Common use of LIBOR Unavailability Clause in Contracts

LIBOR Unavailability. If the Lender determines in good faith (which determination shall be conclusive, absent manifest error) prior to the commencement of any Interest Period that (i) the making or maintenance of any LIBOR Rate Loan would violate any applicable law, rule, regulation or directive, whether or not having the force of law, (ii) U.S. dollar deposits in the principal amount, and for periods equal to the Interest Period, for funding any LIBOR Rate Loan are not available in the London Interbank Eurodollar market in the ordinary course of business, (iii) by reason of circumstances affecting the London Interbank Eurodollar market, adequate and fair means do not exist for ascertaining the LIBOR Rate to be applicable to the relevant LIBOR Rate Loan, (iv) the LIBOR Rate does not accurately reflect the cost to the Lender of a LIBOR Rate Loan, or (v) the lenders under the Cash America Credit Agreement are not then making loans available to the Lender based upon the “LIBOR Rate” as defined in the Cash America Credit Agreement, then the Lender shall promptly notify the Borrower thereof and, so long as the foregoing conditions continue, none of the Loans may be advanced as a LIBOR Rate Loan thereafter. In addition, each existing LIBOR Rate Loan shall be automatically converted to an Alternate Base Rate Loan on the last Business Day of the then-existing Interest Period or on such earlier date as is required by law, without further demand, presentment, protest or notice of any kind, all of which are hereby waived by the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Enova International, Inc.)

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LIBOR Unavailability. If the Lender Bank determines in good faith (which determination shall be conclusive, absent manifest error) prior to the commencement of any Interest Period that (i) the making or maintenance of any Trailing Average LIBOR Rate Loan would violate any applicable law, rule, regulation or directive, whether or not having the force of law, (ii) U.S. United States dollar deposits for one-month Interest Periods in the principal amount, and for periods equal to the Interest Period, amount for funding any Trailing Average LIBOR Rate Loan are not available in the London Interbank Eurodollar market in the ordinary course of business, (iii) by reason of circumstances affecting the London Interbank Eurodollar market, adequate and fair means do not exist for ascertaining the Trailing Average LIBOR Rate to be applicable to the relevant Trailing Average LIBOR Rate Loan, or (iv) the Trailing Average LIBOR Rate does not accurately reflect the cost to the Lender Bank of a Trailing Average LIBOR Rate Loan, or (v) the lenders under the Cash America Credit Agreement are not then making loans available to the Lender based upon the “LIBOR Rate” as defined in the Cash America Credit Agreement, then the Lender Bank shall promptly notify the Borrower thereof and, so long as the foregoing conditions continue, none of the Loans may be advanced as a Trailing Average LIBOR Rate Loan Loans thereafter. In addition, at the Borrower’s option, each existing Trailing Average LIBOR Rate Loan shall be automatically immediately (i) converted to an Alternate Base Rate Loan on the last Business Day of the then-existing Interest Period a Prime Loan, or on such earlier date as is required by law, (ii) due and payable without further demand, presentment, protest or notice of any kind, all of which are hereby waived by the Borrower.

Appears in 1 contract

Samples: Loan Agreement (Neogen Corp)

LIBOR Unavailability. If the Lender Bank determines in good faith (which determination shall be conclusive, absent manifest error) prior to the commencement of any Interest Period that (i) the making or maintenance of any LIBOR Rate Loan or Alternate Currency Loan would violate any applicable law, rule, regulation or directive, whether or not having the force of law, (ii) U.S. United States dollar deposits in the principal amount, and for periods equal to the Interest Period, Period for funding any LIBOR Rate Loan or Alternate Currency Loan are not available in the London Interbank Eurodollar market in the ordinary course of business, (iii) by reason of circumstances affecting the London Interbank Eurodollar market, adequate and fair means do not exist for ascertaining LIBOR or the LIBOR Alternate Currency Rate to be applicable to the relevant LIBOR Rate Loan or Alternate Currency Loan, or (iv) LIBOR or the LIBOR Alternate Currency Rate does not accurately reflect the cost to the Lender Bank of a LIBOR Rate Loan or Alternate Currency Loan, or (v) the lenders under the Cash America Credit Agreement are not then making loans available to the Lender based upon the “LIBOR Rate” as defined in the Cash America Credit Agreement, then the Lender Bank shall promptly notify the Borrower thereof and, so long as the foregoing conditions continue, none of the Loans may not be advanced as a LIBOR Rate Loan or Alternate Currency Loan thereafter. In addition, (i) each Alternate Currency Loan shall be due and payable on the last Business Day of the then existing Interest Period; and (ii) each existing LIBOR Rate Loan at the option of the Borrower shall be automatically immediately (A) converted to an Alternate Base Rate a Prime Loan on the last Business Day of the then-then existing Interest Period Period, or (B) due and payable on such earlier date as is required by lawthe last Business Day of the then existing Interest Period, all without further demand, presentment, protest or notice of any kind, all of which are hereby waived by the Borrower.

Appears in 1 contract

Samples: Loan Agreement (Hutchinson Technology Inc)

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LIBOR Unavailability. If the Lender determines in it reasonable --------------------- good faith judgment (which determination shall be conclusive, absent manifest error) prior to the commencement of any Interest Period that (i) the making or maintenance of any LIBOR Rate Loan would violate any applicable law, rule, regulation or directive, whether or not having the force of law, (ii) U.S. United States dollar deposits in the principal amount, and for periods equal to term of the Interest Period, LIBOR Loans for funding any LIBOR Rate Loan are not available in the London Interbank Eurodollar market in the ordinary course of business, (iii) by reason of circumstances affecting the London Interbank Eurodollar market, adequate and fair means do not exist for ascertaining the London Interbank Offered Rate or BBA LIBOR Daily Floating Rate to be applicable to the relevant LIBOR Rate Loan, or (iv) the London Interbank Offered Rate or BBA LIBOR Daily Floating Rate does not accurately reflect the cost to the Lender of a LIBOR Rate Loan, or (v) the lenders under the Cash America Credit Agreement are not then making loans available to the Lender based upon the “LIBOR Rate” as defined in the Cash America Credit Agreement, then the Lender shall promptly notify the Borrower Borrowers thereof and, so long as the foregoing conditions continue, none of the Loans may be advanced as a LIBOR Rate Loan thereafter. In addition, at the Borrowers' option, each existing LIBOR Rate Loan shall be automatically immediately (i) converted to an Alternate Base Rate a Prime Loan on the next Business Day (in the case of a Loan bearing interest at the BBA LIBOR Daily Floating Rate) or the last Business Day of the then-then existing LIBOR Interest Period (in the case of a Loan bearing interest at the London Interbank Offered Rate), or (ii) due and payable on such earlier date as is required by lawthe next Business Day (in the case of a Loan bearing interest at the BBA LIBOR Daily Floating Rate) or the last Business Day of the then existing LIBOR Interest Period (in the case of a Loan bearing interest at the London Interbank Offered Rate), without further demand, presentment, protest or notice of any kind, all of which are hereby waived by the BorrowerBorrowers.

Appears in 1 contract

Samples: Loan and Security Agreement (Amrep Corp.)

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