Market disruption If Sample Clauses

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.

Market disruption If. 8.1.1 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 8.1.2 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 LIBOR does not accurately reflect the cost of funding its participation in such Revolving Advance; or 8.1.3 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 that LIBOR does not accurately reflect the cost of funding its participation in such Term Advance, then the Agent shall notify the Parent, 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 8.2 (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 8.1.1, 8.1.2 or 8.1.3 of this Clause 8.1 applies to a proposed Revolving Advance (other than a Rollover Advance), such Revolving Advance shall not be made or permitted.

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 the Borrower and the relevant Banks of the fact and that this Clause 12 is in operation.

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.

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.

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.

Market disruption If. (a) a Market Disruption Rate is specified in the Reference Rate Terms for that Loan; and

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.