Common use of Additional Interest Rate Provisions Clause in Contracts

Additional Interest Rate Provisions. (a) Anything in this Agreement to the contrary notwithstanding, if at any time Lender determines (which determination shall be conclusive absent manifest error) that the introduction of or any change in any Governmental Regulation by any Governmental Authority charged with the interpretation or administration thereof shall make it unlawful for Lender to maintain or fund any LIBOR Rate Portion or to convert any Base Rate Portion into, or to continue, any LIBOR Rate Portion hereunder, Lender shall promptly give notice thereof to Borrower. With respect to any LIBOR Rate Portion which is outstanding when Lender so notifies Borrower, upon such date as shall be specified in such notice, the Rate Period shall end and the lesser of (i) the Base Rate or (ii) the Highest Lawful Rate shall commence to apply in lieu of the Adjusted LIBOR Rate in respect of such portion of the Loan. At least five (5) Business Days after such specified date, Borrower shall pay to Lender (y) accrued and unpaid interest on each affected LIBOR Rate Portion at the Adjusted LIBOR Rate in effect at the time of such notice to but not including such specified date plus (z) such amount or amounts (to the extent that such amount or amounts would not be usurious under applicable Governmental Regulation) as may be necessary to compensate Lender for any costs and losses incurred by it, but otherwise without penalty. If notice has been given by Lender pursuant to the foregoing provisions of this Section 3.2, then, unless and until the circumstances giving rise to such notice no longer apply, such Adjusted LIBOR Rate shall not again apply to any portion of the Loan and the obligation of Lender to convert any portion of the Loan into, or to continue, any LIBOR Rate Portion as, a LIBOR Rate Portion shall be suspended.

Additional Interest Rate Provisions. (a) Anything in this Agreement to the contrary notwithstanding, if at any time any Lender determines (which determination shall be conclusive absent manifest error) that the introduction of or any change in any Governmental Regulation by any Governmental Authority charged with the interpretation or administration thereof shall CREDIT AGREEMENT – TYLER TECHNOLOGIES, INC. Page 19 make it unlawful for Lender Lenders to maintain or fund any LIBOR Rate Portion or to convert any Base Rate Portion into, or to continue, any LIBOR Rate Portion hereunder, Lender Administrative Agent shall promptly give notice thereof to Borrower. With respect to any LIBOR Rate Portion which is outstanding when Lender Administrative Agent so notifies Borrower, upon such date as shall be specified in such notice, the Rate Period shall end and the lesser of (i) the Base Rate or (ii) the Highest Lawful Rate shall commence to apply in lieu of the Adjusted LIBOR Rate in respect of such portion of the Loan. At least five (5) Business Days after such specified date, Borrower shall pay to Lender Administrative Agent (y) accrued and unpaid interest on each affected LIBOR Rate Portion at the Adjusted LIBOR Rate in effect at the time of such notice to but not including such specified date plus (z) such amount or amounts (to the extent that such amount or amounts would not be usurious under applicable Governmental Regulation) as may be necessary to compensate Lender Lenders for any costs and losses incurred by it, but otherwise without penalty. If notice has been given by Lender Administrative Agent pursuant to the foregoing provisions of this Section 3.2, then, unless and until the circumstances giving rise to such notice no longer apply, such Adjusted LIBOR Rate shall not again apply to any portion of the Loan and the obligation of Lender Administrative Agent to convert any portion of the Loan into, or to continue, any LIBOR Rate Portion as, a LIBOR Rate Portion shall be suspended.