Suspension of Loans. Anything herein to the contrary notwithstanding, if, on or prior to the determination of any interest rate for any LIBOR Loan or Index Rate Competitive Bid Loan for any Interest Period, the Administrative Agent or Required Lenders determine (which determination shall be conclusive absent manifest error) that: (a) quotations of interest rates for the relevant deposits referred to in the definition of LIBOR Base Rate in Section 1.01 hereof are not being provided in the relevant amounts or for the relevant maturities for purposes of determining the rate of interest for such LIBOR Loan or Index Rate Competitive Bid Loan as provided in this Agreement; or (b) the relevant rates of interest referred to in the definition of "LIBOR Base Rate" in Section 1.01 hereof upon the basis of which the LIBOR Rate or the Index Rate for such Interest Period is to be determined do not adequately reflect the cost to the Lenders of making or maintaining such LIBOR Loan or Index Rate Competitive Bid Loan for such Interest Period; then the Administrative Agent shall give the Lenders and an Authorized Representative prompt notice thereof, and so long as such condition remains in effect, the Lenders shall be under no obligation to make such Index Rate Competitive Bid Loans or make or continue such LIBOR Loans that are subject to such condition, or to convert Loans into LIBOR Loans, and the Borrower shall on the last day(s) of the then current Interest Period(s) for outstanding LIBOR Loans convert such LIBOR Loans into Base Rate Loans. The Administrative Agent shall give the Lenders and an Authorized Representative notice describing any event or condition described in this Section 4.02 promptly following the determination by the Administrative Agent that the availability of LIBOR Loans or Index Rate Competitive Bid Loans is, or is to be, suspended as a result thereof.
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Suspension of Loans. Anything herein to the contrary notwithstanding, if, on or prior to the determination of any interest rate for any LIBOR Eurodollar Rate Loan or Index Floating Eurodollar Rate Competitive Bid Swing Line Loan for any Interest Period, the Administrative Agent or Required Lenders determine determines (which determination made on a reasonable basis shall be conclusive absent manifest error) that:
(a) quotations of interest rates for the relevant deposits referred to in the definition of LIBOR Base Rate "Interbank Offered Rate" in Section 1.01 1.2 hereof are not being provided in the relevant amounts or for the relevant maturities for purposes of determining the rate of interest for such LIBOR Eurodollar Rate Loan or Index Floating Eurodollar Rate Competitive Bid Swing Line Loan as provided in this Agreement; or
(b) the relevant rates of interest referred to in the definition of "LIBOR Base Interbank Offered Rate" in Section 1.01 1.2 hereof upon the basis of which the LIBOR Eurodollar Rate or the Index Floating Eurodollar Rate for such Interest Period is to be determined do not adequately reflect the cost to the Lenders of making or maintaining such LIBOR Loan or Index Eurodollar Rate Competitive Bid Loan for such Interest PeriodPeriod or, in the case of SouthTrust, such Floating Eurodollar Rate Swing Line Loan (which determination shall be made on a reasonable basis by the Agent, and the Person making such determination shall furnish the Authorized Representative evidence of the facts leading to such determination); then the Administrative Agent shall give the Lenders and an Authorized Representative prompt notice thereof, and so long as such condition remains in effect, the Lenders shall be under no obligation to make such Index Eurodollar Rate Competitive Bid Loans or make or continue such LIBOR Loans or, in the case of SouthTrust, Floating Eurodollar Rate Swing Line Loan that are subject to such condition, or to convert Loans into LIBOR Eurodollar Rate Loans, and the Borrower Borrowers shall (i) on the last day(s) of the then current Interest Period(s) for outstanding LIBOR Loans Eurodollar Rate Loans, as applicable, convert such LIBOR Eurodollar Rate Loans into Base Rate LoansLoans and (ii) immediately convert such Floating Eurodollar Rate Swing Line Loan into a Base Rate Swing Line Loan. The Administrative Agent shall give the Lenders and an Authorized Representative notice describing in reasonable detail any event or condition described in this Section 4.02 5.2 promptly following the determination by the Administrative Agent that the availability of LIBOR Eurodollar Rate Loans or Index Floating Eurodollar Rate Competitive Bid Loans Swing Line Loan is, or is to be, suspended as a result thereof.
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Suspension of Loans. Anything herein to the contrary notwithstanding, if, on or prior to the determination of any interest rate for any LIBOR Loan or Index Rate Competitive Bid Eurodollar Loan for any Interest Period, the Administrative Agent or Required Lenders determine determines (which determination made on a reasonable basis shall be conclusive absent manifest error) that:
(a) quotations of interest rates for the relevant deposits referred to in the definition of LIBOR Base a Eurodollar Rate in Section 1.01 hereof are not being provided in the relevant amounts or for the relevant maturities for purposes of determining the rate of interest for such LIBOR Loan or Index Rate Competitive Bid Eurodollar Loan as provided in this Agreement; or
(b) the relevant rates of interest referred to in the definition of "LIBOR Base Eurodollar Rate" in Section 1.01 hereof upon the basis of which the LIBOR Rate or the Index Eurodollar Rate for such Interest Period is to be determined do not adequately reflect the cost to the Lenders of making or maintaining such LIBOR Loan or Index Rate Competitive Bid Eurodollar Loan for such Interest PeriodPeriod or such Eurodollar Loan (which determination shall be made on a reasonable basis by the Agent, and the Person making such determination shall furnish the Authorized Representative evidence of the facts leading to such determination); then the Administrative Agent shall give the Lenders and an Authorized Representative prompt notice thereof, and so long as such condition remains in effect, the Lenders shall be under no obligation to make such Index Rate Competitive Bid Loans or make or continue such LIBOR Eurodollar Loans that are subject to such condition, or to convert Loans into LIBOR Eurodollar Loans, and the Borrower applicable Borrowers shall on the last day(s) of the then current Interest Period(s) for outstanding LIBOR Loans Eurodollar Loans, as applicable, (i) convert such LIBOR Eurodollar Loans into another Eurodollar Loan which is not subject to the same or similar condition, or (ii) (in the case of Dollar-denominated Loans) convert such Eurodollar Loans into Base Rate Loans, or (iii) (in the case of Offshore Currency Loans) repay such Loans. The Administrative Agent shall give the Lenders and an Authorized Representative notice describing in reasonable detail any event or condition described in this Section 4.02 promptly following the determination by the Administrative Agent that the availability of LIBOR Loans or Index Rate Competitive Bid Eurodollar Loans is, or is to be, suspended as a result thereof.
Appears in 1 contract
Samples: Credit Facilities and Reimbursement Agreement (Greenfield Industries Inc /De/)
Suspension of Loans. Anything herein to the contrary notwithstanding, if, on or prior to the determination of any interest rate for any LIBOR Loan or Index Eurodollar Rate Competitive Bid Loan for any Interest Period, the Administrative Agent or Required Lenders determine determines (which determination made on a reasonable basis shall be conclusive absent manifest error) that:
(a) quotations of interest rates for the relevant deposits referred to in the definition of LIBOR Base Rate "Interbank Offered Rate" in Section 1.01 1.2 hereof are not being provided in the relevant amounts or for the relevant maturities for purposes of determining the rate of interest for such LIBOR Loan or Index Eurodollar Rate Competitive Bid Loan as provided in this Agreement; or
(b) the relevant rates of interest referred to in the definition of "LIBOR Base Interbank Offered Rate" in Section 1.01 1.2 hereof upon the basis of which the LIBOR Rate or the Index Eurodollar Rate for such Interest Period is to be determined do not adequately reflect the cost to the Lenders of making or maintaining such LIBOR Loan or Index Eurodollar Rate Competitive Bid Loan for such Interest PeriodPeriod or such Eurodollar Rate Loan (which determination shall be made on a reasonable basis by the Agent, and the Person making such determination shall furnish the Authorized Representative evidence of the facts leading to such determination); then the Administrative Agent shall give the Lenders and an Authorized Representative prompt notice thereof, and so long as such condition remains in effect, the Lenders shall be under no obligation to make such Index Eurodollar Rate Competitive Bid Loans or make or continue such LIBOR Loans that are subject to such condition, or to convert Loans into LIBOR Eurodollar Rate Loans, and the Borrower Borrowers shall on the last day(s) of the then current Interest Period(s) for outstanding LIBOR Loans Eurodollar Rate Loans, as applicable, convert such LIBOR Eurodollar Rate Loans into Base Rate Loans. The Administrative Agent shall give the Lenders and an Authorized Representative notice describing in reasonable detail any event or condition described in this Section 4.02 5.2 promptly following the determination by the Administrative Agent that the availability of LIBOR Loans or Index Eurodollar Rate Competitive Bid Loans is, or is to be, suspended as a result thereof.
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Suspension of Loans. Anything herein to the contrary notwithstanding, if, on or prior to the determination of any interest rate for any LIBOR Eurodollar Loan or Index Rate Competitive Bid Loan at a Eurodollar Competitive Rate for any Interest Period, the Administrative Agent or Required Lenders determine or, with respect to a Competitive Bid Loan at the Eurodollar Competitive Rate, any Lender determines (which determination made on a reasonable basis shall be conclusive absent manifest error) that:
(a) quotations of interest rates for the relevant deposits referred to in the definition definitions of LIBOR Base a Eurodollar Revolver Rate or Eurodollar Competitive Rate in Section 1.01 hereof are not being provided in the relevant amounts or for the relevant maturities for purposes of determining the rate of interest for such LIBOR Eurodollar Loan or Index Rate Competitive Bid Loan as provided in this Agreement; or
(b) the relevant rates of interest referred to in the definition of "LIBOR Base Interbank Offered Rate" in Section 1.01 hereof upon the basis of which the LIBOR Eurodollar Revolver Rate 52 or the Index Eurodollar Competitive Rate for such Interest Period is to be determined do not adequately reflect the cost to the Lenders Lenders, or in the case of a Competitive Bid Loan, to the Lender making such Loan of making or maintaining such LIBOR Eurodollar Loan or Index Rate Competitive Bid Loan for such Interest PeriodPeriod (which determination shall be made on a reasonable basis by the Administrative Agent or such Lender, as the case may be, and the Person making such determination shall furnish the Borrowers evidence of the facts leading to such determination); then the Administrative Agent or Lender, as the case may be, shall give the Lenders and an Authorized Representative Borrowers prompt notice thereof, and so long as such condition remains in effect, the Lenders shall be under no obligation to make such Index Rate Eurodollar Loans or Competitive Bid Loans or make or continue such LIBOR Loans at the Eurodollar Competitive Rate that are subject to such condition, or to convert Loans into LIBOR Eurodollar Loans, and the either Borrower shall on the last day(s) of the then current Interest Period(s) for outstanding LIBOR Loans Eurodollar Loans, as applicable, convert such LIBOR Eurodollar Loans into another Eurodollar Loan which is not subject to the same or similar condition, or Base Rate Loans. The Administrative Agent or such Lender, as the case may be, shall give the Lenders and an Authorized Representative Borrowers notice describing in reasonable detail any event or condition described in this Section 4.02 promptly following the determination by the Administrative Agent or such Lender, as the case may be, that the availability of LIBOR Eurodollar Loans or Index Rate Competitive Bid Loans at a Eurodollar Competitive Rate is, or is to be, suspended as a result thereof.
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Suspension of Loans. Anything herein to the contrary ------------------- notwithstanding, if, on or prior to the determination of any interest rate for any LIBOR Eurodollar Rate Loan or Index Eurodollar Rate Competitive Bid Loan Segment for any Interest Period, the Administrative Agent or Required Lenders determine determines (which determination made on a reasonable basis shall be conclusive absent manifest error) that:
(a) quotations of interest rates for the relevant deposits referred to in the definition of LIBOR Base Rate "Eurodollar Rate" in Section 1.01 hereof 1.1 are ----------- not being provided in the relevant amounts or for the relevant maturities for purposes of determining the rate of interest for such LIBOR Eurodollar Rate Loan or Index Eurodollar Rate Competitive Bid Loan Segment as provided in this Agreement; or
(b) the relevant rates of interest referred to in the definition of "LIBOR Base Interbank Offered Rate" in Section 1.01 hereof 1.1 upon the basis of which the LIBOR Rate or the Index ----------- Eurodollar Rate for such Interest Period is to be determined do not adequately reflect the cost to the Lenders of making or maintaining such LIBOR Eurodollar Rate Loan or Index Eurodollar Rate Competitive Bid Loan Segment for such Interest Period; then the Administrative Agent shall give the Lenders and an Authorized Representative prompt notice thereof, and so long as such condition remains in effect, the Lenders shall be under no obligation to make such Index Eurodollar Rate Competitive Bid Loans or make or continue such LIBOR Loans Eurodollar Rate Segments that are subject to such condition, or to convert Base Rate Loans or Base Rate Segments into LIBOR LoansEurodollar Rate Loans or Eurodollar Rate Segments, and the Borrower shall on the last day(s) of the then current Interest Period(s) for outstanding LIBOR Loans Eurodollar Rate Loans, as applicable, convert such LIBOR Eurodollar Rate Loans or Eurodollar Rate Segments into another Eurodollar Rate Loan or Eurodollar Rate Segment if such Eurodollar Rate Loan or Eurodollar Rate Segment is not subject to the same or similar condition, or Base Rate LoansLoans or Base Rate Segments, if available hereunder. The Administrative Agent shall give the Lenders and an Authorized Representative notice describing in reasonable detail any event or condition described in this Section 4.02 6.2 promptly following the determination by the Administrative Agent that the ----------- availability of LIBOR Eurodollar Rate Loans or Index Eurodollar Rate Competitive Bid Loans Segments is, or is to be, suspended as a result thereof.
Appears in 1 contract
Suspension of Loans. Anything herein to the contrary notwithstanding, if, on or prior to the determination of any interest rate for any LIBOR Loan or Index Eurodollar Rate Competitive Bid Loan for any Interest Period, the Administrative Agent or Required Lenders determine determines (which determination made on a reasonable basis shall be conclusive absent manifest error) that:
(a) quotations of interest rates for the relevant deposits referred to in the definition of LIBOR Base Rate in "Eurodollar Rate" in
Section 1.01 hereof are not being provided in the relevant amounts or for the relevant maturities for purposes of determining the rate of interest for such LIBOR Loan or Index Eurodollar Rate Competitive Bid Loan as provided in this Agreement; or
(b) the relevant rates of interest referred to in the definition of "LIBOR Base Rate" in Section 1.01 hereof upon the basis of which the LIBOR Rate or the Index Eurodollar Rate for such Interest Period is to be determined do not adequately reflect the cost to the Lenders of making or maintaining such LIBOR Loan or Index Eurodollar Rate Competitive Bid Loan for such Interest PeriodPeriod or such Eurodollar Rate Loan (which determination shall be made on a reasonable basis by the Agent, and the Person making such determination shall furnish the Authorized Representative evidence of the facts leading to such determination); then the Administrative Agent shall give the Lenders and an Authorized Representative prompt notice thereof, and so long as such condition remains in effect, the Lenders shall be under no obligation to make such Index Eurodollar Rate Competitive Bid Loans or make or continue such LIBOR Loans that are subject to such condition, or to convert Loans into LIBOR Eurodollar Rate Loans, and the Borrower shall on the last day(s) of the then current Interest Period(s) for outstanding LIBOR Loans Eurodollar Rate Loans, as applicable, convert such LIBOR Eurodollar Rate Loans into a Eurodollar Rate Loan if such Eurodollar Rate Loan is not subject to the same or similar condition, or Base Rate Loans, if available hereunder. The Administrative Agent shall give the Lenders and an Authorized Representative notice describing in reasonable detail any event or condition described in this Section 4.02 promptly following the determination by the Administrative Agent that the availability of LIBOR Loans or Index Eurodollar Rate Competitive Bid Loans is, or is to be, suspended as a result thereof.
Appears in 1 contract
Samples: Revolving Credit and Reimbursement Agreement (Capstone Capital Corp)
Suspension of Loans. Anything herein to the contrary notwithstanding, if, on or prior to the determination of any interest rate for any LIBOR Loan or Index Eurodollar Rate Competitive Bid Loan for any Interest Period, the Administrative Agent or Required Lenders determine determines (which determination made on a reasonable basis shall be conclusive absent manifest error) that:
(a) quotations of interest rates for the relevant deposits referred to in the definition of LIBOR Base Rate "Interbank Offered Rate" in Section 1.01 1.1 hereof are not being provided in the relevant amounts or for the relevant maturities for purposes of determining the rate of interest for such LIBOR Loan or Index Eurodollar Rate Competitive Bid Loan as provided in this Agreement; or
(b) the relevant rates of interest referred to in the definition of "LIBOR Base Interbank Offered Rate" in Section 1.01 1.1 hereof upon the basis of which the LIBOR Rate or the Index Eurodollar Rate for such Interest Period is to be determined do not adequately reflect the cost to the Lenders of making or maintaining such LIBOR Loan or Index Eurodollar Rate Competitive Bid Loan for such Interest PeriodPeriod or such Eurodollar Rate Loan (which determination shall be made on a reasonable basis by the Agent, and the Person making such determination shall furnish the Authorized Representative evidence of the facts leading to such determination); then the Administrative Agent shall give the Lenders and an Authorized Representative prompt notice thereof, and so long as such condition remains in effect, the Lenders shall be under no obligation to make such Index Eurodollar Rate Competitive Bid Loans or make or continue such LIBOR Loans that are subject to such condition, or to convert Loans into LIBOR Eurodollar Rate Loans, and the Borrower Borrowers shall on the last day(s) of the then current Interest Period(s) for outstanding LIBOR Loans Eurodollar Rate Loans, as applicable, convert such LIBOR Eurodollar Rate Loans into Base Rate Loans. The Administrative Agent shall give the Lenders and an Authorized Representative notice describing in reasonable detail any event or condition described in this Section 4.02 3.2 promptly following the determination by the Administrative Agent that the availability of LIBOR Loans or Index Eurodollar Rate Competitive Bid Loans is, or is to be, suspended as a result thereof.
Appears in 1 contract
Suspension of Loans. Anything herein to the contrary notwithstanding, if, on or prior to the determination of any interest rate for any LIBOR Loan or Index Rate Competitive Bid Eurodollar Loan for any Interest Period, the Administrative Agent or Required Lenders determine determines (which determination made on a reasonable basis shall be conclusive absent manifest error) that:
(a) quotations of interest rates for the relevant deposits referred to in the definition of LIBOR Base Eurodollar Rate in Section 1.01 hereof are not being provided in the relevant amounts or for the relevant maturities for purposes of determining the rate of interest for such LIBOR Loan or Index Rate Competitive Bid Eurodollar Loan as provided in this Agreement; or
(b) the relevant rates of interest referred to in the definition of "LIBOR Eurodollar Base Rate" in Section 1.01 hereof upon the basis of which the LIBOR Rate or the Index Eurodollar Rate for such Interest Period is to be determined do not adequately reflect the cost to the Lenders of making or maintaining such LIBOR Loan or Index Rate Competitive Bid Eurodollar Loan for such Interest PeriodPeriod or such Eurodollar Loan (which determination shall be made on a reasonable basis by the Agent, and the Person making such determination shall furnish the Authorized Representative evidence of the facts leading to such determination); then the Administrative Agent shall give the Lenders and an Authorized Representative prompt notice thereof, and so long as such condition remains in effect, the Lenders shall be under no obligation to make such Index Rate Competitive Bid Loans or make or continue such LIBOR Eurodollar Loans that are subject to such condition, or to convert Loans into LIBOR Eurodollar Loans, and the Borrower shall on the last day(s) of the then current Interest Period(s) for outstanding LIBOR Loans Eurodollar Loans, as applicable, convert such LIBOR Eurodollar Loans into Base Rate Loans. The Administrative Agent shall give the Lenders and an Authorized Representative notice describing in reasonable detail any event or condition described in this Section 4.02 promptly following the determination by the Administrative Agent that the availability of LIBOR Loans or Index Rate Competitive Bid Eurodollar Loans is, or is to be, suspended as a result thereof.
Appears in 1 contract
Samples: Credit Facilities and Reimbursement Agreement (Proffitts Inc)
Suspension of Loans. Anything herein to (a) If at any time the contrary notwithstanding, if, on or prior to the determination of any interest rate for any LIBOR Loan or Index Rate Competitive Bid Loan for any Interest Period, the Administrative Agent or Required Lenders shall reasonably determine (which determination determination, if reasonable, shall be final, conclusive absent manifest errorand binding upon all parties) that:
(ai) quotations by reason of interest rates any changes arising after the Closing Date affecting the applicable interbank market or affecting the position of any Lender or the Agent in such market, adequate and fair means do not exist for ascertaining the relevant deposits referred Interbank Offered Rate with respect to in the definition of LIBOR Base a Eurodollar Rate in Section 1.01 hereof are not being provided in the relevant amounts or for the relevant maturities for purposes of determining the rate of interest for such LIBOR Loan or Index Rate Competitive Bid Loan as provided in this AgreementLoan; or
(ii) the continuation by any Lender of any Eurodollar Rate Loans or the funding thereof in the applicable interbank market would be unlawful by reason of any law, governmental rule, regulation, guidelines or order; or
(iii) the continuation by any Lender of any Eurodollar Rate Loans or the funding thereof in the applicable interbank market would be impracticable as a result of a contingency occurring after the date of this Agreement that materially and adversely affects the applicable interbank market; then, and in any such event, the Agent shall on such date give notice (by telephone and confirmed in writing) to the Borrower of such determination. The obligation of any Lender to make or maintain Eurodollar Rate Segments so affected or to permit interest to be computed thereon based upon the Interbank Offered Rate shall be terminated, and interest shall thereafter be computed on the affected Segment or Segments at the then applicable Base Rate.
(b) It is the relevant rates intention of interest referred to in the definition of "LIBOR Base Rate" in Section 1.01 hereof upon parties that the basis of which the LIBOR Rate or the Index Rate for such Interest Period is to be determined do not adequately Eurodollar Rates shall accurately reflect the cost to each Lender of maintaining any Eurodollar Rate Segment during any period in which interest accrues thereon at a Eurodollar Rate. Accordingly:
(i) if by reason of any change after the Lenders date hereof in any applicable law or governmental rule, regulation or order (or any interpretation thereof and including the introduction of making any new law or governmental rule, regulation or order), including any change in the Eurodollar Reserve Percentage, the cost to any Lender of maintaining any Eurodollar Rate Segment or funding the same by means of an interbank market time deposit in the relevant interbank market shall increase, the Eurodollar Rate applicable to such LIBOR Loan Eurodollar Rate Segment shall be adjusted as necessary to reflect such change in cost to such Lender, effective as of the date on which such change in any applicable law, governmental rule, regulation or Index Rate Competitive Bid Loan order becomes effective; and
(ii) If any Lender shall have determined that the adoption after the date of this Agreement of any law, rule, regulation or guideline regarding capital adequacy, or any change in any of the foregoing or in the interpretation or administration of any of the foregoing by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Lender (or any lending office of any Lender) or such Lender's holding company with any request or directive regarding capital adequacy (whether or not having the force of law) of any such authority, central bank or comparable agency, has or would have the effect of reducing the rate of return on such Lender's capital or on the capital of such Lender's holding company, as a consequence of such Lender's obligations under this Agreement or the Advances made by such Lender pursuant hereto, to a level below that which such Lender or such Lender's holding company could have achieved but for such Interest Period; adoption, change or compliance (taking into consideration such Lender's guidelines with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then the Administrative Agent shall give the Lenders and an Authorized Representative prompt notice thereof, and so long as such condition remains in effect, the Lenders shall be under no obligation from time to make such Index Rate Competitive Bid Loans or make or continue such LIBOR Loans that are subject to such condition, or to convert Loans into LIBOR Loans, and time the Borrower shall on the last day(s) of the then current Interest Period(s) pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender's holding company for outstanding LIBOR Loans convert any such LIBOR Loans into Base Rate Loans. The Administrative Agent shall give the Lenders and an Authorized Representative notice describing any event or condition described in this Section 4.02 promptly following the determination by the Administrative Agent that the availability of LIBOR Loans or Index Rate Competitive Bid Loans is, or is to be, suspended as a result thereofreduction suffered.
Appears in 1 contract
Suspension of Loans. Anything herein to the contrary notwithstanding, if, on or prior to the determination of any interest rate for any LIBOR Eurodollar Rate Loan or Index Eurodollar Rate Competitive Bid Loan Segment for any Interest Period, the Administrative Agent or Required Lenders determine determines (which determination made on a reasonable basis shall be conclusive absent manifest error) that:
(a) quotations of interest rates for the relevant deposits referred to in the definition of LIBOR Base Rate "Eurodollar Rate" in Section 1.01 hereof 1.1 are not being provided in the relevant amounts or for the relevant maturities for purposes of determining the rate of interest for such LIBOR Eurodollar Rate Loan or Index Eurodollar Rate Competitive Bid Loan Segment as provided in this Agreement; or
(b) the relevant rates of interest referred to in the definition of "LIBOR Base Interbank Offered Rate" in Section 1.01 hereof 1.1 upon the basis of which the LIBOR Rate or the Index Eurodollar Rate for such Interest Period is to be determined do not adequately reflect the cost to the Lenders of making or maintaining such LIBOR Eurodollar Rate Loan or Index Eurodollar Rate Competitive Bid Loan Segment for such Interest Period; then the Administrative Agent shall give the Lenders and an Authorized Representative prompt notice thereof, and so long as such condition remains in effect, the Lenders shall be under no obligation to make such Index Eurodollar Rate Competitive Bid Loans or make or continue such LIBOR Loans Eurodollar Rate Segments that are subject to such condition, or to convert Base Rate Loans or Base Rate Segments into LIBOR LoansEurodollar Rate Loans or Eurodollar Rate Segments, and the Borrower shall on the last day(s) of the then current Interest Period(s) for outstanding LIBOR Loans Eurodollar Rate Loans, as applicable, convert such LIBOR Eurodollar Rate Loans or Eurodollar Rate Segments into another Eurodollar Rate Loan or Eurodollar Rate Segment if such Eurodollar Rate Loan or Eurodollar Rate Segment is not subject to the same or similar condition, or Base Rate LoansLoans or Base Rate Segments, if available hereunder. The Administrative Agent shall give the Lenders and an Authorized Representative notice describing in reasonable detail any event or condition described in this Section 4.02 6.2 promptly following the determination by the Administrative Agent that the availability of LIBOR Eurodollar Rate Loans or Index Eurodollar Rate Competitive Bid Loans Segments is, or is to be, suspended as a result thereof.
Appears in 1 contract
Suspension of Loans. Anything herein to the contrary notwithstanding, if, on or prior to the determination of any interest rate for any LIBOR Eurodollar Loan or Index Rate Competitive Bid Loan at a Eurodollar Competitive Rate for any Interest Period, the Administrative Agent or Required Lenders determine or, with respect to a Competitive Bid Loan at the Eurodollar Competitive Rate, any Lender determines (which determination made on a reasonable basis shall be conclusive absent manifest error) that:
(a) quotations of interest rates for the relevant deposits referred to in the definition definitions of LIBOR Base a Eurodollar Revolver Rate or Eurodollar Competitive Rate in Section 1.01 hereof are not being provided in the relevant amounts or for the relevant maturities for purposes of determining the rate of interest for such LIBOR Eurodollar Loan or Index Rate Competitive Bid Loan as provided in this Agreement; or
(b) the relevant rates of interest referred to in the definition of "LIBOR Base Interbank Offered Rate" in Section 1.01 hereof upon the basis of which the LIBOR Eurodollar Revolver Rate or the Index Eurodollar Competitive Rate for such Interest Period is to be determined do not adequately reflect the cost to the Lenders Lenders, or in the case of a Competitive Bid Loan, to the Lender making such Loan of making or maintaining such LIBOR Eurodollar Loan or Index Rate Competitive Bid Loan for such Interest PeriodPeriod (which determination shall be made on a reasonable basis by the Administrative Agent or such Lender, as the case may be, and the Person making such determination shall furnish the Borrowers evidence of the facts leading to such determination); then the Administrative Agent or Lender, as the case may be, shall give the Lenders and an Authorized Representative Borrowers prompt notice thereof, and so long as such condition remains in effect, the Lenders shall be under no obligation to make such Index Rate Eurodollar Loans or Competitive Bid Loans or make or continue such LIBOR Loans at the Eurodollar Competitive Rate that are subject to such condition, or to convert Loans into LIBOR Eurodollar Loans, and the either Borrower shall on the last day(s) of the then current Interest Period(s) for outstanding LIBOR Loans Eurodollar Loans, as applicable, convert such LIBOR Eurodollar Loans into another Eurodollar Loan which is not subject to the same or similar condition, or Base Rate Loans. The Administrative Agent or such Lender, as the case may be, shall give the Lenders and an Authorized Representative Borrowers notice describing in reasonable detail any event or condition described in this Section 4.02 promptly following the determination by the Administrative Agent or such Lender, as the case may be, that the availability of LIBOR Eurodollar Loans or Index Rate Competitive Bid Loans at a Eurodollar Competitive Rate is, or is to be, suspended as a result thereof.
Appears in 1 contract
Samples: Credit Facilities and Reimbursement Agreement (Autonation Inc /Fl)