Unavailability of Rate. (a) If, with respect to any LIBOR Rate Election, LIBOR Daily Rate Election, or any LIBOR Rate Principal or LIBOR Daily Rate Principal outstanding hereunder, Required Lenders determine that no adequate basis exists for determining the LIBOR Rate or LIBOR Daily Rate or that the LIBOR Rate or LIBOR Daily Rate will not adequately and fairly reflect the cost to Lenders of funding or maintaining the applicable LIBOR Rate Principal for such Interest Period or LIBOR Daily Rate Principal, and such Lender(s) so notify Administrative Agent and Borrower, then until Required Lender(s) notify Administrative Agent and Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligation of Lender(s) to permit such LIBOR Rate Election and/or LIBOR Daily Rate Election shall be suspended and (ii) all existing affected LIBOR Rate Principal and/or LIBOR Daily Rate Principal, as applicable, shall automatically become Base Rate Principal on the last day of the corresponding Interest Period.
(b) Additionally, if, with respect to any LIBOR Rate Election, LIBOR Daily Rate Election, or any LIBOR Rate Principal or LIBOR Daily Rate Principal outstanding hereunder, any Lender determines that any applicable Law, or any request or directive (whether or not having the force of Law) of any Tribunal, or compliance therewith by such Lender, prohibits or restricts or makes impossible the making or maintaining of such LIBOR Rate Election or LIBOR Daily Rate Election or LIBOR Rate Principal or LIBOR Daily Rate Principal or the charging of interest on such LIBOR Rate Principal or LIBOR Daily Rate Principal, and such Lender so notifies Administrative Agent and Borrower, then until such Lender notifies Administrative Agent and Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligation of such Lender to permit such LIBOR Rate Election and/or LIBOR Daily Rate Principal, as applicable, shall be suspended and (ii) all existing affected LIBOR Rate Principal and/or LIBOR Daily Rate Principal shall automatically become Base Rate Principal, either (1) as to LIBOR Rate Principal, on the last day of the corresponding Interest Period (if the Lender determines that it may lawfully continue to fund and maintain the affected LIBOR Rate Principal to such day); or (2) immediately, in the case of LIBOR Daily Rate Principal and, as to LIBOR Rate Principal, if the Lender determines that it may not lawfully continue to fund and maintain the affecte...
Unavailability of Rate. If, with respect to any LIBOR Rate Election, or any LIBOR Rate Principal outstanding hereunder, Lender determines that no adequate basis exists for determining the LIBOR Rate or that the LIBOR Rate will not adequately and fairly reflect the cost to Lender of funding or maintaining the applicable LIBOR Rate Principal for such Interest Period, or that any applicable Law, or any request or directive (whether or not having the force of law) of any Tribunal, or compliance therewith by Lender, prohibits or restricts or makes impossible the making or maintaining of such LIBOR Rate Election or LIBOR Rate Principal or the charging of interest on such LIBOR Rate Principal, and Lender so notifies Borrower, then until Lender notifies Borrower that the circumstances giving rise to such suspension no longer exist, (a) the obligation of Lender to permit such LIBOR Rate Election shall be suspended and (b) all existing affected LIBOR Rate Principal shall automatically become Base Rate Principal, either (i) on the last day of the corresponding Interest Period (if Lender determines that it may lawfully continue to fund and maintain the affected LIBOR Rate Principal to such day); or (ii) immediately (if Lender determines that it may not lawfully continue to fund and maintain the affected LIBOR Rate Principal to such day) and in such case Borrower shall pay to Lender the Consequential Loss, if any, pursuant to Section 4 hereof.
Unavailability of Rate. In the event that the effective interest rate(s) applicable to the Borrower’s loan evidenced hereby shall cease to be published or has become unlawful or infeasible by reason of the Lender’s compliance with any new law, rule, regulation, guideline or order, or any new interpretation of any present law, rule regulation, guideline or order, the Lender, it is sole discretion shall designate a new base, reference or other rate for general commercial loan reference purposes, it being understood that such rate is a reference rate, not necessarily the lowest, established from time to time, which serves as the basis upon which effective interest rates are calculated for loans making reference thereto.
Unavailability of Rate. If the relevant rates required to determine the Eurocurrency Rate do not appear on the Screen Page and fewer than two Reference Banks furnish timely information to the Administrative Agent for determining such rate for any Interest Period for any Eurocurrency Loans, the Administrative Agent shall forthwith notify the Borrower and the Lenders that the interest rate cannot be determined for such Eurocurrency Loans for such Interest Period, whereupon:
(i) each such Eurocurrency Loan will automatically, on the last day of the then current Interest Period therefor, be Converted into an ABR Loan; and
(ii) the obligation of the Lenders to make or Continue, or to Convert Loans into, Eurocurrency Loans shall be suspended until the Administrative Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exist.
Unavailability of Rate. Administrative Agent may notify Borrower in writing if the London Interbank Offered Rate is not available, or if Administrative Agent determines that no adequate basis exists for determining the LIBOR Daily Floating Rate, or that the LIBOR Daily Floating Rate will not adequately and fairly reflect the cost to Lenders of funding or maintaining the Principal Debt by reason of increased Compliance Costs (as defined in Section 4(d) below), or that any applicable Law, or any request or directive (whether or not having the force of law) of any Tribunal (as hereinafter defined), or compliance therewith by any Lender, prohibits or restricts or makes impossible the making or maintaining of the Principal Debt at the LIBOR Daily Floating Rate or the charging of interest on the Principal Debt at the LIBOR Daily Floating Rate. If Administrative Agent so notifies Xxxxxxxx, then until Administrative Agent notifies Borrower that the circumstances giving rise to such suspension no longer exist, the Principal Debt shall automatically bear interest at the Base Rate (as hereinafter defined).
Unavailability of Rate. If Agent determines that no adequate basis exists for determining the one- month LIBOR Rate or that the one-month LIBOR Rate will not adequately and fairly reflect the cost to Lenders of funding the Loan, or that any applicable law or regulation or compliance therewith by Lenders prohibits or restricts or makes impossible the charging of interest based on the one-month LIBOR Rate and Agent so notifies Borrower, then until Agent notifies Borrower that the circumstances giving rise to such suspension no longer exist, interest shall accrue and be payable on the unpaid principal balance of this Note from the date Agent so notifies Borrower until the Maturity Date of this Note (whether by acceleration, declaration, extension or otherwise) at a fluctuating rate of interest equal to the prime rate announced by Agent from time to time, adjusted each time that such prime rate changes.
Unavailability of Rate. If, with respect to any LIBOR Rate Principal outstanding hereunder, Lender determines that no adequate basis exists for determining the LIBOR Rate or that any applicable Law, or any request or directive (whether or not having the force of law) of any Tribunal, or compliance therewith by Lender, prohibits or restricts or makes impossible the making or maintaining of such LIBOR Rate Principal or the charging of interest on such LIBOR Rate Principal, and Lender so notifies Borrower, then until Lender notifies Borrower that the circumstances giving rise to such suspension no longer exist, all existing affected LIBOR Rate Principal shall automatically and immediately become Base Rate Principal.
Unavailability of Rate. If at any time the Noteholder (or, without duplication, the bank holding company of which the Noteholder is a Subsidiary) determines that either adequate and reasonable means do not exist for ascertaining LIBOR, or it becomes impractical for the Noteholder to obtain funds to make or maintain the financing hereunder with interest at LIBOR, or the Noteholder shall have determined that LIBOR will not adequately and fairly reflect the cost to the Noteholder of making, maintaining, or funding the transaction hereunder at LIBOR, or the Noteholder reasonably determines that, as a result of changes to applicable law after the date of execution of this Note, or the adoption or making after such date of any interpretations, directives or regulations (whether or not having the force of law) by any court, governmental authority or reserve bank charged with the interpretation or administration thereof, it shall be or become unlawful or impossible to make, maintain, or fund the financing hereunder at LIBOR, then the Noteholder promptly shall give notice to the Company of such determination, and the Noteholder and the Company shall negotiate in good faith a mutually acceptable alternative method of calculating the interest rate payable on this Note and shall execute and deliver such documents as reasonably may be required to incorporate such alternative method of calculating such interest rate in this Note, within thirty (30) days after the date of the Noteholder's notice to the Company. If the parties are unable mutually to agree to such alternative method of calculating the interest rate payable on this Note in a timely fashion, on the interest payment date next succeeding the expiration of such thirty (30) day period, the Company shall pay the Noteholder the unpaid balance of the Indebtedness, together with interest accrued and unpaid thereon and all other fees and charges due hereunder.
Unavailability of Rate. If the WSJ LIBOR One Month Floating Rate ceases to be available or Required Lenders determine that any applicable law, or any request or directive (whether or not having the force of law) of any Governmental Authority, or compliance therewith by Lenders, CONSTRUCTION LOAN AGREEMENT – Page 26 prohibits or materially restricts or makes impossible the making or maintaining of the WSJ LIBOR One Month Floating Rate, and Administrative Agent so notifies Borrower, then until Administrative Agent notifies Borrower that such circumstances no longer exist, the WSJ Prime Rate shall be substituted for the WSJ LIBOR One Month Floating Rate and an appropriate adjustment shall be made in the Applicable Margin commensurate with the historical spreads between the WSJ Prime Rate and the WSJ LIBOR One Month Floating Rate.
Unavailability of Rate. Notwithstanding any other provision of this Agreement or any other Loan Document to the contrary, if prior to the commencement of any Interest Period Lender determines (i) that deposits in the amount of any Eurodollar Rate Advance which has been requested are not available to Lender, or (ii) by reason of circumstances affecting the eurodollar market, adequate and reasonable means do not exist for ascertaining the Eurodollar Rate, then Lender shall promptly give notice thereof to Borrower and the obligation of Lender to make such Advance, or to continue, or effect by conversion any such Eurodollar Rate Advance in such amount and for such Interest Period shall terminate until deposits in such amount and for the Interest Period selected by Borrower shall again be readily available to Lender or adequate and reasonable means exist for ascertaining the Eurodollar Rate, as the case may be. Upon the giving of such notice, Borrower may elect to
