Common use of LIBOR Discontinuation Clause in Contracts

LIBOR Discontinuation. If at any time the Administrative Agent or the Borrower determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in Section 3.03 have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in Section 3.03 have not arisen but the supervisor for the administrator of the LIBOR Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the applicable LIBOR Rate shall no longer be used for determining interest rates for loans, then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to the appropriate LIBOR Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable; provided that, if such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. Notwithstanding anything to the contrary in Section 10.01, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five (5) Business Days of the date notice of such alternate rate of interest is provided to the Lenders, written notice from the Required Lenders stating that such Required Lenders object to such amendment.

LIBOR Discontinuation. If at any time the Administrative Agent or the Borrower determines Borrowers determine (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in Section 3.03 3.4 have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in Section 3.03 3.4 have not arisen but the supervisor for the administrator of the LIBOR applicable Eurodollar Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the applicable LIBOR Eurodollar Rate shall no longer be used for determining interest rates for loans, then the Administrative Agent and the Borrower Borrowers shall endeavor to establish an alternate rate of interest to the appropriate LIBOR Eurodollar Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable; provided that, if that such alternate rate of interest shall not be less than zero, the “floor” as in effect at the time of such rate shall be deemed to be zero for the purposes of this Agreementamendment. Notwithstanding anything to the contrary in Section 10.0112.3, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five (5) Business Days of the date notice of such alternate rate of interest is provided to the Lenders, written notice from the Required Lenders stating that such Required Lenders object to such amendment.

LIBOR Discontinuation. If at any time Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, this Agreement and the other Loan Documents may be amended to replace the LIBO Rate with a comparable or successor floating rate made available by the Administrative Agent or to its customers with syndicated credit facilities in the Borrower determines United States of this type (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in Section 3.03 have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in Section 3.03 have not arisen but the supervisor for the administrator of the LIBOR Rate or a Governmental Authority having jurisdiction over successor to such successor rate) either (x) if there is a generally accepted prevailing market convention established by the Administrative Agent has made a public statement identifying a specific date after which the applicable LIBOR Rate shall no longer be used for determining interest rates for loansAgent, then as agreed between the Administrative Agent and the Borrower shall endeavor to establish an alternate rate (but not, for the avoidance of interest to the appropriate LIBOR Rate that gives due consideration to the then doubt, any other Lender), in each case in their discretion, (y) if there is no generally accepted prevailing market convention for determining a rate of interest for syndicated loans in established by the United States at Administrative Agent, as agreed between Administrative Agent and the Borrower (such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable; provided that, if such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. Notwithstanding anything to the contrary in Section 10.01, such amendment shall become effective without any further action or consent of any other party to this Agreement Lender so long as the Administrative Agent shall not have received, within five (5) Business Days of the date any notice of such alternate successor rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment) or (z) as consented to by the Administrative Agent, the Required Lenders and the Borrower; provided that (i) any such successor rate shall be applied by the Administrative Agent in a manner consistent with market practice and (ii) to the extent such market practice is not administratively feasible for the Administrative Agent, such successor rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent in consultation with the Borrower; provided, further, that if any such successor rate is less than zero, such rate shall be deemed to be zero.