Common use of Inability to Determine LIBOR Rate Clause in Contracts

Inability to Determine LIBOR Rate. In the event, prior to the commencement of any Interest Period, the Bank shall determine or be notified that adequate and reasonable methods do not exist for ascertaining the LIBOR Rate that would otherwise determine the rate of interest to be applicable to the Loans during any Interest Period, the Bank shall forthwith give notice of such determination (which shall be conclusive and binding on Borrower) to Borrower. In such event the Loans (or any Tranches thereof) will automatically, on the last day of the then current Interest Period applicable to such Loans or Tranches, become a Base Rate Loan until the Bank determines that the circumstances giving rise to such suspension no longer exist, whereupon the Bank shall so notify Borrower.

Inability to Determine LIBOR Rate. In the event, prior to the commencement of any Interest Period, the Bank shall determine or be notified that adequate and reasonable methods do not exist for ascertaining the LIBOR Rate that would otherwise determine the rate of interest to be applicable to the Loans during any Interest Period, the Bank shall forthwith give notice of such determination (which shall be conclusive and binding on the Borrower) to the Borrower. In such event the Loans (or any Tranches thereof) will automatically, on the last day of the then current Interest Period applicable to such Loans or Tranches, become a Base Rate Loan until the Bank determines that the circumstances giving rise to such suspension no longer exist, whereupon the Bank shall so notify the Borrower.

Inability to Determine LIBOR Rate. In the event, prior to the commencement of any Interest Period, the Bank shall determine or be notified that adequate and reasonable methods do not exist for ascertaining the LIBOR Rate that would otherwise determine the rate of interest to be applicable to the Revolving Loans during any Interest Period, the Bank shall forthwith give notice of such determination (which shall be conclusive and binding on Borrowerthe Debtor) to Borrowerthe Debtor. In such event the Revolving Loans (or any Tranches thereof) will automatically, on the last day of the then current Interest Period applicable to such Revolving Loans or Tranches, become a Base Rate Loan until the Bank determines that the circumstances giving rise to such suspension no longer exist, whereupon the Bank shall so notify BorrowerDebtor.