LIBOR Disruption Event means, with respect to any Interest Period, any of the following: (a) a determination by any Lender or any Liquidity Provider that it would be contrary to law or to the directive of any central bank or other governmental authority (whether or not having the force of law) to obtain dollars in the London interbank market to make, fund or maintain Loans during such Interest Period, (b) the failure of the source listed in the definition of “LIBO Rate” to publish a London interbank offered rate as of 11:00 a.m. on the second Business Day prior to the first day of such Interest Period, (c) a determination by any Lender or Liquidity Provider that the rate at which deposits of United States dollars are being offered in the London interbank market does not accurately reflect the cost to such Person of making, funding or maintaining its Loans for such Interest Period or (d) the inability of such Lender or Liquidity Provider, because of market events not under the control of such Person, to obtain United States dollars in the London interbank market to make, fund or maintain its Loans for such Interest Period.
LIBOR Disruption Event means, with respect to any Interest Period, any of the following: (i) a determination by any Lender or any Liquidity Provider that it would be contrary to law or to the directive of any central bank or other governmental authority (whether or not having the force of law) to obtain dollars in the London interbank market to make, fund or maintain Loans during such Interest Period, (ii) the failure of the source listed in the definition of “LIBO Rate” to publish a London interbank offered rate as of 11:00 a.m. on the second Business Day prior to the first day of such Interest Period, together with the failure of Deutsche Bank AG to provide notice of an alternate rate (each as contemplated in such definition), (iii) a determination by any Lender or Liquidity Provider that the rate at which deposits of United States dollars are being offered in the London interbank market does not accurately reflect the cost to such Person of making, funding or maintaining its Loans for such Interest Period or (iv) the inability of such Lender or Liquidity Provider, because of market events not under the control of such Person, to obtain United States dollars in the London interbank market to make, fund or maintain its Loans for such Interest Period.
LIBOR Disruption Event means, with respect to any Settlement Period, any of the following: (a) a determination by any Lender that it would be contrary to law or to the directive of any central bank or other Governmental Authority (whether or not having the force of law) to obtain dollars in the London interbank market to make, fund or maintain Loans during such Settlement Period, (b) the failure of the sources listed in the definition of “LIBOR Rate” to publish or offer a London interbank offered rate as of 11:00 a.m. on the second Business Day prior to the first day of such Settlement Period (as contemplated in such definition), (c) a determination by Majority Lenders that the rate at which deposits of Dollars are being offered in the London interbank market does not accurately reflect the cost to such Lender of making, funding or maintaining their Loans for such Settlement Period or (d) the inability of Majority Lenders, because of market events not under the control of such Lenders, to obtain Dollars in the London interbank market to make, fund or maintain their Loans for such Settlement Period. In each case, the Administrative Agent shall provide written notice (which may be in electronic form) of such LIBOR Disruption Event to the Calculation Agent, which notice shall include the Alternative Rate in effect during such LIBOR Disruption Event as determined by the Administrative Agent.
Examples of LIBOR Disruption Event in a sentence
Except as otherwise set forth herein, the Loans shall accrue interest daily in an amount equal to the product of (A) the unpaid principal amount thereof as of such day and (B) the LIBO Rate for such period (unless a LIBOR Disruption Event has occurred and is continuing, in which case such rate shall be the Prime Rate) plus the Applicable Margin.
If the Calculation Agent determines that a LIBOR Disruption Event has occurred, then the Reference Rate will be determined by reference to any alternative screen page or benchmark, which the Issuer, in good faith and after consultation with the Managers, has determined to have replaced LIBOR in customary market usage for purposes of determining floating rates of interest on the same interest basis and in the same currency as the Notes.
Following a LIBOR Disruption Event with respect to the non-Benchmark Replacement Notes, the Collateral Manager shall, upon written notice to the Issuer and the Trustee, propose an Alternate Reference Rate that is either (x) a Designated Base Rate or a Market Replacement Rate or (y) an Alternate Reference Rate to be adopted pursuant to a Base Rate Amendment.
If any Lender has determined that a LIBOR Disruption Event has occurred (which determination shall, upon notice thereof to the Obligors and the Lenders, be conclusive and binding on the Obligors), such Lender shall notify each of the Obligors, the Administrative Agent and each other Lender, whereupon Base Rate rather than the Adjusted LIBOR Rate shall be used in determining the interest rate so long as such LIBOR Disruption Event is continuing.
More Definitions of LIBOR Disruption Event
LIBOR Disruption Event means, with respect to a Lender Advance as to which Interest accrues or is to accrue at a rate based upon LIBOR, (i) a determination by such Lender that it would be contrary to law or to the directive of any central bank or other Governmental Authority (whether or not having the force of law) to obtain United States Dollars in the London interbank market to make, fund or maintain such Lender Advance, (ii) the inability of the Lender to obtain timely information for purposes of determining LIBOR, (iii) a determination by such Lender that the rate at which deposits of Dollars are being offered to such Lender in the London interbank market does not accurately reflect the cost to such Lender of making, funding or maintaining any Loan or (iv) the inability of such Lender to obtain United States Dollars in the London interbank market to make, fund or maintain any Lender Advance. In no event shall LIBOR be less than 0.0%.
LIBOR Disruption Event means, with respect to any Interest Period, any of the following: (a) a determination by Banco Santander that it would be contrary to law or to the directive of any central bank or other governmental authority (whether or not having the force of law) to obtain dollars in the London interbank market to make, fund or maintain Loans during such Interest Period, (b) the failure of the source listed in the definition of “LIBO Rate” to publish a London interbank offered rate as of 11:00 a.m. on the second Business Day prior to the first day of such Interest Period, (c) a determination by Banco Santander that the rate at which deposits of United States dollars are being offered in the London interbank market does not accurately reflect the cost to such Person of making, funding or maintaining its Loans for such Interest Period or (d) the inability of Banco Santander, because of market events not under the control of Banco Santander, to obtain United States dollars in the London interbank market to make, fund or maintain its Loans for such Interest Period.
LIBOR Disruption Event means, with respect to any Interest Period, any of the following: (i) a determination by any Lender that it would be contrary to law or to the directive of any central bank or other governmental authority (whether or not having the force of law) to obtain dollars in the London interbank market to make, fund or maintain Loans during such Interest Period, (ii) the failure of the source listed in the definition of “LIBO Rate” to publish a London interbank offered rate as of 11:00 a.m. London time on the second Business Day prior to the first day of such Interest Period, together with the failure of Xxxxx Fargo Bank, National Association to provide notice of an alternate rate (each as contemplated in such definition), (iii) a determination by any Lender acting reasonably that the rate at which deposits of United States dollars are being offered in the London interbank market does not accurately reflect the cost to such Person of making, funding or maintaining its Loans for such Interest Period or (iv) the inability of such Lender, because of market events not under the control of such Person, to obtain United States dollars in the London interbank market to make, fund or maintain its Loans for such Interest Period.
LIBOR Disruption Event means, with respect to any Interest Period, any of the following: (i) a determination by any Lender that it would be contrary to law or to the directive of any central bank or other governmental authority (whether or not having the force of law) to obtain dollars in the London interbank market to make, fund or maintain Loans during such Interest Period, (ii) the failure of the source listed in the definition of “LIBO Rate” to publish a London interbank offered rate as of 11:00 a.m. London time on the second Business Day prior to the first day of such Interest Period, together with the failure of Wells Fargo Bank, National Association to provide notice of an alternate rate (each as contemplated in such definition), (iii) a determination by any Lender acting reasonably that the rate at which deposits of United States dollars are being offered in the London interbank market does not accurately reflect the cost to such Person of making, funding or maintaining its Loans for such Interest Period or (iv) the inability of such Lender, because of market events not under the control of such Person, to obtain United States dollars in the London interbank market to make, fund or maintain its Loans for such Interest Period.
LIBOR Disruption Event means, with respect to any Interest Period, any of the following: (a) a determination by any Lender or any Liquidity Provider that it would be contrary to law or to the directive of any central bank or other governmental authority (whether or not having the force of law) to obtain dollars in the London interbank market to make, fund or maintain Loans during such Interest Period, (b) the failure of the source listed in the definition of “LIBO Rate” to publish a London interbank offered rate as of 11:00 a.m. on the second Business Day prior to the first day of such Interest Period, together with the failure of the Administrative Agent to find another comparable available service, (c) a determination by any Lender or Liquidity Provider that the rate at which deposits of United States dollars are being offered in the London interbank market does not accurately reflect the cost to such Person of making, funding or maintaining its Loans for such Interest Period or (d) the inability of such Lender or Liquidity Provider, because of market events not under the control of such Person, to obtain United States dollars in the London interbank market to make, fund or maintain its Loans for such Interest Period.
LIBOR Disruption Event. Means (A) the occurrence of any of the following events:(x) a material disruption to LIBOR, (y) a change in the methodology of calculating LIBOR or (z) LIBOR ceasing to be reported or updated on the Reuters Screen (or the reasonable expectation of the Portfolio Manager that any of the events specified in clauses (x), (y) or (z) will occur) or (B) if at least 50% (by par amount) of (x) quarterly pay floating rate Collateral Obligations or (y) floating rate collateralized loan obligation notes issued in the preceding three months rely on reference rates other than LIBOR.
LIBOR Disruption Event means, for any Interest Accrual Period and any Purchaser, any of the following: (a) a determination by such Purchaser that it would be contrary to law applicable to such Purchaser or to the directive of any central bank or other Governmental Authority having jurisdiction over such Purchaser to obtain United States dollars in the London interbank market to fund its investment in its interest in the Notes for such Interest Accrual Period or (b) the inability of such Purchaser by reason of circumstances affecting the London interbank market generally, to obtain United States dollars in such market to fund its investment in its interest in the LIBOR Notes for such Interest Accrual Period.