Common use of Other Changes Rendering Use of LIBOR Clause in Contracts

Other Changes Rendering Use of LIBOR. Based Rate a Severe Hardship. In the event that on any date after the Closing Date Agent or any of the Lenders shall reasonably determine (which determination shall be conclusive and binding on the parties hereto, absent demonstrable error) that the use and/or application of the LIBOR-Based Rate will cause the Agent or any of the Lenders severe hardship as a result of a contingency occurring after the date of this Agreement; then, and in any such event, the Agent and the affected Lenders shall give telephonic notice (immediately confirmed in writing) to the Borrower of such determination, and the obligation of the Agent and such of the affected Lenders to offer or permit the selection of the LIBOR-Based Rate shall be terminated at the earlier of the end of the then current LIBOR-Based Rate Period, and upon such date the Borrower, at its option shall either repay such Revolving Credit Note, without penalty, together with all interest accrued thereon, or convert such Revolving Credit Note to the Base Rate.