Common use of Unavailability of Dollars Clause in Contracts

Unavailability of Dollars. (a) In the event that a Lender is not able to obtain Dollars in the London Interbank Market, in the manner in effect on the date of this Credit Agreement, the Dollars required by such Lender to fund the Loan shall be made available from such other financial sources as may be available to such Lender. In such an event the rate of interest applicable to the Loan for the relevant Interest Period will be for LIBOR Advances, the aggregate of 3% and for Prime Advances, 1/2% and the cost (expressed as a per annum percentage) to the Lender from such financial sources and for periods as may be elected by the Lender. Each change in such cost in respect of funding the Loan will cause an immediate corresponding change in the rate of interest payable by the Borrowers. This arrangement shall be temporary and should Dollars subsequently become available to the Lender in the London Interbank Market, in the manner in effect on the date of this Credit Agreement, then from the conclusion of the then current Interest Period for funding from alternative sources, the Loan will bear interest at the rate detailed in Section 5.1(a) above.

Appears in 1 contract

Samples: Credit Agreement (Horizon Offshore Inc)

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Unavailability of Dollars. (a) In the event that a Lender is not able to obtain Dollars in the London Interbank Market, in the manner in effect on the date of this Credit Agreement, the Dollars required by such Lender to fund the Loan shall be made available from such other financial sources as may be available to such Lender. In such an event the rate of interest applicable to the Loan for the relevant Interest Period will be for LIBOR Advances, the aggregate of 3% and the most recent Applicable Margin Amount for Prime Advances, 1/2% LIBOR Advances and the cost (expressed as a per annum percentage) to the Lender from such financial sources and for periods as may be elected by the Lender. Each change in such cost in respect of funding the Loan will cause an immediate corresponding change in the rate of interest payable by the BorrowersBorrower. This arrangement shall be temporary and should Dollars subsequently become available to the Lender in the London Interbank Market, in the manner in effect on the date of this Credit Agreement, then from the conclusion of the then current Interest Period for funding from alternative sources, the Loan will bear interest at the rate detailed in Section 5.1(a) above.

Appears in 1 contract

Samples: Credit Agreement (Friede Goldman Halter Inc)

Unavailability of Dollars. (a) In the event that a the Lender is not able to obtain Dollars in the London Interbank Market, in the manner in effect on the date of this Credit Agreement, the Dollars required by such the Lender to fund the Loan shall be made available from such other financial sources as may be available to such the Lender. In such an event the rate of interest applicable to the Loan for the relevant Interest Period will be for LIBOR Advances, the aggregate of 3% and for Prime Advances, 1/2% and the cost (expressed as a per annum percentage) to the Lender from such financial sources and for periods as may be elected by the Lender. Each change in such cost in respect of funding the Loan will cause an immediate corresponding change in the rate of interest payable by the Borrowers. This arrangement shall be temporary and should Dollars subsequently become available to the Lender in the London Interbank Market, in the manner in effect on the date of this Credit Agreement, then from the conclusion of the then current Interest Period for funding from alternative sources, the Loan will bear interest at the rate detailed in Section 5.1(a6.1(a) above.

Appears in 1 contract

Samples: Credit Agreement (Horizon Offshore Inc)

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Unavailability of Dollars. (a) In the event that a the Lender is not able to obtain Dollars in the London Interbank Market, in the manner in effect on the date of this Credit Agreement, the Dollars required by such the Lender to fund the Loan shall be made available from such other financial sources as may be available to such the Lender. In such an event the rate of interest applicable to the Loan for the relevant Interest Period will be for LIBOR Advances, the aggregate of 3% and for Prime Advances, 1/2% and the cost (expressed as a per annum percentage) to the Lender from such financial sources and for periods as may be elected by the Lender. Each change in such cost in respect of funding the Loan will cause an immediate corresponding change in the rate of interest payable by the Borrowers. This arrangement shall be temporary and should Dollars subsequently become available to the Lender in the London Interbank Market, in the manner in effect on the date of this Credit Agreement, then from the conclusion of the then current Interest Period for funding from alternative sources, the Loan will bear interest at the rate detailed in Section 5.1(a6.1(a) above.

Appears in 1 contract

Samples: Credit Agreement (Horizon Offshore Inc)

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