Common use of Basis Unavailable or Inadequate for LIBOR Rate Clause in Contracts

Basis Unavailable or Inadequate for LIBOR Rate. If on or before any date when a LIBOR Rate is to be determined for a Borrowing, Administrative Agent or any Lender determines (and Required Lenders agree with that determination) that the basis for determining the applicable rate is not available or that the resulting rate does not accurately reflect the cost to Lenders of making or converting Borrowings at that rate for the applicable Interest Period, then Administrative Agent shall promptly notify Borrowers and Lenders of that determination (which is conclusive and binding on each Borrower absent manifest error), and the applicable Borrowing shall bear interest at the sum of the CB Floating Rate plus the Applicable Margin. Until Administrative Agent notifies Borrowers that those circumstances giving rise to such notice no longer exist, Lenders’ commitments under this agreement to make, or to convert to, LIBOR Rate Borrowings, as the case may be, shall be suspended.

Basis Unavailable or Inadequate for LIBOR Rate. If If, on or before any date when a LIBOR Rate is to be determined for a Borrowing, the Administrative Agent or any Lender reasonably determines (and Required Lenders agree with that determination) that the basis for determining the applicable rate is not available or any Lender reasonably determines that the resulting rate does not accurately reflect the cost to Lenders that Lender of making or converting Borrowings at that rate for the applicable Interest Period, then the Administrative Agent shall promptly notify Borrowers the Borrower and the Lenders of that determination (which is conclusive and binding on each the Borrower absent manifest error), ) and the applicable Borrowing shall bear interest at the sum of the CB Floating Rate plus the Applicable MarginBase Rate. Until the Administrative Agent notifies Borrowers the Borrower that those circumstances giving rise to such notice no longer exist, the Lenders’ commitments under this agreement Agreement to make, or to convert to, LIBOR Rate Borrowings, as the case may be, shall be are suspended.

Basis Unavailable or Inadequate for LIBOR Rate. If If, on or before any date when a LIBOR Rate is to be determined for a Borrowing, Administrative Agent or any Lender reasonably determines (and Required Lenders agree with that determination) that the basis for determining the applicable rate is not available or any Lender reasonably determines that the resulting rate does not accurately reflect the cost to Lenders that Lender of making or converting Borrowings at that rate for the applicable Interest Period, then Administrative Agent shall promptly notify Borrowers Borrower and Lenders of that determination (which is conclusive and binding on each Borrower absent manifest error), ) and the applicable Borrowing shall bear interest at the sum of the CB Floating Base Rate plus the Applicable Margin. Until Administrative Agent notifies Borrowers Borrower that those circumstances giving rise to such notice no longer exist, Lenders’ ' commitments under this agreement to make, or to convert to, LIBOR LIBOR-Rate Borrowings, as the case may be, shall be are suspended.