Common use of LIBOR Unascertainable Clause in Contracts

LIBOR Unascertainable. If on any date on which the Note Rate would otherwise be set, Holder shall have determined in good faith (which determination shall be conclusive and binding on Borrower in the absence of manifest error) that (a) adequate and reasonable means do not exist for ascertaining the one month LIBOR, or (b) a contingency has occurred which materially and adversely affects the London Interbank Eurodollar Market, and, as a result, adversely affects how the Holder prices loans on the date on which the Note Rate is determined by Holder as set forth above, then, and in any such event, Holder may notify Borrower of such determination. Upon such date as shall be specified in such notice (which shall not be earlier than the date such notice is given) the obligation of Holder to charge interest to Borrower at the Note Rate shall be suspended and the one month LIBOR shall automatically be converted to the "Index" of the weekly average yield on United States Treasury Securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board forty-five (45) days prior to the Rate Adjustment Date (the "Index"). Computation of the Note Rate based on the Index shall continue until Holder notifies Borrower that the circumstances which prompted the foregoing notice to Borrower no longer exist.

LIBOR Unascertainable. If on any date on which the Note Rate would otherwise be set, Holder shall have determined in good faith (which determination shall be conclusive and binding on Borrower in the absence of manifest error) that (a) adequate and reasonable means do not exist for ascertaining the one month LIBOR, or (b) a contingency has occurred which materially and adversely affects the London Interbank Eurodollar Market, Market and, as a result, adversely affects how the Holder prices loans on the date on which the Note Rate is determined by Holder as set forth above, then, and in any such event, Holder may notify Borrower of such determination. Upon such date as shall be specified in such notice (which shall not be earlier than the date such notice is given) ), the obligation of Holder to charge interest to Borrower at the Note Rate shall be suspended and the one month LIBOR shall automatically be converted to the "Index" of the weekly average yield on United States Treasury Securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board forty-five (45) days prior to the Rate Adjustment Date (the "Index"). Computation of the Note Rate based on the Index shall continue until Holder notifies Borrower that the circumstances which prompted the foregoing notice to Borrower no longer exist.