Common use of Alternate Rate of Interest; Illegality Clause in Contracts

Alternate Rate of Interest; Illegality. (a) Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing: (i) Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period; or (ii) if Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate for such Interest Period will not adequately reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period; then Administrative Agent shall give notice thereof to the Borrower and the Lenders as promptly as practicable thereafter and, until Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (A) any Interest Election Request that requests the continuation of any Borrowing shall be ineffective, (B) the Borrower shall not be entitled to borrow Loans and (C) all outstanding Loans shall be repaid at the end of the applicable Interest Periods.

Alternate Rate of Interest; Illegality. (a) Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing: (i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period; or (ii) if the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period; then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or other electronic transmission as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (Ax) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, (B) the Borrower shall not be entitled to borrow Loans and (Cy) all outstanding Loans if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be repaid at the end of the applicable Interest Periodsmade as an ABR Borrowing.

Alternate Rate of Interest; Illegality. (a) Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar BorrowingLoan: (i) Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Eurodollar Rate for such Interest Period; or (ii) if Administrative Agent is advised by the Required Lenders any Bank that the Adjusted LIBO Eurodollar Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders Bank of making or maintaining their its Eurodollar Loans included in such Borrowing for such Interest Period; then Administrative Agent shall give notice thereof to the Borrower and the Lenders Banks as promptly as practicable thereafter and, until Administrative Agent notifies the Borrower and the Lenders Banks that the circumstances giving rise to such notice no longer exist, (A) any Interest Election Request Notice of Conversion that requests the conversion of any Loan to, or continuation of any Borrowing Loan as, a Eurodollar Loan shall be ineffective, and (B) the Borrower shall not be entitled to borrow Loans and (C) all outstanding Loans if any Notice of Borrowing requests a Eurodollar Loan, such Loan shall be repaid at the end of the applicable Interest Periodsmade as a Base Rate Loan.