Common use of Inability to Determine LIBOR Rate Clause in Contracts

Inability to Determine LIBOR Rate. In the event, prior to the commencement of any Interest Period relating to any Libor Rate Loan, the Agent shall determine that adequate and reasonable methods do not exist for ascertaining the Libor Rate that would otherwise determine the rate of interest to be applicable to any Libor Rate Loan during any Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrower) to the Borrower and the Lenders. In such event (a) any Loan Request with respect to Libor Rate Loans shall be automatically withdrawn and shall be deemed a request for Base Rate Loans, (b) each Libor Rate Loan will automatically, on the last day of the then current Interest Period applicable thereto, become a Base Rate Loan, and (c) the obligations of the Lenders to make Libor Rate Loans shall be suspended, in each case unless and 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 Lenders.

Appears in 6 contracts

Samples: Revolving Credit Agreement (First Potomac Realty Trust), Revolving Credit Agreement (First Potomac Realty Trust), Revolving Credit Agreement (Hartman Commercial Properties Reit)

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Inability to Determine LIBOR Rate. In the eventevent that, prior to the commencement of any Interest Period relating to any Libor LIBOR Rate Loan, the Agent shall determine in the exercise of its good faith business judgment that adequate and reasonable methods do not exist for ascertaining the Libor LIBOR Rate that would otherwise determine the rate of interest to be applicable to any Libor Rate Loan during any for such Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the BorrowerBorrower and the Banks) to the Borrower and the LendersBanks. In such event (a) any Loan Request with respect to Libor LIBOR Rate Loans shall be automatically withdrawn and shall be deemed a request for Base Rate Loans, and (b) each Libor LIBOR Rate Loan will automatically, on the last day of the then current Interest Period applicable theretothereof, become a Base Rate Loan, and (c) the obligations of the Lenders Banks to make Libor LIBOR Rate Loans shall be suspended, in each case unless and 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 LendersBanks.

Appears in 4 contracts

Samples: Revolving Credit Agreement (Excel Realty Trust Inc), Revolving Credit Agreement (Excel Legacy Corp), Revolving Credit Agreement (New Plan Excel Realty Trust Inc)

Inability to Determine LIBOR Rate. In the event, prior to the commencement of any Interest Period relating to any Libor Rate Loan, the Agent shall determine that adequate and reasonable methods do not exist for ascertaining the Libor Rate that would otherwise determine the rate of interest to be applicable to any Libor Rate Loan during any Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrower) to the Borrower and the Lenders. In such event (a) any Loan Conversion Request with respect to Libor Rate Loans shall be automatically withdrawn and shall be deemed a request for Base Rate Loans, (b) each Libor Rate Loan will automatically, on the last day of the then current Interest Period applicable thereto, become a Base Rate Loan, and (c) the obligations of the Lenders to make Libor Rate Loans shall be suspended, in each case unless and 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 Lenders.

Appears in 4 contracts

Samples: Senior Secured Term Loan Agreement (First Potomac Realty Trust), Senior Secured Term Loan Agreement (First Potomac Realty Trust), Secured Term Loan Agreement (First Potomac Realty Trust)

Inability to Determine LIBOR Rate. In the event, prior to the commencement of any Interest Period relating to any Libor LIBOR Rate Loan, the Agent shall reasonably determine that adequate and reasonable methods do not exist for ascertaining the Libor LIBOR Rate that would otherwise determine the rate of interest to be applicable to any Libor LIBOR Rate Loan during any Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrower) to the Borrower and the LendersBorrower. In such event (a) any Loan Request with respect to Libor LIBOR Rate Loans shall be automatically withdrawn and shall be deemed a request for Base Rate Loans, (b) each Libor then outstanding LIBOR Rate Loan will automatically, on the last day of the then current Interest Period applicable theretothereof, become a Base Rate Loan, and (c) the obligations of the Lenders to make Libor LIBOR Rate Loans shall be suspended, in each case unless and suspended until the Agent determines in good faith that the circumstances giving rise to such suspension no longer exist, whereupon the Agent shall so notify the Borrower and the LendersBorrower.

Appears in 3 contracts

Samples: Revolving Credit and Guaranty Agreement (Sl Green Realty Corp), Revolving Secured Credit and Guaranty Agreement (Sl Green Realty Corp), Revolving Secured Credit and Guaranty Agreement (Sl Green Realty Corp)

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

Appears in 3 contracts

Samples: Unsecured Revolving Credit Agreement (Amerivest Properties Inc), Unsecured Revolving Credit Agreement (Amerivest Properties Inc), Revolving Credit Agreement (Amerivest Properties Inc)

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

Appears in 3 contracts

Samples: Credit Agreement (Griffin Land & Nurseries Inc), Revolving Credit Agreement (Helix Technology Corp), Revolving Credit Agreement (Transact Technologies Inc)

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

Appears in 3 contracts

Samples: Revolving Credit and Term Loan Agreement (Stride & Associates Inc), Revolving Credit Agreement (Brooks Automation Inc), Revolving Credit Agreement (Appnet Systems Inc)

Inability to Determine LIBOR Rate. In the event, prior to the commencement of any Interest Period relating to any Libor LIBOR Rate Loan, the Agent shall in good faith determine that adequate and reasonable methods do not exist for ascertaining the Libor LIBOR Rate that would otherwise determine the rate of interest to be applicable to any Libor LIBOR Rate Loan during any Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrower) to the Borrower and the LendersBorrower. In such event (a) any Loan Request with respect to Libor LIBOR Rate Loans shall be automatically withdrawn and shall be deemed a request for Base Rate Loans, (b) each Libor then outstanding LIBOR Rate Loan will automatically, on the last day of the then current Interest Period applicable theretothereof, become a Base Rate Loan, and (c) the obligations of the Lenders to make Libor LIBOR Rate Loans shall be suspended, in each case unless and suspended until the Agent determines in good faith (which determination shall be conclusive and binding upon Borrower) that the circumstances giving rise to such suspension no longer exist, whereupon the Agent shall so notify the Borrower and Borrower may submit a Conversion Request in accordance with the Lendersprovisions of § 2.6 hereof.

Appears in 2 contracts

Samples: Credit and Guaranty Agreement (Sl Green Realty Corp), Credit and Guaranty Agreement (Sl Green Realty Corp)

Inability to Determine LIBOR Rate. In the event, prior to the commencement of event that at any Interest Period relating to any Libor Rate Loan, time the Agent shall determine in the exercise of its good faith business judgment that adequate and reasonable methods do not exist for ascertaining the Libor LIBOR Rate or the Agent shall reasonably determine that would otherwise determine the rate LIBOR Rate will not accurately and fairly reflect the cost of interest to be applicable to any Libor the Lenders making or maintaining LIBOR Rate Loan during any Loans for such Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the BorrowerBorrowers and the Lenders) to the Borrower Borrowers and the Lenders. In such event (a) any Loan Request or Conversion Request then made with respect to Libor such LIBOR Rate Loans shall be automatically withdrawn and shall be deemed a request for Base Rate Loans, Loans and (b) each Libor any such LIBOR Rate Loan will automatically, on the last day of the then current Interest Period applicable thereto, automatically become a Base Rate Loan, and (c) the obligations of the Lenders to make Libor LIBOR Rate Loans shall be suspended, in each case unless and suspended until the Agent determines in the exercise of its good faith business judgment that the circumstances giving rise to such suspension no longer exist, whereupon the Agent shall so notify the Borrower Borrowers and the Lenders.

Appears in 2 contracts

Samples: Master Credit Agreement (Howard Hughes Corp), Master Credit Agreement (Howard Hughes Corp)

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

Appears in 2 contracts

Samples: Revolving Credit Agreement (Hbo & Co), Revolving Credit Agreement (Cabot Microelectronics Corp)

Inability to Determine LIBOR Rate. In the event, prior to the commencement of any Interest Period relating to any Libor LIBOR Rate Loan, the Agent shall reasonably determine that adequate and reasonable methods do not exist for ascertaining the Libor LIBOR Rate that would otherwise determine the rate of interest to be applicable to any Libor LIBOR Rate Loan during any Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrower) to the Borrower and the LendersBorrower. In such event (a) any Loan Request with respect to Libor LIBOR Rate Loans shall be automatically withdrawn and shall be deemed a request for Base Rate Loans, (b) each Libor then outstanding LIBOR Rate Loan will automatically, on the last day of the then current Interest Period applicable theretothereof, become a Base Rate Loan, and (c) the obligations of the Lenders to make Libor LIBOR Rate Loans shall be suspended, in each case unless and 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 LendersBorrower.

Appears in 2 contracts

Samples: Revolving Credit and Guaranty Agreement (Sl Green Realty Corp), Revolving Secured Credit and Guaranty Agreement (Sl Green Realty Corp)

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

Appears in 1 contract

Samples: Term Loan Agreement (Amerivest Properties Inc)

Inability to Determine LIBOR Rate. In the event, prior to the commencement of any Interest Period relating to any Libor Rate Loan, the Agent shall determine that adequate and reasonable methods do not exist for ascertaining the Libor Rate that would otherwise determine the rate of interest to be applicable to any Libor Rate Loan during any Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrower) to the Borrower and the Lenders. In such event (a) any Loan Conversion Request with respect to Libor Rate Loans shall be automatically withdrawn and shall be deemed a request for Base Rate Loans, (b) each Libor Rate Loan will automatically, on the last day of the then current Interest Period applicable thereto, become a Base Rate Loan, and (c) the obligations of the Lenders to make Libor Rate Loans shall be suspended, in each case unless and 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 Lenders, and at the Borrower’s option, such Base Rate Loans shall be converted to Libor Rate Loans pursuant to a Conversion Request submitted by the Borrower in accordance with §2.5.

Appears in 1 contract

Samples: Secured Term Loan Agreement (First Potomac Realty Trust)

Inability to Determine LIBOR Rate. In the event, prior to the commencement of any Interest Period relating to any Libor Rate Loan, the Agent shall determine that adequate and reasonable methods do not exist for ascertaining the Libor Rate that would otherwise determine the rate of interest to be applicable to any Libor Rate Loan during any Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrower) to the Borrower and the Lenders. In such event event, (a) any Loan Request with respect to Libor Rate Loans shall be automatically withdrawn and shall be deemed to be a request for Base Rate Loans, and (b) each Libor Rate Loan will automatically, on the last day of the then current Interest Period applicable thereto, become a Base Rate Loan, and (c) the obligations of the Lenders to make Libor Rate Loans shall be suspended, in each case unless and 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 Lenders, and at the Borrower’s option, such Base Rate Loans shall be converted to Libor Rate Loans pursuant to a Conversion Request submitted by the Borrower in accordance with §2.5.

Appears in 1 contract

Samples: Term Loan Agreement (First Potomac Realty Trust)

Inability to Determine LIBOR Rate. In the event, prior to the commencement of any Interest Period relating to any Libor LIBOR Rate Loan, the Agent shall determine that adequate and reasonable methods do not exist for ascertaining the Libor Applicable LIBOR Rate that would otherwise determine the rate of interest to be applicable to any Libor LIBOR Rate Loan during any Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrower) to the Borrower and the LendersBorrower. In such event (a) any Loan Request with respect to Libor LIBOR Rate Loans shall be automatically withdrawn and shall be deemed a request for Base Rate Loanswithdrawn, (b) each Libor Rate Dollar LIBOR Loan will automatically, on the last day of the then current Interest Period applicable theretothereof, become a Base Prime Rate Loan, and (c) the obligations of the Lenders to make Libor LIBOR Rate Loans of the affected Type shall be suspended, in each case unless and 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 LendersBorrower.

Appears in 1 contract

Samples: Credit Agreement (Liberty Property Limited Partnership)

Inability to Determine LIBOR Rate. In the event, event prior to the --------------------------------- commencement of any Interest Period relating to any Libor LIBOR Rate LoanLoan or any Competitive Bid LIBOR Rate Advance, the Agent shall determine that adequate and reasonable methods do not exist for ascertaining the Libor LIBOR Rate that would otherwise determine the rate of interest to be applicable to any Libor Rate Loan during any Interest Period, the Agent shall forthwith give notice of such determination to the Borrower and the Banks (which shall be conclusive and binding on the Borrower) to the Borrower and the LendersBanks). In such event (a) any Loan Request or Conversion Request with respect to Libor LIBOR Rate Loans or Competitive Bid Quote Request with respect to Competitive Bid Advances shall be automatically withdrawn and shall be deemed a request for Base Rate Loanswithdrawn, (b) each Libor LIBOR Rate Loan will automatically, on the last day of the then current Interest Period applicable relating thereto, become a Base Rate Loan, and (c) the obligations of the Lenders Banks to make Libor LIBOR Rate Loans shall be suspended, in each case unless and 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 LendersBanks.

Appears in 1 contract

Samples: Revolving Credit Agreement (Value Health Inc / Ct)

Inability to Determine LIBOR Rate. In the event, prior to the commencement of any Interest Period relating to any Libor Rate Loan, the Agent Bank shall determine that adequate and reasonable methods do not exist for ascertaining the Libor Rate that would otherwise determine the rate of interest to be applicable to any Libor Rate Loan during any Interest Period, the Agent Bank shall forthwith give notice of such determination (which shall be conclusive and binding on the BorrowerBorrowers) to the Borrower and the LendersBorrowers. In such event (ai) any Loan Request Conversion Notice with respect to Libor Rate Loans shall be automatically withdrawn and shall be deemed a request for Base Prime Rate Loans, (bii) each Libor Rate Loan will automatically, on the last day of the then current Interest Period applicable theretothereof, become a Base Prime Rate Loan, and (ciii) the obligations of the Lenders Bank to make Libor Rate Loans shall be suspended, in each case unless and suspended until the Agent Bank determines that the circumstances giving rise to such suspension no longer exist, whereupon the Agent Bank shall so notify the Borrower and the LendersBorrowers.

Appears in 1 contract

Samples: Revolving Credit Agreement (Eltrax Systems Inc)

Inability to Determine LIBOR Rate. In the event, prior to the commencement of any Interest Period relating to any Libor Rate LIBOR Loan, the Agent shall reasonably determine that adequate and reasonable methods do not exist for ascertaining the Libor LIBOR Rate that would otherwise determine the rate of interest to be applicable to any Libor Rate LIBOR Loan during any Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrower) to the Borrower and the LendersBorrower. In such event (a) any Loan Request with respect to Libor Rate LIBOR Loans shall be automatically withdrawn and shall be deemed a request for Base Prime Rate Loans, (b) each Libor Rate LIBOR Loan will automatically, on the last day of the then current Interest Period applicable theretothereof, become a Base Prime Rate Loan, and (c) the obligations of the Lenders to make Libor Rate LIBOR Loans shall be suspended, in each case unless and suspended until the Agent reasonably determines that the circumstances giving rise to such suspension no longer exist, whereupon the Agent shall so notify the Borrower and the LendersBorrower.

Appears in 1 contract

Samples: Revolving Credit Agreement (Amerivest Properties Inc)

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

Appears in 1 contract

Samples: Revolving Credit Agreement (Answerthink Inc)

Inability to Determine LIBOR Rate. In the event, prior to the commencement of any Interest Period relating to any Libor LIBOR Rate Loan, the Agent shall determine that adequate and reasonable methods do not exist for ascertaining the Libor LIBOR Rate that would otherwise determine the rate of interest to be applicable to any Libor LIBOR Rate Loan during any Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the BorrowerBorrower and the Banks) to the Borrower and the LendersBanks. In such event (ai) any Loan Request or Conversion Request with respect to Libor LIBOR Rate Loans shall be automatically withdrawn and shall be deemed a request for Base Rate Loans, (bii) each Libor LIBOR Rate Loan will automatically, on the last day of the then current Interest Period applicable relating thereto, become a Base Rate Loan, and (ciii) the obligations of the Lenders Banks to make Libor LIBOR Rate Loans shall be suspended, in each case unless and 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 LendersBanks.

Appears in 1 contract

Samples: Revolving Credit Agreement (Stride Rite Corp)

Inability to Determine LIBOR Rate. In the event, prior to the commencement of any Interest Period relating to any Libor LIBOR Rate Loan, the Agent shall determine or be notified by the Majority Banks that adequate and reasonable methods do not exist for ascertaining the Libor LIBOR Rate that would otherwise determine the rate of interest to be applicable to any Libor LIBOR Rate Loan during any Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the BorrowerBorrower and the Banks) to the Borrower and the LendersBanks. In such event (ai) any Loan Request or Conversion Request with respect to Libor LIBOR Rate Loans shall be automatically withdrawn and shall be deemed a request for Base Prime Rate Loans, (bii) each Libor LIBOR Rate Loan will automatically, on the last day of the then current Interest Period applicable relating thereto, become a Base Prime Rate Loan, and (ciii) the obligations of the Lenders Banks to make Libor LIBOR Rate Loans shall be suspended, in each case unless and suspended until the Agent determines 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 Borrower and the LendersBanks.

Appears in 1 contract

Samples: Revolving Credit Agreement (Rollins Truck Leasing Corp)

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

Appears in 1 contract

Samples: Revolving Credit Agreement (Aztec Technology Partners Inc /De/)

Inability to Determine LIBOR Rate. In the event, prior to the commencement of any Interest Period relating to any Libor LIBOR Rate Loan, the Agent shall determine that adequate and reasonable methods do not exist for ascertaining the Libor LIBOR Rate that would otherwise determine the rate of interest to be applicable to any Libor LIBOR Rate Loan during any Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the BorrowerBorrower and the Banks) to the Borrower and the LendersBanks. In such event (a) any Loan Request or Conversion Request with respect to Libor LIBOR Rate Loans shall be automatically withdrawn and shall be deemed a request for Base Prime Rate Loans, (b) each Libor LIBOR Rate Loan will automatically, on the last day of the then current Interest Period applicable relating thereto, become a Base Prime Rate Loan, and (c) the obligations of the Lenders Banks to make Libor LIBOR Rate Loans shall be suspended, in each case unless and 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 LendersBanks.

Appears in 1 contract

Samples: Revolving Credit Agreement (Ionics Inc)

Inability to Determine LIBOR Rate. In the event, prior to the commencement of any Interest Period relating to any Libor Rate Loan, the Agent shall determine that adequate and reasonable methods do not exist for ascertaining the Libor Rate that would otherwise determine the rate of interest to be applicable to any Libor Rate Loan during any Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrower) to the Borrower and the Lenders. 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, (b) each Libor Rate Loan will automatically, on the last day of the then current Interest Period applicable thereto, become a Base Rate Loan, and (cb) the obligations of the Lenders to make Libor Rate Loans shall be suspended, in each case unless and 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 Lenders.

Appears in 1 contract

Samples: Term Loan Agreement (Whitestone REIT)

Inability to Determine LIBOR Rate. In the eventevent that, prior to the commencement of any Interest Period relating to any Libor Rate Loan, the Administrative Agent shall determine that adequate and reasonable methods do not exist for ascertaining the Libor Rate that would otherwise determine the rate of interest to be applicable to any Libor Rate Loan during any for such Interest Period, the Administrative Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the BorrowerBorrowers, each Guarantor through its guarantee hereunder, and the Lenders) to the Borrower Borrowers and the Lenders. 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, Loans and (b) each Libor Rate Loan will automatically, on the last day of the then current Interest Period applicable theretothereof, become a Base Rate Loan, and (c) the obligations of the Lenders to make Libor Rate Loans shall be suspended, in each case unless and suspended until the Administrative Agent determines that the circumstances giving rise to such suspension no longer exist, whereupon the Administrative Agent shall so notify the Borrower Borrowers and the Lenders.

Appears in 1 contract

Samples: Revolving Credit Agreement (Heritage Property Investment Trust Inc)

Inability to Determine LIBOR Rate. In the event, prior to the commencement of any Interest Period relating to any Libor LIBOR Rate Loan, the Agent Lender shall determine that adequate and reasonable methods do not exist for ascertaining the Libor LIBOR Rate that would otherwise determine the rate of interest to be applicable to any Libor LIBOR Rate Loan during any Interest Period, the Agent Lender shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrower) to the Borrower and the LendersBorrower. In such event (a) any Loan Request with respect to Libor LIBOR Rate Loans shall be automatically withdrawn and shall be deemed a request for a Base Rate LoansLoan, (b) each Libor LIBOR Rate Loan will automatically, on the last day of the then current Interest Period applicable theretothereof, become a Base Rate Loan, and (c) the obligations of the Lenders Lender to make Libor LIBOR Rate Loans shall be suspended, in each case unless and suspended until the Agent Lender determines that the circumstances giving rise to such suspension no longer exist, whereupon the Agent Lender shall so notify the Borrower and the LendersBorrower.

Appears in 1 contract

Samples: Credit Agreement (Boston Celtics Limited Partnership)

Inability to Determine LIBOR Rate. In the event, prior to the commencement of any Interest Period relating to any Libor LIBOR Rate Loan, the Agent shall determine that adequate and reasonable methods do not exist for ascertaining the Libor LIBOR Rate that would otherwise determine the rate of interest to be applicable to any Libor LIBOR Rate Loan during any Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrower) to the Borrower and the LendersBorrower. In such event (a) any Loan Request with respect to Libor LIBOR Rate Loans shall be automatically withdrawn and shall be deemed a request for Base Prime Rate Loans, (b) each Libor LIBOR Rate Loan will automatically, on the last day of the then current Interest Period applicable theretothereof, become a Base Prime Rate Loan, and (c) the obligations of the Lenders to make Libor LIBOR Rate Loans shall be suspended, in each case unless and 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 LendersBorrower.

Appears in 1 contract

Samples: Credit Agreement (Liberty Property Limited Partnership)

Inability to Determine LIBOR Rate. In the event, prior to the commencement of any Interest Period relating to any Libor Rate Loan, the Agent shall determine that adequate and reasonable methods do not exist for ascertaining the Libor Rate that would otherwise determine the rate of interest to be applicable to any Libor Rate Loan during any Interest Period, the Agent shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrower) to the Borrower and the Lenders. In such event (a) any Loan Conversion Request with respect to Libor Rate Loans shall be automatically withdrawn and shall be deemed a request for Base Rate Loans, (b) each Libor Rate Loan will automatically, on the last day of the then current Interest Period applicable thereto, become a Base Rate Loan, and (c) the obligations of the Lenders to make Libor Rate Loans shall be suspended, in each case unless and 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 Lenders. , and at the Borrower’s option, such Base Rate Loans shall be converted to Libor Rate Loans pursuant to a Conversion Request submitted by the Borrower in accordance with §2.5.

Appears in 1 contract

Samples: Secured Term Loan Agreement (First Potomac Realty Trust)

Inability to Determine LIBOR Rate. In the event, prior to the commencement of any Interest Period relating to any a Libor Rate Loan, the Agent Bank shall determine that adequate and reasonable methods do not exist for ascertaining the Libor Rate that would otherwise determine the rate of interest to be applicable to any a Libor Rate Loan during any Interest Period, the Agent Bank shall forthwith give notice of such determination (which shall be conclusive and binding on the BorrowerBorrowers) to the Borrower and the LendersBorrowers. In such event (ai) any Loan Request Conversion Notice with respect to a Libor Rate Loans Loan shall be automatically withdrawn and shall be deemed a request for Base a Prime Rate Loans, (bii) each Libor Rate Loan will automatically, on the last day of the then current Interest Period applicable theretothereof, become a Base Prime Rate Loan, and (ciii) the obligations of the Lenders Bank to make Libor Rate Loans shall be suspended, in each case unless and suspended until the Agent Bank determines that the circumstances giving rise to such suspension no longer exist, whereupon the Agent Bank shall so notify the Borrower and the LendersBorrowers.

Appears in 1 contract

Samples: Credit Agreement (Eltrax Systems Inc)

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