UNAVAILABILITY OF INTEREST RATE Sample Clauses

UNAVAILABILITY OF INTEREST RATE. If, at any time, (i) the Bank shall determine that, by reason of circumstances affecting foreign exchange and interbank markets generally, LIBOR deposits in the applicable amounts are not being offered to the Bank; or (ii) a new, or a revision in any existing law or interpretation or administration (including reversals) thereof by any government authority, central bank or comparable agency shall make it unlawful or impossible for the Bank to honor its obligations under this Note, then (A) the Bank's obligation, if any, to make or maintain a Revolving Loan at the LIBOR-Based Rate shall be suspended, and (B) the applicable LIBOR-Based Rate shall, for the remainder of the term of the Loan, immediately be converted to (x) the Lending Rate (as such term is defined in the Credit Agreement) or (y) if the undersigned has hedged the LIBOR-Based Rate by entering into an interest rate swap agreement with the Bank, the rate of interest payable to the undersigned by the Bank as a Floating Rate Payer under the terms of said swap agreement (plus the percentage added to LIBOR above if not included in said rate of interest payable by the Bank). INTEREST AND FEE(S) COMPUTATION. (ACTUAL/360). Interest and fees, if any, shall be computed on the basis of a 360-day year for the actual number of days in the applicable period ("Actual/360 Computation"). The Actual/360 Computation determines the annual effective yield by taking the stated (nominal) rate for a year's period and then dividing said rate by 360 to determine the daily periodic rate to be applied for each day in the applicable period. Application of the Actual/360 Computation produces an annualized effective rate exceeding that of the nominal rate.
Sample 1Sample 2
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UNAVAILABILITY OF INTEREST RATE. If, at any time, (a) the Bank shall determine that, by reasons of circumstances affecting foreign exchange and interbank markets generally, the London Interbank Offered Rate in the applicable amounts are not being offered to the Bank; or (b)a new, or a revision in any existing law or interpretation or administration (including reversals) thereof, by any government authority, central bank or comparable agency shall make it unlawful or impossible for the Bank to honor its obligations under this Agreement, (i) the Bank's obligation to make, maintain or convert into the Adjusted London Interbank Offered Rate shall be suspended; and (ii) the applicable the Adjusted London Interbank Offered Rate shall immediately be converted to the Base Rate for the remainder of the applicable interest period. The Bank shall forthwith give notice thereof to the Borrower, whereupon until the Bank notifies the Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligations of the Bank to make Loans at the LIBOR-based Rate shall be suspended and (ii) each outstanding Loan shall be converted into a Base Rate Loan on the date of such determination. Unless the Borrower notifies the Bank at least two Business Days before the date of any Loan for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Loan shall instead be made as a Base Rate Loan.
Sample 1
UNAVAILABILITY OF INTEREST RATE. If, at any time, (i) Lender shall determine that, by reason of circumstances affecting foreign exchange and interbank markets generally, LIBOR deposits in the applicable amounts are not being offered to Lender; or (ii) a new law or regulation or interpretation or administration thereof, or a revision in any existing law or regulation or interpretation or administration (including reversals) thereof by any government authority, central bank or comparable agency shall make it unlawful or impossible for Lender to determine LIBOR then (A) Lender's obligation, if any, to calculate notes based on LIBOR shall be suspended, and (B) the applicable LIBOR Rate shall, for the remainder of the term of such period immediately be converted to the Bank’s Prime Rate plus a margin which most closely approximates, but is not less than, the LIBOR Rate.
Sample 1
UNAVAILABILITY OF INTEREST RATE. If, at any time, (i) the Bank shall determine that, by reason of circumstances affecting foreign exchange and interbank markets generally, LIBOR deposits in the applicable amounts are not being offered to the Bank; or (ii) a new, or a revision in any existing law or interpretation or administration (including reversals) thereof by any government authority, central bank or comparable agency shall make it unlawful or impossible for the Bank to honor its obligations under the Advances, then (A) the Bank's obligation, if any, to make or maintain a LIBOR Loan shall be suspended, and (B) the applicable LIBOR-Based Rate shall, for the remainder of the term of the Advance, immediately be converted to the Prime Rate minus the Prime Rate Margin
Sample 1
UNAVAILABILITY OF INTEREST RATE. If, at any time, (a) Bank shall determine that, by reasons of circumstances affecting foreign exchange and interbank markets generally, LIBOR deposits in the applicable amounts are not being offered to Bank, or (b) a new, or a revision in any existing, law or interpretation or administration (including reversals) thereof by any government authority, central bank or comparable agency shall make it unlawful or impossible for Bank to honor its obligations under this Agreement, then (i) Bank's obligation to make, maintain or convert into a LIBOR Rate shall be suspended; and (ii) the applicable LIBOR Rate shall immediately be converted to the Prime Rate for the remainder of the Interest Period.
Sample 1
UNAVAILABILITY OF INTEREST RATE. If, at any time, (a) Bank shall determine that, by reasons of circumstances affecting foreign exchange and interbank markets generally, LIBOR or CD deposits in the applicable amounts are not being offered to Bank; or (b) a new, or a revision in any existing law or interpretation or administration (including reversals) thereof by any government authority, central bank or comparable agency shall make it unlawful or impossible for Bank to honor its obligations under this Note, (i) Bank's obligation to make, maintain or convert into a LIBOR-Based Rate shall be suspended; and (ii) the applicable LIBOR-Based Rate shall immediately be converted to the Prime-Based Rate for the remainder of the Interest Period. INTEREST COMPUTATION. (ACTUAL/360). Interest shall be computed on the basis of a 360-day year for the actual number of days in the interest period ("Actual/360 Computation"). The Actual/360 Computation determines the annual effective interest yield by taking the stated (nominal) interest rate for a year's period and then dividing said rate by 360 to determine the daily periodic rate to be applied for each day in the interest period. Application of the Actual/360 Computation produces an annualized effective interest rate exceeding that of the nominal rate.
Sample 1
UNAVAILABILITY OF INTEREST RATE. If, at any time, (i) Bank shall determine that, by reasons of circumstances affecting foreign exchange and interbank markets generally, LIBOR deposits in the applicable amounts are not being offered to Bank, or (ii) a new, or a revision in any existing, law or interpretation or administration (including reversals) thereof by any government authority, central bank or comparable agency shall make it unlawful or impossible for Bank to honor its obligations under this Note, then (x) Bank's obligation to make, maintain or convert into a rate of interest calculated on the basis of the LIBOR Rate or, if applicable, the LIBOR Market Index Rate shall be suspended; and (y) the applicable rate of interest so calculated on the basis of the LIBOR Rate or, if applicable, the LIBOR Market Index Rate shall immediately be converted to a rate of interest calculated for the remainder of the Interest Period on the basis of the rate of interest per annum equal to THE SUM OF (i) the Prime Rate, MINUS (ii) the applicable percentage amount set forth below: IF THE RATIO OF CONSOLIDATED THEN THE APPLICABLE FUNDED INDEBTEDNESS TO EBITDA IS: PERCENTAGE IS: --------------------------------- -------------- 0 - less than 1.5:1 2.00%
Sample 1
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Related to UNAVAILABILITY OF INTEREST RATE

  • Determination of Interest Rate (a) The Applicable Interest Rate with respect to the Loan shall be: (i) LIBOR plus the Spread with respect to the applicable Interest Period for a LIBOR Loan or (ii) the Prime Rate plus the Prime Rate Spread for a Prime Rate Loan if the Loan is converted to a Prime Rate Loan pursuant to the provisions of Section 2.2.3(c) or Section 2.2.3(f).

  • Unavailability of a currency If before the Specified Time on any Quotation Day:

  • Determination of Interest Rate Basis The Calculation Agent shall determine the rate derived from each Interest Rate Basis in accordance with the following provisions.

  • Unavailability of Deposits or Inability to Ascertain, or Inadequacy of, LIBOR If on or prior to the first day of any Interest Period for any Borrowing of Eurodollar Loans:

  • Notification of Interest Periods and interest rate The Agent shall notify the Borrowers and the Banks promptly of the duration of each Interest Period and of each rate of interest (or, as the case may be default interest) determined by it under this clause 3.

  • Alternate Rate of Interest; Illegality (a) If prior to the commencement of any Interest Period for a Eurodollar Borrowing:

  • Availability of Funds Unless Administrative Agent shall have been notified by any Lender prior to the applicable Credit Date that such Lender does not intend to make available to Administrative Agent the amount of such Lender’s Loan requested on such Credit Date, Administrative Agent may assume that such Lender has made such amount available to Administrative Agent on such Credit Date and Administrative Agent may, in its sole discretion, but shall not be obligated to, make available to Borrower a corresponding amount on such Credit Date. If such corresponding amount is not in fact made available to Administrative Agent by such Lender, Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender together with interest thereon, for each day from such Credit Date until the date such amount is paid to Administrative Agent, at the customary rate set by Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the Base Rate. If such Lender does not pay such corresponding amount forthwith upon Administrative Agent’s demand therefor, Administrative Agent shall promptly notify Borrower and Borrower shall immediately pay such corresponding amount to Administrative Agent together with interest thereon, for each day from such Credit Date until the date such amount is paid to Administrative Agent, at the rate payable hereunder for Base Rate Loans for such Class of Loans. Nothing in this Section 2.5(b) shall be deemed to relieve any Lender from its obligation to fulfill its Term Loan Commitments and Revolving Commitments hereunder or to prejudice any rights that Borrower may have against any Lender as a result of any default by such Lender hereunder.

  • Market disruption; non-availability 3.6.1 If and whenever, at any time prior to the commencement of any Interest Period:

  • Benchmark Unavailability Period Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending request for a SOFR Borrowing of, conversion to or continuation of SOFR Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans. During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate.

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