Common use of Unavailability of LIBOR Rate Loans Clause in Contracts

Unavailability of LIBOR Rate Loans. Notwithstanding any other provisions of this Section 3.1 to the contrary, if Bank determines, at any time, in good faith that (a) deposits in Dollars are not available in the London interbank market or (b) by reason of: (1) national or international financial, political or economic conditions or (2) any applicable law, treaty, rule or regulation (whether domestic or foreign) now or hereafter in effect or the interpretation or administration thereof by any Governmental Authority charged with the interpretation or administration thereof or compliance by Bank with any request or directive of such authority (whether or not having the force of law), including exchange controls, or as a result of any other condition, including economic conditions, (A) it is impracticable, unlawful or impossible for Bank to maintain the LIBOR Amount of the LIBOR Rate Loans or any other Obligations at an interest rate based on the LIBOR Rate, or any condition exists which impairs Bank’s ability to readily and reliably ascertain the LIBOR Rate (whether due to disruption in the relevant markets, suspension of quotations, or otherwise), (B) adequate and fair means do not exist for ascertaining the interest rate applicable hereunder to LIBOR Rate Loans or other Obligations at an interest rate based on the LIBOR Rate, or (C) the LIBOR Rate determined by Bank will not adequately and fairly reflect the cost to Bank of making or maintaining any LIBOR Rate Loans or any other Obligations at an interest rate based on the LIBOR Rate, then Bank will give Borrowers prompt notice thereof (and will thereafter give Borrowers prompt notice of the cessation, if any, of such condition), and, so long as such condition remains in effect as determined by Bank, the obligations of Bank to make or to continue to fund or maintain LIBOR Rate Loans or any other Obligations bearing interest at the LIBOR Rate will terminate, and Bank’s Loans then outstanding as LIBOR Rate Loans and Obligations bearing interest at the LIBOR Rate, if any, will be immediately converted automatically to Prime Rate Loans and Obligations bearing interest based on the Prime-Based Rate. Moreover, notwithstanding any other provisions of this Section 3.1 to the contrary, Bank shall have the option to convert any outstanding LIBOR Rate Loans to Prime Rate Loans at any time that there exists an Event of Default.

Unavailability of LIBOR Rate Loans. Notwithstanding any other provisions of this Section 3.1 2.5 to the contrary, if Bank Agent determines, at any time, in its discretion exercised in good faith faith, that (ai) deposits in Dollars for the LIBOR Period are not available in the London interbank market or (bii) by reason of: (1a) national or international financial, political or economic conditions or (2b) any applicable law, treaty, rule or regulation (whether domestic or foreign) now or hereafter in effect or the interpretation or administration thereof by any Governmental Authority charged with the interpretation or administration thereof or compliance by Bank a Lender with any request or directive of such authority (whether or not having the force of law), including exchange controls, or as a result of any other condition, including economic conditions, (A1) it is impracticable, unlawful or impossible for Bank the Lenders to maintain the LIBOR Amount of the LIBOR Rate Loans or any other Obligations Loan at an interest rate based on the LIBOR Rate, or any condition exists which impairs Bank’s ability to readily and reliably ascertain the LIBOR Rate (whether due to disruption in the relevant markets, suspension of quotations, or otherwise), (B2) adequate and fair means do not exist for ascertaining the interest rate applicable hereunder to LIBOR Rate Loans or other Obligations at an interest rate based on the LIBOR RateLoans, or (C3) the LIBOR Rate determined by Bank Agent will not adequately and fairly reflect the cost to Bank the Lenders of making or maintaining any LIBOR Rate Loans or any other Obligations at an interest rate based on the LIBOR RateLoans, then Bank Agent will give Borrowers Borrower prompt notice thereof (and will thereafter give Borrowers Borrower prompt notice of the cessation, if any, of such condition), and, so long as such condition remains in effect as determined by BankAgent, the obligations of Bank the Lenders to make or to continue to fund or maintain LIBOR Rate Loans or any other Obligations bearing interest at the LIBOR Rate will terminate, and Bank’s Loans then Borrower will prepay in full (by converting to Prime Rate Loans) all outstanding as LIBOR Rate Loans and Obligations bearing interest at owing to the LIBOR Rate, if any, will be immediately converted automatically to Prime Rate Loans and Obligations bearing interest based Lenders on the Prime-Based Ratelast days of each applicable LIBOR Period (or within such earlier period as required by law), together with accrued interest and the payment of any LIBOR Prepayment Fee as provided for in Section 3.2.4. Moreover, notwithstanding any other provisions of this Section 3.1 2.5 to the contrary, Bank shall have if any individual Lender determines, in the option exercise of its discretion in good faith, that it is unlawful under applicable law to convert any outstanding make or maintain LIBOR Rate Loans as contemplated by this Agreement, the affected Lender (the “Affected Lender”) will provide prompt written notice of such determination to Borrower and (A) the Affected Lender’s commitment hereunder to make LIBOR Rate Loans, continue LIBOR Rate Loans as such and convert Prime Rate Loans to LIBOR Rate Loans will thereupon terminate and (B) the Affected Lender’s Loans then outstanding as LIBOR Rate Loans, if any, will be converted automatically to Prime Rate Loans at any time that there exists an Event on the respective last days of Defaultthe then current LIBOR Period with respect to such Loans.

Unavailability of LIBOR Rate Loans. Notwithstanding any other provisions of this Section 3.1 2.6 to the contrary, if Bank Agent determines, at any time, in good faith that (ai) deposits in Dollars for the LIBOR Period are not available in the London interbank market or (bii) by reason of: (1a) national or international financial, political or economic conditions or (2b) any applicable law, treaty, rule or regulation (whether domestic or foreign) now or hereafter in effect or the interpretation or administration thereof by any Governmental Authority charged with the interpretation or administration thereof or compliance by Bank a Lender with any request or directive of such authority (whether or not having the force of law), including exchange controls, or as a result of any other condition, including economic conditions, (A1) it is impracticable, unlawful or impossible for Bank the Lenders to maintain the LIBOR Amount of the LIBOR Rate Loans or any other Obligations Loan at an interest rate based on the LIBOR Rate, or any condition exists which impairs Bank’s ability to readily and reliably ascertain the LIBOR Rate (whether due to disruption in the relevant markets, suspension of quotations, or otherwise), (B2) adequate and fair means do not exist for ascertaining the interest rate applicable hereunder to LIBOR Rate Loans or other Obligations at an interest rate based on the LIBOR RateLoans, or (C3) the LIBOR Rate determined by Bank Agent will not adequately and fairly reflect the cost to Bank the Lenders of making or maintaining any LIBOR Rate Loans or any other Obligations at an interest rate based on the LIBOR RateLoans, then Bank Agent will give Borrowers Borrowing Agent prompt notice thereof (and will thereafter give Borrowers Borrowing Agent prompt notice of the cessation, if any, of such condition), and, so long as such condition remains in effect as reasonably determined by BankAgent, the obligations of Bank the Lenders to make or to continue to fund or maintain LIBOR Rate Loans or any other Obligations bearing interest at the LIBOR Rate will terminate, and Bank’s Loans then Borrowers will prepay in full (by converting to Prime Rate Loans) all outstanding as LIBOR Rate Loans and Obligations bearing interest at owing to the LIBOR Rate, if any, will be immediately converted automatically to Prime Rate Loans and Obligations bearing interest based Lenders on the Prime-Based Ratelast days of each applicable LIBOR Period (or within such earlier period as required by law), together with accrued interest and the payment of any LIBOR Prepayment Fee as provided for in Section 3.2.4. Moreover, notwithstanding any other provisions of this Section 3.1 2.6 to the contrary, Bank shall have the option if any individual Lender determines in good faith that it is unlawful under applicable law to convert any outstanding make or maintain LIBOR Rate Loans as contemplated by this Agreement, the affected Lender (the "Affected Lender") will provide prompt written notice of such determination to Borrowing Agent and (A) the Affected Lender's commitment hereunder to make LIBOR Rate Loans, continue LIBOR Rate Loans as such and convert Prime Rate Loans to LIBOR Rate Loans will thereupon terminate and (B) the Affected Lender's Loans then outstanding as LIBOR Rate Loans, if any, will be converted automatically to Prime Rate Loans at any time that there exists an Event on the respective last days of Defaultthe then current LIBOR Period with respect to such Loans.