Change in Market Conditions Sample Clauses
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Change in Market Conditions. (a) If in relation to any Interest Period for a Loan:
(i) where ▇▇▇▇▇▇▇ is to be determined by reference to the Reference Banks, none or only one Reference Bank supplies a quotation in accordance with the definition of EURIBOR or, as the case may be, the Base Rate definition; or
(ii) before close of business in London on the Quotation Day for the relevant Interest Period, Lenders whose participations in a Utilisation exceed 40 per cent of that Utilisation notify the Facility Agent that by reason of circumstances affecting the Relevant Market generally the cost to them of obtaining matching deposits in the Relevant Market in sufficient amounts to fund their respective shares of the amount to which that Interest Period relates is in excess of EURIBOR or, as the case may be, the applicable Base Rate, the Facility Agent shall promptly notify the Borrower and the Lenders and any such event shall be a Market Disruption Event.
(b) If a Market Disruption Event occurs for any Interest Period, then the rate of interest on each Lender's share of that Utilisation for the Interest Period shall be the rate per annum which is the sum of:
(i) the Margin; and
(ii) the rate notified to the Facility Agent by that ▇▇▇▇▇▇ as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period, to be that which expresses as a percentage rate per annum the cost to that Lender of funding its participation in that Utilisation from whatever source it may reasonably select.
(c) If a Market Disruption Event occurs and the Facility Agent or the Borrower so requires, the Facility Agent and the Borrower shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute basis for determining the rate of interest. Ashurst
(d) Any alternative basis agreed pursuant to paragraph (c) above shall, with the prior consent of the Lenders and the Borrower, be binding on all parties to this Agreement (provided that, in the absence of the consent of all Lenders, any alternative basis shall still remain binding on any Lenders which have consented to that alternative basis and their assignees and transferees).
Change in Market Conditions. (1) If, in relation to any Interest Period:
(a) no, or only one, Reference Bank supplies a quotation as and when required by the definition of SIBOR in Clause 1 (B) hereof; or
(b) the Agent is notified by Lenders to whom more than 50 per cent. of the Loan to which that Interest Period relates is (or, if made, would be) owing that (i) they are unable to obtain matching deposits in the Singapore inter-bank market at or about 11 a.m. on the second Business Day before the first day of that Interest Period in sufficient amounts to fund their respective shares of the Loan during that Interest Period or (ii) the arithmetic mean (rounded, if necessary, to the nearest 1/16 per cent.) of the quotations used for fixing the rate of interest applicable to the Loan does not reflect the cost to those Lenders of obtaining such deposits, the Agent shall promptly notify the Borrower and the Lenders.
Change in Market Conditions. 10.1 If, in relation to the fixing of an Interest Period relating to a Loan or an Unpaid Sum, by reason of circumstances affecting the Relevant Interbank Market or circumstances affecting the Singapore foreign exchange market:
(a) no, or only one, reference bank supplies the Lender with a quotation for the purpose of calculating LIBOR as and when required or the Lender is unable to supply a quotation for the purpose of calculating LIBOR or LIBOR is negative or zero;
(b) adequate and fair means do not or will not exist for determining, or it is not practicable to determine, the rate of interest applicable to the Loan or Unpaid Sum (or, in each case, such part thereof) to which that Interest Period relates; or
(c) by 5:00 p.m. on the Business Day immediately following the Quotation Day, the Lender determines that the cost to it of funding the Loan or such Unpaid Sum would be in excess of LIBOR, the Lender shall promptly notify the Borrower.
10.2 The Lender shall then negotiate with the Borrower with a view to agreeing an alternative basis for calculating the interest payable on and/or for making, maintaining and/or funding the Loan or such Unpaid Sum (or (in each case) such part thereof) to which that Interest Period relates. Any alternative basis agreed in writing by the Lender and the Borrower within 25 days of the Lender's notification of the event in question shall take effect in accordance with its terms.
10.3 If an alternative basis is not so agreed, the Loan or (as the case may be) such Unpaid Sum (or (in each case) such part thereof) shall during that Interest Period bear interest at the rate per annum equal to the sum of the Margin and the cost to the Lender (expressed as a rate per annum) of funding the Loan or (as the case may be) such Unpaid Sum during that Interest Period by whatever means it reasonably determines to be appropriate. The Lender shall certify that cost to the Borrower as soon as practicable after the end of that 25-day period (but in any event at least two Business Days before the end of that Interest Period).
Change in Market Conditions. Triggering Events
13.1 If in relation to any Advance:
(a) the Agent is unable to determine EURIBOR; or
(b) the Agent is notified by Banks to whom more than 331/3 per cent. of that Advance, if made, would be owing that (a) they are or expect to be unable to obtain matching deposits in the Inter-bank Market at or about 11 a.m. (Brussels time) on the Rate Fixing Day in sufficient amounts to fund their respective shares of that Advance during its Term or (b) the EURIBOR fixed for the Term of that Advance does not reflect the cost to those Banks of obtaining such deposits, the Agent shall promptly notify the Borrower and the Banks and that Advance shall not be made.
Change in Market Conditions. (a) Subject to paragraph (b) below, if LIBOR or, if applicable, EURIBOR is to be calculated by reference to the Reference Lenders but a Reference Lender does not supply a quotation by 12:00 noon London time, in the case of LIBOR, or Brussels time, in the case of EURIBOR, on the Quotation Day, the applicable LIBOR or EURIBOR shall be calculated on the basis of the quotations of the remaining Reference Lenders.
(i) If a Market Disruption Event occurs in relation to any Advance for any Interest Period, then the rate of interest per annum on each Lender’s share in that Advance for that Interest Period shall be the rate per annum which is the aggregate of:
(A) the applicable Margin;
(B) the rate notified to the Facility Agent by that Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period to be that which expresses as a percentage rate per annum the cost to that Lender of funding its share in that Advance from whatever source it may reasonably select; and
(C) the Mandatory Cost, if any, applicable to that Lender’s participation in the relevant Advance.
(ii) The Facility Agent must promptly give notice to Bidco and the Lenders of the occurrence of a Market Disruption Event.
(iii) In this Agreement “Market Disruption Event” means:
Change in Market Conditions. Triggering Events
14.1 If in relation to any Advance:
(a) the Agent is unable to determine, as the case may be, EURIBOR or LIBOR; or
(b) the Agent is notified by Banks to whom more than 331/3% of that Advance, if made, would be owing that (a) they are or expect to be unable to obtain matching deposits in the Inter-bank Market at or about 11 a.m. (Brussels or London time or, as the case may be, Paris time) on the Rate Fixing Day in sufficient amounts to fund their respective shares of that Advance during its Term and the problem is not resolved by the operation of Clause 9 (Currency Option) or (b) the EURIBOR, PIBOR or LIBOR, as the case may be, fixed for the Term of that Advance does not reflect the cost to those Banks of obtaining such deposits, the Agent shall promptly notify the Borrower and the Banks and that Advance shall not be made.
Change in Market Conditions. (1) If, in relation to any Interest Period relating to an Advance:-
(a) no, or only one, Reference Bank supplies a quotation as and when required by Clause 9(B); or
(b) the Agent is notified by the Lending Banks to whom more than 66 2/3 per cent. of that Advance is (or, if made, would be) owing that (i) they are unable to obtain matching deposits in the Singapore inter-bank market at or about 11 a.m. on the second Business Day before the first day of that Inte- rest Period in sufficient amounts to fund their respective shares of that Advance during that Interest Period, or (ii) the arithmetic mean (rounded up, if necessary, to the next 1/16 per cent.) of the Quotations used for fixing the inte- rest rate under Clause 9(B) does not reflect the cost to those Lending Banks of obtaining such deposits, or (iii) by reason of circumstances affecting the Singapore inter-bank market, adequate and fair means do not or will not exist for determining the rate of interest applicable to that Advance for that Interest Period, the Agent shall promptly notify the Borrower and the Lending Banks.
Change in Market Conditions. Triggering Events
13.1 If in relation to any Advance:
(a) the Bank is unable to determine EURIBOR or
(b) the Bank (a) is or expects to be unable to obtain matching deposits in the Inter-bank Market at or about 11 a.m. (Brussels time) on the Rate Fixing Day in sufficient amounts to fund the Advance during its Term or (b) the EURIBOR fixed for the Term of that Advance does not reflect the cost to the Bank of obtaining such deposits, the Bank shall promptly notify the Borrower that Advance shall not be made.
Change in Market Conditions. If, during the life of this Agreement, the contractual price mechanisms described hereinabove no longer reflect the announced ALCOA price mechanisms, the price mechanism available to ANC from ALCAN or KAISER, or the price mechanism currently being offered to other ALCOA's customers by ALCOA, ANC and ALCOA agree to meet and discuss these changes and their impact on this Agreement, with the goal not to disadvantage either party.
Change in Market Conditions. 26 17. Applicable Law/Submission to Jurisdiction......................................................26 18. Assignment.....................................................................................27 19. Counterparts...................................................................................27 20. Definitions....................................................................................27 Schedule A List of Borrowing Subsidiaries Schedule B Existing Loan Agreements Schedule C Outstanding Loan Amounts Schedule D Terms of Warrants Exhibit A Form of Borrowing Notice Exhibit B Form of Note Exhibit C Form of Warrant Agreement Credit Facility Agreement, dated as of February 27, 2002 ("AGREEMENT"), among Global Card Holdings, Inc., a Delaware corporation ("GLOBAL"), AT&T Corp., a New York corporation ("AT&T," and together with Global and the respective Affiliates and successors of AT&T and Global, the "LENDERS"), AT&T Latin America Corp., a Delaware corporation (the "BORROWER" or "ATTL") and each Person listed on Schedule A hereto (each, a "BORROWING SUBSIDIARY"). Certain capitalized terms used herein are defined in Section 20.