Common use of Illegality; Increased Costs Clause in Contracts

Illegality; Increased Costs. At any time at which Lender shall have reasonably determined that (i) adequate and reasonable means do not exist for ascertaining the applicable LIBOR Index Rate, (ii) a contingency has occurred which materially and adversely affects the London interbank market, (iii) the making, maintenance or funding of any Borrowing Advance Tranche bearing interest in part at the LIBOR Index Rate has been made unlawful by Lender’s compliance in good faith with any Law or any interpretation or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of Law, but other than as a result of any misconduct by Lender), (iv) the Base Rate (as determined with reference to the LIBOR Index Rate) will not adequately and fairly reflect the cost to Lender of the establishment or maintaining of such Borrowing Advance Tranche, or (v) after making all reasonable efforts, deposits of the relevant amount in Dollars for the relevant Interest Period for a Borrowing Advance Tranche are not available to Lender in the London interbank market, then Lender shall have the rights specified in Section 4.4.2.

Appears in 2 contracts

Samples: Credit Agreement (Preferred Apartment Communities Inc), Credit Agreement (Preferred Apartment Communities Inc)

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Illegality; Increased Costs. At any time at which (i) either (x) the Reference BillsSM Rate shall not be available and the Base Rate shall be determined based on the LIBO Rate in accordance with the provisions of Section 3.4.1 or (y) Borrower has previously delivered an Index Conversion Notice, and (ii) Lender shall have also reasonably determined that (ia) adequate and reasonable means do not exist for ascertaining the applicable LIBOR Index LIBO Rate, (iib) a contingency has occurred which materially and adversely affects the London interbank market, (iiic) the making, maintenance or funding of any Borrowing Advance Tranche bearing interest in part at the LIBOR Index LIBO Rate has been made unlawful by Lender’s compliance in good faith with any Law or any interpretation or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of Law, but other than as a result of any misconduct by Lender), (ivd) the Base Rate (as determined with reference to by the LIBOR Index Rate) LIBO Rate will not adequately and fairly reflect the cost to Lender of the establishment or maintaining of any such Borrowing Advance Tranche, or (ve) after making all reasonable efforts, deposits of the relevant amount in Dollars for the relevant Interest Period for a Borrowing Advance Tranche are not available to Lender in the London interbank market, then Lender shall have the rights specified in Section 4.4.23.4.3.

Appears in 2 contracts

Samples: Credit Agreement (Mid America Apartment Communities Inc), Credit Agreement (Mid America Apartment Communities Inc)

Illegality; Increased Costs. At If at any time at which Lender shall have reasonably determined that (i) adequate and reasonable means do not exist for ascertaining the applicable LIBOR Index LIBO Rate, (ii) a contingency has occurred which materially and adversely affects the London interbank market, (iii) the making, maintenance or funding of any Borrowing Advance Tranche bearing interest in part at the LIBOR Index LIBO Rate has been made unlawful by Lender’s 's compliance in good faith with any Law or any interpretation or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of Law, but other than as a result of any misconduct by Lender), (iv) the Base Rate (as determined with reference to by the LIBOR Index Rate) LIBO Rate will not adequately and fairly reflect the cost to Lender of the establishment or maintaining of any such Borrowing Advance Tranche, or (v) after making all reasonable efforts, deposits of the relevant amount in Dollars for the relevant Interest Period for a Borrowing Advance Tranche Xxxxxxxxx Xxxxxxx are not available to Lender in the London interbank market, then Lender shall have the rights specified in Section 4.4.2.SECTION 3.4.3. -------------

Appears in 1 contract

Samples: Credit Agreement (United Dominion Realty Trust Inc)

Illegality; Increased Costs. At any time at which (i) either (x) the Reference BillsSM Rate shall not be available and the Base Rate shall be determined based on the LIBO Rate in accordance with the provisions of Section 3.4.1 or (y) Borrower has previously delivered an Index Conversion Notice, and (ii) Lender shall have also reasonably determined that (ia) adequate and reasonable means do not exist for ascertaining the applicable LIBOR Index LIBO Rate, (iib) a contingency has occurred which materially and adversely affects the London interbank market, (iiic) the making, maintenance or funding of any Borrowing Advance Tranche bearing interest in part at the LIBOR Index LIBO Rate has been made unlawful by Lender’s 's compliance in good faith with any Law or any interpretation or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of Law, but other than as a result of any misconduct by Lender), (ivd) the Base Rate (as determined with reference to by the LIBOR Index Rate) LIBO Rate will not adequately and fairly reflect the cost to Lender of the establishment or maintaining of any such Borrowing Advance Tranche, or (ve) after making all reasonable efforts, deposits of the relevant amount in Dollars for the relevant Interest Period for a Borrowing Advance Tranche are not available to Lender in the London interbank market, then Lender shall have the rights specified in Section 4.4.23.4.3.

Appears in 1 contract

Samples: Credit Agreement (Mid America Apartment Communities Inc)

Illegality; Increased Costs. At any time at which Lender shall have reasonably determined that (ia) adequate and reasonable means do not exist for ascertaining the applicable LIBOR Index LIBO Rate, (iib) a contingency has occurred which materially and adversely affects the London interbank market, (iiic) the making, maintenance or funding of any Borrowing Advance Tranche bearing interest in part at the LIBOR Index LIBO Rate has been made unlawful by Lender’s compliance in good faith with any Law or any interpretation or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of Law, but other than as a result of any misconduct by Lender), (ivd) the Base Rate (as determined with reference to the LIBOR Index LIBO Rate) will not adequately and fairly reflect the cost to Lender of the establishment or maintaining of any such Borrowing Advance Tranche, or (ve) after making all reasonable efforts, deposits of the relevant amount in Dollars for the relevant Interest Period for a Borrowing Advance Tranche are not available to Lender in the London interbank market, then Lender shall have the rights specified in Section 4.4.23.4.3.

Appears in 1 contract

Samples: Credit Agreement (Behringer Harvard Multifamily Reit I Inc)

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Illegality; Increased Costs. At any time at which Lender shall have reasonably determined that (i) adequate and reasonable means do not exist for ascertaining the applicable LIBOR Index Rate, (ii) a contingency has occurred which materially and adversely affects the London interbank market, (iii) the making, maintenance or funding of any Borrowing Advance Tranche bearing interest in part at the LIBOR Index Rate has been made unlawful by Lender’s compliance in good faith with any Law or any interpretation or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of Law, but other than as a result of any misconduct by Lender), (iv) the Base Rate (as determined with reference to the LIBOR Index Rate) will not adequately and fairly reflect the cost to Lender of the establishment or maintaining of any such Borrowing Advance Tranche, or (v) after making all reasonable efforts, deposits of the relevant amount in Dollars for the relevant Interest Period for a Borrowing Advance Tranche are not available to Lender in the London interbank market, then Lender shall have the rights specified in Section 4.4.2.

Appears in 1 contract

Samples: Credit Agreement (Steadfast Income REIT, Inc.)

Illegality; Increased Costs. At any time at which (i) the Reference BillsSM Rate shall not be available and the Base Rate shall be determined based on the LIBO Rate in accordance with the provisions of SECTION 3.4.1 and (ii) Lender shall have also reasonably determined that (ia) adequate and reasonable means do not exist for ascertaining the applicable LIBOR Index LIBO Rate, (iib) a contingency has occurred which materially and adversely affects the London interbank market, (iiic) the making, maintenance or funding of any Borrowing Advance Tranche bearing interest in part at the LIBOR Index LIBO Rate has been made unlawful by Lender’s 's compliance in good faith with any Law or any interpretation or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of Law, but other than as a result of any misconduct by Lender), (ivd) the Base Rate (as determined with reference to by the LIBOR Index Rate) LIBO Rate will not adequately and fairly reflect the cost to Lender of the establishment or maintaining of any such Borrowing Advance Tranche, or (ve) after making all reasonable efforts, deposits of the relevant amount in Dollars for the relevant Interest Period for a Borrowing Advance Tranche are not available to Lender in the London interbank market, then Lender shall have the rights specified in Section 4.4.2SECTION 3.4.3.

Appears in 1 contract

Samples: Credit Agreement (Summit Properties Partnership L P)

Illegality; Increased Costs. At any time at which (i) the Reference Bills® Rate shall not be available and the Base Rate shall be determined based on the LIBO Rate in accordance with the provisions of Section 3.4.1 and (ii) Lender shall have also reasonably determined that (ia) adequate and reasonable means do not exist for ascertaining the applicable LIBOR Index LIBO Rate, (iib) a contingency has occurred which materially and adversely affects the London interbank market, (iiic) the making, maintenance or funding of any Borrowing Advance Tranche bearing interest in part at the LIBOR Index LIBO Rate has been made unlawful by Lender’s 's compliance in good faith with any Law or any interpretation or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of Law, but other than as a result of any misconduct by Lender), (ivd) the Base Rate (as determined with reference to the LIBOR Index LIBO Rate) will not adequately and fairly reflect the cost to Lender of the establishment or maintaining of any such Borrowing Advance Tranche, or (ve) after making all reasonable efforts, deposits of the relevant amount in Dollars for the relevant Interest Period for a Borrowing Advance Tranche are not available to Lender in the London interbank market, then Lender shall have the rights specified in Section 4.4.23.4.3.

Appears in 1 contract

Samples: Credit Agreement (Essex Property Trust Inc)

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