Common use of Non-availability Clause in Contracts

Non-availability. of currency If a Bank is for any reason unable to obtain the relevant Optional Currency in the London Interbank market and is, as a result, or as a result of any other contingency affecting the London Interbank market, unable to advance or maintain its Commitment in the relevant Optional Currency, that Bank shall give notice to the Agent and the Agent shall give notice to the Borrower and that Bank's obligations to make the Facility available shall immediately cease. In that event, if all or any part of the Facility shall have been advanced by that Bank to the Borrower, the Agent in accordance with instructions from that Bank and subject to that Bank's approval of any agreement between the Agent and the Borrower, will negotiate with the Borrower in good faith with a view to establishing a mutually acceptable basis for funding the Facility or relevant part thereof from an alternative source. If the Agent and the Borrower have failed to agree in writing on a basis for funding the Facility or relevant part thereof from an alternative source by 11.00 a.m. on the second Business Day prior to the end of the then current relevant Interest Period, the Borrower will (without prejudice to its other obligations under or pursuant to this Agreement, including, without limitation, its obligation to pay interest on the Facility, arising on the expiry of the then relevant Interest Period) prepay the Indebtedness (or relevant part thereof) to the Agent on behalf of that Bank on the expiry of the then current relevant Interest Period.

Appears in 3 contracts

Samples: Loan Facility Agreement (Gulfmark Offshore Inc), Facility Agreement (Gulfmark Offshore Inc), Gulfmark Offshore Inc

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Non-availability. of currency If a Bank is for any reason unable to obtain the relevant Optional Currency in the London Interbank market and is, as a result, or as a result of any other contingency affecting the London Interbank market, unable to advance or maintain its Commitment in the relevant Optional Currency, that Bank shall give notice to the Agent and the Agent shall give notice to the Borrower and that Bank's ’s obligations to make the Facility available shall immediately cease. In that event, if all or any part of the Facility shall have been advanced by that Bank to the Borrower, the Agent in accordance with instructions from that Bank and subject to that Bank's ’s approval of any agreement between the Agent and the Borrower, will negotiate with the Borrower in good faith with a view to establishing a mutually acceptable basis for funding the Facility or relevant part thereof from an alternative source. If the Agent and the Borrower have failed to agree in writing on a basis for funding the Facility or relevant part thereof from an alternative source by 11.00 a.m. on the second Business Day prior to the end of the then current relevant Interest Period, the Borrower will (without prejudice to its other obligations under or pursuant to this Agreement, including, without limitation, its obligation to pay interest on the Facility, arising on the expiry of the then relevant Interest Period) prepay the Indebtedness (or relevant part thereof) to the Agent on behalf of that Bank on the expiry of the then current relevant Interest Period.

Appears in 3 contracts

Samples: First Supplemental Agreement (Gulfmark Offshore Inc), Gulfmark Offshore Inc, Gulfmark Offshore Inc

Non-availability. of currency If a Bank is for any reason unable to obtain the relevant Optional Currency Dollars in the London Interbank market and is, as a result, or as a result of any other contingency affecting the London Interbank market, unable to advance or maintain its Commitment in the relevant Optional CurrencyDollars, that Bank shall give notice to the Agent and the Agent shall give notice to the Borrower and that Bank's obligations to make the Facility available shall immediately cease. In that event, if all or any part of the Facility shall have been advanced by that Bank to the Borrower, the Agent in accordance with instructions from that Bank and subject to that Bank's approval of any agreement between the Agent and the Borrower, will negotiate with the Borrower in good faith with a view to establishing a mutually acceptable basis for funding the Facility or relevant part thereof from an alternative source. If the Agent and the Borrower have failed to agree in writing on a basis for funding the Facility or relevant part thereof from an alternative source by 11.00 a.m. on the second Business Day prior to the end of the then current relevant Interest Period, the Borrower will (without prejudice to its other obligations under or pursuant to this Agreement, including, without limitation, its obligation to pay interest on the Facility, arising on the expiry of the then relevant Interest Period) prepay the Indebtedness (or relevant part thereof) to the Agent on behalf of that Bank on the expiry of the then current relevant Interest Period.. \P1\3522333.10

Appears in 2 contracts

Samples: Loan Facility Agreement (Teekay LNG Partners L.P.), Loan Facility Agreement (Teekay Shipping Corp)

Non-availability. of currency If a Bank Lender is for any reason unable to obtain the relevant Optional Currency Dollars in the London Interbank market and is, as a result, or as a result of any other contingency affecting the London Interbank market, unable to advance or maintain its Commitment in the relevant Optional CurrencyDollars, that Bank Lender shall give notice to the Agent and the Agent shall give notice to the Borrower Borrowers and that Bank's Lender’s obligations to make the Facility available shall immediately cease. In that event, if all or any part of the Facility shall have been advanced by that Bank Lender to the BorrowerBorrowers, the Agent in accordance with instructions from that Bank Lender and subject to that Bank's Xxxxxx’s approval of any agreement between the Agent and the Borrower, will negotiate with the Borrower Borrowers in good faith with a view to establishing a mutually acceptable basis for funding the Facility or relevant part thereof from an alternative source. If the Agent and the Borrower Borrowers have failed to agree in writing on a basis for funding the Facility or relevant part thereof from an alternative source by 11.00 a.m. on the second Business Day prior to the end of the then current relevant Interest Period, the Borrower Borrowers will (without prejudice to its other obligations under or pursuant to this Agreement, including, without limitation, its obligation to pay interest on the Facility, arising on the expiry of the then relevant Interest Period) prepay the Indebtedness (or relevant part thereof) to the Agent on behalf of that Bank Lender on the expiry of the then current relevant Interest Period.

Appears in 1 contract

Samples: Agreement (Teekay LNG Partners L.P.)

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Non-availability. of currency If a Bank Lender is for any reason unable to obtain the relevant Optional Currency Dollars in the London Interbank market and is, as a result, or as a result of any other contingency affecting the London Interbank market, unable to advance or maintain its Commitment in the relevant Optional CurrencyDollars, that Bank Lender shall give notice to the Agent and the Agent shall give notice to the Borrower Borrowers and that Bank's Lender’s obligations to make the Facility available shall immediately cease. In that event, if all or any part of the Facility shall have been advanced by that Bank Lender to the BorrowerBorrowers, the Agent in accordance with instructions from that Bank Lender and subject to that Bank's Lender’s approval of any agreement between the Agent and the Borrower, will negotiate with the Borrower Borrowers in good faith with a view to establishing a mutually acceptable basis for funding the Facility or relevant part thereof from an alternative source. If the Agent and the Borrower Borrowers have failed to agree in writing on a basis for funding the Facility or relevant part thereof from an alternative source by 11.00 a.m. on the second Business Day prior to the end of the then current relevant Interest Period, the Borrower Borrowers will (without prejudice to its other obligations under or pursuant to this Agreement, including, without limitation, its obligation to pay interest on the Facility, arising on the expiry of the then relevant Interest Period) prepay the Indebtedness (or relevant part thereof) to the Agent on behalf of that Bank Lender on the expiry of the then current relevant Interest Period.

Appears in 1 contract

Samples: Agreement (Teekay LNG Partners L.P.)

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