Common use of Inability to Determine Rates; Illegality Clause in Contracts

Inability to Determine Rates; Illegality. Anything contained herein to the contrary notwithstanding, if, prior to or upon any determination of LIBOR: (a) Lender determines, which determination shall be conclusive and binding upon the Borrowers, that quotations of interest rates for the relevant deposits referred to in the definition of “LIBOR” are not being provided in the relevant amounts or for the relevant maturities for purposes of determining rates of interest for LIBOR Advances as provided herein; or (b) Lender determines, which determination shall be conclusive and binding upon the Borrowers, that LIBOR is not likely to adequately cover the cost to Lender of making or maintaining the relevant LIBOR Advances; or (c) Lender notifies Holding that it has become unlawful for Lender to honor its obligations to make or maintain LIBOR Advances hereunder; then Lender shall give Holding notice thereof and, so long as such condition remains in effect, all Advances of Lender shall bear interest at a rate per annum equal to the Prime Commercial Rate, plus the Applicable Margin.

Appears in 1 contract

Samples: Forbearance Agreement (Franklin Credit Management Corp/De/)

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Inability to Determine Rates; Illegality. Anything contained herein to the contrary notwithstanding, if, prior to or upon any determination of LIBOR: (a) Lender determines, which determination shall be conclusive and binding upon the Borrowers, that quotations of interest rates for the relevant deposits referred to in the definition of “LIBOR” are not being provided in the relevant amounts or for the relevant maturities for purposes of determining rates of interest for LIBOR Advances as provided herein; or (b) Lender determines, which determination shall be conclusive and binding upon the Borrowers, that LIBOR is not likely to adequately cover the cost to Lender of making or maintaining the relevant LIBOR Advances; or (c) Lender notifies Holding Guarantor that it has become unlawful for Lender to honor its obligations to make or maintain LIBOR Advances hereunder; then Lender shall give Holding Guarantor notice thereof and, so long as such condition remains in effect, all Advances of Lender shall bear interest at a rate per annum equal to the Prime Commercial Rate, plus the Applicable Margin, minus two percent (2%) per annum.

Appears in 1 contract

Samples: Forbearance Agreement and Amendment to Credit Agreements (Franklin Credit Management Corp/De/)

Inability to Determine Rates; Illegality. Anything contained herein to the contrary notwithstanding, if, prior to or upon any determination of LIBOR: (a) Lender determines, which determination shall be conclusive and binding upon the Borrowers, that quotations of interest rates for the relevant deposits referred to in the definition of “LIBOR” are not being provided in the relevant amounts or for the relevant maturities for purposes of determining rates of interest for LIBOR Advances as provided herein; or (b) Lender determines, which determination shall be conclusive and binding upon the Borrowers, that LIBOR is not likely to adequately cover the cost to Lender of making or maintaining the relevant LIBOR Advances; or (c) Lender notifies Holding Guarantor that it has become unlawful for Lender to honor its obligations to make or maintain LIBOR Advances hereunder; then Lender shall give Holding Guarantor notice thereof and, so long as such condition remains in effect, all Advances (other than Tranche C Advances) of Lender shall bear interest at a rate per annum equal to the Prime Commercial Rate, plus the Applicable Margin, minus two percent (2%) per annum.

Appears in 1 contract

Samples: Forbearance Agreement and Amendment to Credit Agreements (Franklin Credit Management Corp/De/)

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Inability to Determine Rates; Illegality. Anything contained herein to the contrary notwithstanding, if, prior to or upon any determination of LIBOR: (a) Lender determines, which determination shall be conclusive and binding upon the Borrowers, that quotations of interest rates for the relevant deposits referred to in the definition of “LIBOR” are not being provided in the relevant amounts or for the relevant maturities for purposes of determining rates of interest for LIBOR Advances as provided herein; or (b) Lender determines, which determination shall be conclusive and binding upon the Borrowers, that LIBOR is not likely to adequately cover the cost to Lender of making or maintaining the relevant LIBOR Advances; or (c) Lender notifies Holding that it has become unlawful for Lender to honor its obligations to make or maintain LIBOR Advances hereunder; then Lender shall give Holding notice thereof and, so long as such condition remains in effect, all Advances (other than Tranche C Advances) of Lender shall bear interest at a rate per annum equal to the Prime Commercial Rate, plus the Applicable Margin.

Appears in 1 contract

Samples: Forbearance Agreement and Amendment to Credit Agreements (Franklin Credit Management Corp/De/)

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