Common use of Inability to Determine Rates; Market Disruption Clause in Contracts

Inability to Determine Rates; Market Disruption. (a) Unless and until a Benchmark Replacement is implemented in accordance with Section 4.03(b), if the Required Lenders determine that for any reason in connection with any request for a Loan or a conversion to or continuation thereof that: (i) deposits (whether denominated in Dollars or an Alternative Currency) are not being offered to banks in the applicable offshore interbank market for the applicable amount and Interest Period of such Loan; (ii) adequate and reasonable means do not exist for determining the RFR for any requested Interest Period with respect to a proposed RFR Rate Loan (whether denominated in Dollars or an Alternative Currency) or in connection with an Alternate Base Rate Loan; or (iii) the RFR for any requested Interest Period with respect to a proposed RFR Rate Loan (whether denominated in Dollars or an Alternative Currency) or in connection with an Alternate Base Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly notify the Borrower and each Lender. Thereafter, the obligation of the Lenders to make or maintain RFR Rate Loans and Alternate Base Rate Loans as to which the interest rate is determined with reference to the RFR shall be suspended until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of RFR Rate Loans or, failing that with respect to RFR Rate Loans denominated in Dollars, will be deemed to have converted such request into a request for a Borrowing of Alternate Base Rate Loans in the amount specified therein.

Inability to Determine Rates; Market Disruption. (al) Unless IfUnless and until a Benchmark Replacement is implemented in accordance with Section 4.03(b), if the Required Lenders determine that for any reason in connection with any request for a Loan or a conversion to or continuation thereof that: (i) deposits (whether denominated in Dollars or an Alternative Currency) are not being offered to banks in the applicable offshore interbank market for the applicable amount and Interest Period of such Loan; (ii) adequate and reasonable means do not exist for determining the LIBOR Rateapplicable RFR for any requested Interest Period (as applicable) with respect to a proposed RFR Rate LIBOR RateRFR Loan (whether denominated in Dollars or an Alternative Currency) or in connection with an Alternate Base Rate Loan; or (iii) the RFR LIBOR RateRFR for any requested Interest Period (as applicable) with respect to a proposed RFR Rate LIBOR RateRFR Loan (whether denominated in Dollars or an Alternative Currency) or in connection with an Alternate Base Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly notify the Borrower and each Lender. Thereafter, the obligation of the Lenders to make or maintain RFR Rate LIBOR RateRFR Loans and Alternate Base Rate Loans as to which the interest rate is determined with reference to the LIBOR Rateapplicable RFR shall be suspended until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of RFR Rate LIBOR RateRFR Loans or, failing that with respect to RFR Rate LIBOR RateRFR Loans denominated in Dollars, will be deemed to have converted such request into a request for a Borrowing of Alternate Base Rate Loans in the amount specified therein.

Inability to Determine Rates; Market Disruption. (a) Unless and until a Benchmark Replacement is implemented in accordance with Section 4.03(b), if the Required If Majority Lenders determine that for any reason in connection with any request for a Loan or a conversion to or continuation thereof that: that (i) Dollar deposits (whether denominated in Dollars or an Alternative Currency) are not being offered to banks in the applicable offshore London interbank eurodollar market for the applicable amount and Interest Period of such Loan; , (ii) adequate and reasonable means do not exist for determining the RFR Eurodollar Rate for any requested Interest Period with respect to a proposed RFR Rate Eurodollar Loan (whether denominated in Dollars or an Alternative Currency) or in connection with an Alternate a Base Rate Loan; , or (iii) the RFR Eurodollar Rate for any requested Interest Period with respect to a proposed RFR Rate Eurodollar Loan (whether denominated in Dollars or an Alternative Currency) or in connection with an Alternate Base Rate a Eurodollar Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, the obligation of the Lenders to make or maintain RFR Rate Eurodollar Loans and Alternate Base Rate Loans as to which the interest rate is determined with reference to the RFR Eurodollar Rate shall be suspended until the Administrative Agent (upon the instruction of the Required Majority Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of RFR Rate Eurodollar Loans or, failing that with respect to RFR Rate Loans denominated in Dollarsthat, will be deemed to have converted such request into a request for a Borrowing of Alternate Base Rate Loans in the amount specified therein.

Inability to Determine Rates; Market Disruption. (a) Unless and until a Benchmark Replacement is implemented in accordance with Section 4.03(b), if If the Required Lenders determine that for any reason in connection with any request for a Loan or a conversion to or continuation thereof that: that (i) Dollar deposits (whether denominated in Dollars or an Alternative Currency) are not being offered to banks in the applicable offshore London interbank Eurodollar market for the applicable amount and Interest Period of such Loan; , (ii) adequate and reasonable means do not exist for determining the RFR Eurodollar Rate for any requested Interest Period with respect to a proposed RFR Eurodollar Rate Loan (whether denominated in Dollars or an Alternative Currency) or in connection with an Alternate a Base Rate Loan; , or (iii) the RFR Eurodollar Rate for any requested Interest Period with respect to a proposed RFR Eurodollar Rate Loan (whether denominated in Dollars or an Alternative Currency) or in connection with an Alternate Base a Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, the obligation of the Lenders to make or maintain RFR Eurodollar Rate Loans and Alternate Base Rate Loans as to which the interest rate is determined with reference to the RFR Eurodollar Rate shall be suspended until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of RFR Eurodollar Rate Loans or, failing that with respect to RFR Rate Loans denominated in Dollarsthat, will be deemed to have converted such request into a request for a Committed Borrowing of Alternate Base Rate Loans in the amount specified therein.

Inability to Determine Rates; Market Disruption. (a) Unless and until a Benchmark Replacement is implemented If Banks having at least 50% of the aggregate amount of the Commitments then in accordance with Section 4.03(b)effect (or, if the Required Lenders Commitments shall have been terminated, holding Notes evidencing at least 50% of the aggregate principal amount of the Loans and LC Obligations then outstanding) (as used in this Section 8.01, the “Majority Banks”) determine that for any reason in connection with any request for a Loan or a conversion to or continuation thereof that: that (i) dollar deposits (whether denominated in Dollars or an Alternative Currency) are not being offered to banks in the applicable offshore London interbank eurodollar market for the applicable amount and Interest Period of such Loan; , (ii) adequate and reasonable means do not exist for determining the RFR London Interbank Offered Rate for any requested Interest Period with respect to a proposed RFR Rate Euro-Dollar Loan (whether denominated in Dollars or an Alternative Currency) or in connection with an Alternate a Base Rate Loan; , or (iii) the RFR London Interbank Offered Rate for any requested Interest Period with respect to a proposed RFR Rate Euro-Dollar Loan (whether denominated in Dollars or an Alternative Currency) or in connection with an Alternate a Base Rate Loan does not adequately and fairly reflect the cost to such Lenders Banks of funding such Loan, the Administrative Agent will promptly so notify the Borrower and each LenderBank. Thereafter, the obligation of the Lenders Banks to make or maintain RFR Rate Euro-Dollar Loans and Alternate Base Rate Loans as to which the interest rate is determined with reference to the RFR London Interbank Offered Rate shall be suspended until the Administrative Agent (upon the instruction of the Required LendersMajority Banks) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of RFR Rate Euro-Dollar Loans or, failing that with respect to RFR Rate Loans denominated in Dollarsthat, will be deemed to have converted such request into a request for a Borrowing of Alternate Base Rate Loans in the amount specified therein.