Inability to Determine Sample Clauses
The "Inability to Determine" clause establishes procedures for situations where a party cannot ascertain a required fact, value, or outcome under the contract. Typically, this clause outlines steps such as seeking expert determination, using a default method, or referring the matter to a third party if the parties cannot agree on a necessary figure or condition. Its core function is to prevent deadlock and ensure the contract can continue to operate smoothly even when certain determinations cannot be made by the parties themselves, thereby reducing uncertainty and potential disputes.
Inability to Determine. Eurodollar Rate or Consignment Fixed Rate. In the event, prior to the commencement of any Interest Period relating to any Eurodollar Rate Loan or Consignment Fixed Rate Amount, the Dollar Agent, in the case of Dollar Facility Loans, or the Gold Agent, in the case of Gold Loans or Consignments, shall determine in good faith that adequate and reasonable methods do not exist for ascertaining (a) the Eurodollar Rate that would otherwise determine the rate of interest to be applicable to any Eurodollar Rate Loan during any Interest Period or (b) the Eurodollar Rate or the Contango Rate that would otherwise determine the rate of interest to be applicable to any Consignment Fixed Rate Amount during any Interest Period, such Agent shall forthwith give notice of such determination and the basis therefor (which shall be conclusive and binding on the Borrower and the Applicable Banks) to the Borrower and the Applicable Banks. In such event (x) any Loan Request or Conversion Request with respect to Eurodollar Rate Loans or Consignment Request with respect to Consignment Fixed Rate Amounts shall be automatically withdrawn and, shall be deemed a request for Base Rate Loans or Consignment Base Rate Amounts, as applicable, (y) each Eurodollar Rate Loan or Consignment Fixed Rate Amount, as applicable, will automatically, on the last day of the then current Interest Period relating thereto, become a Base Rate Loan or Consignment Base Rate Amount, as applicable and (z) the obligations of the Applicable Banks to make Eurodollar Rate Loans or Consignment Fixed Rate Amounts shall be suspended until such Applicable Agent determines that the circumstances giving rise to such suspension no longer exist, whereupon such Applicable Agent shall so notify the Borrower and the Applicable Banks.
Inability to Determine. Rates Section
Inability to Determine. Rates100101
Inability to Determine. Applicable Interest In the event the Agent shall have determined in good faith, which determination shall be final and conclusive and binding upon all parties hereto in the absence of manifest or demonstrable error, that on any Interest Rate Determination Date or Funding Date with respect to any LIBOR Rate Loans, by reason of circumstances occurring after the date of this Loan Agreement affecting the London interbank market, adequate and fair means do not exist for ascertaining the interest rate applicable to such LIBOR Rate Loans on the basis provided for in the definition of Adjusted LIBOR Rate, the Agent shall on such date give notice by telecopy or by telephone confirmed in writing to the Borrower and each Bank of such determination, whereupon (i) no Revolving Loans may be made as, or converted to, LIBOR Rate Loans until such time as the Agent notifies the Borrower and the Banks that the circumstances giving rise to such notice no longer exist; (ii) any Notice of Conversion/Continuation given by the Borrower with respect to the Revolving Loans in respect of which such determination was made shall be deemed to be rescinded by the Borrower, and (iii) any Borrowing Certificate given by the Borrower with respect to the Revolving Loans in respect of which such determination was made shall be deemed to be a request to make Base Rate Loans.
Inability to Determine. Rates 156143Section 3.
Inability to Determine. LIBOR RateIn the event that, prior to the commencement of any Interest Period relating to any LIBOR Rate Loan, the Agent shall reasonably determine that adequate and reasonable methods do not exist for ascertaining the LIBOR Rate for such Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrower and the Banks) to the Borrower and the Banks. In such event (a) any Loan Request with respect to LIBOR Rate Loans shall be automatically withdrawn and shall be deemed a request for Base Rate Loans and (b) each LIBOR Rate Loan will automatically, on the last day of the then current Interest Period thereof, become a Base Rate Loan, and the obligations of the Banks to make LIBOR Rate Loans shall be suspended until the Agent determines that the circumstances giving rise to such suspension no longer exist, whereupon the Agent shall so notify the Borrower and the Banks.
Inability to Determine. Eurodollar Rate -------------------------------------- In the event, prior to the commencement of any Interest Period relating to any Eurodollar Rate Loan, the Agent shall determine or be notified by the Majority Banks that adequate and reasonable methods do not exist for ascertaining the Eurodollar Rate that would otherwise determine the rate of interest to be applicable to any Eurodollar Rate Loan during any Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrower and the Banks) to the Borrower and the Banks. In such event (a) any Loan Request or Conversion Request with respect to Eurodollar Rate Loans shall be automatically withdrawn and shall be deemed a request for Base Rate Loans, (b) each Eurodollar Rate Loan will automatically, on the last day of the then current Interest Period relating thereto, become a Base Rate Loan, and (c) the obligations of the Banks to make Eurodollar Rate Loans shall be suspended until the Agent or the Majority Banks determines that the circumstances giving rise to such suspension no longer exist, whereupon the Agent or, as the case may be, the Agent upon the instruction of the Majority Banks, shall so notify the Borrower and the Banks.