Inadequate or Unfair Basis. If Lender reasonably determines (which determination shall be binding and conclusive on Borrower) that, by reason of circumstances affecting the interbank Eurodollar market, adequate and reasonable means do not exist for ascertaining the applicable LIBOR Rate, then Lender shall promptly notify the Borrower thereof and, so long as such circumstances shall continue, (a) Lender shall be under no obligation to make or convert any Base Rate Loans into LIBOR Loans and (b) on the last day of the current Interest Period for each LIBOR Loan, such Loan shall, unless then repaid in full, automatically convert to a Base Rate Loan.
Appears in 6 contracts
Samples: Credit Agreement (Staffmark Holdings, Inc.), Credit Agreement (Atlas Industries Holdings LLC), Credit Agreement (Atlas Industries Holdings LLC)
Inadequate or Unfair Basis. If Lender Agent reasonably determines (which determination shall be binding and conclusive on BorrowerBorrowers) that, by reason of circumstances affecting the interbank Eurodollar eurodollar market, adequate and reasonable means do not exist for ascertaining the applicable LIBOR Rate, then Lender Agent shall promptly notify the Lenders and Administrative Borrower thereof and, so long as such circumstances shall continue, (a) no Lender shall be under no any obligation to make or convert any Base Rate Loans into LIBOR Loans and (b) on the last day of the current Interest Period for each LIBOR Loan, such Loan shall, unless then repaid in full, automatically convert to a Base Rate Loan.
Appears in 5 contracts
Samples: Credit Agreement (Performance Health Holdings Corp.), Second Lien Credit Agreement (Performance Health Holdings Corp.), Credit Agreement (Performance Health Holdings Corp.)
Inadequate or Unfair Basis. If Lender reasonably determines (which determination shall be binding and conclusive on Borrower and Co-Borrower) that, by reason of circumstances affecting the interbank Eurodollar market, adequate and reasonable means do not exist for ascertaining the applicable LIBOR Rate, then Lender shall promptly notify the Borrower thereof and, so long as such circumstances shall continue, (a) Lender shall be under no obligation to make or convert any Base Rate Loans into LIBOR Loans and (b) on the last day of the current Interest Period for each LIBOR Loan, such Loan shall, unless then repaid in full, automatically convert to a Base Rate Loan.
Appears in 1 contract
Samples: Credit Agreement (5.11 Abr Corp.)
Inadequate or Unfair Basis. If Lender reasonably determines (which determination shall be binding and conclusive on Borrower and Co-Borrower) that, by reason of circumstances affecting the interbank Eurodollar market, adequate and reasonable means do not exist for ascertaining the applicable LIBOR Rate, then Lender shall promptly notify the Borrower thereof and, so long as such circumstances shall continue, (a) Lender shall be under no obligation to make or convert any Base Rate Loans into LIBOR Loans and (b) on the last day of the current Interest Period for each LIBOR Loan, such Loan shall, unless then repaid in full, automatically convert to a Base Rate Loan.
Appears in 1 contract
