Non-availability. (a) If at any time dollar deposits in the principal amount of any Bank's proportionate interest in, or obligation under, any DSR Loan bearing interest at the LIBOR Rate are not available to such Bank in the London interbank market for the next Interest Period, such Bank shall so notify the Agent, who shall so notify the Borrower, and the obligation of such affected Bank to make or continue or to convert DSR Loans into DSR Loans bearing interest based on the LIBOR Rate shall be immediately suspended and during such suspension be converted into an obligation to do the same with respect to DSR Loans bearing interest at the Adjusted Base Rate; provided, however, that outstanding DSR Loans bearing interest at the LIBOR Rate shall be converted into DSR Loans bearing interest at the Adjusted Base Rate on the last day of the then current Interest Period applicable to such DSR Loans. (b) If at any time the Interest Rate then in effect based on the LIBOR Rate does not adequately and fairly reflect, in the reasonable judgment of any Bank, the cost for such Bank of advancing or maintaining its respective proportionate interest in any DSR Loan bearing interest at the LIBOR Rate during any Interest Period, then such Bank shall notify the Agent, who shall so notify the Borrower, and interest on such Bank's proportionate share of the DSR Loans shall for any subsequent Interest Period accrue at the Adjusted Base Rate. (c) If the Borrower so requests after the suspension of a Bank's obligation to make DSR Loans bearing interest at the LIBOR Rate under this Section 2.19 for at least ten (10) consecutive Business Days based on circumstances not generally applicable to United States or foreign lenders making loans of the types contemplated hereunder, such Bank shall (consistent with legal and regulatory restrictions) comply with Section 2.20 hereof.
Appears in 2 contracts
Samples: Debt Service Reserve Letter of Credit and Reimbursement Agreement (Eme Homer City Generation Lp), Debt Service Reserve Letter of Credit and Reimbursement Agreement (Eme Homer City Generation Lp)
Non-availability. (a) If at any time dollar deposits in the principal amount of any Bank's proportionate interest in, or obligation under, any DSR Loan bearing interest at the LIBOR Rate are not available to such Bank in the London interbank market for the next Interest Period, such Bank shall so notify the Agent, who shall so notify the Borrower, and the obligation of such affected Bank to make or continue or to convert DSR Loans into DSR Loans bearing interest based on the LIBOR Rate shall be immediately suspended and during such suspension be converted into an obligation to do the same with respect to DSR Loans bearing interest at the Adjusted Base Rate; providedPROVIDED, howeverHOWEVER, that outstanding DSR Loans bearing interest at the LIBOR Rate shall be converted into DSR Loans bearing interest at the Adjusted Base Rate on the last day of the then current Interest Period applicable to such DSR Loans.
(b) If at any time the Interest Rate then in effect based on the LIBOR Rate does not adequately and fairly reflect, in the reasonable judgment of any Bank, the cost for such Bank of advancing or maintaining its respective proportionate interest in any DSR Loan bearing interest at the LIBOR Rate during any Interest Period, then such Bank shall notify the Agent, who shall so notify the Borrower, and interest on such Bank's proportionate share of the DSR Loans shall for any subsequent Interest Period accrue at the Adjusted Base Rate.
(c) If the Borrower so requests after the suspension of a Bank's obligation to make DSR Loans bearing interest at the LIBOR Rate under this Section SECTION 2.19 for at least ten (10) consecutive Business Days based on circumstances not generally applicable to United States or foreign lenders making loans of the types contemplated hereunder, such Bank shall (consistent with legal and regulatory restrictions) comply with Section SECTION 2.20 hereof.
Appears in 2 contracts
Samples: Debt Service Reserve Letter of Credit and Reimbursement Agreement (Edison Mission Energy), Debt Service Reserve Letter of Credit and Reimbursement Agreement (Eme Homer City Generation Lp)
Non-availability. (a) If at any time dollar Dollar deposits in the principal amount of any Bank's proportionate interest in, or obligation under, any DSR Loan bearing interest at the LIBOR Rate Loan are not available to such Bank in the London interbank market for the next Interest Period, such Bank shall so notify the Agent, who shall so notify the Borrower, and the obligation of such affected Bank to make or continue continue, or to convert DSR Loans into DSR Loans bearing interest based on the LIBOR Rate Loans shall be immediately suspended and during such suspension be converted into an obligation to do the same with respect to DSR Loans bearing interest at the Adjusted Base RateRate Loans; provided, however, that outstanding DSR Loans bearing interest at the LIBOR Rate Loans shall be converted into DSR Loans bearing interest at the Adjusted Base Rate Loans on the last day of the then current Interest Period applicable to such DSR Loans.
(b) If at any time the Interest Rate then in effect based on the LIBOR Rate does not adequately and fairly reflect, in the reasonable judgment of any Bank, the cost for such Bank of advancing or maintaining its respective proportionate interest in any DSR Loan bearing interest at the LIBOR Rate Loan during any Interest Period, then such Bank shall notify the Agent, who shall so notify the Borrower, and interest on such Bank's proportionate share of the DSR Loans shall for any subsequent Interest Period accrue at the Adjusted Base Rate.
(c) If the Borrower so requests after the suspension of a Bank's obligation to make DSR Loans bearing interest at the LIBOR Rate Loans under this Section 2.19 for at least ten thirty (1030) consecutive Business Days days on at least two (2) separate occasions based on circumstances not generally applicable to United States or foreign lenders making loans of the types contemplated hereunder, such Bank shall (consistent with legal and regulatory restrictions) comply with Section 2.20 hereof.
Appears in 2 contracts
Samples: Letter of Credit and Reimbursement Agreement (Indiantown Cogeneration Lp), Debt Service Reserve Letter of Credit and Reimbursement Agreement (Indiantown Cogeneration Lp)
Non-availability. (a) If and whenever, at any time dollar prior to the commencement of any Interest Period, the Bank shall have determined any of the following facts (which determination in the absence of manifest error shall be conclusive):
(i) that adequate and fair means do not exist for ascertaining LIBOR during such Interest Period; or
(ii) that deposits in the principal amount of any Bank's proportionate interest in, or obligation under, any DSR Loan bearing interest at the LIBOR Rate Dollars are not available to such the Bank in the London interbank market Interbank Market in the ordinary course of business in sufficient amounts it is impracticable for the next Bank to fund or to continue to fund the Loan in Dollars.
(iii) that LIBOR for that Interest Period will not adequately reflect the cost of funding the Loan for that Interest Period, such . the Bank shall so notify the Agent, who shall so notify forthwith give notice (a “Determination Notice”) thereof to the Borrower, and the obligation of such affected Bank to make or continue or to convert DSR Loans into DSR Loans bearing interest based on the LIBOR Rate . A Determination Notice shall be immediately suspended and during such suspension be converted into an obligation to do the same with respect to DSR Loans bearing interest at the Adjusted Base Rate; provided, however, that outstanding DSR Loans bearing interest at the LIBOR Rate shall be converted into DSR Loans bearing interest at the Adjusted Base Rate on the last day contain particulars of the then current Interest Period applicable relevant circumstances giving rise to such DSR Loansits 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 Borrower by the Bank.
(b) If at During the period of 30 days after any time Determination Notice has been given by the Interest Rate then Bank under Clause 8.6.(a), 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 to the Bank equivalent to the Margin. Each Substitute Basis so certified shall be binding upon the Borrower and shall take effect in effect based on accordance with its terms from the LIBOR Rate does not adequately and fairly reflect, date specified in the reasonable judgment of any Bank, Determination Notice until such time as the cost for such Bank of advancing or maintaining its respective proportionate interest in any DSR Loan bearing interest at notifies the LIBOR Rate during any Interest Period, then such Bank shall notify the Agent, who shall so notify the Borrower, and interest on such Bank's proportionate share Borrower that none of the DSR Loans circumstances specified in Sub-clause 8.6.
(a) continues to exist whereupon the normal interest rate fixing provisions of the Agreement shall for any subsequent Interest Period accrue at the Adjusted Base Rateapply.
(c) In any event, during the thirty (30) days following the giving of a Determination Notice, the Borrower and the Bank shall negotiate in good faith in order to arrive at the Substitute Basis for the Bank to fund or continue to fund the Loan (or the relevant part thereof) during such Interest Period. If within such thirty (30) day period the Substitute Basis to fund or to continue to fund the Loan (or the relevant part thereof) is agreed upon, then such Substitute Basis shall take effect in accordance with its terms. If the Borrower so requests after and the suspension of a Bank's obligation Bank fail to make DSR Loans bearing interest agree on such Substitute Basis within such thirty (30) day period and such circumstances are continuing at the LIBOR Rate under end of such thirty day period, then the Bank shall set a Substitute Basis as per Clause 8.6. (b). If the circumstance shall continue at the end of such interest period, the procedure in this Section 2.19 for at least ten Clause 8.6 (10c) consecutive shall be repeated. If the Borrower shall not agree with such rate then the Borrower may give not less than fifteen (15) Business Days based on circumstances not generally applicable irrevocable notice of prepayment to United States or foreign lenders making loans the Bank in which case the commitment hereunder of the types contemplated hereunder, such Bank shall (consistent thereupon be cancelled and, if the Loan is outstanding, the Borrower shall prepay the Loan on the first Business Day after such period in accordance with legal the terms of this Agreement and regulatory restrictions) comply with Section 2.20 hereofthe obligations of the Bank shall thereupon terminate.
Appears in 1 contract
Samples: Loan Agreement (FreeSeas Inc.)
Non-availability. (a) If at any time dollar deposits in the principal amount of any Bank's proportionate interest in, or obligation under, any DSR Loan bearing interest at the LIBOR Rate are not available to such Bank in the London interbank market for the next Interest Period, such Bank shall so notify the Agent, who shall so notify the Borrower, and the obligation of such affected Bank to make or continue or to convert DSR Loans into DSR Loans bearing interest based on the LIBOR Rate shall be immediately suspended and during such suspension be converted into an obligation to do the same with respect to DSR Loans bearing interest at the Adjusted Base Rate; provided, however, that outstanding DSR Loans bearing interest at the LIBOR Rate shall be converted into DSR Loans bearing interest at the Adjusted Base Rate on the last day of the then current Interest Period applicable to such DSR Loans.
(b) If at any time the Interest Rate interest rate then in effect based on the LIBOR Rate does not adequately and fairly reflect, in the reasonable judgment of any Bank, the cost for such Bank of advancing or maintaining its respective proportionate interest in any DSR Loan bearing interest at the LIBOR Rate during any Interest Period, then such Bank shall notify the Agent, who shall so notify the Borrower, and interest on such Bank's proportionate share of the DSR Loans shall for any subsequent Interest Period accrue at the Adjusted Base Rate.
(c) If the Borrower so requests after the suspension of a Bank's obligation to make DSR Loans bearing interest at the LIBOR Rate under this Section 2.19 for at least ten (10) consecutive Business Days based on circumstances not generally applicable to United States or foreign lenders making loans of the types contemplated hereunder, such Bank shall (consistent with legal and regulatory restrictions) comply with Section 2.20 hereof.
Appears in 1 contract
Samples: Debt Service Reserve Letter of Credit and Reimbursement Agreement (Eme Homer City Generation Lp)
Non-availability. (a) If at any time United States dollar deposits in the principal amount of any Bank's proportionate interest in, or obligation under, any DSR Loan bearing interest at the LIBOR Rate are not available to such Bank in the London interbank market for the next Interest Period, such Bank shall so notify the Agent, who shall so notify the Borrower, and the obligation of such affected Bank to make or continue continue, or to convert DSR Loans into DSR Loans bearing interest based on the LIBOR Rate shall be immediately suspended and during such suspension shall be converted into an obligation to do the same with respect to DSR make or continue or convert Loans into Loans bearing interest at 19 based on the Adjusted Base Rate; provided, however, that outstanding DSR Loans bearing interest at the LIBOR Rate shall be converted into DSR Loans bearing interest at the Adjusted Base Rate on the last day of the then current Interest Period applicable to such DSR Loans.
(b) . If at any time the Interest Rate then in effect based on the LIBOR Rate does not adequately and fairly reflect, in the reasonable judgment of any Bank, the cost for such Bank of advancing or maintaining its respective proportionate interest in any DSR Loan bearing interest at the LIBOR Rate during any Interest Period, then such Bank shall notify the Agent, who shall so notify the Borrower, and interest on such Bank's proportionate share of the DSR Loans shall for any subsequent Interest Period accrue at the Adjusted Base Rate.
(c) . If the Borrower so requests after the suspension of a Bank's obligation to make DSR Loans bearing interest at the LIBOR Rate under this Section 2.19 for at least ten (10) consecutive Business Days based on circumstances not generally applicable to United States or foreign lenders making loans of the types contemplated hereunder, such Bank shall (consistent with legal and regulatory restrictions) comply with Section 2.20 hereof.
Appears in 1 contract
Samples: Letter of Credit and Reimbursement Agreement (Reliant Energy Mid Atlantic Power Services Inc)
Non-availability. (a) If and whenever, at any time dollar prior to the commencement of any Interest Period, the Bank shall have determined any of the following facts (which determination shall be conclusive):
(i) that adequate and fair means do not exist for ascertaining LIBOR during such Interest Period; or
(ii) that deposits in the principal amount of any Bank's proportionate interest in, or obligation under, any DSR Loan bearing interest at the LIBOR Rate Dollars are not available to such the Bank in the London interbank market InterBank Market in the ordinary course of business in sufficient amounts or it is impracticable for the next Bank to fund or to continue to fund the Loan in Dollars.
(iii) that LIBOR for that Interest Period will not adequately reflect the cost of funding the Loan for that Interest Period, such . the Bank shall so notify the Agent, who shall so notify forthwith give notice (a "Determination Notice") thereof to the Borrower, and the obligation of such affected Bank to make or continue or to convert DSR Loans into DSR Loans bearing interest based on the LIBOR Rate . A Determination Notice shall be immediately suspended and during such suspension be converted into an obligation to do the same with respect to DSR Loans bearing interest at the Adjusted Base Rate; provided, however, that outstanding DSR Loans bearing interest at the LIBOR Rate shall be converted into DSR Loans bearing interest at the Adjusted Base Rate on the last day contain particulars of the then current Interest Period applicable relevant circumstances giving rise to such DSR Loansthis issue. After the giving of any Determination Notice the undrawn amount of the Loan shall not be borrowed until notice to the contrary is given to the Borrower by the Bank.
(b) If at During the period of 30 Banking Days after any time Determination Notice has been given by the Interest Rate then Bank under Clause 8.6.(a), 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 to the Bank equivalent to the Margin. Each Substitute Basis so certified shall be binding upon the Borrower and shall take effect in effect based on accordance with its terms from the LIBOR Rate does not adequately and fairly reflect, date specified in the reasonable judgment of any Bank, Determination Notice until such time as the cost for such Bank of advancing or maintaining its respective proportionate interest in any DSR Loan bearing interest at notifies the LIBOR Rate during any Interest Period, then such Bank shall notify the Agent, who shall so notify the Borrower, and interest on such Bank's proportionate share Borrower that none of the DSR Loans circumstances specified in Sub-clause 8.6.
(a) continues to exist whereupon the normal interest rate fixing provisions of the Agreement shall for any subsequent Interest Period accrue at the Adjusted Base Rateapply.
(c) In any event, during the thirty (30) days following the giving of a Determination Notice, the Borrower and the Bank shall negotiate in good faith in order to arrive at the Substitute Basis for the Bank to fund or continue to fund the Loan (or the relevant part thereof) during such Interest Period. If within such thirty (30) day period the Substitute Basis to fund or to continue to fund the Loan (or the relevant part thereof) is agreed upon, then such Substitute Basis shall take effect in accordance with its terms. If the Borrower so requests after and the suspension of a Bank's obligation Bank fails to make DSR Loans bearing interest agree on such Substitute Basis within such thirty (30) day period and such circumstances are continuing at the LIBOR Rate under end of such thirty day period, then the Bank shall set a Substitute Basis as per Clause 8.6. (b). If the circumstance shall continue at the end of such interest period, the procedure in this Section 2.19 for at least ten Clause 8.6 (10c) consecutive shall be repeated. If the Borrower shall not agree with such rate then the Borrower may give not less than fifteen (15) Business Days based on circumstances not generally applicable irrevocable notice of prepayment to United States or foreign lenders making loans the Bank in which case the commitment hereunder of the types contemplated hereunder, such Bank shall (consistent thereupon be cancelled and, if the Loan is outstanding, the Borrower shall prepay the Loan on the first Business Day after such period in accordance with legal the terms of this Agreement and regulatory restrictions) comply with Section 2.20 hereofthe obligations of the Bank shall thereupon terminate.
Appears in 1 contract
Samples: Loan Agreement (Euroseas Ltd.)
Non-availability. (a) If at any time dollar Dollar deposits in the principal amount of any Bank's proportionate interest in, or obligation under, any DSR Loan bearing interest at the LIBOR Rate Loan are not available to such Bank in the London interbank market for the next Interest Period, such Bank shall so notify the Agent, who shall so notify the Borrower, and the obligation of such affected Bank to make or continue continue, or to convert DSR Loans into DSR Loans bearing interest based on the LIBOR Rate Loans shall be immediately suspended and during such suspension be converted into an obligation to do the same with respect to DSR Loans bearing interest at the Adjusted Base RateRate Loans; provided, however, that outstanding DSR Loans bearing interest at the LIBOR Rate Loans shall be converted into DSR Loans bearing interest at the Adjusted Base Rate Loans on the last day of the then current Interest Period applicable to such DSR Loans.
(b) If at any time the Interest Rate then in effect based on the LIBOR Rate does not adequately and fairly reflect, in the reasonable judgment of any Bank, the cost for such Bank of advancing or maintaining its respective proportionate interest in any DSR Loan bearing interest at the LIBOR Rate Loan during any Interest Period, then such Bank shall notify the Agent, who shall so notify the Borrower, and interest on such Bank's proportionate share of the DSR Loans shall for any subsequent Interest Period accrue at the Adjusted Base Rate.
(c) If the Borrower so requests after the suspension of a Bank's obligation to make DSR Loans bearing interest at the LIBOR Rate Loans under this Section 2.19 2.17 for at least ten thirty (1030) consecutive Business Days days on at least two separate occasions based on circumstances not generally applicable to United States or foreign lenders making loans of the types contemplated hereunder, such Bank shall (consistent with legal and regulatory restrictions) comply with Section 2.20 2.18 hereof.
Appears in 1 contract
Samples: Revolving Credit Agreement (Indiantown Cogeneration Lp)
Non-availability. (a) If at any time dollar deposits in the principal amount of any Bank's proportionate interest in, or obligation under, any DSR Loan bearing interest at the LIBOR Rate are not available to such Bank in the London interbank market for the next Interest Period, such Bank shall so notify the Agent, who shall so notify the Borrower, and the obligation of such affected Bank to make or continue continue, or to convert DSR Loans into DSR Loans bearing interest based on the LIBOR Rate shall be immediately suspended and during such suspension be converted into an obligation to do the same with respect to DSR Loans bearing interest at the Adjusted Base Rate; provided, however, that outstanding DSR Loans bearing interest at the LIBOR Rate shall be converted into DSR Loans bearing interest at the Adjusted Base Rate on the last day of the then current Interest Period applicable to such DSR Loans.
(b) If at any time the Interest Rate then in effect based on the LIBOR Rate does not adequately and fairly reflect, in the reasonable judgment of any Bank, the cost for such Bank of advancing or maintaining its respective proportionate interest in any DSR Loan bearing interest at the LIBOR Rate during any Interest Period, then such Bank shall notify the Agent, who shall so notify the Borrower, and interest on such Bank's proportionate share of the DSR Loans shall for any subsequent Interest Period accrue at the Adjusted Base Rate.
(c) If the Borrower so requests after the suspension of a Bank's obligation to make DSR Loans bearing interest at the LIBOR Rate under this Section 2.19 for at least ten (10) consecutive Business Days based on circumstances not generally applicable to United States or foreign lenders making loans of the types contemplated contem plated hereunder, such Bank shall (consistent with legal and regulatory restrictions) comply with Section 2.20 hereof.
Appears in 1 contract
Samples: Debt Service Reserve Letter of Credit and Reimbursement Agreement (Ce Generation LLC)