) if paragraph (a) above applies, the duration of that Interest Period shall be one month or, if less, such that it shall end on the Repayment Date; and (ii) if either paragraph (a) or (b) above applies, the rate of interest applicable to such Advance from time to time during such Interest Period shall be the rate per annum which is the sum of the Margin and the rate per annum determined by the Agent to be the arithmetic mean (rounded upwards, if not already such a multiple, to the nearest whole multiple of one-sixteenth of one per cent.) of the rates notified by each Bank to the Agent before the last day of such Interest Period to be those which express as a percentage rate per annum the cost to each Bank of funding from whatever sources it may select its portion of such Advance during such Interest Period.
Sample 1
Market disruption If. (a) a Market Disruption Rate is specified in the Reference Rate Terms; and (b) before the Reporting Time the Agent receives notifications from a Lender or Lenders (whose participations in any Ship Tranche (or any relevant part of it) exceed 50 per cent. of that Ship Tranche (or any relevant part of it)) that its cost of funds relating to its participation in that Ship Tranche (or any relevant part of it) would be in excess of that Market Disruption Rate, then clause 10.3 (Cost of funds) shall apply to that Ship Tranche (or any relevant part of it) for the relevant Interest Period.
Sample 1
Market disruption If in relation to any Advance: 9.1.1 EURIBOR 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 or Term none of the Reference Banks supplies a rate for the purpose of determining EURIBOR for the relevant Interest Period or Term; or 9.1.2 before the close of business in Paris on the Quotation Date for the relevant Interest Period or Term the Facility Agent has been notified by a Bank or each of a group of Banks to whom in aggregate more than fifty per cent. or more of such Advance is owed (or, in the case of an undrawn Advance, if made, would be owed) that the EURIBOR rate does not accurately reflect the cost of funding its participation in such Advance, then, the Facility Agent shall notify the Obligors' Agent, the relevant Borrower and the Participants of such event and, notwithstanding anything to the contrary in this Agreement, Clause 9.2 (Substitute Interest Period and Interest Rate) shall apply to such Advance.
Sample 1
AutoNDA by SimpleDocs
Market disruption If. (a) LIBOR is to be determined by reference to the Reference Banks but no, or only one, Reference Bank supplies a rate by 11.30 a.m. on the Drawdown Date or the Facility Agent otherwise determines that, by reason of circumstances affecting the London Interbank Market generally and not specific to the Revolving Credit Bank or Revolving Credit Banks concerned, adequate and fair means do not exist for ascertaining LIBOR; or (b) the Facility Agent receives notification from Revolving Credit Banks whose participations in a Revolving Loan exceed 50 per cent. of that Loan that, by reason of circumstances affecting the London Interbank Market generally and not specific to the Revolving Credit Bank or Revolving Credit Banks concerned:- (i) matching deposits will not be available to them in the London interbank market in the ordinary course of business to fund their participations in that Loan for the relevant Interest Period; or (ii) the cost to them of matching deposits in the London interbank market would be in excess of LIBOR for the relevant Interest Period, the Facility Agent shall promptly notify the Borrower and the Revolving Credit Banks of the fact and that this Clause 13 is in operation.
Sample 1
Market disruption If. (a) a Market Disruption Rate is specified in the Reference Rate Terms for that Loan; and
Sample 1

Related to Market disruption If

  • Market Disruption (a) If a Market Disruption Event occurs in relation to a Loan for any Interest Period, then the rate of interest on each Lender’s share of that Loan for the Interest Period shall be the percentage rate per annum which is the sum of: (i) the Margin; (ii) the rate notified to the Agent by that Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period, to be that which expresses as a percentage rate per annum the cost to that Lender of funding its participation in that Loan from whatever source it may reasonably select; and (iii) the Mandatory Cost, if any, applicable to that Lender’s participation in the Loan. (b) In this Agreement “Market Disruption Event” means:

  • Market Disruption Event Section 6.3(a) of the Equity Definitions is hereby replaced in its entirety by the following:

  • Notification of market disruption The Agent shall promptly notify the Borrowers and each of the Lenders stating the circumstances falling within Clause 5.7 which have caused its notice to be given.

  • H5 Disruption The Contractor shall take reasonable care to ensure that in the performance of its obligations under the Contract it does not disrupt the operations of the Authority, its employees or any other contractor employed by the Authority.

  • Inability to Determine Eurodollar Rate In the event, prior to the commencement of any Interest Period relating to any Eurodollar Rate Loan, the Administrative Agent shall determine or be notified by the Required Lenders that adequate and reasonable methods do not exist for ascertaining the Eurodollar Rate that would otherwise determine the rate of interest to be applicable to any Eurodollar Rate Loan during any Interest Period, the Administrative Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrower and the Lenders) to the Borrower and the Lenders. In such event (a) any Loan Request or Conversion Request with respect to Eurodollar Rate Loans shall be automatically withdrawn and shall be deemed a request for Base Rate Loans, (b) each Eurodollar Rate Loan will automatically, on the last day of the then current Interest Period relating thereto, become a Base Rate Loan, and (c) the obligations of the Lenders to make Eurodollar Rate Loans shall be suspended until the Administrative Agent or the Required Lenders determine that the circumstances giving rise to such suspension no longer exist, whereupon the Administrative Agent or, as the case may be, the Administrative Agent upon the instruction of the Required Lenders, shall so notify the Borrower and the Lenders.

  • Inability to Determine LIBOR Rate In the event, prior to the commencement of any Interest Period relating to any Libor Rate Loan, the Agent shall determine that adequate and reasonable methods do not exist for ascertaining the Libor Rate that would otherwise determine the rate of interest to be applicable to any Libor Rate Loan during any Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrower) to the Borrower and the Lenders. In such event (a) any Loan Request with respect to Libor Rate Loans shall be automatically withdrawn and shall be deemed a request for Base Rate Loans, (b) each Libor Rate Loan will automatically, on the last day of the then current Interest Period applicable thereto, become a Base Rate Loan, and (c) the obligations of the Lenders to make Libor Rate Loans shall be suspended, in each case unless and until the Agent determines that the circumstances giving rise to such suspension no longer exist, whereupon the Agent shall so notify the Borrower and the Lenders.

  • Inability to Determine Rates If the Required Lenders determine that for any reason in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof that (a) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Loan, (b) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan, or (c) the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein.

  • Inability to Determine Applicable Interest Rate In the event that Administrative Agent shall have determined (which determination shall be final and conclusive and binding upon all parties hereto), on any Interest Rate Determination Date with respect to any Eurodollar Rate Loans, that by reason of circumstances affecting the London interbank market adequate and fair means do not exist for ascertaining the interest rate applicable to such Loans on the basis provided for in the definition of Adjusted Eurodollar Rate, Administrative Agent shall on such date give notice (by telefacsimile or by telephone confirmed in writing) to Borrower and each Lender of such determination, whereupon (i) no Loans may be made as, or converted to, Eurodollar Rate Loans until such time as Administrative Agent notifies Borrower and Lenders that the circumstances giving rise to such notice no longer exist, and (ii) any Funding Notice or Conversion/Continuation Notice given by Borrower with respect to the Loans in respect of which such determination was made shall be deemed to be rescinded by Borrower.

  • Inability to Determine Rate If in connection with any request for a Term SOFR Loan or a conversion to or continuation thereof, as applicable, (a) Agent determines (which determination shall be conclusive absent manifest error) that (i) no Successor Rate has been determined in accordance with Section 3.5.2, and the circumstances under Section 3.5.2(a) or the Scheduled Unavailability Date has occurred (as applicable), or (ii) adequate and reasonable means do not otherwise exist for determining Term SOFR for any requested Interest Period with respect to a proposed Term SOFR Loan or in connection with an existing or proposed Prime Rate Loan, or (b) Agent or Required Lenders determine that for any reason Term SOFR for any requested Interest Period with respect to a proposed Term SOFR Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, Agent will promptly so notify Borrowers and Lenders. Thereafter, (x) the obligation of Lenders to make, maintain, or convert Prime Rate Loans to, Term SOFR Loans shall be suspended (to the extent of the affected Term SOFR Loans or Interest Periods), and (y) in the event of a determination described in the preceding sentence with respect to the Term SOFR component of Prime Rate, the utilization of such component in determining Prime Rate shall be suspended, in each case until Agent (or, in the case of a determination by Required Lenders described above, until Agent upon instruction of Required Lenders) revokes such notice. Upon receipt of such notice, (I) Borrowers may revoke any pending request for a Borrowing, conversion or continuation of Term SOFR Loans (to the extent of the affected Term SOFR Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for Prime Rate Loans, and (II) any outstanding Term SOFR Loans shall convert to Prime Rate Loans at the end of their respective Interest Periods.

  • Inability to Determine Interest Rates If prior to the commencement of any Interest Period for any Eurodollar Borrowing, (i) the Administrative Agent shall have determined (which determination shall be conclusive and binding upon the Borrower) that, by reason of circumstances affecting the relevant interbank market, adequate means do not exist for ascertaining LIBOR for such Interest Period, or (ii) the Administrative Agent shall have received notice from the Required Lenders that the Adjusted LIBO Rate does not adequately and fairly reflect the cost to such Lenders (or Lender, as the case may be) of making, funding or maintaining their (or its, as the case may be) Eurodollar Loans for such Interest Period, the Administrative Agent shall give written notice (or telephonic notice, promptly confirmed in writing) to the Borrower and to the Lenders as soon as practicable thereafter. In the case of Eurodollar Loans, until the Administrative Agent shall notify the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) the obligations of the Lenders to make Eurodollar Revolving Loans or to continue or convert outstanding Loans as or into Eurodollar Loans shall be suspended and (ii) all such affected Loans shall be converted into Base Rate Loans on the last day of the then current Interest Period applicable thereto unless the Borrower prepays such Loans in accordance with this Agreement. Unless the Borrower notifies the Administrative Agent at least one Business Day before the date of any Eurodollar Revolving Borrowing for which a Notice of Revolving Borrowing has previously been given that it elects not to borrow on such date, then such Revolving Borrowing shall be made as a Base Rate Borrowing.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!