Common use of Alternative Rate Clause in Contracts

Alternative Rate. If on the Pricing Rate Determination Date for any Pricing Rate Period with respect to any Transaction, Buyer shall have determined in the exercise of its sole and absolute business judgment (which determination shall be conclusive and binding upon Seller absent manifest error) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining LIBOR for such Pricing Rate Period or that LIBOR has been succeeded by a Substitute Index, Buyer shall give written notice thereof to Seller as soon as practicable thereafter. If such notice is given, such Transaction shall be converted to a Substitute Rate Transaction and the Pricing Rate with respect to such Transaction for the Pricing Rate Period to which such Pricing Rate Determination Date relates, and for any subsequent Pricing Rate Periods until such notice has been withdrawn by Buyer (which withdrawal shall be delivered by Buyer promptly after Buyer becomes aware that the condition for switching to the Substitute Rate no longer exists), shall be equal to the Substitute Rate based on the Substitute Index in effect on each Pricing Rate Determination Date. In exercising its rights and remedies under this Article 3(g), Buyer shall act in a manner similar to all repurchase facilities of which Buyer is contemporaneously exercising similar remedies in agreements with similarly situated counterparties.

Alternative Rate. If on the Pricing Rate Determination Date for any Pricing Rate Period with respect to any Transaction, Buyer Purchaser shall have determined in the exercise of its sole and absolute business judgment (which determination shall be conclusive and binding upon Seller absent manifest errorSeller) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining LIBOR for such Pricing Rate Period or that LIBOR has been succeeded by a Substitute IndexPeriod, Buyer Purchaser shall give written notice thereof to Seller as soon as practicable thereafter. If such notice is given, such Transaction shall be converted to a Substitute Rate Transaction and the Pricing Rate with respect to such Transaction for the Pricing Rate Period to which such Pricing Rate Determination Date relates, and for any subsequent Pricing Rate Periods until such notice has been withdrawn by Buyer Purchaser (which withdrawal shall be delivered by Buyer Purchaser promptly after Buyer Purchaser becomes aware that the condition for switching to the Substitute Alternative Rate no longer exists), shall be a per annum rate equal to the Substitute Federal Funds Rate plus the Applicable Spread (the “Alternative Rate”). Notwithstanding the foregoing, Purchaser shall not determine the Pricing Rate hereunder based on the Substitute Index in effect on each Pricing Alternative Rate Determination Date. In exercising its rights and remedies under pursuant to this Article 3(g), Buyer shall act in a manner similar to ) unless Purchaser is calculating the interest rate or pricing rate based on such Alternative Rate on all repurchase facilities of which Buyer is contemporaneously exercising similar remedies in agreements with its similarly situated counterpartiescustomers under similar facilities.

Alternative Rate. If on the Pricing Rate Determination Date for any Pricing Rate Period with respect to any Transaction, Buyer shall have determined in the exercise of its sole and absolute business judgment (which determination shall be conclusive and binding upon Seller absent manifest error) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining LIBOR for such Pricing Rate Period or that LIBOR has been succeeded by a Substitute IndexPeriod, Buyer shall give written notice thereof to Seller as soon as practicable thereafter. If such notice is given, such Transaction shall be converted to a Substitute Rate Transaction and the Pricing Rate with respect to such Transaction for the Pricing Rate Period to which such Pricing Rate Determination Date relates, and for any subsequent Pricing Rate Periods until such notice has been withdrawn by Buyer (which withdrawal shall be delivered by Buyer promptly after Buyer becomes aware that the condition for switching to the Substitute Alternative Rate no longer exists), shall be a per annum rate equal to the Substitute Federal Funds Rate based on plus the Substitute Index in effect on each Pricing Rate Determination DateApplicable Spread (the “Alternative Rate”). In exercising its rights and remedies under this Article 3(g), Buyer shall act in a manner similar to all similar repurchase facilities of which Buyer is contemporaneously exercising similar remedies in agreements with similarly situated counterparties.