Discontinuation of LIBOR Sample Clauses

Discontinuation of LIBOR. Notwithstanding anything to the contrary contained herein, if Xxxxx:
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Discontinuation of LIBOR. Section 1.17 of the Credit Agreement is hereby deleted in its entirety and replaced with the following new Section 1.17 and Section 1.18:
Sample 1
Discontinuation of LIBOR. At any time the Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in Section 3.6 in respect of LIBOR have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in Section 3.6 have not arisen but the supervisor or the administrator of LIBOR or any Governmental Authority having jurisdiction over the Agent has made a public statement identifying a specific date after which LIBOR shall no longer be used for determining interest rates for loans, then the Agent and the Borrower shall negotiate in good faith to establish an alternate rate of interest to LIBOR that gives due consideration to the then prevailing market convention for determining a rate of interest for LIBOR Loans made in Canada at such time, and upon an agreement being reached, shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable. Notwithstanding anything to the contrary in Section 14.14, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Agent shall not have received, within five (5) Business Days of the date notice of such alternate rate of interest is provided to the Lenders, written notice from Lenders constituting the Majority Lenders stating that such Lenders object to such amendment and providing written reasons for such objection. If such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement”.
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Discontinuation of LIBOR. If at any time Administrative Agent reasonably determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in Section 2.7(e)(i)(B) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in Section 2.7(e)(i)(B) have not arisen but the supervisor for the administrator of LIBOR or a Governmental Authority having jurisdiction over Administrative Agent has made a public statement identifying a specific date after which LIBOR shall no longer be used for determining interest rates for loans, then the Effective Rate for the Interest Period thereof shall be the Replacement Rate. For the avoidance of doubt, if the events in clause (i) or clause (ii) have occurred, until the Replacement Rate has been determined in accordance with the terms hereof, the Loan shall accrue interest at, and the Effective Rate shall be, the Base Rate. For the avoidance of doubt, if at any time the circumstances giving rise to conversion of the Loan to a Base Rate Loan or a Replacement Rate Loan pursuant to the terms hereof, as applicable, are no longer in effect as reasonably determined by Administrative Agent, then the Loan will be converted back to a LIBOR Loan pursuant to the terms hereof.
Sample 1
Discontinuation of LIBOR. Notwithstanding any provision of the Existing Credit Agreement or any other Loan Document to the contrary, whether or not LIBOR is operational, reported, published on a synthetic basis or otherwise available in the market as of the Transition Date, subject to Section 7 of this Agreement: (a) pursuant to clause (1) of the definition of “Benchmark Replacement” in the Existing Credit Agreement, Adjusted Term SOFR (defined below) constitutes the Benchmark Replacement for LIBOR for all purposes under the Existing Credit Agreement and the other Loan Documents, and Daily Simple SOFR (defined below) constitutes the replacement for the LIBOR Market Index Rate for all purposes under the Existing Credit Agreement and the other Loan Documents (such replacements, collectively, the “LIBOR to SOFR Replacement”); (b) the SOFR Adjustment (defined below) constitutes the Benchmark Replacement Adjustment in connection with such LIBOR to SOFR Replacement; (c) no Loans shall, from and after the First Modification Effective Date, bear interest based on LIBOR or the LIBOR Market Index Rate; (d) any request for a disbursement of any Loans that are to bear interest based on LIBOR or the LIBOR Market Index Rate shall be ineffective, to the extent that any such disbursement would, but for the provisions of this Agreement, reference a setting of LIBOR or the LIBOR Market Index Rate on or after the Transition Date; and (e) any right or option the Borrower may have to request Loans denominated in Dollars at a rate of interest based on LIBOR or the LIBOR Market Index Rate shall be of no further force or effect.
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Discontinuation of LIBOR. Subject to the Facility Agent’s rights contained in this Agreement or the other Transaction Documents, this Agreement and the other Transaction Documents may be amended to replace LIBOR with: (a) a successor or alternative index rate as the Majority Lenders and the Borrower may reasonably determine or (b) absent such mutual selection by the Borrower and the Facility Agent, a comparable successor or alternative interbank rate for deposits in Dollars that is, at such time, broadly accepted as the prevailing market practice for syndicated leveraged loans of this type in lieu of LIBOR as reasonably determined by the Facility Agent; provided that (i) any such successor or alternative rate shall be applied by the Facility Agent in a manner consistent with market practice and (ii) to the extent such market practice is not administratively feasible for the Facility Agent, such successor or alternative rate shall be applied in a manner as otherwise reasonably determined by the Facility Agent in consultation with the Borrower.
Sample 1

Related to Discontinuation of LIBOR

  • Determination of LIBOR ARTICLE V

  • Calculation of LIBOR Until the Certificate Principal Balance of each of the Adjustable Rate Certificates has been reduced to zero, LIBOR for the initial Interest Accrual Period shall be 1.31%, and for any Interest Accrual Period thereafter, the Trustee, if any, shall establish LIBOR on each LIBOR Determination Date as follows:

  • Suspension of LIBOR Loans Anything herein to the contrary notwithstanding, if, on or prior to the determination of LIBOR for any Interest Period:

  • Suspension of LIBOR Rate Loans In the event that, prior to the commencement of any Interest Period relating to any LIBOR Rate Loan, the Agent shall determine that adequate and reasonable methods do not exist for ascertaining LIBOR for such Interest Period, or the Agent shall reasonably determine that LIBOR will not accurately and fairly reflect the cost of the Lenders making or maintaining LIBOR Rate Loans for such Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrower and the Lenders absent manifest error) to the Borrower and the Lenders. In such event (a) any Loan Request with respect to a LIBOR Rate Loan shall be automatically withdrawn and shall be deemed a request for a Base Rate Loan and (b) each LIBOR Rate Loan will automatically, on the last day of the then current Interest Period applicable thereto, become a Base Rate Loan, and the obligations of the Lenders to make LIBOR Rate Loans shall be suspended until the Agent determines that the circumstances giving rise to such suspension no longer exist, whereupon the Agent shall so notify the Borrower and the Lenders.

  • Continuation of Agreement This Agreement shall become effective for each Fund as of the date first set forth above and shall continue in effect for each Fund until August 1, 2010, unless sooner terminated as hereinafter provided, and shall continue in effect from year to year thereafter for each Fund only as long as such continuance is specifically approved at least annually (i) by either the Board of Directors or by the vote of a majority of the outstanding voting securities of such Fund, and (ii) by the vote of a majority of the Directors, who are not parties to the Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval. The annual approvals provided for herein shall be effective to continue this Agreement from year to year if given within a period beginning not more than 90 days prior to August 1st of each applicable year, notwithstanding the fact that more than 365 days may have elapsed since the date on which such approval was last given.

  • Application of LIBOR to Outstanding Loans (a) Borrowers may on any Business Day, subject to delivery of a Notice of Conversion/Continuation, elect to convert any portion of the Base Rate Loans to, or to continue any LIBOR Loan at the end of its Interest Period as, a LIBOR Loan. During any Default or Event of Default, Agent may (and shall at the direction of Required Lenders) declare that no Loan may be made, converted or continued as a LIBOR Loan.

  • Limitation on Repayment of LIBOR Rate Loans The Borrower may not repay any LIBOR Rate Loan on any day other than on the last day of the Interest Period applicable thereto unless such repayment is accompanied by any amount required to be paid pursuant to Section 5.9 hereof.

  • Booking of LIBOR Loans Any Lender may make, carry or transfer LIBOR Loans at, to, or for the account of any of its branch offices or the office of an Affiliate of that Lender.

  • Booking of LIBOR Rate Loans Any Lender may make, carry or transfer LIBOR Rate Loans at, to, or for the account of any of its branch offices or the office of an Affiliate of such Lender.

  • Continuation of Provisions This Agreement shall be binding upon all successors of the Fund, including without limitation any transferee of all or substantially all assets of the Fund and any successor by merger, consolidation, or operation of law, and shall inure to the benefit of the Board Member’s spouse, heirs, assigns, devisees, executors, administrators and legal representatives. The provisions of this Agreement shall continue until the later of (1) ten years after the Board Member has ceased to provide any service to the Fund, and (2) the final termination of all Proceedings in respect of which the Board Member has asserted, is entitled to assert, or has been granted rights of indemnification or advancement of Expenses hereunder and of any proceeding commenced by the Board Member pursuant to Section 3 relating thereto. Unless required by applicable federal or Delaware law, no amendment of the Trust Instrument or By-Laws of the Fund shall limit or eliminate the right of the Board Member to indemnification and advancement of Expenses set forth in this Agreement with respect to acts or omissions occurring prior to such amendment or repeal. In the event the Fund or any successor shall discontinue its operations within the term of this Agreement, adequate provision shall be made to honor the Fund’s obligations under this Agreement.

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