Common use of UNAVAILABILITY OF FIXED RATES Clause in Contracts

UNAVAILABILITY OF FIXED RATES. Notwithstanding any election of a Fixed Rate Advance for an Interest Period pursuant to Section 2.3(a) or (b) above, if: (i) on or prior to the determination of the applicable interest rate for such Advance, the Administrative Agent determines (which determination shall be conclusive and binding) that quotations of interest rates are not being provided in the relevant market in the relevant amount, for an Interest Period; or (ii) on or prior to the first day of an Interest Period, the Administrative Agent determines (which determination shall be conclusive and binding) that, as a result of conditions in or generally affecting the relevant market, the rates of interest on the basis of which the applicable Fixed Rate is to be computed do not accurately reflect the cost to the Lenders of making or maintaining such Advance for such Interest Period; then the Administrative Agent shall give the Borrower prompt notice thereof by telephone and the election by the Borrower of a Fixed Rate Advance for such Interest Period shall not be effective, and such Advance shall be made as a Floating Rate Advance.