Replacement Index. Unless otherwise agreed by the Parties in Section B of Part I (Individual Terms), any Replacement Index must satisfy the following criteria:
Replacement Index. Notwithstanding anything to the contrary contained in this Agreement or any other Credit Document (provided that, for purposes hereof, any Swap Agreement shall not be deemed to be a “Credit Document”), but without limiting subsections (a) or (b) of this Section 3.1, if the Lender at any time or from time to time determines that (a) LIBOR is unavailable, (b) LIBOR cannot be determined, (c) LIBOR does not adequately reflect the cost to the Lender of making, funding, or maintaining the Revolving Loans, (d) the use of LIBOR has become impracticable or unreliable, (e) LIBOR is no longer representative of the underlying market or economic reality, or (f) it is no longer lawful for the Lender to lend at any rate based on LIBOR (any such determination is hereafter called a “Trigger Event”), or the circumstances permitting an Early Opt-In Election have occurred, then the Lender may elect to designate a substitute interest rate index, which may be Term SOFR, Daily Simple SOFR, or an alternate rate index that has been selected by the Lender as the replacement for LIBOR (the “Replacement Index”). If the Lender designates a Replacement Index, the Lender may also determine at such time or from time to time thereafter that a margin adjustment is necessary to produce a comparable interest rate to the interest rate that would have applied based on LIBOR. Upon such determination, the Lender will designate the amount of such margin adjustment (which may be a positive or a negative number) and adjust the Applicable Margin by that amount (and the result will be the “Adjusted Margin”). The Lender will provide notice to the Borrower of the Replacement Index, any margin adjustment, and the Adjusted Margin, as applicable. Commencing with the first interest rate change thereafter, the Replacement Index shall be deemed to be and shall become the operative interest rate index for purposes of this Agreement and any other Credit Documents, and this Agreement shall continue to bear interest on the unpaid principal amount through repayment thereof at the Replacement Index plus the Applicable Margin or the Adjusted Margin, as applicable (subject to (i) any interest rate floor set out in this Agreement and (ii) increase to or by the Default Rate). In any event, the Replacement Index will not be less than the greater of zero percent (0%) per annum or any minimum index floor otherwise provided in this Agreement. The Replacement Index may not necessarily be the Lender’s most favorable lending...
Replacement Index. Notwithstanding anything to the contrary herein or in any other Transaction Document, if:
Replacement Index. If the PPI or the FERC Oil Pipeline Index is no longer published, the HollyFrontier Entities and the Partnership Entities shall negotiate in good faith to agree on a new index that gives comparable protection against inflation or deflation and the same method of adjustment for increases in the new index shall be used to calculate increases in the Minimum Pipeline Revenue Commitment, tariff rates, the Volume Incentive Tariff, Tankage Revenue Commitment, or Roswell Terminal Payment, as applicable. If the HollyFrontier Entities and the Partnership Entities are unable to agree, a new index will be determined by binding arbitration in accordance with Section 12(e), and the same method of adjustment for increases or decreases in the new index shall be used to calculate increases in the Minimum Pipeline Revenue Commitment, tariff rates, the Volume Incentive Tariff, Tankage Revenue Commitment, or Roswell Terminal Payment, as applicable.
Replacement Index. Whenever any published index or tariff is referenced herein, the Parties intend to track those costs as faithfully as commercially practical. Should any such index or tariff be discontinued or no longer published, the Parties will cooperate in establishing substitute benchmarks through reference to equivalent indexes or tariffs.
Replacement Index. (a) Except as expressly set forth in Exhibit D, in the event that (i) the Platts Index Page ceases to exist or contain any of the data necessary to determine the Product Price in question for a Product, (ii) the Platts Index Page changes the basis for the determination of any of such data in a manner that is adverse to either of the Parties or (iii) there is a variation in the Products and the Platts Index Page does not publish a price for such Product, then the Product Price in question shall be based on such alternative publication, index or manner as most closely approximates the pricing methods then adopted by firms in the refining and marketing industry for deliveries at locations near the Delivery Point and as reasonably acceptable to both Xxxxx and Xxxxxxxx. In the event that no agreement is reached regarding an alternative pricing method in such a situation, then the matter shall be referred to an Expert for determination in accordance with Section 10.3.
Replacement Index. Unless otherwise agreed by the Parties in Section B of Part I (Individual Terms), any Replacement Index must satisfy the following criteria: (a) in case of electricity, it must publish price information for the Bidding Area to which the Facility belongs and have due regard to the extent to which the physical location of the Facility and constraints on the delivery of electricity into the market thereby imposed may have on the price for the sale of electricity delivered in that Bidding Area; 3.
Replacement Index. If the CPI is changed so that the base year differs from that used as of the month in which the Term commences, the CPI will be converted in accordance with the conversion factor published by the United States Department of Labor, Bureau of Labor Statistics. If the CPI is discontinued or revised during the Term, the government index or computation with which it is replaced will be used in order to obtain substantially the same result as would be obtained if the CPI had not been discontinued or revised.
Replacement Index. In the event of the application of Sections 2.10, 2.11 and 2.12 of this Agreement, the Borrowers and the Lender shall agree to negotiate in good faith to replace the LIBOR Rate as index for the Loans with a mutually acceptable loan index; provided, that in the event the parties are unable to agree on a replacement index within thirty (30) calendar days, all outstanding Loans at the LIBOR Rate payable to the Lender shall automatically convert into Loans at a rate per annum equal to the Federal Funds Rate, plus, 0.50%, plus, the Applicable Margin, until the earlier of (x) the date the Lender and the Borrowers have agreed on a replacement index and (y) the Termination Date.
Replacement Index. (a) If, for any reason, any of the indexes specified on Exhibit C should cease to be published, the Parties agree to promptly and in good faith negotiate a mutually acceptable alternative index or substitute methodology for calculating the applicable Purchase Price (the “Alternative Index”). If, on or before 30 days after the applicable index ceases to be published, the Parties are unable to agree on an Alternative Index, then the matter shall be referred to an Expert for determination in accordance with Section 11.13.
