Common use of Unavailability of Dollars Clause in Contracts

Unavailability of Dollars. (a) In the event that a Lender is not able to obtain Dollars in the London Interbank Market, in the manner in effect on the date of this Credit Agreement, the Dollars required by such Lender to fund the Loan shall be made available from such other financial sources as may be available to such Lender. In such an event the rate of interest applicable to the Loan for the relevant Interest Period will be the aggregate of the most recent Applicable Margin Amount for LIBOR Advances and the cost (expressed as a per annum percentage) to the Lender from such financial sources and for periods as may be elected by the Lender. Each change in such cost in respect of funding the Loan will cause an immediate corresponding change in the rate of interest payable by the Borrower. This arrangement shall be temporary and should Dollars subsequently become available to the Lender in the London Interbank Market, in the manner in effect on the date of this Credit Agreement, then from the conclusion of the then current Interest Period for funding from alternative sources, the Loan will bear interest at the rate detailed in Section 5.1(a) above. (b) In the event that a Lender is unable (for any reason whatsoever) to acquire the required Dollars from any source, the parties hereto shall meet to discuss an alternative arrangement. In the absence of mutual agreement and at the end of ten (10) Business Days after the meeting referred to above the obligation of the Lender hereunder to make available the Loan shall be extinguished forthwith and the affected portion of the Loan shall be repaid forthwith by the Borrower to such Lender along with all fees and Breakage Costs for the Loan.

Appears in 1 contract

Samples: Credit Agreement (Friede Goldman Halter Inc)

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Unavailability of Dollars. (a) In the event that a Lender is not able to obtain Dollars in the London Interbank Market, in the manner in effect on the date of this Credit Agreement, the Dollars required by such Lender to fund the Loan shall be made available from such other financial sources as may be available to such Lender. In such an event the rate of interest applicable to the Loan for the relevant Interest Period will be for LIBOR Advances, the aggregate of the most recent Applicable Margin Amount 3% and for LIBOR Advances Prime Advances, 1/2% and the cost (expressed as a per annum percentage) to the Lender from such financial sources and for periods as may be elected by the Lender. Each change in such cost in respect of funding the Loan will cause an immediate corresponding change in the rate of interest payable by the BorrowerBorrowers. This arrangement shall be temporary and should Dollars subsequently become available to the Lender in the London Interbank Market, in the manner in effect on the date of this Credit Agreement, then from the conclusion of the then current Interest Period for funding from alternative sources, the Loan will bear interest at the rate detailed in Section 5.1(a) above. (b) In the event that a Lender is unable (for any reason whatsoever) to acquire the required Dollars from any source, the parties hereto shall meet to discuss an alternative arrangement. In the absence of mutual agreement and at the end of ten (10) Business Days after the meeting referred to above the obligation of the Lender hereunder to make available the Loan shall be extinguished forthwith and the affected portion of the Loan shall be repaid forthwith by the Borrower Borrowers to such Lender along with all fees and Breakage Costs for the Loan.

Appears in 1 contract

Samples: Credit Agreement (Horizon Offshore Inc)

Unavailability of Dollars. (a) In the event that a the Lender is not able to obtain Dollars in the London Interbank Market, in the manner in effect on the date of this Credit Agreement, the Dollars required by such the Lender to fund the Loan shall be made available from such other financial sources as may be available to such the Lender. In such an event the rate of interest applicable to the Loan for the relevant Interest Period will be for LIBOR Advances, the aggregate of the most recent Applicable Margin Amount 3% and for LIBOR Advances Prime Advances, 1/2% and the cost (expressed as a per annum percentage) to the Lender from such financial sources and for periods as may be elected by the Lender. Each change in such cost in respect of funding the Loan will cause an immediate corresponding change in the rate of interest payable by the BorrowerBorrowers. This arrangement shall be temporary and should Dollars subsequently become available to the Lender in the London Interbank Market, in the manner in effect on the date of this Credit Agreement, then from the conclusion of the then current Interest Period for funding from alternative sources, the Loan will bear interest at the rate detailed in Section 5.1(a6.1(a) above. (b) In the event that a the Lender is unable (for any reason whatsoever) to acquire the required Dollars from any source, the parties hereto shall meet to discuss an alternative arrangement. In the absence of mutual agreement and at the end of ten (10) Business Days after the meeting referred to above the obligation of the Lender hereunder to make available the Loan shall be extinguished forthwith and the affected portion of the Loan shall be repaid forthwith by the Borrower Borrowers to such the Lender along with all fees and Breakage Costs for the Loan.

Appears in 1 contract

Samples: Credit Agreement (Horizon Offshore Inc)

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Unavailability of Dollars. (a) In the event that a the Lender is not able to obtain Dollars in the London Interbank Market, in the manner in effect on the date of this Credit Agreement, the Dollars required by such the Lender to fund the Loan shall be made available from such other financial sources as may be available to such the Lender. In such an event the rate of interest applicable to the Loan for the relevant Interest Period will be for LIBOR Advances, the aggregate of the most recent Applicable Margin Amount 3% and for LIBOR Advances Prime Advances, 1/2% and the cost (expressed as a per annum percentage) to the Lender from such financial sources and for periods as may be elected by the Lender. Each change in such cost in respect of funding the Loan will cause an immediate corresponding change in the rate of interest payable by the BorrowerBorrowers. This arrangement shall be temporary and should Dollars subsequently become available to the Lender in the London Interbank Market, in the manner in effect on the date of this Credit Agreement, then from the conclusion of the then current Interest Period for funding from alternative sources, the Loan will bear interest at the rate detailed in Section 5.1(a6.1(a) above. (b) In the event that a the Lender is unable (for any reason whatsoever) to acquire the required Dollars from any source, the parties hereto shall meet to discuss an alternative arrangement. In the absence of mutual agreement and at the end of ten (10) Business Days after the meeting referred to above the obligation of the Lender hereunder to make available the Loan shall be extinguished forthwith and the affected portion of the Loan shall be repaid forthwith by the Borrower Borrowers to such the Lender along with all fees and Breakage Costs for the Loan.

Appears in 1 contract

Samples: Credit Agreement (Horizon Offshore Inc)

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