Common use of Unavailability Of Dollar Deposits Clause in Contracts

Unavailability Of Dollar Deposits. If the Bank determines in its sole discretion at any time (the “Determination Date”) that it can no longer make, fund or maintain LIBOR based loans for any reason, including without limitation illegality, or the LIBOR Rate cannot be ascertained or does not accurately reflect the Bank’s cost of funds, or the Bank would be subject to Additional Costs that cannot be recovered from the Borrower, then the Bank will notify the Borrower and thereafter will have no obligation to make, fund or maintain LIBOR based loans. Upon such Determination Date the Note will be converted to a variable rate loan based upon the Prime Rate. Thereafter the interest rate on the Note shall adjust simultaneously with any fluctuation in the Prime Rate. “BORROWER” DEER VALLEY FINANCIAL CORP., a Florida corporation By: Xxxx X. Xxxxx, XX, as its Vice President (CORPORATE SEAL) DEER VALLEY CORPORATION, a Florida corporation By: Xxxx Xxxxxx Xxxxxx, as its Secretary (CORPORATE SEAL) DEER VALLEY HOMEBUILDERS, INC., a Florida corporation By: Xxxx X. Xxxxx, XX, as its President (CORPORATE SEAL)

Unavailability Of Dollar Deposits. If the Bank determines in its sole discretion at any time (the “Determination Date”) that it can no longer make, fund or maintain LIBOR based loans for any reason, including without limitation illegality, or the LIBOR Rate cannot be ascertained or does not accurately reflect the Bank’s cost of funds, or the Bank would be subject to Additional Costs that cannot be recovered from the Borrower, then the Bank will notify the Borrower and thereafter will have no obligation to make, fund or maintain LIBOR based loans. Upon such Determination Date the Note will be converted to a variable rate loan based upon the Prime Rate. Thereafter the interest rate on the Note shall adjust simultaneously with any fluctuation in the Prime Rate. “BORROWER” DEER VALLEY FINANCIAL CORP., a Florida corporation By: s/ Xxxxx Xxxxxx Xxxx X. Xxxxx, XXXxxxxx Xxxxxx, as its Vice President Chief Financial Officer and Secretary (CORPORATE SEAL) DEER VALLEY CORPORATION, a Florida corporation By: s/ Xxxxx Xxxxxx Xxxx Xxxxxx Xxxxxx, as its Chief Financial Officer and Secretary (CORPORATE SEAL) DEER VALLEY HOMEBUILDERS, INC., a Florida corporation By: s/ Xxxxx Xxxxxx Xxxx X. Xxxxx, XXXxxxxx Xxxxxx, as its President Chief Financial Officer and Secretary (CORPORATE SEAL)