Common use of Market disruption; non-availability Clause in Contracts

Market disruption; non-availability. 3.5.1 Whenever, at any time prior to the start of any Interest Period, the Lender determines: (a) that adequate and fair means do not exist for determining LIBOR during such Interest Period; or (b) that deposits in USD are not available to the Lender in the London Interbank Market in its ordinary course of business in sufficient amounts to fund the Loan for such Interest Period; the Lender shall promptly give notice (a “Determination Notice”) thereof to the Borrower. A Determination Notice shall give brief details of the circumstances giving rise to its issue. After the giving of any Determination Notice any undrawn amount of the Commitment may not be borrowed until notice to the contrary is given to the Borrower by the Lender;

Appears in 2 contracts

Sources: Facility Agreement (Navios Maritime Midstream Partners LP), Facility Agreement (Navios Maritime Midstream Partners LP)

Market disruption; non-availability. 3.5.1 3.6.1 Whenever, at any time prior to the start of any Interest Period, the Lender Bank determines: (a) that adequate and fair means do not exist for determining LIBOR during such Interest Period; or (b) that deposits in USD are not available to the Lender Bank in the London Interbank Market in its ordinary course of business in sufficient amounts to fund the Loan for such Interest Period; the Lender Bank shall promptly give notice (a “Determination Notice”) thereof to the Borrower. A Determination Notice shall give brief details of the circumstances giving rise to its issue. After the giving of any Determination Notice any undrawn amount of the Commitment may not be borrowed until notice to the contrary is given to the Borrower by the LenderBank;

Appears in 1 contract

Sources: Facility Agreement (Navios Maritime Holdings Inc.)