Availability of Deposits at a Determinable Rate Clause Samples

The 'Availability of Deposits at a Determinable Rate' clause defines the lender's obligation to provide funds only if it can obtain deposits at a specified, ascertainable interest rate. In practice, this means that if the lender is unable to secure funding at the agreed-upon benchmark rate—such as LIBOR or another reference rate—it is not required to advance the loan or may have the right to suspend or adjust the terms of lending. This clause primarily protects the lender from being forced to lend at a loss or at rates that are not economically viable, ensuring that the loan terms remain practical and sustainable in changing market conditions.
Availability of Deposits at a Determinable Rate. If, after Borrower has elected to borrow or maintain any Loan or portion thereof at the Federal Funds Rate or LIBOR, Lender notifies Borrower that: (i) United States dollar deposits in the amount and for the maturity requested are not available to Lender (in the case of LIBOR, in the London interbank market); or (ii) Reasonable means do not exist for Lender to determine the Federal Funds Rate or LIBOR for the amount and maturity requested; all as determined by Lender in its sole discretion, then the principal subject to the Federal Funds Rate or LIBOR shall accrue or shall continue to accrue interest at the Prime-Based Rate.
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Availability of Deposits at a Determinable Rate. If, after Borrower has elected to borrow or maintain any advance at LIBOR, Lender notifies Borrower that: (1) United States dollar deposits in the amount and for the maturity requested are not available to Lender in the London interbank market; or (2) Reasonable means do not exist for Lender to determine LIBOR for the amount and maturity requested, all as determined by the Lender in its sole discretion, then the principal subject or to be subject to LIBOR shall accrue or shall continue to accrue interest at the Prime Rate.
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Availability of Deposits at a Determinable Rate. If, after the Borrower has elected to borrow or maintain any Loan at the Federal Funds-Based Rate, the Lender notifies the Borrower that: (i) United States dollar deposits in the amount and for the maturity requested are not available to the Lender; or (ii) Reasonable means do not exist for the Lender to determine the Federal Funds-Based Rate for the amount and maturity requested; all as determined by the Lender in its sole discretion, then the principal subject to the Federal Funds-Based Rate will accrue interest at the Prime Rate.
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Availability of Deposits at a Determinable Rate. If, after Borrower has elected to borrow or maintain any portion of the Revolving Credit Loan or the Term Loan at LIBOR, Agent notifies Borrower in writing that: (i) United States dollar deposits in the amount and for the maturity requested are not available to Lenders (in the case of LIBOR, in the London Interbank market), or (ii) reasonable means do not exist for Lenders to determine LIBOR for the amounts and maturity requested, all as determined by the Agent in its sole discretion, then the principal amount subject to LIBOR shall accrue or shall continue to accrue interest at the Base Rate.
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Availability of Deposits at a Determinable Rate. If, after Borrower has elected to borrow or maintain any Loan or portion thereof at the Federal Funds Rate, Lender notifies Borrower that reasonable means do not exist for Lender to determine the Federal Funds Rate for the amount and maturity requested, as determined by the Lender in its sole discretion, then the principal subject to the Federal Funds Rate shall accrue or shall continue to accrue interest at the Prime-Based Rate.
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Availability of Deposits at a Determinable Rate. If, after Borrower has elected to borrow or maintain any portion of the Revolving Credit Loan or the Term Loan at LIBOR, Agent notifies Borrower in writing that: (i) United States dollar deposits in the amount and for the maturity requested are not available to Lenders (in the case of LIBOR, in the London Interbank market), or (ii) reasonable means do not exist for Lenders to determine LIBOR for the amounts and maturity requested, all as determined by the Agent in its sole discretion, then the principal amount subject to LIBOR shall accrue or shall continue to accrue interest at the Base Rate.
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Related to Availability of Deposits at a Determinable Rate

  • Circumstances Affecting LIBOR Rate Availability In connection with any request for a LIBOR Rate Loan or a conversion to or continuation thereof, if for any reason (i) the Administrative Agent shall determine (which determination shall be conclusive and binding absent manifest error) that Dollar deposits are not being offered to banks in the London interbank Eurodollar market for the applicable amount and Interest Period of such Loan, (ii) the Administrative Agent shall determine (which determination shall be conclusive and binding absent manifest error) that reasonable and adequate means do not exist for the ascertaining the LIBOR Rate for such Interest Period with respect to a proposed LIBOR Rate Loan or (iii) the Required Lenders shall determine (which determination shall be conclusive and binding absent manifest error) that the LIBOR Rate does not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans during such Interest Period, then the Administrative Agent shall promptly give notice thereof to the Borrower. Thereafter, until the Administrative Agent notifies the Borrower that such circumstances no longer exist, the obligation of the Lenders to make LIBOR Rate Loans and the right of the Borrower to convert any Loan to or continue any Loan as a LIBOR Rate Loan shall be suspended, and the Borrower shall either (A) repay in full (or cause to be repaid in full) the then outstanding principal amount of each such LIBOR Rate Loan together with accrued interest thereon (subject to Section 5.1(d)), on the last day of the then current Interest Period applicable to such LIBOR Rate Loan; or (B) convert the then outstanding principal amount of each such LIBOR Rate Loan to a Base Rate Loan as of the last day of such Interest Period.

  • Unused Revolving Line Facility Fee A fee (the “Unused Revolving Line Facility Fee”), payable quarterly, in arrears, on a calendar year basis, in an amount equal to one quarter of one percent (0.25%) per annum of the average unused portion of the Revolving Line, as determined by Bank. Borrower shall not be entitled to any credit, rebate or repayment of any Unused Revolving Line Facility Fee previously earned by Bank pursuant to this Section notwithstanding any termination of the Agreement or the suspension or termination of Bank’s obligation to make loans and advances hereunder; and

  • Interest Rates and Letter of Credit Fee Rates Payments and Calculations (a) Interest Rates. Except as provided in Section 2.13(c) and Section 2.15(a), all Obligations (except for the undrawn portion of the face amount of Letters of Credit) that have been charged to the Loan Account pursuant to the terms hereof shall bear interest at a per annum rate equal to the lesser of (i) the LIBOR Rate plus the Applicable Margin, or (ii) the maximum rate of interest allowed by applicable laws; provided, that following notice to Borrower in accordance with Section 2.15(a) hereof, all Obligations that have been charged to the Loan Account pursuant to the terms hereof shall bear interest at a per annum rate equal, during the duration of the circumstances described in Section 2.15(a), to the lesser of (A) the Base Rate plus the Applicable Margin as calculated pursuant to Section 2.15(a) or (B) the maximum rate of interest allowable by applicable laws.

  • Borrower Information Used to Determine Applicable Interest Rates The parties understand that the applicable interest rate for the Obligations and certain fees set forth herein may be determined and/or adjusted from time to time based upon certain financial ratios and/or other information to be provided or certified to the Lenders by the Borrower (the “Borrower Information”). If it is subsequently determined that any such Borrower Information was incorrect (for whatever reason, including without limitation because of a subsequent restatement of earnings by the Borrower) at the time it was delivered to the Administrative Agent, and if the applicable interest rate or fees calculated for any period were lower than they should have been had the correct information been timely provided, then, such interest rate and such fees for such period shall be automatically recalculated using correct Borrower Information. The Administrative Agent shall promptly notify the Borrower in writing of any additional interest and fees due because of such recalculation, and the Borrower shall pay such additional interest or fees due to the Administrative Agent, for the account of each Lender, within five (5) Business Days of receipt of such written notice. Any recalculation of interest or fees required by this provision shall survive the termination of this Agreement, and this provision shall not in any way limit any of the Administrative Agent’s, the Issuing Bank’s, or any Lender’s other rights under this Agreement.

  • Applicable Interest Rate 5.10.1 In respect of Pre-Delivery Interest Periods or Interest Periods pursuant to Clause 5.3.1 and subject to Clause 5.3.1, Clause 5.12 and Clause 6, the rate of interest applicable to the Loan (or relevant part in the case of the division of the Loan under Clause 5.8) during a Pre-Delivery Interest Period or an Interest Period shall be the Floating Interest Rate. 5.10.2 In respect of Interest Periods pursuant to Clause 5.3.2 and subject to Clause 5.3.2, Clause 5.12 and Clause 6, the rate of interest applicable to the Loan (or relevant part in the case of the division of the Loan under Clause 5.8) during an Interest Period shall be the Fixed Rate.