Common use of UNAVAILABLE FIXED RATE Clause in Contracts

UNAVAILABLE FIXED RATE. If any Lender determines that for any reason, fair and adequate means do not exist for establishing a particular LIBOR Rate or that a LIBOR Rate will not adequately and fairly reflect the cost to it of making or maintaining the principal amount of a particular LIBOR Loan or that accruing interest on any LIBOR Loan has become unlawful or is contrary to any internal policies (of general application), such Lender may give notice of that fact to the Agent and the Borrower and such determination shall be conclusive and binding absent manifest error. After such notice has been given and until the Lender notifies the Agent and the Borrower that the circumstances giving rise to such notice no longer exist, the interest rate or rates so identified in such notice shall no longer be available. Any subsequent request by the Borrower to have interest accrue at such a LIBOR Rate shall be deemed to be a request for interest to accrue at the Prime Rate. If the circumstances giving rise to the notice described herein no longer exist, the Lender who had previously given notice of the unavailability of rate(s) shall notify the Agent and the Borrower in writing of that fact, and the Borrower shall then once again become entitled to request that such LIBOR Rates apply to the Loans in accordance with Section 2.5(c) hereof.

UNAVAILABLE FIXED RATE. If any Lender determines that for any reason, reason fair and adequate means do not exist for establishing a particular LIBOR Rate or that a LIBOR Rate will not adequately and fairly reflect the cost to it of making or maintaining the principal amount of a particular LIBOR Loan or that accruing interest on any Committed Loan at a LIBOR Loan Rate by such Lender has become unlawful or is contrary to any internal policies (of general application)unlawful, such Lender may give notice of that fact to the Agent and the Borrower and such determination shall be conclusive and binding absent manifest error. After such notice has been given and until the such Lender notifies the Agent Borrower and the Borrower Agent that the circumstances giving rise to such notice no longer exist, the interest rate or rates so identified in such notice LIBOR Rate shall no longer be availableavailable in respect of Committed Loans. Any subsequent Thereafter, any request by the Borrower to have interest accrue on a Committed Loan at such a LIBOR Rate shall be deemed to be a request for interest to accrue at the Prime Base Rate. If the circumstances giving rise to the notice described herein no longer exist, the Lender who had previously given notice of the unavailability of rate(s) shall notify the Borrower and Agent and the Borrower in writing of that fact, and the Borrower shall then once again become entitled to request that such a LIBOR Rates Rate apply to the Committed Loans in accordance with Section 2.5(c2.08(b) hereof.