Market disruption; non-availability. 3.6.1 If and whenever, at any time prior to the commencement of any Interest Period, the Bank shall have determined (which determination shall, in the absence of manifest error, be conclusive): (a) that adequate and fair means do not exist for ascertaining LIBOR during such Interest Period; or (b) that deposits in Dollars are not available to the Bank in the London Interbank Market in the ordinary course of business in sufficient amounts to fund the Loan for such Interest Period, the Bank shall forthwith give notice (a “Determination Notice”) thereof to the Borrowers. A Determination Notice shall contain particulars of the relevant circumstances giving rise to its issue. After the giving of any Determination Notice the undrawn amount of the Commitment shall not be borrowed until notice to the contrary is given to the Borrowers by the Bank. 3.6.2 During the period of ten (10) days after any Determination Notice has been given by the Bank under clause 3.6.1, the Bank shall certify an alternative basis (the “Substitute Basis”) for maintaining the Loan. The Substitute Basis may (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but shall include a margin above the cost of funds, including Additional Cost, if any, to the Bank equivalent to the Margin. Each Substitute Basis so certified shall be binding upon the Borrowers and shall take effect in accordance with its terms from the date specified in the Determination Notice until such time as the Bank notifies the Borrowers that none of the circumstances specified in clause 3.6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall apply.
Appears in 3 contracts
Samples: Loan Agreement (Aegean Marine Petroleum Network Inc.), Loan Agreement (Aegean Marine Petroleum Network Inc.), Loan Agreement (Aegean Marine Petroleum Network Inc.)
Market disruption; non-availability. 3.6.1 If and whenever, at any time prior to the commencement of any Interest Period, the Bank shall have determined (which determination shall, in the absence of manifest error, be conclusive):
(a) that adequate and fair means do not exist for ascertaining LIBOR or, as the case may be, EURIBOR during such Interest Period; or
(b) that deposits in Dollars are not available to the Bank in the London Interbank Market in the ordinary course of business in sufficient amounts to fund the Loan for such Interest Period, ; the Bank shall forthwith give notice (a “Determination Notice”) thereof to the BorrowersBorrower. A Determination Notice shall contain particulars of the relevant circumstances giving rise to its issue. After the giving of any Determination Notice the undrawn amount of the Commitment shall not be borrowed until notice to the contrary is given to the Borrowers Borrower by the Bank.
3.6.2 During the period of ten (10) days after any Determination Notice has been given by the Bank under clause 3.6.1, the Bank shall certify an alternative basis (the “Substitute Basis”) for maintaining the Loan. The Substitute Basis may (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but shall include a margin above the cost of funds, funds (including Additional Cost), if any, to the Bank equivalent to the Margin. Each Substitute Basis so certified shall be binding upon the Borrowers Borrower and shall take effect in accordance with its terms from the date specified in the Determination Notice until such time as the Bank notifies the Borrowers Borrower that none of the circumstances specified in clause 3.6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall apply.
Appears in 2 contracts
Samples: Loan Agreement (Safe Bulkers, Inc.), Loan Agreement (Safe Bulkers, Inc.)
Market disruption; non-availability. 3.6.1 If and whenever, at any time prior to the commencement of any Interest Period, :
(a) the Bank Agent shall have determined (which determination shall, in the absence of manifest error, be conclusive):
(a) that adequate and fair means do not exist for ascertaining LIBOR during such Interest Period; or
(b) the Agent shall have received notification from Banks with Contributions aggregating not less than one-third (1/3rd) of the Loan (or, prior to the Drawdown Date of the first Advance to be drawn down, from Banks with Commitments aggregating not less than one-third (1/3rd) of the Total Commitment), that deposits in Dollars are not available to the Bank such Banks in the London Interbank Market in the ordinary course of business in sufficient amounts to fund the Loan or part thereof or their Contributions for such Interest Period; or
(c) that the cost to a Bank of obtaining deposits in Dollars in the London Interbank Market in the ordinary course of business to fund its Commitment or Contribution for such Interest Period exceeds LIBOR, the Bank Agent shall forthwith give notice (a “Determination Notice”) thereof to the BorrowersBorrowers and to each of the Banks. A Determination Notice shall contain particulars of the relevant circumstances giving rise to its issue. After the giving of any Determination Notice the undrawn amount of the Total Commitment shall not be borrowed until notice to the contrary is given to the Borrowers by the BankAgent.
3.6.2 During the period of ten (10) days after any Determination Notice has been given by the Bank Agent under clause 3.6.1, the each Bank shall certify an alternative basis (the “Substitute Alternative Basis”) for maintaining the Loanits Contribution. The Substitute Alternative Basis may at the relevant Bank’s sole and unfettered discretion include (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but shall include a margin above the cost of funds, including Additional Cost, if any, funds to the such Bank equivalent to the Margin. Each The Agent shall calculate the arithmetic mean of each Alternative Basis provided by the relevant Banks (the “Substitute Basis”) and certify the same to the Borrowers and the Banks. The Substitute Basis so certified shall be binding upon the Borrowers Borrowers, and shall take effect in accordance with its terms from the date specified in the Determination Notice until such time as the Bank Agent notifies the Borrowers that none of the circumstances specified in clause 3.6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall apply.
Appears in 2 contracts
Samples: Loan Agreement (Quintana Shipping Ltd.), Loan Agreement (Quintana Shipping Ltd.)
Market disruption; non-availability. 3.6.1 If and whenever, at any time prior to the commencement of any Interest Period, the Bank shall have determined (which determination shall, in the absence of manifest error, be conclusive):
(a) that adequate and fair means do not exist for ascertaining LIBOR or, as the case may be, EURIBOR during such Interest Period; or
(b) that deposits in Dollars are not available to the Bank in the London Interbank Market in the ordinary course of business in sufficient amounts to fund the Loan for such Interest Period, ; the Bank shall forthwith give notice (a “Determination Notice”) thereof to the BorrowersBorrower. A Determination Notice shall contain particulars of the relevant circumstances giving rise to its issue. After the giving of any Determination Notice the undrawn amount of the Commitment shall not be borrowed until notice to the contrary is given to the Borrowers Borrower by the Bank.
3.6.2 During the period of ten (10) days after any Determination Notice has been given by the Bank under clause 3.6.1, the Bank shall certify an alternative basis (the “Substitute Basis”) for maintaining the Loan. The Substitute Basis may (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but shall include a margin above the cost of funds, funds including Additional Cost, if any, to the Bank equivalent to the Margin. Each Substitute Basis so certified shall be binding upon the Borrowers Borrower and shall take effect in accordance with its terms from the date specified in the Determination Notice until such time as the Bank notifies the Borrowers Borrower that none of the circumstances specified in clause 3.6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall apply.
Appears in 2 contracts
Samples: Loan Agreement (Safe Bulkers, Inc.), Loan Agreement (Safe Bulkers, Inc.)
Market disruption; non-availability. 3.6.1 If and whenever, at any time prior to the commencement of any Interest Period, the Bank shall have determined (which determination shall, in the absence of manifest error, be conclusive):
(a) that adequate and fair means do not exist for ascertaining LIBOR during such Interest Period; or
(b) that deposits in Dollars are not available to the Bank in the London Interbank Market in the ordinary course of business in sufficient amounts to fund the Loan for such Interest Period, ; the Bank shall forthwith give notice (a “Determination Notice”) thereof to the BorrowersBorrower. A Determination Notice shall contain particulars of the relevant circumstances giving rise to its issue. After the giving of any Determination Notice the undrawn amount of the Commitment shall not be borrowed until notice to the contrary is given to the Borrowers Borrower by the Bank.
3.6.2 During the period of ten (10) days after any Determination Notice has been given by the Bank under clause 3.6.1, the Bank shall certify an alternative basis (the “Substitute Basis”) for maintaining the Loan. The Substitute Basis may (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but shall include a margin above the cost of funds, funds including Additional Cost, Cost (if any, ) to the Bank equivalent to the relevant Margin. Each Substitute Basis so certified shall be binding upon the Borrowers Borrower and shall take effect in accordance with its terms from the date specified in the Determination Notice until such time as the Bank notifies the Borrowers Borrower that none of the circumstances specified in clause 3.6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall apply.
Appears in 1 contract
Market disruption; non-availability. 3.6.1 If and wheneverWhenever, at any time prior to the commencement of any Interest Period, the Bank shall have determined (which determination shall, in the absence of manifest error, be conclusive):determines:
(a) that adequate and fair means do not exist for ascertaining determining LIBOR during such Interest Period; or
(b) that deposits in Dollars USD are not available to the Bank in the London Interbank Market in the its ordinary course of business in sufficient amounts to fund the Loan for such Interest Period, ; the Bank shall forthwith promptly give notice (a “Determination Notice”) thereof to the Borrowers. A Determination Notice shall contain particulars of the relevant circumstances giving rise to its issue. After the giving of any Determination Notice the Notice, regardless of any other provision of this Agreement, any undrawn amount of the Commitment shall may not be borrowed until notice to the contrary is given to the Borrowers by the Bank.;
3.6.2 During the period of within ten (10) days after of any Determination Notice has been being given by the Bank under clause 3.6.1, the Bank shall must certify an alternative basis (the “Substitute Basis”) for maintaining its Commitment or the LoanLoan (as the case may be). The Substitute Basis may at the Bank’s sole discretion include (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but shall include a margin above the cost of funds, including Additional Cost, if any, funds to the Bank equivalent to the MarginBank. Each The Substitute Basis so certified shall be binding upon the Borrowers Borrowers, and shall take effect in accordance with its terms from the date specified in the Determination Notice until such time as the Bank notifies the Borrowers that none of the circumstances specified in clause 3.6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall applyagain apply and, subject to the other provisions of this Agreement, the Commitment may again be borrowed, Provided that the Banks shall try to ensure that any loss suffered by the Borrower as a result of the circumstances referred to above are kept to a minimum. If the Borrowers do not agree with any Substitute Basis certified by the Bank and if there is no agreement between the parties, then the Borrowers may prepay the Loan or the relevant part thereof, and the terms of clause 4.5 and 4.6 shall apply to any such prepayment.
Appears in 1 contract
Samples: Facility Agreement (Navios Maritime Acquisition CORP)
Market disruption; non-availability. 3.6.1 If and whenever, at any time prior to the commencement of any Interest Period, :
(a) the Bank shall have determined (which determination shall, in the absence of manifest error, be conclusive):
(a) that adequate and fair means do not exist for ascertaining LIBOR during such Interest PeriodPeriod or that LIBOR does not accurately reflect the cost to the Bank of obtaining such deposits; or
(b) that deposits in Dollars are not available to the Bank in the London Interbank Market in the ordinary course of business in sufficient amounts to fund the Loan for such Interest Period, ; the Bank shall forthwith give notice (a “Determination Notice”) thereof to the BorrowersBorrower. A Determination Notice shall contain particulars of the relevant circumstances giving rise to its issue. After the giving of any Determination Notice the undrawn and uncancelled amount of the Commitment shall not be borrowed until notice to the contrary is given to the Borrowers Borrower by the Bank.
3.6.2 During the period of ten (10) days after any Determination Notice has been given by the Bank under clause 3.6.1, the Bank shall certify an alternative basis (the “Substitute Alternative Basis”) for funding the Commitment or maintaining the Loan. The Substitute Alternative Basis may may, at the Bank’s sole unfettered discretion include (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but shall include a margin above the cost of funds, including Additional Cost, if any, funds to the Bank equivalent to the Margin. Each Substitute The Alternative Basis so certified shall be binding upon the Borrowers Borrower and shall take effect in accordance with its terms from the date specified in the Determination Notice until such time as the Bank notifies the Borrowers Borrower that none of the circumstances specified in clause 3.6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall apply.
4 Repayment, reduction and cancellation
Appears in 1 contract
Samples: Facility Agreement (FreeSeas Inc.)
Market disruption; non-availability. 3.6.1 If and whenever, whenever at any time prior to the commencement of any Interest Period, the Bank shall have determined in its absolute discretion (which determination shall, in the absence of manifest error, be conclusive):
(a) that adequate and fair means do not exist for ascertaining LIBOR during such Interest PeriodLIBOR; or
(b) that by reason of circumstances affecting the London Interbank Market generally it is impracticable for the Bank to continue to fund the Overdraft; or
(c) that deposits in Dollars are not available to the Bank in the London Interbank Market in the ordinary course of business in sufficient amounts to fund the Loan for Overdraft or that LIBOR does not accurately reflect the cost to the Bank of obtaining such Interest Perioddeposits, the Bank shall forthwith give notice (a “"Determination Notice”") thereof to the BorrowersBorrower. A Determination Notice shall contain particulars of the relevant circumstances giving rise to its issue. After the giving of any Determination Notice Notice, the undrawn amount Bank shall be entitled to decline the drawing of the Commitment shall not be borrowed Available Amount until notice to the contrary is given to the Borrowers Borrower by the Bank.
3.6.2 During the period of ten (10) days after any Determination Notice has been given by the Bank under clause 3.6.1, the Bank shall certify an alternative basis (the “Substitute "Alternative Basis”") for funding the Facility Amount or maintaining the LoanOverdraft. The Substitute Alternative Basis may may, at the Bank's sole unfettered discretion include (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but shall include a margin above the cost of funds, including Additional Cost, if any, funds to the Bank equivalent to the Margin. Each Substitute The Alternative Basis so certified shall be binding upon the Borrowers Borrower and shall take effect in accordance with its terms from the date specified in the Determination Notice until such time as the Bank notifies the Borrowers Borrower that none of the circumstances specified in clause 3.6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall apply.
Appears in 1 contract
Samples: Facility Agreement (Aegean Marine Petroleum Network Inc.)
Market disruption; non-availability. 3.6.1 If and whenever, whenever at any time prior to the commencement of any Interest Period, the Bank shall have determined in its absolute discretion (which determination shall, in the absence of manifest error, be conclusive):
(a) that adequate and fair means do not exist for ascertaining LIBOR during such Interest PeriodLIBOR; or
(b) that by reason of circumstances affecting the London Interbank Market generally it is impracticable for the Bank to continue to fund the Overdraft; or
(c) that deposits in Dollars are not available to the Bank in the London Interbank Market in the ordinary course of business in sufficient amounts to fund the Loan for Overdraft or that LIBOR does not accurately reflect the cost to the Bank of obtaining such Interest Perioddeposits, the Bank shall forthwith give notice (a “"Determination Notice”") thereof to the Borrowers. A Determination Notice shall contain particulars of the relevant circumstances giving rise to its issue. After the giving of any Determination Notice Notice, the undrawn amount Bank shall be entitled to decline the drawing of the Commitment shall not be borrowed Available Amount until notice to the contrary is given to the Borrowers by the Bank.
3.6.2 During the period of ten (10) days after any Determination Notice has been given by the Bank under clause 3.6.1, the Bank shall certify an alternative basis (the “Substitute "Alternative Basis”") for funding the Facility Amount or maintaining the LoanOverdraft. The Substitute Alternative Basis may may, at the Bank's sole unfettered discretion include (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but shall include a margin above the cost of funds, including Additional Cost, if any, funds to the Bank equivalent to the Margin. Each Substitute The Alternative Basis so certified shall be binding upon the Borrowers and shall take effect in accordance with its terms from the date specified in the Determination Notice until such time as the Bank notifies the Borrowers that none of the circumstances specified in clause 3.6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall apply.
Appears in 1 contract
Samples: Second Supplemental Agreement (Aegean Marine Petroleum Network Inc.)
Market disruption; non-availability. 3.6.1 If and whenever, at any time prior to the commencement of any Interest Period, the Bank Agent shall have determined (which determination shall, in the absence of manifest error, be conclusive):
(a) that adequate and fair means do not exist for ascertaining LIBOR during such Interest Period; or
(b) the Agent shall have received notification from any of the Banks that deposits in Dollars are not available to the Bank in the London Interbank Market such Bank(s) in the ordinary course of business in sufficient amounts to fund the Loan their Contributions for such Interest PeriodPeriod or, where applicable, that the quotation for LIBOR (together with (where applicable) the normal spread being paid by any such Bank in respect of Dollar borrowings) does not accurately reflect the cost to such Bank(s) of obtaining such deposit; the Agent shall forthwith give notice (a “"Determination Notice”") thereof to the BorrowersBorrower and to each of the Banks. A Determination Notice shall contain particulars of the relevant circumstances giving rise to its issue. After the giving of any Determination Notice the undrawn amount of any of the Commitment Commitments of all the Banks shall not be borrowed until notice to the contrary is given to the Borrowers Borrower by the BankAgent.
3.6.2 During the period of ten (10) days after any Determination Notice has been given by the Bank Agent under clause 3.6.1, the each Bank shall certify an alternative basis (the “"Substitute Basis”") for maintaining the Loanits Contribution. The Substitute Basis may (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but shall include a margin above the cost of funds, including Additional Cost, if any, funds to the such Bank equivalent to the Margin. Each Substitute Basis so certified shall be binding upon the Borrowers Borrower and shall take effect in accordance with its terms from the date specified in the Determination Notice until such time as the each Bank notifies the Borrowers Borrower that none of the circumstances specified in clause 3.6.1 3.
6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall apply.
Appears in 1 contract
Market disruption; non-availability. 3.6.1 If and whenever, at any time prior to the commencement of any Interest Period, :
(a) the Bank Agent shall have determined (which determination shall, in the absence of manifest error, be conclusive):
(a) that adequate and fair means do not exist for ascertaining LIBOR during such Interest Period; or
(b) the Reference Bank does not supply the Agent with a quotation for the purposes of calculating LIBOR (where such a quotation is required having regard to paragraph (b) of the definition of “LIBOR” in clause 1.2); or
(c) the Agent shall have received notification from Banks whose aggregate Contributions are not less than one-third ( 1/3rd) of the Loan (or, prior to the first Drawdown Date, whose aggregate Commitments are not less than one-third ( 1/3rd) of the Total Commitment), that deposits in Dollars are not available to the Bank such Banks in the London Interbank Market in the ordinary course of business in sufficient amounts to fund the Loan their Commitments or their Contributions for such Interest Period, or that LIBOR does not accurately reflect the Bank cost to such Banks of obtaining such deposits, the Agent shall forthwith give notice (a “Determination Notice”) thereof to the BorrowersBorrowers and to each of the Banks and the Swap Provider. A Determination Notice shall contain particulars of the relevant circumstances giving rise to its issue. After the giving of any Determination Notice the undrawn amount of the Total Commitment shall not be borrowed until notice to the contrary is given to the Borrowers by the BankAgent.
3.6.2 During the period of ten (10) days after any Determination Notice has been given by the Bank Agent under clause 3.6.1, the each Bank shall certify an alternative basis (the “Substitute Alternative Basis”) for funding its Commitment and/or for maintaining the Loanits Contribution. The Substitute Alternative Basis may at the relevant Bank’s sole and unfettered discretion (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but shall include a margin above the cost of funds, funds to such Bank (including Additional Mandatory Cost, if any, to the Bank ) equivalent to the Margin. Each The Agent shall calculate the arithmetic mean of the Alternative Bases provided by the relevant Banks (the “Substitute Basis”) and certify the same to the Borrowers, the Banks and the Swap Provider. The Substitute Basis so certified shall be binding upon the Borrowers and shall take effect in accordance with its terms from the date specified in the Determination Notice until such time as the Bank Agent notifies the Borrowers that none of the circumstances specified in clause 3.6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall apply.
Appears in 1 contract
Samples: Loan Agreement (DryShips Inc.)
Market disruption; non-availability. 3.6.1 If and whenever, at any time prior to the commencement of any Interest Period, the Bank shall have determined (which determination shall, in the absence of manifest error, be conclusive):
(a) that adequate and fair means do not exist for ascertaining LIBOR during such Interest Period; or
(b) that deposits in Dollars are not available to the Bank in the London Interbank Market in the ordinary course of business in sufficient amounts to fund the Loan for such Interest Period, the Bank shall forthwith give notice (a “Determination Notice”) thereof to the Borrowers. A Determination Notice shall contain particulars of the relevant circumstances giving rise to its issue. After the giving of any Determination Notice the undrawn amount of the Commitment shall not be borrowed until notice to the contrary is given to the Borrowers by the Bank.
3.6.2 During the period of ten (10) days after any Determination Notice has been given by the Bank under clause 3.6.1, the Bank shall certify an alternative basis (the “Substitute Basis”) for maintaining the Loan. The Substitute Basis may (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but shall include a margin above the cost of funds, including Additional Cost, if any, funds to the Bank equivalent to the Margin. Each Substitute Basis so certified shall be binding upon the Borrowers and shall take effect in accordance with its terms from the date specified in the Determination Notice until such time as the Bank notifies the Borrowers that none of the circumstances specified in clause 3.6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall apply.
Appears in 1 contract
Samples: Loan Agreement (Aegean Marine Petroleum Network Inc.)
Market disruption; non-availability. 3.6.1 If and whenever, at any time prior to the commencement of any Interest Period, the Bank shall have determined (which determination shall, in the absence of manifest error, be conclusive):
(a) that adequate and fair means do not exist for ascertaining LIBOR during such Interest Period; or
(b) that deposits in Dollars are not available to the Bank in the London Interbank Market in the ordinary course of business in sufficient amounts to fund the Loan for such Interest PeriodPeriod or that LIBOR does not accurately reflect the cost to the Bank of obtaining such deposits, the Bank shall forthwith give notice (a “Determination Notice”) thereof to the Borrowers. A Determination Notice shall contain particulars of the relevant circumstances giving rise to its issue. After the giving of any Determination Notice the undrawn amount of the Commitment shall not be borrowed until notice to the contrary is given to the Borrowers by the Bank.
3.6.2 During the period of ten (10) days after any Determination Notice has been given by the Bank under clause 3.6.1, the Bank shall certify an alternative basis (the “Substitute Basis”) for maintaining the Loan. The Substitute Basis may (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but shall include a margin above the cost of funds, including Additional Cost, if any, to the Bank equivalent to the Margin. Each Substitute Basis so certified shall be binding upon the Borrowers and shall take effect in accordance with its terms from the date specified in the Determination Notice until such time as the Bank notifies the Borrowers that none of the circumstances specified in clause 3.6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall apply.
Appears in 1 contract
Samples: Loan Agreement (Aegean Marine Petroleum Network Inc.)
Market disruption; non-availability. 3.6.1 If and whenever, at any time prior to the commencement of any Interest Period, Period the Bank Agent shall have determined (which determination shall, in the absence of manifest error, be conclusive):
(a) that adequate and fair means do not exist for ascertaining LIBOR during such Interest Period; or
(b) the Agent shall have received notification from any of the Banks, that deposits in Dollars are not available to the Bank such Banks in the London Interbank Market in the ordinary course of business in sufficient amounts to fund the Loan or their Contributions for such Interest Period, the Bank Agent shall forthwith give notice (a “Determination Notice”) thereof to the BorrowersBorrowers and to each of the Banks. A Determination Notice shall contain particulars of the relevant circumstances giving rise to its issue. After the giving of any Determination Notice the undrawn amount of the Commitment shall not be borrowed until notice to the contrary is given to the Borrowers by the BankAgent.
3.6.2 During the period of ten (10) days after any Determination Notice has been given by the Bank Agent under clause 3.6.1, the each Bank shall certify an alternative basis (the “Substitute Basis”) for maintaining the Loanits Contribution. The Substitute Basis may (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but shall include a margin above the cost of funds, including Additional Cost, if any, to the such Bank equivalent to the Margin. Each The Substitute Basis so certified shall be binding upon the Borrowers Borrowers, and shall take effect in accordance with its terms from the date specified in the Determination Notice until such time as the Bank Agent notifies the Borrowers that none of the circumstances specified in clause 3.6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall apply.
Appears in 1 contract
Samples: Loan Agreement (Mc Shipping Inc)
Market disruption; non-availability. 3.6.1 If and wheneverWhenever, at any time prior to the commencement start of any Interest Period, the Bank shall have determined (which determination shall, in the absence of manifest error, be conclusive):Lender determines:
(a) that adequate and fair means do not exist for ascertaining determining LIBOR during such Interest Period; or
(b) that deposits in Dollars USD are not available to the Bank Lender in the London Interbank Market in the its ordinary course of business in sufficient amounts to fund the Loan relevant Tranche for such Interest Period, ; the Bank Lender shall forthwith promptly give notice (a “Determination Notice”) thereof to the BorrowersBorrower. A Determination Notice shall contain particulars give brief details of the relevant circumstances giving rise to its issue. After the giving of any Determination Notice the any undrawn amount of the Commitment shall may not be borrowed until notice to the contrary is given to the Borrowers Borrower by the Bank.Lender;
3.6.2 During the period of within ten (10) days after of any Determination Notice has been being given by the Bank Lender under clause 3.6.1, the Bank shall Lender must certify an alternative basis (the “Substitute Basis”) for maintaining the Loanrelevant Tranche. The Substitute Basis may (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but shall must include a margin above the cost of funds, including Additional Cost, if any, to the Bank equivalent to the Margin. Each Substitute Basis so certified shall be binding upon the Borrowers and shall funds take effect in accordance with its terms from the date specified in the Determination Notice until such time as the Bank Lender notifies the Borrowers Borrower that none of the circumstances specified in clause 3.6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall again apply.
Appears in 1 contract
Samples: Facility Agreement (StealthGas Inc.)
Market disruption; non-availability. 3.6.1 If and whenever, at any time prior to the commencement of any Interest Period, the Bank shall have determined (which determination shall, in the absence of manifest error, be conclusive):
(a) that adequate and fair means do not exist for ascertaining LIBOR during such Interest Period; or
(b) (if Reference Bank quotations are required having regard to the definition of LIBOR in clause 1.2) that none or only one of the Reference Banks supplies the Bank with a quotation for the purpose of calculating LIBOR; or
(c) that deposits in Dollars are not available to the Bank in the London Interbank Market in the ordinary course of business in sufficient amounts to fund the Loan or any part thereof for such Interest Period, the Bank shall forthwith give notice (a “Determination Notice”) thereof to the Borrowers. A Determination Notice shall contain particulars of the relevant circumstances giving rise to its issue. After the giving of any Determination Notice the undrawn amount of the Commitment shall not be borrowed until notice to the contrary is given to the Borrowers by the Bank.
3.6.2 During the period of ten (10) days after any Determination Notice has been given by the Bank under clause 3.6.1, the Bank shall certify an alternative basis (the “Substitute Basis”) for maintaining the Loan. The Substitute Basis may at the Bank’s sole and unfettered discretion (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but shall include a margin above the cost of funds, including Additional Cost, if any, funds to the Bank equivalent to the Margin. Each The Substitute Basis so certified shall be binding upon the Borrowers and shall take effect in accordance with its terms from the date specified in the Determination Notice until such time as the Bank notifies the Borrowers that none of the circumstances specified in clause 3.6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall apply.
Appears in 1 contract
Market disruption; non-availability. 3.6.1 If and whenever, at any time prior to the commencement of any Interest Period, the Bank shall have determined (which determination shall, in the absence of manifest error, be conclusive):
(a) that adequate and fair means do not exist for ascertaining LIBOR during such Interest Period; or
(b) that deposits in Dollars are not available to the Bank in the London Interbank Market in the ordinary course of business in sufficient amounts to fund the Loan for such Interest Period, ; the Bank shall forthwith give notice (a “Determination Notice”) thereof to the Borrowers. A Determination Notice shall contain particulars of the relevant circumstances giving rise to its issue. After the giving of any Determination Notice the undrawn amount of the Commitment shall not be borrowed until notice to the contrary is given to the Borrowers by the Bank.
3.6.2 During the period of ten (10) days after any Determination Notice has been given by the Bank under clause 3.6.1, the Bank shall certify an alternative basis (the “Substitute Basis”) for maintaining the Loan. The Substitute Basis may (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but shall include a margin above the cost of funds, funds including Additional Cost, Cost (if any, ) to the Bank equivalent to the relevant Margin. Each Substitute Basis so certified shall be binding upon the Borrowers and shall take lake effect in accordance with its terms from the date specified in the Determination Notice until such time as the Bank notifies the Borrowers that none of the circumstances specified in clause 3.6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall apply.
Appears in 1 contract
Samples: Loan Agreement (Top Tankers Inc.)
Market disruption; non-availability. 3.6.1 If and whenever, at any time prior to the commencement of any Interest Period, the Bank shall have determined (which determination shall, in the absence of manifest error, be conclusive):
(a) that adequate and fair means do not exist for ascertaining LIBOR during such Interest Period; or
(b) that deposits in Dollars are not available to the Bank in the London Interbank Market in the ordinary course of business in sufficient amounts to fund the Loan for such Interest PeriodPeriod or that LIBOR does not accurately reflect the cost to the Bank of obtaining such deposits, the Bank shall forthwith give notice (a “"Determination Notice”") thereof to the Borrowers. A Determination Notice shall contain particulars of the relevant circumstances giving rise to its issue. After the giving of any Determination Notice the undrawn amount of the Commitment shall not be borrowed until notice to the contrary is given to the Borrowers by the Bank.
3.6.2 During the period of ten (10) days after any Determination Notice has been given by the Bank under clause 3.6.1, the Bank shall certify an alternative basis (the “"Substitute Basis”") for maintaining the Loan. The Substitute Basis may (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but shall include a margin above the cost of funds, including Additional Cost, if any, funds to the Bank equivalent to the Margin. Each Substitute Basis so certified shall be binding upon the Borrowers and shall take effect in accordance with its terms from the date specified in the Determination Notice until such time as the Bank notifies the Borrowers that none of the circumstances specified in clause 3.6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall apply.
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Samples: Supplemental Agreement (Aegean Marine Petroleum Network Inc.)
Market disruption; non-availability. 3.6.1 If and whenever, at any time prior to the commencement of any Interest Period, the Bank Agent shall have determined (which determination shall, in the absence of manifest error, be conclusive):
(a) that adequate and fair means do not exist for ascertaining LIBOR during such Interest Period; or
(b) that deposits in Dollars are not available to the Bank Agent in the London Interbank Market in the ordinary course of business in sufficient amounts to fund the relevant Advance or the Loan for such Interest Period, ; the Bank Agent shall forthwith give notice (a “"Determination Notice”") thereof to the BorrowersBorrower. A Determination Notice shall contain particulars of the relevant circumstances giving rise to its issue. After the giving of any Determination Notice the undrawn amount of the Commitment shall not be borrowed until notice to the contrary is given to the Borrowers Borrower by the BankAgent.
3.6.2 During the period of ten (10) 10 days after any Determination Notice has been given by the Bank Agent under clause 3.6.1, 3.
6.1 each Lender shall after consultation and good faith negotiations with the Bank shall Borrower certify an alternative basis (the “"Substitute Basis”") for maintaining the Loanits Contribution. The Substitute Basis may (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but shall include a margin above the cost of funds, including Additional Cost, if any, funds to the Bank such Lender equivalent to the Margin. Each Substitute Basis so certified shall be binding upon the Borrowers Borrower and shall take effect in accordance with its terms from the date specified in the Determination Notice until such time as the Bank Agent notifies the Borrowers Borrower that none of the circumstances specified in clause 3.6.1 3.
6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall apply.
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Market disruption; non-availability. 3.6.1 If and whenever, at any time prior to the commencement of any Interest Period, the Bank shall have determined (which determination shall, in the absence of manifest error, be conclusive):
(a) that adequate and fair means do not exist for ascertaining LIBOR or (as the case may be) EURIBOR during such Interest Period; or
(b) that deposits in Dollars or any Optional Currency are not available to the Bank in the London Interbank Market or (as the case may be) the European Interbank Market in the ordinary course of business in sufficient amounts to fund the Loan or (as the case may be) the Aggregate Liabilities (or a part thereof) for such Interest Period, the Bank shall forthwith give notice (a “Determination Notice”) thereof to the Borrowers. A Determination Notice shall contain particulars of the relevant circumstances giving rise to its issue. After the giving of any Determination Notice the undrawn amount of the Commitment and the Overdraft Facility shall not be borrowed and no further L/Cs may be issued until notice to the contrary is given to the Borrowers by the Bank.
3.6.2 During the period of ten (10) days after any Determination Notice has been given by the Bank under clause 3.6.1, the Bank shall certify an alternative basis (the “Substitute Basis”) for maintaining the LoanLoan or (as the case may be) the Aggregate Liabilities. The Substitute Basis may (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but shall include a margin above the cost of funds, including Additional Cost, if any, to the Bank equivalent to the Margin. Each Substitute Basis so certified shall be binding upon the Borrowers and shall take effect in accordance with its terms from the date specified in the Determination Notice until such time as the Bank notifies the Borrowers that none of the circumstances specified in clause 3.6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall apply.
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Samples: Facility Agreement (Aegean Marine Petroleum Network Inc.)
Market disruption; non-availability. 3.6.1 If and whenever, at any time prior to the commencement of any Interest Period, the Bank shall have determined (which determination shall, in the absence of manifest error, be conclusive):
(a) that adequate and fair means do not exist for ascertaining LIBOR during such Interest Period; or
(b) that deposits in Dollars are not available to the Bank in the London Interbank Market in the ordinary course of business in sufficient amounts to fund the Loan for such Interest Period, ; the Bank shall forthwith give notice (a “"Determination Notice”") thereof to the BorrowersBorrower. A Determination Notice shall contain particulars of the relevant circumstances giving rise to its issue. After the giving of any Determination Notice the undrawn amount of the Commitment shall not be borrowed until notice to the contrary is given to the Borrowers Borrower by the Bank.
3.6.2 During the period of ten (10) days after any Determination Notice has been given by the Bank under clause 3.6.1, the Bank shall certify an alternative basis (the “"Substitute Basis”") for maintaining the Loan. The Substitute Basis may (without limitation) include alternative interest periods, alternative currencies or alternative rates of interest but shall include a margin above the cost of funds, funds including Additional Cost, Cost (if any, ) to the Bank equivalent to the relevant Margin. Each Substitute Basis so certified shall be binding upon the Borrowers Borrower and shall take effect in accordance with its terms from the date specified in the Determination Notice until such time as the Bank notifies the Borrowers Borrower that none of the circumstances specified in clause 3.6.1 3.
6.1 continues to exist whereupon the normal interest rate fixing provisions of this Agreement shall apply.
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