Common use of Alternative Interest Rate Clause in Contracts

Alternative Interest Rate. If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in Section 3.03(a) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in Section 3.03(a) have not arisen but the supervisor for the administrator of the LIBOR Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBOR Rate shall no longer be used for determining interest rates for loans, then the Administrative Agent and Holdings shall endeavor to establish an alternate rate of interest to the LIBOR Rate (the “Alternate Rate”) that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable. Notwithstanding anything to the contrary in Section 11.01, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this Section 3.03(b), the obligation of the Lenders to make LIBOR Loans shall be suspended in accordance with Section 3.03(a). Notwithstanding anything in this Section 3.03(b) to the contrary, any amendment providing for the replacement of the LIBOR Rate with an alternative benchmark or reference rate of interest shall provide that in no event shall such benchmark or reference rate be less than zero for purposes of this Agreement.

Alternative Interest Rate. If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in Section 3.03(a2.15(a) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in Section 3.03(a2.15(a) have not arisen but the supervisor for the administrator of the LIBOR Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBOR Rate shall no longer be used for determining interest rates for loans, then the Administrative Agent and Holdings shall endeavor to establish an alternate rate of interest to the LIBOR Rate (the “Alternate Rate”) that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable. Notwithstanding anything to the contrary in Section 11.0111.1, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this Section 3.03(bclause (c), the obligation of the Lenders to make LIBOR Rate Loans shall be suspended in accordance with Section 3.03(aclause (d). Notwithstanding anything in this Section 3.03(b2.15(c) to the contrary, any amendment providing for the replacement of the LIBOR Rate with an alternative benchmark or reference rate of interest shall provide that in no event shall such benchmark or reference rate be less than zero for purposes of this Agreement.. FOURTH AMENDED AND RESTATED CREDIT AGREEMENT RUSH ENTERPRISES, INC. 36