Common use of Unavailability of Deposits or Inability to Ascertain LIBOR Clause in Contracts

Unavailability of Deposits or Inability to Ascertain LIBOR. Rate. If on or before the first day of any Interest Period for any Borrowing of ---- Eurocurrency Loans the Administrative Agent determines in good faith (after consultation with the other Lenders) that, 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 cost to the Required Lenders of funding Eurocurrency Loans for such Interest Period, the Administrative Agent shall give written notice (in reasonable detail) of such determination and of the basis therefor to the Borrower and the Lenders, whereupon until the Administrative Agent notifies the Borrower and Lenders that the circumstances giving rise to such suspension no longer exist (which the Administrative Agent shall do promptly after they do not exist), (i) the obligations of the Lenders to make, continue or convert Loans as or into such Eurocurrency Loans, or to convert Base Rate Loans into such Eurocurrency Loans, shall be suspended and (ii) each Eurocurrency Loan will automatically on the last day of the then existing Interest Period therefor, convert into a Base Rate Loan in Dollars.

Appears in 3 contracts

Samples: 364 Day Credit Agreement (Transocean Inc), 364 Day Credit Agreement (Transocean Sedco Forex Inc), 364 Day Credit Agreement (Transocean Sedco Forex Inc)

AutoNDA by SimpleDocs

Unavailability of Deposits or Inability to Ascertain LIBOR. Rate. If on or before the first day of any Interest Period for any Eurodollar Borrowing of ---- Eurocurrency Loans the Administrative Agent determines in good faith (after consultation with the other Committed Lenders) that, due to changes in circumstances since the date hereofEffective Date, adequate and fair means do not exist for determining the LIBOR Eurodollar Rate or such rate will not accurately reflect the cost to the Required Lenders Instructing Group of funding Eurocurrency Eurodollar Loans for such Interest Period, the Administrative Agent shall give written notice (in reasonable detail) of such determination and of the basis therefor to the Borrower and the Committed Lenders, whereupon until the Administrative Agent notifies the Borrower and Committed Lenders that the circumstances giving rise to such suspension no longer exist (which the Administrative Agent shall do promptly after they do not exist), (i) the obligations of the Committed Lenders to makeadvance, continue or convert Loans as or into such Eurocurrency Loans, or to convert Base Rate Eurodollar Loans into such Eurocurrency Loans, shall be suspended and (ii) each Eurocurrency Eurodollar Loan will will, automatically on the last day of the then existing Interest Period therefor, convert into a Base Rate Loan in DollarsLoan.

Appears in 1 contract

Samples: Secured Loan Agreement (Transocean Sedco Forex Inc)

Unavailability of Deposits or Inability to Ascertain LIBOR. Rate. If on or before the first day of any Interest Period for any Borrowing of ---- Eurocurrency Loans the Administrative Agent determines in good faith (after consultation with the other Lenders) that, 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 cost to the Required Lenders of funding Eurocurrency Loans in the applicable currency for such Interest Period, the Administrative Agent shall give written notice (in reasonable detail) of such determination and of the basis therefor to the Borrower and the Lenders, whereupon until the Administrative Agent notifies the Borrower and Lenders that the circumstances giving rise to such suspension no longer exist (which the Administrative Agent shall do promptly after they do not exist), (i) the obligations of the Lenders to fund Loans in Euros, Pounds or Kroner, or make, continue or convert Loans as or into such Eurocurrency Loans, or to convert Base Rate Loans into such Eurocurrency Loans, shall be suspended and (ii) each Eurocurrency Loan will automatically on the last day of the then existing Interest Period therefor, convert into a Base Rate Loan in Dollars.

Appears in 1 contract

Samples: Credit Agreement (Transocean Sedco Forex Inc)

Unavailability of Deposits or Inability to Ascertain LIBOR. Rate. If on or before the first day of any Interest Period for any Borrowing of ---- Eurocurrency Loans the Administrative Syndication Agent determines in good faith (after consultation with the other Lenders) that, 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 cost to the Required Lenders of funding Eurocurrency Loans for such Interest Period, the Administrative Syndication Agent shall give written notice (in reasonable detail) of such determination and of the basis therefor to the Borrower and the Lenders, whereupon until the Administrative Syndication Agent notifies the Borrower and Lenders that the circumstances giving rise to such suspension no longer exist (which the Administrative Syndication Agent shall do promptly after they do not exist), (i) the obligations of the Lenders to make, continue or convert Loans as or into such Eurocurrency Loans, or to convert Base Rate Loans into such Eurocurrency Loans, shall be suspended and (ii) each Eurocurrency Loan will automatically on the last day of the then existing Interest Period therefor, convert into a Base Rate Loan in Dollars.

Appears in 1 contract

Samples: Credit Agreement (Transocean Sedco Forex Inc)

AutoNDA by SimpleDocs

Unavailability of Deposits or Inability to Ascertain LIBOR. Rate. If on or before the first day of any Interest Period for any Borrowing of ---- Eurocurrency Loans the Administrative Agent determines in good faith (after consultation with the other Lenders) that, 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 cost to the Required Lenders of funding Eurocurrency Loans in the applicable currency for such Interest Period, the Administrative Agent shall give written notice (in reasonable detail) of such determination and of the basis therefor to the Borrower and the Lenders, whereupon until the Administrative Agent notifies the Borrower and Lenders that the circumstances giving rise to such suspension no longer exist (which the Administrative Agent shall do promptly after they do not exist), (i) the obligations of the Lenders to fund Loans in Euro, Pounds,Australian Dollars, Canadian Dollars, Singapore Dollars, or Kroner, or make, continue or convert Loans as or into such Eurocurrency Loans, or to convert Base Rate Loans into such Eurocurrency Loans, shall be suspended and (ii) each Eurocurrency Loan will automatically on the last day of the then existing Interest Period therefor, convert into a Base Rate Loan in Dollars.

Appears in 1 contract

Samples: Revolving Credit Agreement (Transocean Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.