Common use of SUBSTITUTE INTEREST RATES Clause in Contracts

SUBSTITUTE INTEREST RATES. If and whenever, at any time prior to the commencement of any Interest Period for any Loan by reason of changes affecting the Euro market, the Facility Agent shall have determined that, due to circumstances beyond Bank Hapoalim’s control, adequate means do not exist for ascertaining LIBOR during such Interest Period, the Facility Agent shall forthwith give notice (“a Determination Notice”) of such event to the Borrower (a Determination Notice to contain particulars of the relevant circumstances giving rise to its issue) and, notwithstanding the provisions of clause 7 above, the Facility Agent shall offer the Borrower an alternative basis (“the Substitute Basis”) for the determination of the relevant interest rate for such Loan for such Interest Period, the Substitute Basis to be binding upon the Borrower and to take effect in accordance with its terms from the commencement of the relevant Interest Period. If the Borrower determines that it does not wish to continue such Loan under the Substitute Basis, it shall so notify the Facility Agent within 90 (ninety) days of receipt of the Facility Agent’s notice specifying such Substitute Basis, whereupon the outstanding balance of the principal amount of such Loan, together with all accrued interest thereon, as well as all other amounts in respect thereof shall become immediately due and payable. For the avoidance of doubt, no breakage costs or prepayment commissions will be payable by the Borrower in connection with any payment made on any such circumstances as aforesaid.

SUBSTITUTE INTEREST RATES. If and whenever, at any time prior to the commencement of any Interest Period for any Loan by reason of changes affecting the Euro market, the Facility Agent shall have determined that, due to circumstances beyond Bank Hapoalim’s control, adequate means do not exist for ascertaining LIBOR during such Interest Period, the Facility Agent shall forthwith give notice (“a Determination Notice”) of such event to the Borrower (a Determination Notice to contain particulars of the relevant circumstances giving rise to its issue) and, notwithstanding the provisions of clause 7 above, the Facility Agent shall offer the Borrower an alternative basis (“the Substitute Basis”) for the determination of the relevant interest rate for such the Loan for such Interest Period, the Substitute Basis to be binding upon the Borrower and to take effect in accordance with its terms from the commencement of the relevant Interest Period. If the Borrower determines that it does not wish to continue such the Loan under the Substitute Basis, it shall so notify the Facility Agent within 90 (ninety) days of receipt of the Facility Agent’s notice specifying such Substitute Basis, whereupon the outstanding balance of the principal amount of such the Loan, together with all accrued interest thereon, as well as all other amounts in respect thereof shall become immediately due and payable. For the avoidance of doubt, no breakage costs or prepayment commissions will be payable by the Borrower in connection with any payment made on any such circumstances as aforesaid.

SUBSTITUTE INTEREST RATES. If and whenever, at any time prior to the commencement of any Interest Period for any Loan Period: 10.1. by reason of changes affecting the Euro Eurodollar Interbank market, the Facility Agent Banks shall have determined that, due to circumstances beyond Bank Hapoalim’s their control, adequate means do not exist for ascertaining LIBOR during such Interest Period, ; or 10.2. deposits in US Dollars are not available to any of the Facility Agent Banks in the London Interbank market in the Ordinary Course of Business in sufficient amounts to fund the Loans for such Interest Period or there shall be no objective possibility for the Banks to fund the then outstanding balance of the Loans or any of them in US Dollars,the Banks shall forthwith give notice (“a Determination Notice”"A DETERMINATION NOTICE") of such event to the Borrower (a Determination Notice to contain particulars of the relevant circumstances giving rise to its issue) and, notwithstanding the provisions of clause 7 9 above, the Facility Agent Banks shall offer the Borrower an alternative basis (“the Substitute Basis”"THE SUBSTITUTE BASIS") for the determination of the relevant interest Interest rate for such Loan for such Interest Period, the Substitute Basis to be binding upon the Borrower and to take effect in accordance with its terms from the commencement of the relevant Interest Period. If the Borrower determines that it does not wish to continue such Loan the relevant Loans under the Substitute Basis, it shall so notify the Facility Agent Banks within 90 (ninety) days of receipt of the Facility Agent’s Banks' notice specifying such Substitute Basis, whereupon the outstanding balance of the principal amount of such Loanthe relevant Loans, together with all accrued interest Interest thereon, as well as all other amounts in respect thereof thereof, shall become immediately due and payable. For the avoidance of doubt, no breakage costs or prepayment commissions will be payable by the Borrower in connection with any payment made on any such circumstances as aforesaid.

SUBSTITUTE INTEREST RATES. If and whenever, at any time prior to the commencement of any Interest Period for any Loan Period: 10.1. by reason of changes affecting the Euro Eurodollar Interbank market, the Facility Agent Banks shall have determined that, due to circumstances beyond Bank Hapoalim’s their control, adequate means do not exist for ascertaining LIBOR during such Interest Period; or 10.2. deposits in US Dollars are not available to any of the Banks in the London Interbank market in the Ordinary Course of Business in sufficient amounts to fund the Loans for such Interest Period or there shall be no objective possibility for the Banks to fund the then outstanding balance of the Loans or any of them in US Dollars, the Facility Agent Banks shall forthwith give notice (“a Determination Notice”) of such event to the Borrower (a Determination Notice to contain particulars of the relevant circumstances giving rise to its issue) and, notwithstanding the provisions of clause 7 9 above, the Facility Agent Banks shall offer the Borrower an alternative basis (“the Substitute Basis”) for the determination of the relevant interest Interest rate for such Loan for such Interest Period, the Substitute Basis to be binding upon the Borrower and to take effect in accordance with its terms from the commencement of the relevant Interest Period. If the Borrower determines that it does not wish to continue such Loan the relevant Loans under the Substitute Basis, it shall so notify the Facility Agent Banks within 90 (ninety) days of receipt of the Facility Agent’s Banks’ notice specifying such Substitute Basis, whereupon the outstanding balance of the principal amount of such Loanthe relevant Loans, together with all accrued interest Interest thereon, as well as all other amounts in respect thereof thereof, shall become immediately due and payable. For the avoidance of doubt, no breakage costs or prepayment commissions will be payable by the Borrower in connection with any payment made on any such circumstances as aforesaid.