Common use of Nonavailability of Funds Clause in Contracts

Nonavailability of Funds. If the Agent shall determine that, by reason of circumstances affecting the London Interbank Market generally, adequate and reasonable means do not or will not exist for ascertaining the LIBOR for any Interest Period, the Agent shall give notice of such determination to the Borrower. The Borrower and the Agent shall then negotiate in good faith in order to agree upon a mutually satisfactory interest rate and/or Interest Period to be substituted for LIBOR which would otherwise have applied under this Agreement. If the Borrower and Agent are unable to agree upon such a substituted interest rate and/or Interest Period within thirty (30) days of the giving of such determination notice, the Agent shall set an interest rate and Interest Period to take effect from the expiration of the Interest Period in effect at the date of determination, which rate shall be equal to the aggregate of (a) the cost to each Lender (as certified by such Lender) of funding the relevant Advance, (b) the then prevailing Margin and (c) in the case of Revolving Credit Facility Advances, one quarter of one percent (0.25%). In the event the state of affairs to which this Section 11.3 refers shall extend beyond the end of the Interest Period, the foregoing procedure shall continue to apply until circumstances are such that LIBOR may be determined pursuant to Section 6.

Nonavailability of Funds. If the Facility Agent shall determine that, by reason of circumstances affecting the London Interbank Market generally, adequate and reasonable means do not or will not exist for ascertaining the LIBOR Applicable Rate for any Advance for any Interest Period, the Facility Agent shall give notice of such determination to the BorrowerBorrower and the Lenders. The Borrower and the Agent Facility Agent, acting in accordance with the instruction of the Lenders, shall then negotiate in good faith in order to agree upon a mutually satisfactory interest rate and/or Interest Period to be substituted for LIBOR those which would otherwise have applied under this Agreement. If the Borrower and the Facility Agent are unable to agree upon such a substituted interest rate and/or Interest Period within thirty (30) days of the giving of such determination notice, the Facility Agent shall set an interest rate and Interest Period to take effect from the expiration of the Interest Period in effect at the date of determination, which rate shall be equal to the aggregate of (a) Margin plus the cost to each Lender the Lenders and Participants (as certified by such Lendereach Lender and Participant) of funding the relevant such Advance, (b) the then prevailing Margin and (c) in the case of Revolving Credit Facility Advances, one quarter of one percent (0.25%). In the event the state of affairs referred to which in this Section 11.3 refers 12.3 shall extend beyond the end of the any Interest Period, the foregoing procedure shall continue to apply until circumstances are such that LIBOR the Applicable Rate may be determined pursuant to Section 65.1.