SUBSTITUTE INTEREST RATE Clause Samples
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SUBSTITUTE INTEREST RATE. In the event, and to the extent, that on the Expiration Date of the Interest Rate or the Default Rate, the TIIE Rate is not published, may not be determined by any reason, whatsoever, or if such rate ceases to exist, the rate published by Banco de Mexico as a substitute rate for the TIIE Rate shall apply in substitution of the TIIE Rate (the “Substitute Interest Rate”), provided that when the inability to determine the applicable TIIE Rate is temporary, the Substitute Interest Rate shall only apply to the period or periods in which such TIIE Rate may not be determined. If no rate is published by Banco de Mexico as a substitute rate for the TIIE Rate, then the Substitute Interest Rate shall be the rate equivalent to: (A) in case of the Interest Rate, the sum of (i) the rate of the 28-day Treasury Bills (CETES), published the following day by Banco de Mexico in its official website (the “CETE Rate”); plus (ii) 2 percentage points; plus (iii) the applicable Margin; and (B) in case of the Delinquent Interest Rate, the sum of (i) 150% of the CETE Rate plus 2 percentage points; plus (ii) the Margin. In the event that Banco de Mexico, does not publish either a substitute rate for the TIIE Rate or a CETE Rate, the Administrative Agent, shall agree, in good faith, in writing with the Borrower, the applicable Substitute Interest Rate; provided however that: (i) from the date in which the TIIE Rate or the CETE Rate, as the case may be, ceases to be published until the date in which the relevant substitute rate is published, the TIIE Rate is re-published or the parties agree on the applicable substitute interest rate, the Substitute Interest Rate shall be the interest rate applicable to the immediate preceding Interest Period; (ii) if the TIIE Rate cases to be published for a period exceeding 30 days, and in such period Banco de Mexico does not publish a substitute interest rate or the CETE Rate, and the Borrower and the Administrative Agent have not reached an agreement as to the applicable substitute interest rate, then the applicable interest rate shall be the highest market interest rate in effect, authorized to the Administrative Agent by Banco de Mexico or the competent authority replacing Banco de Mexico, which shall be promptly notified to the Borrower by the Agent; and (iii) any interest rate determined pursuant to (i) and (ii) above, shall cease to apply when Banco de Mexico publishes again the TIIE Rate, its substitute rate or the CETE Rate.
SUBSTITUTE INTEREST RATE. If an alternative basis for calculating the interest payable is not agreed in writing pursuant to Section 16(b), the Loan shall during that Interest Period bear interest at the rate per annum equal to the sum of the Mandatory Costs and the cost to the Lender (expressed as a rate per annum) of funding the Loan during that Interest Period by whatever means it determines to be appropriate. The Lender shall certify that cost to the Borrower as soon as practical after the Lender's determination of the event in question (but in any event at least two Business Days before the end of that Interest Period).
SUBSTITUTE INTEREST RATE. If on or before the date on which the LIBOR Rate is to be determined for any Interest Period, the LIBOR Rate for periods equal to the relevant Interest Period are not being offered to the Bank in New York or the LIBOR Rate does not accurately reflect the Bank's cost for making the loan for any reason whatsoever, or if the Borrower has failed to elect the Applicable Rate for any reason, then (i) the Bank shall promptly give notice of such determination to the Borrower and (ii) the Bank's obligation to make the Loan at the LIBOR Rate shall be suspended until the Bank gives notice to the Borrower that the circumstances giving rise to such determination no longer exist. The parties shall immediately thereafter enter into negotiations in good faith with a view to agreeing on an alternate mutually acceptable basis of determining the interest rate to be applicable to the Loan. If at the expiry of thirty (30) days from the date of such notice no alternate basis has been agreed upon, then the Bank shall specify an alternate interest rate and interest period and set forth the terms thereof in a notice to the Borrower in which the Bank shall certify that in its reasonable judgment such terms generate for the Bank a yield approximately equivalent to that provided for in this Agreement (which terms shall thereupon be conclusive and binding, absent manifest error, on the Borrower retroactively from the beginning of the period for which such notice was given). The foregoing procedure shall be repeated if the circumstances that made it necessary continue beyond the interest period set in accordance with such procedure.
SUBSTITUTE INTEREST RATE. If, on or before any date on which a Eurodollar Rate is to be determined hereunder, Bank determines that deposits of United States Dollars in the appropriate amount for the appropriate period are not being offered in the interbank Eurodollar market for United States Dollars, or that by reason of circumstances affecting such market, adequate and reasonable means do not exist for ascertaining the Eurodollar Rate, then Bank shall promptly give notice of such determination to Borrower and such determination shall be conclusive and binding. During the ten (10) days next following the giving of such notice, Borrower and Bank shall negotiate in good faith in order to arrive at a mutually satisfactory alternative interest rate (the "SUBSTITUTE RATE") to replace the rate otherwise applicable to the pertinent Eurodollar Advances of Borrower during the applicable Interest Period. If, within such ten (10) day period, Borrower and Bank agree in writing upon a Substitute Rate, such rate shall be effective from the first day of such Interest Period. If Bank and Borrower fail to agree upon a Substitute Rate within such ten (10) day period, the Substitute
SUBSTITUTE INTEREST RATE. If a Market Disruption Event occurs in relation to an Advance for any Interest Period, then the rate of interest applicable to each Lender’s share in that Advance during the relevant Interest Period shall (subject to any agreement reached pursuant to Clause 10.3 (Alternative Rate)) be the rate per annum which is the sum of:
(a) the Margin;
(b) the Mandatory Costs for such Interest Period; and
(c) the rate notified to the Agent by such 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 such Advance from whatever source it may reasonably select.
SUBSTITUTE INTEREST RATE. In the event the REFERENCE RATE or the ALTERNATIVE REFERENCE RATE, as the case may be, is not available for the INTEREST PERIOD in question or, together with the SPREAD, does not or will not accurately reflect the cost to the BANK of making or maintaining the LOAN during such INTEREST PERIOD or is no longer indicative of competitive interest rates for similar periods of borrowings (which determination shall be conclusive and binding upon the BORROWER), then the applicable interest rate shall be the "SUBSTITUTE INTEREST RATE". Such SUBSTITUTE INTEREST RATE shall be retroactive to and shall take effect from the beginning of the affected INTEREST PERIOD and shall be deemed as the interest rate for such INTEREST PERIOD.
SUBSTITUTE INTEREST RATE. The Bank shall notify the Borrower if it is not possible to establish the LIBOR Interest Rate. In this case, the Substitute LIBOR Interest Rate shall be applicable. After calculating the substitute interest rate applicable to the Interest Period in question, the Bank shall notify the Borrower no later than 14.00 on the Business Day immediately preceding the first day of the corresponding Interest Period. The substitute interest rate calculated by the Bank shall be binding on the Parties, save error. In the event of manifest error in the calculation of a substitute interest rate notified to the Borrower, the Bank shall adjust the calculation of that rate to the provisions of this Clause with effect as from the first day of the Interest Period to which the rate in question is applicable. As soon as the corresponding Interbank Market so permits, the applicable interest rate shall again be calculated in accordance with Clause 8, as the Bank shall duly notify the Borrower. The provisions of Clauses 8.3 and 8.4 shall be applicable to all interest accrued in pursuance of this Clause.