Common use of Unavailability of Funds or Inadequacy of Pricing Clause in Contracts

Unavailability of Funds or Inadequacy of Pricing. In the event that, in connection with any proposed LIBOR Loan, the Agent determines, which determination shall, absent manifest error, be final, conclusive and binding upon all parties, due to changes in circumstances since the date hereof, adequate and fair means do not exist for determining the LIBOR Rate or such rate will not accurately reflect the costs to the Banks of funding LIBOR Loans for such LIBOR Interest Period, the Agent shall give notice of such determination to the Borrowers and the Banks, whereupon, until the Agent notifies the Borrowers and the Banks that the circumstances giving rise to such suspension no longer exist, the obligations of the Banks to make, continue or convert Loans into LIBOR Loans shall be suspended, and all loans to Borrowers shall be Prime Rate Loans during the period of suspension.

Appears in 3 contracts

Samples: Credit Agreement (Continental Resources Inc), Credit Agreement (Continental Resources Inc), Credit Agreement (Continental Resources Inc)

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Unavailability of Funds or Inadequacy of Pricing. In the event that, in connection with any proposed LIBOR Loan, the Agent reasonably determines, which determination shall, absent manifest error, be final, conclusive and binding upon all parties, due to changes in circumstances since the date hereof, adequate and fair means do not exist for determining the LIBOR Rate or such rate will not accurately reflect the costs to the Banks Lenders of funding LIBOR Loans Loan for such LIBOR Interest Period, the Agent shall give notice of such determination to the Borrowers Borrower and the BanksLenders, whereupon, until the Agent notifies the Borrowers Borrower and the Banks Lenders that the circumstances giving rise to such suspension no longer exist, the obligations of the Banks Lenders to make, continue or convert Loans into LIBOR Loans Loan shall be suspended, and all loans to Borrowers Borrower shall be Prime Base Rate Loans during the period of suspension.

Appears in 1 contract

Samples: Credit Agreement (Southwest Royalties Inc)

Unavailability of Funds or Inadequacy of Pricing. In the event that, in connection with any proposed LIBOR Loan, the Agent reasonably determines, which determination shall, absent manifest error, be final, conclusive and binding upon all parties, due to changes in circumstances since the date hereof, adequate and fair means do not exist for determining the LIBOR Rate or such rate will not accurately reflect the costs to the Banks Lenders of funding LIBOR Loans for such LIBOR Interest Period, the Agent shall give notice of such determination to the Borrowers and the BanksBorrower, whereupon, until the Agent notifies the Borrowers and the Banks Borrower that the circumstances giving rise to such suspension no longer exist, the obligations obligation of the Banks Lenders to make, continue or convert Loans into LIBOR Loans shall be suspended, and all loans to Borrowers Borrower shall be Prime Base Rate Loans during the period of suspension.

Appears in 1 contract

Samples: Credit Agreement (LHC Group, Inc)

Unavailability of Funds or Inadequacy of Pricing. In the event that, in connection with any proposed LIBOR Loan, the Agent reasonably determines, which determination shall, absent manifest error, be final, conclusive and binding upon all parties, due to changes in circumstances since the date hereof, adequate and fair means do not exist for determining the LIBOR Rate or such rate will not accurately reflect the costs to the Banks Lenders of funding a LIBOR Loans Loan for such LIBOR Interest Period, the Agent shall give notice of such determination to the Borrowers Borrower and the BanksLenders, whereupon, until the Agent notifies the Borrowers Borrower and the Banks Lenders that the circumstances giving rise to such suspension no longer exist, the obligations of the Banks Lenders to make, continue or convert Loans into a LIBOR Loans Loan shall be suspended, and all loans Loans to Borrowers Borrower shall be Prime Base Rate Loans during the period of suspension.

Appears in 1 contract

Samples: Credit Agreement (Parallel Petroleum Corp)

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Unavailability of Funds or Inadequacy of Pricing. In the event ------------------------------------------------ that, in connection with any proposed LIBOR Loan, the Agent reasonably determines, which determination shall, absent manifest error, be final, conclusive and binding upon all parties, due to changes in circumstances since the date hereof, adequate and fair means do not exist for determining the LIBOR Rate or such rate will not accurately reflect the costs to the Banks Lenders of funding LIBOR Loans Loan for such LIBOR Interest Period, the Agent shall give notice of such determination to the Borrowers and the BanksLenders, whereupon, until the Agent notifies the Borrowers and the Banks Lenders that the circumstances giving rise to such suspension no longer exist, the obligations of the Banks Lenders to make, continue or convert Loans Loan into LIBOR Loans Loan shall be suspended, and all loans to Borrowers shall be Prime Base Rate Loans Loan during the period of suspension.

Appears in 1 contract

Samples: Credit Agreement (3tec Energy Corp)

Unavailability of Funds or Inadequacy of Pricing. In the event that, in connection with any proposed LIBOR Loan, the Agent Lender determines, which determination shall, absent manifest error, be final, conclusive and binding upon all parties, due to changes in circumstances laws since the date hereof, adequate and fair means do not exist for determining the LIBOR Rate or such rate will not accurately reflect the costs to the Banks Lender of funding LIBOR Loans for such LIBOR Interest Period, the Agent Lender shall give notice of such determination to the Borrowers and the BanksBorrower, whereupon, until the Agent Lender notifies the Borrowers and the Banks Borrower that the circumstances giving rise to such suspension no longer exist, the obligations obligation of the Banks Lender to make, continue or convert Loans into LIBOR Loans shall be suspended, and all loans to Borrowers Borrower shall be Prime Base Rate Loans during the period of suspension.

Appears in 1 contract

Samples: Credit Agreement (Black Ridge Oil & Gas, Inc.)

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