Common use of Change in Legality Clause in Contracts

Change in Legality. (a) Notwithstanding anything to the contrary ------------------ herein contained, if any change in any law or regulation or in the interpretation thereof by any Governmental Authority charged with the administration or interpretation thereof shall make it unlawful for the Bank to make or maintain any LIBOR Rate Loan, then, by written notice to the Company, the Bank may: (i) declare that LIBOR Rate Loans will not thereafter be made by the Bank hereunder, whereupon the Company shall be prohibited from requesting LIBOR Rate Loans from the Bank hereunder unless such declaration is subsequently withdrawn; and (ii) require that all outstanding LIBOR Rate Loans made by it be converted to Fluctuating Rate Loans, in which event (x) all such Revolving Credit Loans made by the Bank shall be automatically converted to Fluctuating Rate Loans as of the effective date of such notice as provided in paragraph (b) below and (y) all payments and prepayments of principal which would otherwise have been applied to repay the converted LIBOR Rate Loans shall instead be applied to repay the Fluctuating Rate Loans resulting from the conversion of such Revolving Credit Loans.

Change in Legality. (a) Notwithstanding anything to the contrary ------------------ herein contained, if any change in any law or regulation or in the interpretation thereof by any Governmental Authority governmental authority charged with the administration or interpretation interpretations thereof shall make it unlawful for the Bank to make or maintain any LIBOR Rate Loan, then, by written notice to the CompanyBorrower, the Bank may: : (i) declare that LIBOR Rate Loans will not thereafter be made by the Bank hereunder, whereupon the Company Borrower shall be prohibited from requesting LIBOR Rate Loans from the Bank hereunder unless such declaration is subsequently withdrawn; and and (ii) require that all outstanding LIBOR Rate Loans made by it be converted at Borrower's option to Fluctuating either Prime Rate Loans or US Treasury Rate Loans, in which event (x) all such Revolving Credit LIBOR Loans made by the Bank shall be automatically converted to Fluctuating Prime Rate Loans or US Treasury Rate Loans as of the effective date of such notice as provided in paragraph (b) below and (y) all a11 payments and prepayments of principal which would otherwise have been applied to repay the converted LIBOR Rate Loans shall instead be applied to repay the Fluctuating Prime Rate Loans or US Treasury Rate Loans resulting from the conversion of such Revolving Credit LIBOR Loans. (b) For purposes of this Section 4, a notice to the Borrower by the Bank pursuant to sub-paragraph (a) above shall be effective, if Lawful, on the last day of the then current Interest Period.

Change in Legality. (a) Notwithstanding anything to the contrary ------------------ herein contained, if any change in any law or regulation or in the interpretation thereof by any Governmental Authority charged with the administration or interpretation thereof shall make it unlawful for the a Bank to make or maintain any LIBOR Rate Loan, then, by written notice to the Company, the Bank may: (i) declare that LIBOR Rate Loans will not thereafter be made by the such Bank hereunder, whereupon the Company shall be prohibited from requesting LIBOR Rate Loans from the Bank hereunder unless such declaration is subsequently withdrawn; and (ii) require that all outstanding LIBOR Rate Loans made by it be converted to Fluctuating Rate Loans, in which event (x) all such Revolving Credit Loans made by the such Bank shall be automatically converted to Fluctuating Rate Loans as of the effective date of such notice as provided in paragraph (b) below and (y) all payments and prepayments of principal which would otherwise have been applied to repay the converted LIBOR Rate Loans shall instead be applied to repay the Fluctuating Rate Loans resulting from the conversion of such Revolving Credit Loans. (b) For purposes of this Section 2.15, a notice to the Company by the Bank pursuant to paragraph (a) above shall be effective on the day of receipt by the Company and (ii) for purposes of this Section 2.15 all references to a "Bank" shall be deemed to include any participant in the Commitment and/or the Loans.

Change in Legality. (a) Notwithstanding anything to the contrary ------------------ herein containedcontained elsewhere in this Agreement, if (x) any change Change in any law or regulation or in the interpretation thereof by any Governmental Authority charged with the administration or interpretation thereof Law shall make it unlawful for the Bank a Lender to make or maintain a LIBOR Loan or to give effect to its obligations as contemplated hereby with respect to a LIBOR Loan or (y) at any time any Lender determines that the making or continuance of any of its LIBOR Rate LoanLoans has become impracticable as a result of a contingency occurring after the date hereof which adversely affects the London interbank market or the position of such Lender in the London interbank market, then, by written notice to the CompanyBorrowers, the Bank may: such Lender may (i) declare that LIBOR Rate Loans will not thereafter be made by the Bank such Lender hereunder, whereupon any request by the Company shall Borrowers for a LIBOR Borrowing shall, as to such Lender only, be prohibited from requesting LIBOR deemed a request for a Base Rate Loans from the Bank hereunder Loan unless such declaration is shall be subsequently withdrawn; and and (ii) require that all outstanding LIBOR Rate Loans made by it be converted to Fluctuating Base Rate Loans, in which event (x) all such Revolving Credit LIBOR Loans made by the Bank shall be automatically converted to Fluctuating Base Rate Loans as of the effective date of such notice as provided in paragraph (b) below and (y) all payments and prepayments of principal which would otherwise have been applied to repay the converted LIBOR Rate Loans shall instead be applied to repay the Fluctuating Rate Loans resulting from the conversion of such Revolving Credit Loans.)

Change in Legality. (a) Notwithstanding anything to the contrary ------------------ herein contained, if any change in any law or regulation or in the interpretation thereof by any Governmental Authority charged with the administration or interpretation thereof shall make it unlawful for the a Bank to make or maintain any LIBOR Rate Loan, then, by written notice to the Company, the Bank may: (i) declare that LIBOR Rate Loans will not thereafter be made by the such Bank hereunder, whereupon the Company shall be prohibited from requesting LIBOR Rate Loans from the Bank hereunder unless such declaration is subsequently withdrawn; and (ii) require that all outstanding LIBOR Rate Loans made by it be converted to Fluctuating Rate Loans, in which event (x) all such Revolving Credit Loans made by the such Bank shall be automatically converted to Fluctuating Rate Loans as of the effective date of such notice as provided in paragraph (b) below and (y) all payments and prepayments of principal which would otherwise have been applied to repay the converted LIBOR Rate Loans shall instead be applied to repay the Fluctuating Rate Loans resulting from the conversion of such Revolving Credit Loans.

Change in Legality. (a) Notwithstanding anything to the contrary ------------------ herein contained, if any change in any law or regulation or in the interpretation thereof by any Governmental Authority governmental authority charged with the administration or interpretation interpretations thereof shall make it unlawful for the Bank to make or maintain any LIBOR Rate Loan, then, by written notice to the CompanyBorrower, the Bank may: (i) declare that LIBOR Rate Loans will not thereafter be made by the Bank hereunder, whereupon the Company Borrower shall be prohibited from requesting LIBOR Rate Loans from the Bank hereunder unless such declaration is subsequently withdrawn; and (ii) require that all outstanding LIBOR Rate Loans made by it be converted at Borrower’s option to Fluctuating either Prime Rate Loans or US Treasury Rate Loans, in which event (x) all such Revolving Credit LIBOR Loans made by the Bank shall be automatically converted to Fluctuating Prime Rate Loans or US Treasury Rate Loans as of the effective date of such notice as provided in paragraph (b) below and (y) all payments and prepayments of principal which would otherwise have been applied to repay the converted LIBOR Rate Loans shall instead be applied to repay the Fluctuating Prime Rate Loans or US Treasury Rate Loans resulting from the conversion of such Revolving Credit LIBOR Loans. (b) For purposes of this Section 4, a notice to the Borrower by the Bank pursuant to sub-paragraph (a) above shall be effective, if lawful, on the last day of the then current Interest Period.

Change in Legality. (a) Notwithstanding anything to the contrary ------------------ herein contained, if any change in any law or regulation or in the interpretation thereof by any Governmental Authority charged with the administration or interpretation thereof shall make it unlawful for the Bank to make or maintain any LIBOR Rate Loan, then, by written notice to the Company, the Bank may: (i) declare that LIBOR Rate Loans will not thereafter be made by the Bank hereunder, whereupon the Company shall be prohibited from requesting LIBOR Rate Loans from the Bank hereunder unless such declaration is subsequently withdrawn; and (ii) require that all outstanding LIBOR Rate Loans made by it be converted to Fluctuating Rate Loans, in which event (x) all such Revolving Credit Loans made by the Bank shall be automatically converted to Fluctuating Rate Loans as of the effective date of such notice as provided in paragraph (b) below and (y) all payments and prepayments of principal which would otherwise have been applied to repay the converted LIBOR Rate Loans shall instead be applied to repay the Fluctuating Rate Loans resulting from the conversion of such Revolving Credit Loans.