Common use of Inability to Determine Rate Clause in Contracts

Inability to Determine Rate. If Administrative Lender at any time determines that adequate and reasonable means do not exist for ascertaining LIBOR, or the Required Lenders determine at any time that LIBOR does not accurately reflect the cost to Lenders of making or maintaining LIBOR interest rates hereunder, then Administrative Lender shall give telephonic notice (promptly confirmed in writing) to Borrowers' Agent and each Lender of such determination. If such notice is given and until such notice has been withdrawn in writing by Administrative Lender, no LIBOR interest option may be selected by Borrowers' Agent and each LIBOR Loan, subsequent to the end of the Fixed Rate Term applicable thereto, shall become a Prime Rate Loan.

Appears in 2 contracts

Samples: Credit Agreement (Monaco Coach Corp /De/), Credit Agreement (Monaco Coach Corp /De/)

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Inability to Determine Rate. If Administrative Lender at any time determines that adequate and reasonable means do not exist for ascertaining LIBOR, or the Required Lenders determine at any time that LIBOR does not accurately reflect the cost to Lenders of making or maintaining LIBOR interest rates hereunder, then Administrative Lender shall give telephonic notice (promptly confirmed in writing) to Borrowers' ’ Agent and each Lender of such determination. If such notice is given and until such notice has been withdrawn in writing by Administrative Lender, no LIBOR interest option may be selected by Borrowers' ’ Agent and each LIBOR Loan, subsequent to the end of the Fixed Rate Term applicable thereto, shall become a Prime Rate Loan.

Appears in 2 contracts

Samples: Credit Agreement (Monaco Coach Corp /De/), Credit Agreement (Monaco Coach Corp /De/)

Inability to Determine Rate. If Administrative Lender at any time determines that adequate and reasonable means do not exist for ascertaining LIBOR, or the Required Lenders determine at any time that LIBOR does not accurately reflect the cost to Lenders of making or maintaining LIBOR interest rates hereunder, then Administrative Lender shall give telephonic notice (promptly confirmed in writing) to Borrowers' Agent and each Lender of such determination. If such notice is given and until such notice has been withdrawn in writing by Administrative Lender, no LIBOR interest option may be selected by Borrowers' Agent and each LIBOR Loan, subsequent to the end of the Fixed Rate Term applicable thereto, shall become a Prime Base Rate Loan.

Appears in 1 contract

Samples: Credit Agreement (Penford Corp)

Inability to Determine Rate. If Administrative Lender at any time --------------------------- determines that adequate and reasonable means do not exist for ascertaining LIBOR, or the Required Lenders determine at any time that LIBOR does not accurately reflect the cost to Lenders of making or maintaining LIBOR interest rates hereunder, then Administrative Lender shall give telephonic notice (promptly confirmed in writing) to Borrowers' Agent Borrower and each Lender of such determination. If such notice is given and until so long as such notice has been withdrawn in writing by Administrative Lendercircumstance continues, no LIBOR interest option may be selected by Borrowers' Agent Borrower and each LIBOR Loan, subsequent to upon the end of the Fixed Rate Term applicable thereto, shall become a Prime Rate Loan.

Appears in 1 contract

Samples: Credit Agreement (Planar Systems Inc)

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Inability to Determine Rate. If Administrative Lender at any time determines shall determine that adequate and reasonable means do not exist for ascertaining LIBOR, or the Required Majority Lenders shall determine at any time that LIBOR does not accurately reflect the cost to Lenders of making or maintaining LIBOR interest rates hereunder, then Administrative Lender shall give telephonic notice (promptly confirmed in writing) to Borrowers' Agent Borrower and each Lender of such determination. If such notice is given and until such notice has been withdrawn in writing by Administrative Lender, then no LIBOR interest option may be selected by Borrowers' Agent Borrower and each LIBOR Loan, subsequent to the end of the Fixed Rate Term applicable thereto, shall become a bear interest determined in relation to the Prime Rate Loanpursuant to the terms and conditions of this Agreement.

Appears in 1 contract

Samples: Credit Agreement (Praegitzer Industries Inc)

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