Common use of Inability to Determine LIBOR Base Rate Clause in Contracts

Inability to Determine LIBOR Base Rate. (a) In the event that (i) the Agent shall have determined that, by reason of circumstances affecting the London interbank eurodollar market, adequate and reasonable means do not exist for ascertaining the LIBOR Base Rate for any requested Interest Period with respect to a Loan the Borrower has requested to be made or to be converted to a LIBOR Loan or (ii) any Formula Lender shall determine that the LIBOR Base Rate for any requested Interest Period with respect to a Loan the Borrower has requested to be made or to be converted to a LIBOR Loan does not adequately and fairly reflect such cost to the Formula Lender of funding or converting such Loan, the Agent shall give telephonic or written notice of such determination to the Borrower at least one (1) day prior to the proposed date for funding or converting such Loan. If such notice is given, any request for a LIBOR Loan shall be made or converted to a Base Rate Loan. Until such notice has been withdrawn by the Agent, the Borrower will not request that any Loan be made or converted to a LIBOR Loan. (b) If applicable Laws shall (i) make it unlawful for any Formula Lender to fund through the purchase of Dollar deposits with respect to any portion of a Loan that is based, or requested by the Borrower to be based, on LIBOR or otherwise give effect to the Formula Lender's obligations as contemplated under this Section with respect to the use of the LIBOR Rate, or (ii) impose on any Formula Lender any costs based on or measured by the excess above a specified level of the amount of a category of deposits or other liabilities of such Formula Lender which includes deposits by reference to which the LIBOR Rate is determined as provided herein or a category of extensions of credit or other assets of such Formula Lender which includes a LIBOR Rate, or (iii) impose on any Formula Lender any restrictions on the amount of such a category of liabilities or assets which such Formula Lender may hold, then, in each such case, the Agent may, by notice thereof to the Borrower, terminate the LIBOR option. Any portion of the Loans subject thereto shall immediately bear interest thereafter at the Base Rate.

Inability to Determine LIBOR Base Rate. (a) In the event that (ia) the Agent or Bank of America, acting through its Sterling LIBOR Lending Office, shall have determined that, by reason of circumstances affecting the London interbank eurodollar market, adequate and reasonable means do not exist for ascertaining the LIBOR Base Rate for any requested Interest Period with respect to a Loan Loan, the Borrower has Borrower, Xxxxx UK and/or NIM Holdings, as appropriate, shall have requested to be made or to be converted to a LIBOR Loan or (iib) any Formula Lender the Agent or Bank of America, acting through its Sterling LIBOR Lending Office, shall determine that the LIBOR Base Rate for any requested Interest Period with respect to a Loan the Borrower has Borrower, Xxxxx UK and/or NIM Holdings, as appropriate, shall have requested to be made or to be converted to a LIBOR Loan does not adequately and fairly reflect such the cost to Bank of America, acting through its Sterling LIBOR Lending Office, or the Formula Lender Lenders, as appropriate, of funding or converting such Loan, the Agent or Bank of America, acting through its Sterling LIBOR Lending Office, as applicable, shall give telephonic or written notice of such determination to the Borrower Borrower, Xxxxx UK and/or NIM Holdings, as appropriate, at least one (1) day prior to the proposed date for funding or converting such Loan. If such notice is given, any request for a Dollar LIBOR Loan shall be made or converted to a an Alternate Base Rate LoanLoan and any Sterling LIBOR Loan shall accrue interest at the rate certified by Bank of America, acting through its Sterling LIBOR Lending Office, to be the rate at which it currently offers loans in Sterling to its best customers. Until such notice has been withdrawn by the AgentAgent or Bank of America, acting through its Sterling LIBOR Lending Office, the Borrower Borrower, Xxxxx UK and NIM Holdings will not request that any Loan be made or converted to a LIBOR Loan. (b) If applicable Laws shall (i) make it unlawful for any Formula Lender to fund through the purchase of Dollar deposits with respect to any portion of a Loan that is based, or requested by the Borrower to be based, on LIBOR or otherwise give effect to the Formula Lender's obligations as contemplated under this Section with respect to the use of the LIBOR Rate, or (ii) impose on any Formula Lender any costs based on or measured by the excess above a specified level of the amount of a category of deposits or other liabilities of such Formula Lender which includes deposits by reference to which the LIBOR Rate is determined as provided herein or a category of extensions of credit or other assets of such Formula Lender which includes a LIBOR Rate, or (iii) impose on any Formula Lender any restrictions on the amount of such a category of liabilities or assets which such Formula Lender may hold, then, in each such case, the Agent may, by notice thereof to the Borrower, terminate the LIBOR option. Any portion of the Loans subject thereto shall immediately bear interest thereafter at the Base Rate.

Inability to Determine LIBOR Base Rate. (a) In the event that (ia) the Agent shall have determined that, by reason of circumstances affecting the London interbank eurodollar market, adequate and reasonable means do not exist for ascertaining the LIBOR Base Rate for any requested Interest Period with respect to a Loan the Borrower has have requested to be made as or to be converted to a LIBOR Loan or (iib) any Formula Lender the Agent shall determine that the LIBOR Base Rate for any requested Interest Period with respect to a Loan the Borrower has have requested to be made as or to be converted to a LIBOR Loan does not adequately and fairly reflect such the cost to the Formula Lender Lenders of funding or converting such Loan, the Agent shall give telephonic or written notice of such determination to the Borrower at least one (1) day prior to the proposed date for funding or converting such Loan. If such notice is given, any request for a LIBOR Loan shall be made as or converted to a Base Rate Loan. Until such notice has been withdrawn by the Agent, Agent the Borrower will not request that any Loan be made as or converted to a LIBOR Loan. (b) If applicable Laws . Further, if such notice has been given, LIBOR Floating Loans shall (i) make it unlawful for any Formula Lender be made as or converted to fund through the purchase of Dollar deposits with respect to any portion of a Loan that is based, or requested bears interest at the Prime Rate plus an Applicable Margin that the Agent determines in good faith would provide a rate of interest substantially equivalent to the LIBOR Floating Rate. Until such notice has been withdrawn by the Agent the Borrower will not request that any Loan be made as or converted to be based, on LIBOR or otherwise give effect to the Formula Lender's obligations as contemplated under this Section with respect to the use of the LIBOR Rate, or (ii) impose on any Formula Lender any costs based on or measured by the excess above a specified level of the amount of a category of deposits or other liabilities of such Formula Lender which includes deposits by reference to which the LIBOR Rate is determined as provided herein or a category of extensions of credit or other assets of such Formula Lender which includes a LIBOR Rate, or (iii) impose on any Formula Lender any restrictions on the amount of such a category of liabilities or assets which such Formula Lender may hold, then, in each such case, the Agent may, by notice thereof to the Borrower, terminate the LIBOR option. Any portion of the Loans subject thereto shall immediately bear interest thereafter at the Base RateFloating Loan.

Inability to Determine LIBOR Base Rate. (a) In the event that (i) the Agent Lender shall have determined that, by reason of circumstances affecting the London interbank eurodollar market, adequate and reasonable means do not exist for ascertaining the LIBOR Base Rate for any requested Interest Period with respect to a Loan the Borrower has requested to be made or to be converted to a LIBOR Loan or (ii) any Formula the Lender shall determine that the LIBOR Base Rate for any requested Interest Period with respect to a Loan the Borrower has requested to be made or to be converted to a LIBOR Loan does not adequately and fairly reflect such the cost to the Formula Lender of funding or converting such Loan, the Agent Lender shall give telephonic or written notice of such determination to the Borrower at least one (1) day prior to the proposed date for funding or converting such Loan. If such notice is given, any request for a LIBOR Loan shall be made or converted to a Base Rate Loan. Until such notice has been withdrawn by the AgentLender, the Borrower will not request that any Loan be made or converted to a LIBOR Loan. (b) If applicable Laws shall (i) make it unlawful for any Formula the Lender to fund through the purchase of Dollar deposits with respect to any portion of a Loan that is based, or requested by the Borrower to be based, on LIBOR or otherwise give effect to the Formula Lender's obligations as contemplated under this Section with respect to the use of the LIBOR Rate, or (ii) impose on any Formula the Lender any costs based on or measured by the excess above a specified level of the amount of a category of deposits or other liabilities of such Formula the Lender which includes deposits by reference to which the LIBOR Rate is determined as provided herein or a category of extensions of credit or other assets of such Formula the Lender which includes a LIBOR Rate, or (iii) impose on any Formula the Lender any restrictions on the amount of such a category of liabilities or assets which such Formula the Lender may hold, then, in each such case, the Agent Lender may, by notice thereof to the Borrower, terminate the LIBOR option. Any portion of the Loans subject thereto shall immediately bear interest thereafter at the Base Rate.