Common use of RATE SELECTION Clause in Contracts

RATE SELECTION. If the Company has provided a notice of borrowing under Section 4.5 hereof and any Lender determines (which determination shall be conclusive and binding on the Company) that: (a) deposits of the necessary amount for the selected Interest Period are not available to such Lender in either the London interbank market or the market for Federal funds transactions or, by reason of circumstances affecting such markets, adequate and reasonable means do not exist for ascertaining the LIBO Rate or the Federal Funds Rate for such Interest Period; or (b) the LIBO Rate or the Federal Funds Rate, as applicable, will not adequately and fairly reflect the cost to such Lender of making or funding a Loan for such Interest Period; or (c) the making or funding of Loans has become impracticable as a result of any event occurring after the date of this Agreement which, in the opinion of such Lender, materially and adversely affects such Loans or the London interbank market or the market for Federal funds transactions; then such Lender shall notify the Company of this condition and of the rate that the Lender has selected to apply to such Loan pursuant to the following sentence, provided, however, that the Company shall have the opportunity to withdraw such notice of borrowing prior to the making of the Loan on the date specified in the notice. If, after such notice from the Lender, the Company does not withdraw such notice of borrowing prior to the making of the Loan, then any notice of borrowing shall be deemed to be a notice to request a borrowing of such Loan at such higher rate per annum, if any, which in such Lender's opinion will adequately fairly compensate such Lender for the cost to such Lender of making or funding such Loan plus the Applicable Margin under this Agreement; or if such Lender determines that no such rate exists, then such Lender shall promptly notify the Agent and shall not be obligated to fund the Loan.