Common use of INABILITY TO OFFER LIBOR-RATE Clause in Contracts

INABILITY TO OFFER LIBOR-RATE. In the event that a Lender shall determine, in its sole discretion, that it is unable to obtain deposits in the London interbank market in sufficient amounts and with maturities related to the LIBOR-Rate Loans which would enable such Lender to fund such LIBOR-Rate Loans, then such Lender shall immediately notify the Agent. The Agent shall then notify the Borrower that the right of the Borrower to borrow under, convert to or renew the LIBOR-Rate Option shall be suspended. Following notification of the suspension of the LIBOR-Rate Option, the Borrower agrees to negotiate with the affected Lender for a modified LIBOR-Rate which will allow such Lender to realize its anticipated and bargained-for yield. In the event that the Borrower and the affected Lender cannot agree on a modified LIBOR-Rate, any notice of borrowing under, conversion to or renewal of the LIBOR-Rate Option which was to become effective during the period of suspension shall be treated as a request to borrow under, convert to or renew the Base Rate Option with respect to the principal amount specified therein.

INABILITY TO OFFER LIBOR-RATE. In the event that a Lender the Bank shall determine, in its sole discretion, that it is unable to obtain deposits in the London interbank market in sufficient amounts and with maturities related to the LIBOR-LIBOR Rate Loans which would enable such Lender the Bank to fund such LIBOR-LIBOR Rate Loans, then such Lender the Bank shall immediately notify the Agent. The Agent shall then notify the Borrower that the right of the Borrower to borrow under, convert to or renew the LIBOR-LIBOR Rate Option shall be suspended. Following notification of the suspension of the LIBOR-LIBOR Rate Option, the Borrower agrees to negotiate with the affected Lender Bank for a modified LIBOR-LIBOR Rate which will allow such Lender the Bank to realize its anticipated and bargained-for yield. In the event that the Borrower and the affected Lender Bank cannot agree on a modified LIBOR-LIBOR Rate, any notice of borrowing under, conversion to or renewal of the LIBOR-LIBOR Rate Option which was to become effective during the period of suspension shall be treated as a request to borrow under, convert to or renew the Base Rate Option with respect to the principal amount specified therein.

INABILITY TO OFFER LIBOR-RATE. In the event that a Lender shall determine, in its sole discretion, that it is unable to obtain deposits in the London interbank market in sufficient amounts and with maturities related to the LIBOR-Rate Loans which would enable such Lender to fund such LIBOR-Rate Loans, then such Lender shall immediately notify the Agent. The Agent shall then notify the Borrower Borrowers that the right of the Borrower Borrowers to borrow under, convert to or renew the LIBOR-Rate Option shall be suspended. Following notification of the suspension of the LIBOR-Rate Option, the Borrower agrees Borrowers agree to negotiate with the affected Lender for a modified LIBOR-Rate which will allow such Lender to realize its anticipated and bargained-bargained- for yield. In the event that the Borrower Borrowers and the affected Lender cannot agree on a modified LIBOR-Rate, any notice of borrowing under, conversion to or renewal of the LIBOR-Rate Option which was to become effective during the period of suspension shall be treated as a request to borrow under, convert to or renew the Base Rate Option with respect to the principal amount specified therein.