Common use of Interest Rate Determination and Protection Clause in Contracts

Interest Rate Determination and Protection. (a) The Agent shall give prompt notice to the Borrower and the Banks of the applicable interest rate under Section 2.06(a)(i) or (ii). (b) If, with respect to any Eurodollar Rate Advance, the Majority Banks notify the Agent that the Eurodollar Rate for any Interest Period for such Advance will not adequately reflect the cost to such Majority Banks of making, funding or maintaining their respective Eurodollar Rate Advance for such Interest Period, the Agent shall forthwith so notify the Borrower and the Banks, whereupon: (i) each Eurodollar Rate Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance, and (ii) the obligation of the Banks to make, or to Convert Advances into, Eurodollar Rate Advances shall be suspended until the Agent shall notify the Borrower and the Banks that the circumstances causing such suspension no longer exist. (c) If the Borrower shall fail to select the duration of any Interest Period for any Eurodollar Rate Advance in accordance with the provisions contained in the definition of "Interest Period" in Section 1.01, the Agent will forthwith so notify the Borrower and the Banks and such Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into Base Rate Advances.

Interest Rate Determination and Protection. (a) The Agent shall give prompt notice to the Borrower and the Banks of the applicable interest rate under Section 2.06(a)(i2.05(a) or (iib). (b) If, with respect to any Eurodollar Rate Advance, the Majority Banks notify the Agent that the Eurodollar Rate for any Interest Period for such Advance will not adequately reflect the cost to such Majority Banks of making, funding or maintaining their respective Eurodollar Rate Advance for such Interest Period, the Agent shall forthwith so notify the Borrower and the Banks, whereupon: (i) each Eurodollar Rate Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance, and (ii) the obligation of the Banks to make, or to Convert Advances into, Eurodollar Rate Advances shall be suspended until the Agent shall notify the Borrower and the Banks that the circumstances causing such suspension no longer exist. (c) If the Borrower shall fail to select the duration of any Interest Period for any Eurodollar Rate Advance in accordance with the provisions contained in the definition of "Interest Period" in Section 1.01, the Agent will forthwith so notify the Borrower and the Banks and such Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into Base Rate Advances.