Interest Rate Unascertainable Sample Clauses
Interest Rate Unascertainable. In the event that the Loan Agent determines that, at the time the Loan Agent is to determine the Applicable Interest Rate for an Interest Period, by reason of circumstances affecting the London interbank market for U.S. Dollar deposits, adequate and fair means do not exist for ascertaining the applicable interest rates by reference to which the LIBOR then being determined is to be fixed, the Loan Agent shall forthwith so notify the Borrowers and the Lenders, whereupon during the 30 days following the date of any such notice given to the Borrowers, the Loan Agent and the Borrowers shall negotiate in good faith in order to arrive at a mutually acceptable alternative basis for determining the interest rate from time to time applicable to the Loans (the "Substitute Basis"). If within the 30 days following the date of any such notice to the Borrowers, the Loan Agent and the Borrowers shall agree upon a Substitute Basis, such Substitute Basis shall be retroactive to and effective from the first day of the then current Interest Period until and including the last day of such Interest Period. If after 30 days from the date of such notice, the Loan Agent and the Borrowers shall have failed to agree upon a Substitute Basis, then the Loan Agent (upon instructions from the Requisite Lenders) shall certify in writing to the Borrowers the interest rate at which such Lenders are prepared to maintain their portion of the Loans for such Interest Period, it being understood that such Lenders' interest rate shall be not more than a rate per annum equal to a rate which adequately and fairly reflects the cost to such Lenders of obtaining the funds necessary to maintain their portion of the Loans for such Interest Period. If no Substitute Basis is established, upon receipt of notice of the interest rates at which the Requisite Lenders are prepared to maintain their respective portion of the Loans, and on the last day of each Interest Period thereafter, the Borrowers shall have the right exercisable upon ten Business Days' prior notice to the Loan Agent (i) to continue to borrow the Loans at the interest rate so advised by the Loan Agent (as such rate may be modified, from time to time, at the outset of each subsequent Interest Period) or (ii) to prepay in full the Loans together with accrued but unpaid interest thereon at the Applicable Interest Rate most recently in effect, whereupon the Loans shall become due and payable on the date specified by the Borrowers in such notice.
Interest Rate Unascertainable. If Lender is advised that deposits in dollars (in the applicable amount) are not being offered to banks in the relevant market for a period of one (1) calendar month, or Lender otherwise determines (which determination shall be binding and conclusive on all parties) that by reason of circumstances affecting the interbank Eurodollar market adequate and reasonable means do not exist for ascertaining the applicable Interbank Rate; or
Interest Rate Unascertainable. In the event that, prior ----------------------------- to any Borrowing Date of any group of Eurodollar Loans or CD Loans, Banks having, in the aggregate, a Percentage of 66 2/3% or more shall have determined (which determination shall be conclusive and binding on all parties hereto) that (i) with respect to Eurodollar Loans and CD Loans, the circumstances described in the third sentence of Section 3.1.4 have occurred, or that, (ii) by reason of ----- -------- ------------- other circumstances affecting the London interbank eurodollar market or certificate of deposit market, adequate and reasonable means do not exist for ascertaining the Eurodollar Interest Rate or CD Rate applicable to such group of Eurodollar Loans or CD Loans, (a) such Banks shall give notice of such determination promptly (and in any event within three Eurodollar Days after making such determination with respect to Eurodollar Loans and within two Business Days after making such determination with respect to CD Loans) to the other parties hereto and, (b) with respect to any new Eurodollar Loans or CD Loans, as the case may be, Borrower's request for Eurodollar Loans or CD Loans, as the case may be, shall be deemed a request for Prime Rate Loans and (c) with respect to outstanding Eurodollar Loans or CD Loans, as the case may be, to be continued on such Borrowing Date, such Loans shall be converted into Prime Rate Loans in accordance with the provisions of this Article V on ------- - such Borrowing Date, notwithstanding any failure of Borrower to comply with the notice provisions of Section 1.2 or 5.4, as the case may be. ------- --- ---