Unavailability of Rate. If, with respect to any LIBOR Rate Election, or any LIBOR Rate Principal outstanding hereunder, the Required Lenders determine that because of circumstances affecting the interbank eurodollar market no adequate basis exists for determining the LIBOR Rate or that because of the unavailability of dollar deposits in the London interbank eurodollar market (either for the applicable amount and applicable Interest Periods or in general) the LIBOR Rate will not adequately and fairly reflect the cost to Lenders of funding or maintaining the applicable LIBOR Rate Principal for such Interest Period, and such Lenders so notify Administrative Agent and Borrower, then until the Required Lenders notify Administrative Agent and Borrower that the circumstances giving rise to such suspension no longer exist, (a) the obligation of Lenders to permit such LIBOR Rate Election shall be suspended and (b) all existing affected LIBOR Rate Principal shall automatically become Base Rate Principal on the last day of the corresponding Interest Period. Additionally, if with respect to any LIBOR Rate Election or any LIBOR Rate Principal outstanding hereunder, any Lender determines that any applicable Law, or any request or directive (whether or not having the force of Law) of any Tribunal, or compliance therewith by such Lender, prohibits or restricts or makes impossible the making or maintaining of such LIBOR Rate Election or LIBOR Rate Principal or the charging of interest on such LIBOR Rate Principal, and such Lender so notifies Administrative Agent and Borrower, then until such Lender notifies Administrative Agent and Borrower that the circumstances giving rise to such suspension no longer exist, (a) the obligation of such Lender to permit such LIBOR Rate Election shall be suspended and (b) all existing affected LIBOR Rate Principal shall automatically become Base Rate Principal, either (i) on the last day of the corresponding Interest Period (if the Lender determines that it may lawfully continue to fund and maintain the affected LIBOR Rate Principal to such day); or (ii) immediately (if the Lender determines that it may not lawfully continue to fund and maintain the affected LIBOR Rate Principal to such day) and in such case Borrower shall pay to such Lenders the Consequential Loss, if any, pursuant to SECTIONS 1.8 and 1.9 hereof. Each Lender agrees to designate a different Lending Office if such designation will avoid the need for such notice and will not, in the good faith judgm...
Unavailability of Rate. In the event that the effective interest rate(s) applicable to the Borrower's loan evidenced hereby shall cease to be published or has become unlawful or infeasible by reason of the Lender's compliance with any new law, rule, regulation, guideline or order, or any new interpretation of any present law, rule regulation, guideline or order, the Lender, it is sole discretion shall designate a new base, reference or other rate for general commercial loan reference purposes, it being understood that such rate is a reference rate, not necessarily the lowest, established from time to time, which serves as the basis upon which effective interest rates are calculated for loans making reference thereto.
Unavailability of Rate. If the relevant rates required to determine the Eurocurrency Rate do not appear on the Screen Page and fewer than two Reference Banks furnish timely information to the Administrative Agent for determining such rate for any Interest Period for any Eurocurrency Loans, the Administrative Agent shall forthwith notify the Borrower and the Lenders that the interest rate cannot be determined for such Eurocurrency Loans for such Interest Period, whereupon:
Unavailability of Rate. (a) If, with respect to any LIBOR Rate Election, LIBOR Daily Rate Election, or any LIBOR Rate Principal or LIBOR Daily Rate Principal outstanding hereunder, Required Lenders determine that no adequate basis exists for determining the LIBOR Rate or LIBOR Daily Rate or that the LIBOR Rate or LIBOR Daily Rate will not adequately and fairly reflect the cost to Lenders of funding or maintaining the applicable LIBOR Rate Principal for such Interest Period or LIBOR Daily Rate Principal, and such Lender(s) so notify Administrative Agent and Borrower, then until Required Lender(s) notify Administrative Agent and Borrower that the circumstances giving rise to such suspension no longer exist, (i) the obligation of Lender(s) to permit such LIBOR Rate Election and/or LIBOR Daily Rate Election shall be suspended and (ii) all existing affected LIBOR Rate Principal and/or LIBOR Daily Rate Principal, as applicable, shall automatically become Base Rate Principal on the last day of the corresponding Interest Period.
Unavailability of Rate. In the event that Lender shall have determined in its reasonable discretion that none of the methods set forth in the definition of "LIBOR" herein are available, then Lender shall forthwith give notice by telephone of such determination, confirmed in writing, to Borrower at least one (1) day prior to the last day of the related Interest Period. If such notice is given, the Note Rate, commencing with such related Interest Period shall be the LIBOR Rate in effect for the most recent Interest Period (the "STATIC LIBOR RATE").
Unavailability of Rate. (a) If, with respect to any LIBOR Rate Election or any LIBOR Rate Principal outstanding hereunder, Required Lenders determine that no adequate basis exists for determining the LIBOR Rate or that the LIBOR Rate will not adequately and fairly reflect the cost to Lenders of funding or maintaining the applicable LIBOR Rate Principal for such Interest Period, and such Lender(s) so notify Administrative Agent and the Operating Partnership, then until Required Lender(s) notify Administrative Agent and the Operating Partnership that the circumstances giving rise to such suspension no longer exist, (i) the obligation of Lender(s) to permit such LIBOR Rate Election shall be suspended and (ii) all existing affected LIBOR Rate Principal shall automatically become Base Rate Principal on the last day of the corresponding Interest Period.
Unavailability of Rate. If Agent determines that no adequate basis exists for determining the one- month LIBOR Rate or that the one-month LIBOR Rate will not adequately and fairly reflect the cost to Lenders of funding the Loan, or that any applicable law or regulation or compliance therewith by Lenders prohibits or restricts or makes impossible the charging of interest based on the one-month LIBOR Rate and Agent so notifies Borrower, then until Agent notifies Borrower that the circumstances giving rise to such suspension no longer exist, interest shall accrue and be payable on the unpaid principal balance of this Note from the date Agent so notifies Borrower until the Maturity Date of this Note (whether by acceleration, declaration, extension or otherwise) at a fluctuating rate of interest equal to the prime rate announced by Agent from time to time, adjusted each time that such prime rate changes.
Unavailability of Rate. If at any time the Noteholder (or, without duplication, the bank holding company of which the Noteholder is a Subsidiary) determines that either adequate and reasonable means do not exist for ascertaining LIBOR, or it becomes impractical for the Noteholder to obtain funds to make or maintain the financing hereunder with interest at LIBOR, or the Noteholder shall have determined that LIBOR will not adequately and fairly reflect the cost to the Noteholder of making, maintaining, or funding the transaction hereunder at LIBOR, or the Noteholder reasonably determines that, as a result of changes to applicable law after the date of execution of this Note, or the adoption or making after such date of any interpretations, directives or regulations (whether or not having the force of law) by any court, governmental authority or reserve bank charged with the interpretation or administration thereof, it shall be or become unlawful or impossible to make, maintain, or fund the financing hereunder at LIBOR, then the Noteholder promptly shall give notice to the Company of such determination, and the Noteholder and the Company shall negotiate in good faith a mutually acceptable alternative method of calculating the interest rate payable on this Note and shall execute and deliver such documents as reasonably may be required to incorporate such alternative method of calculating such interest rate in this Note, within thirty (30) days after the date of the Noteholder's notice to the Company. If the parties are unable mutually to agree to such alternative method of calculating the interest rate payable on this Note in a timely fashion, on the interest payment date next succeeding the expiration of such thirty (30) day period, the Company shall pay the Noteholder the unpaid balance of the Indebtedness, together with interest accrued and unpaid thereon and all other fees and charges due hereunder.
Unavailability of Rate. If the WSJ LIBOR One Month Floating Rate ceases to be available or Required Lenders determine that any applicable law, or any request or directive (whether or not having the force of law) of any Governmental Authority, or compliance therewith by Lenders, CONSTRUCTION LOAN AGREEMENT – Page 26 prohibits or materially restricts or makes impossible the making or maintaining of the WSJ LIBOR One Month Floating Rate, and Administrative Agent so notifies Borrower, then until Administrative Agent notifies Borrower that such circumstances no longer exist, the WSJ Prime Rate shall be substituted for the WSJ LIBOR One Month Floating Rate and an appropriate adjustment shall be made in the Applicable Margin commensurate with the historical spreads between the WSJ Prime Rate and the WSJ LIBOR One Month Floating Rate.
Unavailability of Rate. Administrative Agent may notify Borrower if, with respect to any LIBOR Rate Principal outstanding hereunder, the London Interbank Offered Rate is not available, or if Administrative Agent determines that no adequate basis exists for determining the LIBOR Rate, or that the LIBOR Rate will not adequately and fairly reflect the cost to Lender of funding or maintaining the applicable LIBOR Rate Principal for such Interest Period, or that any applicable Law, or any request or directive (whether or not having the force of law) of any Governmental Authority, or compliance therewith by Lender, prohibits or restricts or makes impossible the making or maintaining of such LIBOR Rate Principal or the charging of interest on such LIBOR Rate Principal. If Administrative Agent so notifies Borrower, then until Administrative Agent notifies Borrower that the circumstances giving rise to such suspension no longer exist, all existing affected LIBOR Rate Principal shall automatically become Base Rate Principal, either (i) on the last day of the corresponding Interest Period (if Lender determines that it may lawfully continue to fund and maintain the affected LIBOR Rate Principal to such day); or (ii) immediately (if Lender determines that it may not lawfully continue to fund and maintain the affected LIBOR Rate Principal to such day) and in such case Borrower shall pay to Lender the Consequential Loss, if any, pursuant to Section 1.7 hereof.
