Automatic Conversion to Base Rate. Any provision of this Agreement to the contrary notwithstanding, if Lender should at any time determine that (i) it is not reasonably possible to determine LIBOR or the LIBOR Index Rate, (ii) LIBOR or the LIBOR Index Rate is no longer available, (iii) it is no longer lawful for Lender to make Loans at any rate based on LIBOR or the LIBOR Index Rate, or (iv) a Default or Event of Default exists and Lender shall so elect, then, in each case, (A) all affected LIR Loans shall automatically and without notice be converted into Base Rate Loans and (B) all obligations of Lender to make LIR Loans shall cease until such time as Lender shall have determined that it is able to determine LIBOR or the LIBOR Index Rate, such illegality shall be reversed, or such Event of Default shall have been waived or cured, as applicable.
Appears in 2 contracts
Sources: Loan and Security Agreement (Dreams Inc), Loan and Security Agreement (Dreams Inc)
Automatic Conversion to Base Rate. Any provision of this Agreement to the contrary notwithstanding, if Lender should at any time determine that (i) it is not reasonably possible to determine LIBOR or the LIBOR Index Rate, (ii) LIBOR or that the LIBOR Index Rate is no longer available, (iii) it is no longer lawful for Lender to make Loans at any rate based on LIBOR or the LIBOR Index Rate, or (iv) a Default or Event of Default exists and Lender shall so elect, then, in each case, (A) all affected LIR Loans shall automatically and without notice be converted into Base Rate Loans and (B) all obligations of Lender to make LIR Loans shall cease until such time as Lender shall have determined that it is able to determine LIBOR or the LIBOR Index Rate, such illegality shall be reversed, or such Event of Default shall have been waived or cured, as applicable.
Appears in 1 contract
Sources: Loan and Security Agreement (Transcend Services Inc)