Common use of Special Provisions Relating to Loans Clause in Contracts

Special Provisions Relating to Loans. (a) Unavailability of Funds or Inadequacy of Pricing. In the event that, in connection with any proposed LIBOR Loan, the Agent reasonably determines, which determination shall, absent manifest error, be final, conclusive and binding upon all parties, due to changes in circumstances since the date hereof, adequate and fair means do not exist for determining the LIBOR Rate or such rate will not accurately reflect the costs to the Lenders of funding a LIBOR Loan for such Interest Period, the Agent shall give notice of such determination to Borrowers and the Lenders, whereupon, until the Agent notifies Borrowers and the Lenders that the circumstances giving rise to such suspension no longer exist, the obligations of the Lenders to make, continue or convert Loans into a LIBOR Loan shall be suspended, and all Loans to Borrowers shall be Base Rate Loans during the period of suspension.

Appears in 2 contracts

Samples: Credit Agreement (Parallel Petroleum Corp), Credit Agreement (Parallel Petroleum Corp)

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Special Provisions Relating to Loans. (a) Unavailability of Funds or Inadequacy of Pricing. In the event that, in connection with any proposed LIBOR Loan, the Agent reasonably determines, which determination shall, absent manifest error, be final, conclusive and binding upon all parties, due to changes in circumstances since the date hereof, adequate and fair means do not exist for determining the LIBOR Rate or such rate will not accurately reflect the costs to the Lenders Banks of funding a LIBOR Loan Loans for such Interest Period, the Agent shall give notice of such determination to Borrowers the Borrower and the LendersBanks, whereupon, until the Agent notifies Borrowers the Borrower and the Lenders Banks that the circumstances giving rise to such suspension no longer exist, the obligations of the Lenders Banks to make, continue continue, or convert Loans into a LIBOR Loan Loans shall be suspended, and all Loans loans to Borrowers Borrower shall be Base Rate Loans during the period of suspension.

Appears in 2 contracts

Samples: Credit Agreement (Atwood Oceanics Inc), Credit Agreement (Atwood Oceanics Inc)

Special Provisions Relating to Loans. (a) Unavailability of Funds or Inadequacy of Pricing. In the event that, in connection with any proposed LIBOR Loan, the Agent reasonably determines, which determination shall, absent manifest error, be final, conclusive and binding upon all parties, due to changes in circumstances since the date hereof, adequate and fair means do not exist for determining the LIBOR Rate or such rate will not accurately reflect the costs to the Lenders Banks of funding a LIBOR Loan Loans for such Interest Period, the Agent shall give notice of such determination to the Borrowers and the LendersBanks, whereupon, until the Agent notifies the Borrowers and the Lenders Banks that the circumstances giving rise to such suspension no longer exist, the obligations of the Lenders Banks to make, continue continue, or convert Loans into a LIBOR Loan Loans shall be suspended, and all Loans loans to Borrowers shall be Base Rate Loans during the period of suspension.

Appears in 2 contracts

Samples: Credit Agreement (Atwood Oceanics Inc), Credit Agreement (Atwood Oceanics Inc)

Special Provisions Relating to Loans. (a) Unavailability of Funds or Inadequacy of Pricing. In the event that, in connection with any proposed LIBOR Loan, the Agent reasonably determines, which determination shall, absent manifest error, be final, conclusive and binding upon all parties, due to changes in circumstances since the date hereof, adequate and fair means do not exist for determining the LIBOR Rate or such rate will not accurately reflect the costs to the Lenders of funding a LIBOR Loan for such Interest Period, the Agent shall give notice of such determination to Borrowers the Borrower and the Lenders, whereupon, until the Agent notifies Borrowers the Borrower and the Lenders that the circumstances giving rise to such suspension no longer exist, the obligations of the Lenders to make, continue or convert Loans into a LIBOR Loan shall be suspended, and all Loans loans to Borrowers Borrower shall be Base Rate Loans during the period of suspension.

Appears in 1 contract

Samples: Credit Agreement (Exco Resources Inc)

Special Provisions Relating to Loans. (a) Unavailability of Funds or Inadequacy of Pricing. In the event that, in connection with any proposed LIBOR BA Rate Loan, the Agent reasonably determines, which determination shall, absent manifest error, be final, conclusive and binding upon all parties, due to changes in circumstances since the date hereof, adequate and fair means do not exist for determining the LIBOR BA Rate or such rate will not accurately reflect the costs to the Lenders of funding a LIBOR BA Rate Loan for such Interest Period, the Agent shall give notice of such determination to Borrowers the Borrower and the Lenders, whereupon, until the Agent notifies Borrowers the Borrower and the Lenders that the circumstances giving rise to such suspension no longer exist, the obligations of the Lenders to make, continue or convert Loans Loan into a LIBOR BA Rate Loan shall be suspended, and all Loans loans to Borrowers Borrower shall be Base Prime Rate Loans during the period of suspension.

Appears in 1 contract

Samples: Credit Agreement (Exco Resources Inc)

Special Provisions Relating to Loans. (a) Unavailability of Funds or Inadequacy of Pricing. In the event that, in connection with any proposed LIBOR Loan, the Agent reasonably determines, which determination shall, absent manifest error, be final, conclusive and binding upon all parties, due to changes in circumstances since the date hereof, adequate and fair means do not exist for determining the LIBOR Rate or such rate will not accurately reflect the costs to the Lenders of funding a LIBOR Loan for such Interest Period, the Agent shall give notice of such determination to the Borrowers and the Lenders, whereupon, until the Agent notifies the Borrowers and the Lenders that the circumstances giving rise to such suspension no longer exist, the obligations of the Lenders to make, continue or convert Loans Loan into a LIBOR Loan shall be suspended, and all Loans loans to Borrowers shall be Base Rate Loans Loan during the period of suspension.

Appears in 1 contract

Samples: Credit Agreement (3tec Energy Corp)

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Special Provisions Relating to Loans. (a) Unavailability of Funds or Inadequacy of PricingUNAVAILABILITY OF FUNDS OR INADEQUACY OF PRICING. In the event that, in connection with any proposed LIBOR Loan, the Agent reasonably determines, which determination shall, absent manifest error, be final, conclusive and binding upon all parties, due to changes in circumstances since the date hereof, adequate and fair means do not exist for determining the LIBOR Rate or such rate will not accurately reflect the costs to the Lenders of funding a LIBOR Loan for such Interest Period, the Agent shall give notice of such determination to the Borrowers and the Lenders, whereupon, until the Agent notifies the Borrowers and the Lenders that the circumstances giving rise to such suspension no longer exist, the obligations of the Lenders to make, continue or convert Loans into a LIBOR Loan shall be suspended, and all Loans loans to Borrowers shall be Base Rate Loans during the period of suspension.

Appears in 1 contract

Samples: Credit Agreement (Exco Resources Inc)

Special Provisions Relating to Loans. (a) Unavailability of Funds or Inadequacy of PricingUNAVAILABILITY OF FUNDS OR INADEQUACY OF PRICING. In the event that, in connection with any proposed LIBOR BA Rate Loan, the Agent reasonably determines, which determination shall, absent manifest error, be final, conclusive and binding upon all parties, due to changes in circumstances since the date hereof, adequate and fair means do not exist for determining the LIBOR BA Rate or such rate will not accurately reflect the costs to the Lenders of funding a LIBOR BA Rate Loan for such Interest Period, the Agent shall give notice of such determination to Borrowers the Borrower and the Lenders, whereupon, until the Agent notifies Borrowers the Borrower and the Lenders that the circumstances giving rise to such suspension no longer exist, the obligations of the Lenders to make, continue or convert Loans Loan into a LIBOR BA Rate Loan shall be suspended, and all Loans loans to Borrowers Borrower shall be Base Prime Rate Loans during the period of suspension.

Appears in 1 contract

Samples: Credit Agreement (Exco Resources Inc)

Special Provisions Relating to Loans. (a) Unavailability of Funds or Inadequacy of Pricing. In the event that, in connection with any proposed LIBOR Loan, the Agent reasonably determines, which determination shall, absent manifest error, be final, conclusive and binding upon all parties, due to changes in circumstances since the date hereof, adequate and fair means do not exist for determining the LIBOR Rate or such rate will not accurately reflect the costs to the Lenders of funding a LIBOR Loan Loans for such Interest Period, the Agent shall give notice of such determination to Borrowers and the Lenders, whereupon, until the Agent notifies Borrowers and the Lenders that the circumstances giving rise to such suspension no longer exist, the obligations of the Lenders to make, continue or convert Loans into a LIBOR Loan shall be suspended, and all Loans to Borrowers shall be Base Rate Loans during the period of suspension.

Appears in 1 contract

Samples: Credit Agreement (Range Resources Corp)

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