Common use of Non-availability Clause in Contracts

Non-availability. of currency If a Bank is for any reason unable to obtain 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 Dollars, that Bank shall give notice to the Agent and the Agent shall give notice to the Borrowers and the Banks' obligations to make the Loan available shall immediately cease. In that event, if all or any part of the Loan shall have been advanced by the Banks to the Borrowers, the Agent on behalf of the Banks will negotiate with the Borrowers in good faith with a view to establishing a mutually acceptable basis for funding the Loan from an alternative source. If the Agent and the Borrowers have failed to agree in writing on a basis for funding the Loan from an alternative source by 11.00 a.m. on the second Business Day prior to the end of the then current Interest Period, the Borrowers will (without prejudice to their other obligations under or pursuant to this Agreement, including, without limitation, their obligation to pay interest on the Loan, arising on the expiry of the then current Interest Period) prepay the Indebtedness to the Agent on behalf of the Banks on the expiry of the then current Interest Period.

Appears in 2 contracts

Samples: Loan Agreement (Mc Shipping Inc), Loan Agreement (Mc Shipping Inc)

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Non-availability. of currency If a Bank is for any reason unable to obtain 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 Dollars, that Bank shall give notice to the Agent and the Agent shall give notice to the Borrowers Borrower and the Banks' that Bank’s obligations to make the Loan available shall immediately cease. In that event, if all or any part of the Loan shall have been advanced by the Banks that Bank to the BorrowersBorrower, the Agent on behalf of the Banks that Bank will negotiate with the Borrowers Borrower in good faith with a view to establishing a mutually acceptable basis for funding the Loan from an alternative source. If the Agent and the Borrowers Borrower have failed to agree in writing on a basis for funding the Loan from an alternative source by 11.00 a.m. on the second Business Day prior to the end of the then current Interest Period, the Borrowers Borrower will (without prejudice to their its other obligations under or pursuant to this Agreement, including, without limitation, their its obligation to pay interest on the Loan, arising on the expiry of the then current Interest Period) prepay that Bank’s portion of the Indebtedness to the Agent on behalf of the Banks that Bank on the expiry of the then current Interest Period.

Appears in 1 contract

Samples: Agreement (Usg Corp)

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Non-availability. of currency If a Bank the Lender is for any reason unable to obtain 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 all or any part of the Loan in Dollars, that Bank the Lender shall give notice to the Agent Borrower and the Agent shall give notice to the Borrowers and the Banks' Lender’s obligations to make the Loan available shall immediately cease. In that event, if all or any part of the Loan shall have been advanced by the Banks Lender to the BorrowersBorrower, the Agent on behalf of the Banks Lender will negotiate with the Borrowers Borrower in good faith with a view to establishing a mutually acceptable basis for funding the Loan from an alternative source. If the Agent Lender and the Borrowers Borrower have failed to agree in writing on a basis for funding the Loan from an alternative source by 11.00 a.m. on the second Business Day prior to the end of the then current Interest Period, the Borrowers Borrower will (without prejudice to their its other obligations under or pursuant to this Agreement, including, without limitation, their its obligation to pay interest on the Loan, arising on the expiry of the then current applicable Interest Period) prepay the Indebtedness and the Hedging Liabilities to the Agent on behalf of the Banks Lender on the expiry of the then current applicable Interest Period.

Appears in 1 contract

Samples: Loan Agreement (DHT Holdings, Inc.)

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