Common use of Unavailability of Deposits or Inability to Ascertain the Adjusted LIBOR Rate Clause in Contracts

Unavailability of Deposits or Inability to Ascertain the Adjusted LIBOR Rate. Notwithstanding any other provision of this Agreement or any Note to the contrary, if prior to the commencement of any Interest Period any Bank shall determine (a) that deposits in the amount of any LIBOR Portion scheduled to be outstanding are not available to them in the relevant market or (b) by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Adjusted LIBOR Rate, then such Banks shall give telephonic or telex notice thereof to the Company, the Agent and the other Banks (such notice to be confirmed in writing), and the obligation of the Banks to create, continue or convert any such LIBOR Portion in such amount and for such Interest Period shall terminate until deposits in such amount and for the Interest Period selected by the Company shall again be readily available in the relevant market and adequate and reasonable means exist for ascertaining the Adjusted LIBOR Rate. Upon the giving of such notice, the Company shall elect to either (i) pay or prepay, as the case may be, such affected Portion or (ii) convert the affected LIBOR Portion into an ABR Portion, subject to all terms and conditions of this Agreement.