Common use of Unavailability of Rate Clause in Contracts

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. In the event that the effective interest rate(s) applicable to the Borrower’s 's loan evidenced hereby shall cease to be published or has become unlawful or infeasible by reason of the Lender’s '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.