Common use of Inability to Determine Eurocurrency Rate Clause in Contracts

Inability to Determine Eurocurrency Rate. In the event that, prior to the commencement of any Interest Period relating to any Eurocurrency Rate Loan, the Agent shall determine or be notified by the Majority Banks that adequate and reasonable methods do not exist for ascertaining the Eurocurrency Rate that would otherwise determine the rate of interest to be applicable to any Eurocurrency Rate Loan during any Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrowers and the Banks) to the Borrowers. In such event (a) each Loan Request or Conversion Request with respect to each Eurocurrency Rate Loan shall be automatically withdrawn and shall be deemed a request for a Base Rate Loan, (b) each Eurocurrency Rate Loan will automatically, on the last day of the then current Interest Period thereof, become a Base Rate Loan, and (c) the obligations of the Banks to make Eurocurrency Rate Loans shall be suspended until the Agent or the Majority Banks determine that the circumstances giving rise to such suspension no longer exist, whereupon the Agent shall so notify the Borrowers.

Inability to Determine Eurocurrency Rate. In the event thatevent, prior to the commencement of any Interest Period relating to any Eurocurrency Rate Loan, the Agent shall determine or be notified by the Majority Banks that adequate and reasonable methods do not exist for ascertaining the Eurocurrency Rate that would otherwise determine the rate of interest to be applicable to any Eurocurrency Rate Loan during any Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrowers applicable Borrower and the Banks) to the BorrowersBorrowers and the Banks. In such event (a) each any Loan Request or Conversion Request with respect to each Eurocurrency Rate Loan Loans shall be automatically withdrawn and shall be deemed a request for a Base Rate LoanLoans, (b) each Eurocurrency Rate Loan will automatically, on the last day of the then current Interest Period thereofrelating thereto, become a Base Rate Loan, and (c) the obligations of the Banks to make Eurocurrency Rate Loans shall be suspended until the Agent or the Majority Banks determine 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 BorrowersBorrower and the Banks.

Inability to Determine Eurocurrency Rate. In the event that, prior to the commencement of any Interest Period relating to any Eurocurrency Rate Loan, the Administrative Agent shall determine or be notified by the Majority Banks that adequate and reasonable methods do not exist for ascertaining the Eurocurrency Rate that would otherwise determine the rate of interest to be applicable to any Eurocurrency Rate Loan during any Interest Period, the Administrative Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrowers and the Banks) to the Borrowers. In such event (a) each Loan Request or Conversion Request with respect to each Eurocurrency Rate Loan shall be automatically withdrawn and shall be deemed a request for a Base Rate Loan, (b) each Eurocurrency Rate Loan will automatically, on the last day of the then current Interest Period thereof, become a Base Rate Loan, and (c) the obligations of the Banks to make Eurocurrency Rate Loans shall be suspended until the Administrative Agent or the Majority Banks determine that the circumstances giving rise to such suspension no longer exist, whereupon the Administrative Agent shall so notify the Borrowers.