Common use of Laws Affecting LIBOR Rate Availability Clause in Contracts

Laws Affecting LIBOR Rate Availability. If (i) any Change in Law or (ii) compliance by the Lender (or its respective lending offices) with any request or directive (whether or not having the force of law) of any Governmental Authority, central bank or comparable agency, shall make it unlawful or impossible for the Lender (or its respective lending offices) to honor its obligations hereunder to make or maintain any Loan bearing interest at the LIBOR Quoted Rate, the Lender shall promptly give notice to the Borrowers. Thereafter, until the Lender notifies the Borrowers that such circumstances no longer exist (which notice the Lender agrees to withdraw promptly upon its good faith determination that such circumstances which gave rise to such notice no longer exists), the Loans shall bear interest in accordance with Section 1.6(b) hereof.