Common use of Availability of Interest Rate Clause in Contracts

Availability of Interest Rate. If any Bank determines that maintenance of its Eurodollar Rate Loans at a suitable Lending Installation would violate any applicable law, rule, regulation, or directive, whether or not having the force of law, or if the Required Banks determine that (i) deposits of a type and maturity appropriate to match fund Eurodollar Rate Advances are not available or (ii) a Eurodollar Rate does not accurately reflect the cost of making or maintaining a Eurodollar Rate Advance, then the Administrative Agent shall suspend the availability of the affected Rate Option and (subject to the next sentence) require any Eurodollar Rate Advances outstanding under an affected Rate Option to be converted to an unaffected Rate Option. Notwithstanding anything in the preceding sentence to the contrary, the Company shall not be required to pay or convert any outstanding Eurodollar Rate Loan or Eurodollar Rate Advance unless such payment or conversion is legally required in accordance with the circumstances causing such unavailability. Subject to the provisions of Article II hereof, the Company may select any unaffected Rate Option to apply to such affected Advances. If the Company fails to select a new Rate Option, the affected Advances shall be Floating Rate Advances.