Common use of Change in Legal Requirements Clause in Contracts

Change in Legal Requirements. If any Legal Requirement makes it unlawful for any Lender to make or maintain LIBOR Rate Borrowings, then that Lender shall promptly notify the Borrower and the Administrative Agent, and (a) as to undisbursed funds, that requested Borrowing shall be made as a Base Rate Borrowing, and (b) as to any outstanding Borrowing, (i) if maintaining the Borrowing until the last day of the applicable Interest Period is unlawful, then the Borrowing shall be converted to a Base Rate Borrowing as of the date of notice, in which event the Borrower will not be required to pay any related Funding Loss, or (ii) if not prohibited by Legal Requirement, then the Borrowing shall be converted to a Base Rate Borrowing as of the last day of the applicable Interest Period, or (iii) if any conversion will not resolve the unlawfulness, then the Borrower shall promptly prepay the Borrowing, without penalty but with related Funding Loss.

Change in Legal Requirements. If any Legal Requirement makes it unlawful for any Lender to make or maintain LIBOR LIBOR-Rate Borrowings, then that Lender shall promptly notify the Borrower and the Administrative Agent, and (a) as to undisbursed funds, that requested Borrowing shall be made as a Base Base- Rate Borrowing, and (b) as to any outstanding Borrowing, Borrowing (i) if maintaining the Borrowing until the last day of the applicable Interest Period is unlawful, then the Borrowing shall be converted to a Base Base-Rate Borrowing as of the date of notice, in which event the Borrower will not be required to pay any related Funding Loss, or (ii) if not prohibited by Legal Requirement, then the Borrowing shall be converted to a Base Base-Rate Borrowing as of the last day of the applicable Interest Period, or (iii) if any conversion will not resolve the unlawfulness, then the Borrower shall promptly prepay the Borrowing, without penalty but with related Funding Loss.

Change in Legal Requirements. If any Legal Requirement makes it unlawful for any Lender to make or maintain LIBOR Eurodollar-Rate Borrowings, then that Lender shall promptly notify the Borrower and the Administrative Agent, and (a) as to undisbursed funds, that requested Borrowing shall be made as a Base Base- Rate Borrowing, and (b) as to any outstanding Borrowing, Borrowing (i) if maintaining the Borrowing until the last day of the applicable Interest Period is unlawful, then the Borrowing shall be converted to a Base Base-Rate Borrowing as of the date of notice, in which event the Borrower will not be required to pay any related Funding Loss, or (ii) if not prohibited by Legal Requirement, then the Borrowing shall be converted to a Base Base-Rate Borrowing as of the last day of the applicable Interest Period, or (iii) if any conversion will not resolve the unlawfulness, then the Borrower shall promptly prepay the Borrowing, without penalty but with related Funding Loss.

Change in Legal Requirements. If any Legal Requirement makes it unlawful for any Lender to make or maintain a LIBOR Rate BorrowingsBorrowing, then that Lender shall promptly notify the Borrower and the Administrative Agent, and (ai) as to undisbursed fundsif such Borrowing has not yet been made, that requested the Borrowing shall be made as a Base Rate Borrowing, and (bii) as to any outstanding Borrowingif the Borrowing has been made, (iA) if maintaining the such Borrowing until the last day of the applicable Interest Period is unlawful, then the such Borrowing shall be converted to a Base Rate Borrowing as of the date of notice, in which event the Borrower will not be required to pay any related Funding Loss, or (iiB) if not prohibited by Legal Requirement, then the such Borrowing shall be converted to a Base Rate Borrowing as of the last day of the applicable Interest Period, or (iiiC) if any conversion will not resolve the unlawfulness, then the Borrower shall promptly prepay the Borrowing, such Borrowing without penalty but with related Funding Loss.