Common use of LIBOR Unascertainable Clause in Contracts

LIBOR Unascertainable. Lender’s obligation to maintain interest based on the LIBOR Rate shall be suspended and the Applicable Interest Rate shall be based on the Interest Rate Index (plus Margin) upon Lender’s determination, in good faith, that adequate and reasonable means do not exist for ascertaining the LIBOR Rate (which determination by Lender shall be conclusive and binding on Borrower in the absence of manifest error). Computation of the Applicable Interest Rate based on the Interest Rate Index shall continue until Lender determines that the circumstances giving rise to Lender’s substitution of the Interest Rate Index for the LIBOR Rate no longer exist, in which event the Applicable Interest Rate shall be the LIBOR Rate commencing with the first day of the Interest Period next following such determination. Lender shall promptly notify Borrower of each such determination. For any period where the Applicable Interest Rate is based on the Interest Rate Index, the Margin shall be a rate equal to the Margin, less seven (7) basis points (0.07%).

LIBOR Unascertainable. Lender’s obligation to maintain interest based on the LIBOR Rate with respect to Note B or to determine the One Year LIBOR Rate with respect to calculating any Conversion Applicable Interest Rate, shall be suspended and the Applicable Interest Rate in question shall be based on the Interest Rate Index (plus Margin) upon Lender’s determination, in good faith, that adequate and reasonable means do not exist for ascertaining the LIBOR Rate or the One Year LIBOR Rate or that a contingency has occurred which materially and adversely affects the London Interbank Eurodollar Market at which Lender prices loans (which determination by Lender shall be conclusive and binding on Borrower in the absence of manifest error). Computation of the Applicable Interest Rate based on the Interest Rate Index (plus Margin) shall continue until Lender determines that the circumstances giving rise to Lender’s substitution of the Interest Rate Index for the LIBOR Rate or the One Year LIBOR Rate no longer exist, in which event the Applicable Interest Rate shall be the LIBOR Rate commencing with the first day of the Interest Period next following such determination. Lender shall promptly notify Borrower of each such determination. For any period where the Applicable Interest Rate is based on the Interest Rate Index, the Margin shall be a rate equal to the Margin, less seven (7) basis points (0.07%).