Common use of Substituted Rate of Borrowing Clause in Contracts

Substituted Rate of Borrowing. In the event that on any LIBOR Interest Rate Determination Date with respect to any Loans, Agent shall have determined (which determination shall be presumptively correct and binding upon all parties) that, by reason of any changes arising after the date of this Agreement affecting the London interbank market, adequate and fair means do not exist for ascertaining the LIBOR Rate on a basis consistent with the essential intent of the parties hereto, then, and in each such event, the right of Borrower to select the LIBOR Rate with respect to such Loans shall be suspended until Agent shall notify Borrower that the circumstances causing such suspension no longer exist, and such Loans shall be Prime Rate Loans.

Substituted Rate of Borrowing. In the event that on any LIBOR Interest Rate Determination Date with respect to any Loans, Agent Lender shall have determined (which determination shall be presumptively correct and binding upon all parties) that, by reason of any changes arising after the date of this Agreement affecting the London interbank market, adequate and fair means do not exist for ascertaining the LIBOR Rate on a basis consistent with the essential intent of the parties hereto, then, and in each such event, the right of Borrower the Funds Administrator to select select, on behalf of the Borrowers, the LIBOR Rate with respect to such Loans shall be suspended until Agent Lender shall notify Borrower the Funds Administrator that the circumstances causing such suspension no longer exist, and such Loans shall be Prime Rate Loans.

Substituted Rate of Borrowing. In the event that on any LIBOR Interest Rate Determination Date with respect to any Loans, Agent Lender shall have determined (which determination shall be presumptively correct and binding upon all parties) that, by reason of any changes arising after the date of this Agreement affecting the London interbank market, adequate and fair means do not exist for ascertaining the LIBOR Rate on a basis consistent with the essential intent of the parties hereto, then, and in each any such event, the right of Borrower to select the a LIBOR Rate with respect to Loan for such Loans Loan or any subsequent Loan shall be suspended until Agent such Lender shall notify Borrower that the circumstances causing such suspension no longer exist, and such Loans requested Loan shall be Prime a Reference Rate LoansLoan.