Common use of Change in Legality Clause in Contracts

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Law, guideline or order, or in the interpretation thereof by any Governmental Authority charged with the administration thereof, shall make it unlawful for any Lender to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower and the Administrative Agent, such Lender may (i) declare that Eurodollar Loans will not thereafter be made by such Lender hereunder and/or (ii) require that, subject to Section 2.15, all outstanding Eurodollar Loans made by it be converted to Base Rate Loans, whereupon all of such Eurodollar Loans shall automatically be converted to Base Rate Loans, as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a Base Rate Loan unless such declaration is subsequently withdrawn. (b) A notice to the Borrower by any Lender pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereof, if lawful, on the last day of the current Interest Period for each outstanding Eurodollar Loan; and in all other cases, on the date of receipt of such notice by the Borrower.

Appears in 3 contracts

Samples: Credit, Security, Guaranty and Pledge Agreement (Genesis Healthcare Corp), Credit Agreement (Oneida LTD), Credit, Security, Guaranty and Pledge Agreement (Genesis Health Ventures Inc /Pa)

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Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Law, guideline or order, or in the interpretation thereof by any Governmental Authority charged with the administration thereof, shall make it unlawful for any Lender to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower and the Administrative Agent, such Lender may (i) declare that Eurodollar Loans will not thereafter be made by such Lender hereunder and/or (ii) require that, subject to Section 2.152.11 hereof, all outstanding Eurodollar Loans made by it be converted to Alternate Base Rate Loans, whereupon all of such Eurodollar Loans shall automatically be converted to Alternate Base Rate Loans, as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a an Alternate Base Rate Loan unless such declaration is subsequently withdrawn. (b) A notice to the Borrower by any Lender pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereof, if lawful, on the last day of the current Interest Period for each outstanding Eurodollar Loan; and in all other cases, on the date of receipt of such notice by the Borrower.

Appears in 3 contracts

Samples: Credit and Security Agreement (General Communication Inc), Credit, Guaranty, Security and Pledge Agreement (Gci Inc), Credit, Guaranty, Security and Pledge Agreement (Gci Inc)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Law, guideline or order, or in the interpretation thereof by any Governmental Authority charged with the administration thereof, shall make it unlawful for any Lender to make or maintain any Eurodollar LIBOR Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar LIBOR Loan, then, by written notice to the Borrower and the Administrative Agent, such Lender may (i) declare that Eurodollar LIBOR Loans will not thereafter be made by such Lender hereunder for as long as such condition may be continuing, and/or (ii) require that, subject to Section 2.152.10(b), all outstanding Eurodollar LIBOR Loans made by it be converted to Alternate Base Rate Loans, whereupon all of such Eurodollar LIBOR Loans shall automatically be converted to Alternate Base Rate Loans, as of the effective date of such notice as provided in paragraph (b) below. Such Lender's ’s pro rata portion of any subsequent Eurodollar LIBOR Loan shall, instead, be a an Alternate Base Rate Loan unless such declaration is subsequently withdrawn. (b) A notice to the Borrower by any Lender pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereof, if lawful, on the last day of the current Interest Period for each outstanding Eurodollar LIBOR Loan; and in all other cases, on the date of receipt of such notice by the Borrower.

Appears in 3 contracts

Samples: Credit, Security, Guaranty and Pledge Agreement (RHI Entertainment, Inc.), Credit, Security, Guaranty and Pledge Agreement (RHI Entertainment, Inc.), Credit, Security, Guaranty and Pledge Agreement (RHI Entertainment, Inc.)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreementherein contained, if any change after the date hereof in Applicable Law, guideline any law or order, regulation or in the interpretation thereof by any Governmental Authority charged with the administration thereof, or interpretation thereof shall make it unlawful for any Lender to make or maintain any Eurodollar LIBOR Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loanhereby, then, by written notice to the Borrower and to the Administrative Agent, such Lender may may: (i) declare that Eurodollar LIBOR Loans will not thereafter be made by such Lender hereunder, whereupon the Borrower shall be prohibited from requesting LIBOR Loans from such Lender hereunder and/or unless such declaration is subsequently withdrawn; and (ii) require that, subject to Section 2.15, that all outstanding Eurodollar LIBOR Loans (in Dollars) made by it be converted to Base Rate Loans, whereupon ABR Loans in which event (A) all of such Eurodollar LIBOR Loans shall be automatically be converted to Base Rate Loans, ABR Loans as of the effective date of such notice as provided in paragraph Section 2.17(b) and (bB) below. Such Lender's pro rata portion all payments and prepayments of any subsequent Eurodollar principal which would otherwise have been applied to repay the converted LIBOR Loans shall instead be applied to repay the ABR Loan shall, instead, be a Base Rate Loan unless resulting from the conversion of such declaration is subsequently withdrawnLIBOR Loans. (b) A For purposes of this Section 2.17, a notice to the Borrower by any Lender pursuant to paragraph (aSection 2.17(a) above shall be effective for purposes of clause (ii) thereof, if lawful, on the last day of the current Interest Period for each outstanding Eurodollar Loan; and in all other cases, on the date of receipt of such notice thereof by the Borrower.

Appears in 2 contracts

Samples: 364 Day Revolving Credit Agreement (PHH Corp), Credit Agreement (PHH Corp)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreementherein contained, if any change after the date hereof in Applicable Law, guideline any law or order, regulation or in the interpretation thereof by any Governmental Authority charged with the administration thereof, or interpretation thereof shall make it unlawful for any Lender to make or maintain any Eurodollar LIBOR Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loanhereby, then, by written notice to the Borrower and to the Administrative Agent, such Lender may may: (i) declare that Eurodollar LIBOR Loans will not thereafter be made by such Lender hereunder, whereupon the Borrower shall be prohibited from requesting LIBOR Loans from such Lender hereunder and/or unless such declaration is subsequently withdrawn; and (ii) require that, subject to Section 2.15, that all outstanding Eurodollar LIBOR Loans made by it be converted to Base Rate ABR Loans, whereupon in which event (A) all of such Eurodollar LIBOR Loans shall be automatically be converted to Base Rate Loans, ABR Loans as of the effective date of such notice as provided in paragraph Section 2.16(b) and (bB) below. Such Lender's pro rata portion all payments and prepayments of any subsequent Eurodollar Loan shall, instead, principal which would otherwise have been applied to repay the converted LIBOR Loans shall instead be a Base Rate Loan unless applied to repay the ABR Loans resulting from the conversion of such declaration is subsequently withdrawnLIBOR Loans. (b) A For purposes of this Section 2.16, a notice to the Borrower by any Lender pursuant to paragraph (aSection 2.16(a) above shall be effective for purposes of clause (ii) thereof, if lawful, on the last day of the current Interest Period for each outstanding Eurodollar Loan; and in all other cases, on the date of receipt of such notice thereof by the Borrower.

Appears in 2 contracts

Samples: Term Loan Agreement (Cendant Corp), Term Loan Agreement (Cendant Corp)

Change in Legality. (a) Notwithstanding anything to the contrary contained in Section 2.18 or elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Law, guideline law or order, regulation or in the interpretation thereof by any Governmental Authority charged with the administration thereof, or interpretation thereof shall make it unlawful for any Lender a Bank to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a any Eurodollar Loan, then, by written notice to the Borrower Company and the Administrative Agent, such Lender may Bank may: (i) declare that Eurodollar Loans will not thereafter be made by such Lender hereunder and/or Bank hereunder, whereupon such Bank shall not submit a Competitive Bid in response to a request for Eurodollar Competitive Loans and any request by the Company for a Eurodollar Committed Borrowing shall, as to such Bank only, be deemed a request for an ABR Loan unless such declaration shall be subsequently withdrawn; and (ii) require that, subject to Section 2.15, that all outstanding Eurodollar Loans made by it be converted to Base Rate ABR Loans, whereupon all of such Eurodollar Loans shall be automatically be converted to Base Rate Loans, ABR Loans as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a Base Rate Loan unless such declaration is subsequently withdrawn. (b) A For purposes of this Section 2.13, a notice to the Borrower Company by any Lender Bank pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereofwith respect to outstanding Eurodollar Loans, if lawful, on the last day of the then current Interest Period for each outstanding Eurodollar LoanPeriod; and in all other cases, such notice shall be effective on the date of receipt of such notice by the BorrowerCompany.

Appears in 2 contracts

Samples: Credit Facility Agreement (Ethyl Corp), Revolving Credit Facility and Term Loan Agreement (Ethyl Corp)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Law, guideline or order, or in the interpretation thereof by any Governmental Authority charged with the administration thereof, shall make it unlawful for any Lender to make or maintain any Eurodollar LIBOR Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar LIBOR Loan, then, by written notice to the Borrower and the Administrative Agent, such Lender may (i) declare that Eurodollar LIBOR Loans will not thereafter be made by such Lender hereunder for as long as such condition may be continuing, and/or (ii) require that, subject to Section 2.152.9(b), all outstanding Eurodollar LIBOR Loans made by it be converted to Alternate Base Rate Loans, whereupon all of such Eurodollar LIBOR Loans shall automatically be converted to Alternate Base Rate Loans, as of the effective date of such notice as provided in paragraph (b) below. Such Lender's ’s pro rata portion of any subsequent Eurodollar LIBOR Loan shall, instead, be a an Alternate Base Rate Loan unless such declaration is subsequently withdrawn. (b) A notice to the Borrower by any Lender pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereof, if lawful, on the last day of the current Interest Period for each outstanding Eurodollar LIBOR Loan; and in all other cases, on the date of receipt of such notice by the Borrower.

Appears in 2 contracts

Samples: Credit Agreement (Idt Corp), Credit, Security, Guaranty and Pledge Agreement (Idt Corp)

Change in Legality. (aA) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreementherein contained, if any change after the date hereof in Applicable Law, guideline any law or order, regulation or in the interpretation thereof by any Governmental Authority governmental authority charged with the administration thereof, or interpretation thereof shall make it unlawful for any Lender Bank to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loanhereby, then, by written notice to the Borrower Agent and the Administrative AgentBorrower, such Lender may Bank may: (i1) declare Declare that Eurodollar Loans will not thereafter be made by such Lender Bank hereunder, whereupon the Borrower shall be prohibited from requesting Eurodollar Loans from such Bank hereunder and/or unless such declaration is subsequently withdrawn; and (ii2) require that, subject to Section 2.15, Require that all outstanding Eurodollar Loans made by it be converted to Base Floating Rate Loans, whereupon in which event (a) all of such Eurodollar Loans shall be automatically be converted to Base Floating Rate Loans, Loans as of the effective date of such notice as provided in paragraph (B) below and (b) below. Such Lender's pro rata portion all payments and prepayments of any subsequent principal that would otherwise have been applied to repay the converted Eurodollar Loan shall, instead, Loans shall instead be a Base applied to repay the Floating Rate Loan unless Loans resulting from the conversion of such declaration is subsequently withdrawnEurodollar Loans. (bB) A For purposes of this Paragraph 2.8, a notice to the Borrower and Agent by any Lender Bank pursuant to paragraph (aA) above shall be effective for purposes of clause (ii) thereofeffective, if lawful, on the last day of the then current Interest Period for each outstanding Eurodollar LoanPeriod; and in all other cases, such notice shall be effective on the date of receipt of such notice by the Borrower.

Appears in 2 contracts

Samples: Loan and Security Agreement (Accredo Health Inc), Distribution and Services Agreement (Accredo Health Inc)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreementherein contained, if any change after the date hereof in Applicable Law, guideline any law or order, regulation or in the interpretation thereof by any Governmental Authority governmental authority charged with the administration thereof, or interpretation thereof shall make it unlawful for any Lender Bank to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower and (with a copy to the Administrative Agent), such Lender may Bank may: (i) declare that Eurodollar Loans will not thereafter be made by such Lender Bank hereunder, whereupon the Borrower shall be prohibited from requesting Eurodollar Loans from such Bank hereunder and/or unless such declaration is subsequently withdrawn; and (ii) require that, subject to Section 2.15, that all outstanding Eurodollar Loans made by it be converted to Base Fluctuating Rate Loans, whereupon in which event (x) all of such Eurodollar Loans shall be automatically be converted to Base Fluctuating Rate Loans, Loans as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion below and (y) all payments and prepayments of any subsequent principal which would otherwise have been applied to repay the converted Eurodollar Loan shall, instead, Loans shall instead be a Base applied to repay the Fluctuating Rate Loan unless Loans resulting from the conversion of such declaration is subsequently withdrawnEurodollar Loans. (b) A For purposes of this Section, a notice to the Borrower by any Lender Bank pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereofeffective, if lawful, on the last day of the then current Interest Period for each outstanding Eurodollar LoanPeriod; and in all other cases, such notice shall be effective on the date day of receipt of such notice by the Borrower.

Appears in 2 contracts

Samples: Revolving Loan, Guaranty and Security Agreement (Suprema Specialties Inc), Revolving Loan, Guaranty and Security Agreement (Suprema Specialties Inc)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof Closing Date in Applicable Law, guideline or order, or in the interpretation thereof by any Governmental Authority charged with the administration thereof, shall make it unlawful for any the Lender to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower and Borrower, the Administrative Agent, such Lender may (i) declare that Eurodollar Loans will not thereafter be made by such the Lender hereunder and/or (ii) require that, subject to Section 2.152.9(b), all outstanding Eurodollar Loans made by it be converted to Alternate Base Rate Loans, whereupon all of such Eurodollar Loans shall automatically be converted to Alternate Base Rate Loans, as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any Any subsequent Eurodollar Loan shall, instead, be a an Alternate Base Rate Loan unless such declaration is subsequently withdrawn. (b) A notice to the Borrower by any the Lender pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereof, if lawful, on the last day of the current Interest Period for each outstanding Eurodollar Loan; and in all other cases, on the date of receipt of such notice by the Borrower.

Appears in 2 contracts

Samples: Credit Agreement (Newstar Media Inc), Credit, Security, Guaranty and Pledge Agreement (Dove Entertainment Inc)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Lawlaw, rule, regulation, guideline or order, or in the interpretation thereof by any Governmental Authority governmental authority charged with the administration thereof, shall make it unlawful for any Lender to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower Agent and the Administrative AgentBorrower, such Lender may may: (i) declare that Eurodollar Loans it will not thereafter make Eurodollar Loans hereunder, whereupon the Borrower shall be made by prohibited from requesting such Eurodollar Loans from such Lender hereunder and/or unless such declaration is subsequently withdrawn; and (ii) require that, subject to the provisions of Section 2.152.10, all outstanding Eurodollar Loans made by it such Lender be converted to an Alternate Base Rate LoansLoan, whereupon all of such Eurodollar Loans shall be automatically be converted to an Alternate Base Rate Loans, Loan as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a Base Rate Loan unless such declaration is subsequently withdrawn. (b) A For purposes of this Section 2.14, a notice to the Borrower by any a Lender pursuant to paragraph (a) above shall be effective effective, for the purposes of clause paragraph (iia) thereofabove, if lawful, and if any Eurodollar Loans shall then be outstanding, on the last day of the then current Interest Period for each outstanding Eurodollar LoanPeriod; and in all other casesotherwise, such notice shall be effective on the date of receipt of such notice by the Borrower.

Appears in 2 contracts

Samples: Loan Agreement (Del Laboratories Inc), Loan Agreement (Del Laboratories Inc)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Lawlaw, rule, regulation, guideline or order, or in the interpretation thereof by any Governmental Authority governmental authority charged with the administration thereof, shall make it unlawful for any Lender the Bank to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower and Borrower, the Administrative Agent, such Lender may Bank may: (i) declare that Eurodollar Loans will not thereafter be made by hereunder, whereupon the Borrower shall be prohibited from requesting such Lender Eurodollar Loans hereunder and/or unless such declaration is subsequently withdrawn; and (ii) require that, subject to the provisions of Section 2.15, all outstanding Eurodollar Loans made by it be converted to Base a Prime Rate LoansLoan, whereupon all of such Eurodollar Loans shall be automatically be converted to Base a Prime Rate Loans, Loan as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a Base Rate Loan unless such declaration is subsequently withdrawn. (b) A For purposes of this Section 2.19, a notice to the Borrower by any Lender the Bank pursuant to paragraph (a) above shall be effective effective, for the purposes of clause paragraph (iia) thereofabove, if lawful, and if any Eurodollar Loans shall then be outstanding, on the last day of the then current Interest Period for each outstanding Eurodollar LoanPeriod; and in all other casesotherwise, such notice shall be effective on the date of receipt of such notice by the Borrower.

Appears in 2 contracts

Samples: Loan Agreement (American Medical Alert Corp), Loan Agreement (American Medical Alert Corp)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Law, guideline or order, or in the interpretation thereof by any Governmental Authority charged with the administration thereof, shall make it unlawful for any Lender to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower and the Administrative Agent, such Lender may (i) declare that Eurodollar Loans will not thereafter be made by such Lender hereunder and/or (ii) require that, subject to Section 2.152.12, all outstanding Eurodollar Loans made by it be converted to Base Rate Loans, whereupon all of such Eurodollar Loans shall automatically be converted to Base Rate Loans, as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a Base Rate Loan unless such declaration is subsequently withdrawn. (b) A notice to the Borrower by any Lender pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereof, if lawful, on the last day of the current Interest Period for each outstanding Eurodollar Loan; and in all other cases, on the date of receipt of such notice by the Borrower.

Appears in 2 contracts

Samples: Credit Agreement (Genesis Healthcare Corp), Credit, Security, Guaranty and Pledge Agreement (Guilford Mills Inc)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Lawlaw, rule, regulation, guideline or order, or in the interpretation thereof by any Governmental Authority governmental authority charged with the administration thereof, shall make it unlawful for any Lender of the Banks to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower and Borrower, the Administrative Agent, on behalf of such Lender may Bank may: (i) declare that Eurodollar Loans will not thereafter be made by such Lender Bank hereunder, whereupon the Borrower shall be prohibited from requesting such Eurodollar Loans from such Bank hereunder and/or unless such declaration is subsequently withdrawn; and (ii) require that, subject to the provisions of Section 2.152.22, all outstanding Eurodollar Loans made by it be converted to Base a Prime Rate LoansLoan, whereupon all of such Eurodollar Loans shall be automatically be converted to Base a Prime Rate Loans, Loan as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a Base Rate Loan unless such declaration is subsequently withdrawn. (b) A For purposes of this Section 2.21, a notice to the Borrower by any Lender the Agent pursuant to paragraph (a) above shall be effective effective, for the purposes of clause paragraph (iia) thereofabove, if lawful, and if any Eurodollar Loans shall then be outstanding, on the last day of the then current Interest Period for each outstanding Eurodollar LoanPeriod; and in all other casesotherwise, such notice shall be effective on the date of receipt of such notice by the Borrower.

Appears in 1 contract

Samples: Loan Agreement (Gristedes Foods Inc)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Lawlaw, rule, regulation, guideline or order, or in the interpretation thereof by any Governmental Authority governmental authority charged with the administration thereof, shall make it unlawful for any Lender to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower Borrowers and the Administrative Agent, such Lender may may: (i) declare that Eurodollar Loans it will not thereafter make Eurodollar Loans hereunder, whereupon the Borrowers shall be made by prohibited from requesting such Eurodollar Loans from such Lender hereunder and/or unless such declaration is subsequently withdrawn; and (ii) require that, subject to the provisions of Section 2.152.17, all outstanding Eurodollar Loans made by it such Lender be converted to an Alternate Base Rate LoansLoan, whereupon all of such Eurodollar Loans shall be automatically be converted to an Alternate Base Rate Loans, Loan as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a Base Rate Loan unless such declaration is subsequently withdrawn. (b) A For purposes of this Section 2.21, a notice to the Borrower Borrowers by any a Lender pursuant to paragraph (a) above shall be effective effective, for the purposes of clause paragraph (iia) thereofabove, if lawful, and if any Eurodollar Loans shall then be outstanding, on the last day of the then current Interest Period for each outstanding Eurodollar Loan; and in all other casesPeriod, otherwise, such notice shall be effective on the date of receipt of such notice by the BorrowerBorrowers.

Appears in 1 contract

Samples: Loan Agreement (Allied Devices Corp)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Law, guideline or order, or in the interpretation thereof by any Governmental Authority charged with the administration thereof, shall make it unlawful for any Lender to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower and the Administrative Agent, such Lender may (i) declare that Eurodollar Loans will not thereafter be made by such Lender hereunder and/or (ii) require that, subject to Section 2.152.11(b), all outstanding Eurodollar Loans made by it be converted to Alternate Base Rate Loans, whereupon all of such Eurodollar Loans shall automatically be converted to Alternate Base Rate Loans, Loans as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion ’s Pro Rata Share of any subsequent Borrowing of Eurodollar Loan Loans shall, instead, be a an Alternate Base Rate Loan unless such declaration is subsequently withdrawn. (b) A notice to the Borrower by any Lender pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereof, if lawful, on the last day of the current Interest Period for each outstanding Eurodollar Loan; and Loan and, in all other cases, on the date of receipt of such notice by the Borrower.

Appears in 1 contract

Samples: Credit, Security, Guaranty and Pledge Agreement (Crown Media Holdings Inc)

Change in Legality. (a) Notwithstanding anything to ------------------ the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Law, guideline or order, or in the interpretation thereof by any Governmental Authority charged with the administration thereof, shall make it unlawful for any Lender to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower and the Administrative Agent, such Lender may (i) declare that Eurodollar Loans will not thereafter be made by such Lender hereunder and/or (ii) require that, subject to Section 2.152.9(b), all outstanding Eurodollar Loans made by it be converted to Alternate Base Rate Loans, whereupon all of such Eurodollar Loans shall automatically be converted to Alternate Base Rate Loans, as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a an Alternate Base Rate Loan unless such declaration is subsequently withdrawn. (b) A notice to the Borrower by any Lender pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereof, if lawful, on the last day of the current Interest Period for each outstanding Eurodollar Loan; and in all other cases, on the date of receipt of such notice by the Borrower.

Appears in 1 contract

Samples: Credit and Security Agreement (Artisan Entertainment Inc)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Law, guideline or order, or in the interpretation thereof by any Governmental Authority charged with the administration thereof, shall make it unlawful for any Lender to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower and the Administrative Agent, Agent such Lender may (i) declare that Eurodollar Loans will not thereafter be made by such Lender hereunder and/or (ii) require that, subject to Section 2.153.6, all outstanding Eurodollar Loans made by it be converted to Base Rate Loans, Loans whereupon all of such Eurodollar Loans shall automatically be converted to Base Rate Loans, Loans as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion ’s Percentage of any subsequent Eurodollar Loan shall, instead, be a an Base Rate Loan unless such declaration is subsequently withdrawn. (b) A notice to the Borrower by any Lender pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereof, if lawful, on the last day of the current Interest Period for each outstanding Eurodollar Loan; and in all other cases, on the date of receipt of such notice by the Borrower.

Appears in 1 contract

Samples: Credit and Guarantee Agreement (Lions Gate Entertainment Corp /Cn/)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Lawlaw, rule, regulation, guideline or order, or in the interpretation thereof by any Governmental Authority governmental authority charged with the administration thereof, shall make it unlawful for any Lender of the Banks to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower and Borrower, the Administrative Agent, on behalf of such Lender may Bank may: (i) declare that Eurodollar Loans will not thereafter be made by such Lender Bank hereunder, whereupon the Borrower shall be prohibited from requesting such Eurodollar Loans from such Bank hereunder and/or unless such declaration is subsequently withdrawn; and (ii) require that, subject to the provisions of Section 2.152.21, all outstanding Eurodollar Loans made by it be converted to an Alternate Base Rate LoansLoan, whereupon all of such Eurodollar Loans shall be automatically be converted to an Alternate Base Rate Loans, Loan as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a Base Rate Loan unless such declaration is subsequently withdrawn. (b) A For purposes of this Section 2.20, a notice to the Borrower by any Lender the Agent pursuant to paragraph (a) above shall be effective effective, for the purposes of clause paragraph (iia) thereofabove, if lawful, and if any Eurodollar Loans shall then be outstanding, on the last day of the then current Interest Period for each outstanding Eurodollar LoanPeriod; and in all other casesotherwise, such notice shall be effective on the date of receipt of such notice by the Borrower.

Appears in 1 contract

Samples: Loan Agreement (Hirsch International Corp)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Lawlaw, rule, regulation, guideline or order, or in the interpretation thereof by any Governmental Authority governmental authority charged with the administration thereof, shall make it unlawful for any Lender of the Banks to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower and Borrowers, the Administrative Agent, on behalf of such Lender may Bank may: (i) declare that Eurodollar Loans will not thereafter be made by such Lender Bank hereunder, whereupon the Borrowers shall be prohibited from requesting such Eurodollar Loans from such Bank hereunder and/or unless such declaration is subsequently withdrawn; and (ii) require that, subject to the provisions of Section 2.152.30, all outstanding Eurodollar Loans made by it be converted to an Alternate Base Rate LoansLoan, whereupon all of such Eurodollar Loans shall be automatically be converted to an Alternate Base Rate Loans, Loan as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a Base Rate Loan unless such declaration is subsequently withdrawn. (b) A For purposes of this Section 2.29, a notice to the Borrower Borrowers by any Lender the Agent pursuant to paragraph (a) above shall be effective effective, for the purposes of clause paragraph (iia) thereofabove, if lawful, and if any Eurodollar Loans shall then be outstanding, on the last day of the then current Interest Period for each outstanding Eurodollar LoanPeriod; and in all other casesotherwise, such notice shall be effective on the date of receipt of such notice by the Borrower.

Appears in 1 contract

Samples: Loan Agreement (Hirsch International Corp)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Lawlaw, rule, regulation, guideline or order, or in the interpretation thereof by any Governmental Authority governmental authority charged with the administration thereof, shall make it unlawful for any Lender to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower and the Administrative Agent, such Lender may may: (i) declare that Eurodollar Loans it will not thereafter make Eurodollar Loans hereunder, whereupon the Borrower shall be made by prohibited from requesting such Eurodollar Loans from such Lender hereunder and/or unless such declaration is subsequently withdrawn; and (ii) require that, subject to the provisions of Section 2.152.10, all outstanding Eurodollar Loans made by it such Lender be converted to Base an Prime Rate LoansLoan, whereupon all of such Eurodollar Loans shall be automatically be converted to Base a Prime Rate Loans, Loan as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a Base Rate Loan unless such declaration is subsequently withdrawn. (b) A For purposes of this Section 2.14, a notice to the Borrower by any a Lender pursuant to paragraph (a) above shall be effective effective, for the purposes of clause paragraph (iia) thereofabove, if lawful, and if any Eurodollar Loans shall then be outstanding, on the last day of the then current Interest Period for each outstanding Eurodollar Loan; and in all other casesPeriod, otherwise, such notice shall be effective on the date of receipt of such notice by the Borrower.

Appears in 1 contract

Samples: Loan Agreement (Coolbrands International Inc)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Law, guideline or order, or in the interpretation thereof by any Governmental Authority charged with the administration thereof, shall make it unlawful for any Lender to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower Borrowers and the Administrative Agent, such Lender may (i) declare that Eurodollar Loans will not thereafter be made by such Lender hereunder and/or (ii) require that, subject to Section 2.152.14, all outstanding Eurodollar Loans made by it be converted to Base Rate Loans, whereupon all of such Eurodollar Loans shall automatically be converted to Base Rate Loans, as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a Base Rate Loan unless such declaration is subsequently withdrawn. (b) A notice to the Borrower Borrowers by any Lender pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereof, if lawful, on the last day of the current Interest Period for each outstanding Eurodollar Loan; and in all other cases, on the date of receipt of such notice by the BorrowerBorrowers.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Reliant Resources Inc)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Law, guideline or order, or in the interpretation thereof by any Governmental Authority charged with the administration thereof, shall make it unlawful for any Lender to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower Borrowers and the Administrative Agent, such Lender may (i) declare that Eurodollar Loans will not thereafter be made by such Lender hereunder and/or (ii) require that, subject to Section 2.152.9(b), all outstanding Eurodollar Loans made by it be converted to Alternate Base Rate Loans, whereupon all of such Eurodollar Loans shall automatically be converted to Alternate Base Rate Loans, as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a an Alternate Base Rate Loan unless such declaration is subsequently withdrawn. (b) A notice to the Borrower Borrowers by any Lender pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereof, if lawful, on the last day of the current Interest Period for each outstanding Eurodollar Loan; and in all other cases, on the date of receipt of such notice by the BorrowerBorrowers.

Appears in 1 contract

Samples: Credit, Security, Guaranty and Pledge Agreement (Trimark Holdings Inc)

Change in Legality. (a) Notwithstanding anything to ------------------ the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Law, guideline or order, or in the interpretation thereof by any Governmental Authority charged with the administration thereof, shall make it unlawful for any Lender to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower and the Administrative Agent, such Lender may (i) declare that Eurodollar Loans will not thereafter be made by such Lender hereunder and/or (ii) require that, subject to Section 2.152.10(b), all outstanding Eurodollar Loans made by it be converted to Alternate Base Rate Loans, whereupon all of such Eurodollar Loans shall automatically be converted to Alternate Base Rate Loans, as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a an Alternate Base Rate Loan unless such declaration is subsequently withdrawn. (b) A notice to the Borrower by any Lender pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereof, if lawful, on the last day of the current Interest Period for each outstanding Eurodollar Loan; and in all other cases, on the date of receipt of such notice by the Borrower.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Artisan Entertainment Inc)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreementherein contained, if any change after the date hereof in Applicable Law, guideline any or order, regulation or in the interpretation thereof by any Governmental Authority Tribunal charged with the administration thereof, or interpretation thereof shall make it unlawful for any Lender Bank to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loanhereby, then, by written notice to the Borrower and to the Administrative AgentAgents, such Lender may Bank may: (i) declare that Eurodollar Loans will not thereafter be made by such Lender Bank hereunder, whereupon the Borrower shall be prohibited from requesting Eurodollar Loans from such Bank hereunder and/or unless such declaration is subsequently withdrawn; and (ii) require that, subject to Section 2.15, that all outstanding Eurodollar Loans made by it be converted to Base Rate Loans, whereupon in which event (A) all of such Eurodollar Loans shall be automatically be converted to Base Rate Loans, Loans as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion below and (B) all payments and prepayments of any subsequent principal which would otherwise have been applied to repay the converted Eurodollar Loan shall, instead, Loans shall instead be a applied to repay the Base Rate Loan unless Loans resulting from the conversion of such declaration is subsequently withdrawnEurodollar Loans. (b) A For purposes of this Section 2.14, a notice to the Borrower (with a copy to the Agent) by any Lender Bank pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereof, if lawful, on the last day of the current Interest Period for each outstanding Eurodollar Loan; and in all other cases, on the date of receipt of such notice thereof by the Borrower.

Appears in 1 contract

Samples: Competitive Advance and Revolving Credit Facility Agreement (Century Telephone Enterprises Inc)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Law, guideline or order, or in the interpretation thereof by any Governmental Authority charged with the administration thereof, shall make it unlawful for any Lender to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower Parent and the Administrative Agent, such Lender may (i) declare that Eurodollar Loans will not thereafter be made by such Lender hereunder and/or (ii) require that, subject to Section 2.152.9(b), all outstanding Eurodollar Loans made by it be converted to Alternate Base Rate Loans, whereupon all of such Eurodollar Loans shall automatically be converted to Alternate Base Rate Loans, as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a an Alternate Base Rate Loan unless such declaration is subsequently withdrawn. (b) A notice to the Borrower Parent by any Lender pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereof, if lawful, on the last day of the current Interest Period for each outstanding Eurodollar Loan; and in all other cases, on the date of receipt of such notice by the BorrowerParent.

Appears in 1 contract

Samples: Credit Agreement (All American Communications Inc)

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Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Law, guideline or order, or in the administration or interpretation thereof by any Governmental Authority charged with the administration or interpretation thereof, shall make it unlawful for any Lender to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower and the Administrative Agent, such Lender may (i) declare that Eurodollar Loans will not thereafter be made by such Lender hereunder and/or (ii) require that, subject to Section 2.152.10, all outstanding Eurodollar Loans made by it be converted to Base Rate Loans, whereupon all of such Eurodollar Loans shall automatically be converted to Base Rate Loans, as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a Base Rate Loan unless such declaration is subsequently withdrawn. (b) A notice to the Borrower by any Lender pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereof, if lawful, on the last day of the current Interest Period for each outstanding Eurodollar Loan; and in all other cases, on the date of receipt of such notice by the BorrowerBorrower (or sooner if required by Applicable Law).

Appears in 1 contract

Samples: Credit, Security and Guaranty Agreement (Ventas Inc)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Law, guideline or order, or in the interpretation thereof by any Governmental Authority charged with the administration thereof, shall make it unlawful for any Lender to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower and the Administrative Agent, such Lender may (i) declare that Eurodollar Loans will not thereafter be made by such Lender hereunder and/or (ii) require that, subject to Section 2.152.11, all outstanding Eurodollar Loans made by it be converted to Base Rate Loans, whereupon all of such Eurodollar Loans shall automatically be converted to Base Rate Loans, as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a Base Rate Loan unless such declaration is subsequently withdrawn. (b) A notice to the Borrower by any Lender pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereof, if lawful, on the last day of the current Interest Period for each outstanding Eurodollar Loan; and in all other cases, on the date of receipt of such notice by the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Ventas Inc)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Law, guideline or order, or in the interpretation thereof by any Governmental Authority charged with the administration thereof, shall make it unlawful for any Group Lender to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower Borrowers and the Administrative Agent, Agent such Group Lender may (i) declare that Eurodollar Loans will not thereafter be made by such Group Lender hereunder and/or (ii) require that, subject to Section 2.152.11, all outstanding Eurodollar Loans made by it be converted to Alternate Base Rate Loans, Loans whereupon all of such Eurodollar Loans shall automatically be converted to Alternate Base Rate Loans, Loans as of the effective date of such notice as provided in paragraph (b) below. Such Group Lender's pro rata portion ’s Pro Rata Share of any subsequent Eurodollar Loan shall, instead, be a an Alternate Base Rate Loan unless such declaration is subsequently withdrawn. (b) A notice to the Borrower Borrowers by any Group Lender pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereof, if lawful, on the last day of the current Interest Period for each outstanding Eurodollar Loan; and in all other cases, on the date of receipt of such notice by the BorrowerBorrowers.

Appears in 1 contract

Samples: Credit Agreement (Lions Gate Entertainment Corp /Cn/)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Lawlaw, rule, regulation, guideline or order, or in the interpretation thereof by any Governmental Authority governmental authority charged with the administration thereof, shall make it unlawful for any Lender of the Banks to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, any such affected Bank shall notify the Agent of same and, by written notice to the Borrower and Borrower, the Administrative Agent, on behalf of such Lender may Bank shall: (i) declare that Eurodollar Loans will not thereafter be made by such Lender Bank hereunder, whereupon the Borrower shall be prohibited from requesting Eurodollar Loans from such Bank hereunder and/or unless such declaration is subsequently withdrawn; and (ii) require that, subject to the provisions of Section 2.152.13 hereof, all outstanding Eurodollar Loans made by it such Bank be converted to Base a Prime Rate LoansLoan, whereupon all of such Eurodollar Loans shall be automatically be converted to Base a Prime Rate Loans, Loan as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a Base Rate Loan unless such declaration is subsequently withdrawn. (b) A For purposes of this Section 2.12, a notice to the Borrower by any Lender the Agent pursuant to paragraph (a) above shall be effective effective, for the purposes of clause paragraph (iia) thereofabove, if lawful, and if any Eurodollar Loans shall then be outstanding, on the last day of the then current Interest Period for each outstanding Eurodollar LoanPeriod; and in all other casesotherwise, such notice shall be effective on the date of receipt of such notice by the Borrower.

Appears in 1 contract

Samples: Loan Agreement (Manchester Equipment Co Inc)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Lawlaw, rule, regulation, guideline or order, or in the interpretation thereof by any Governmental Authority governmental authority charged with the administration thereof, shall make it unlawful for any Lender the Bank to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower and Borrower, the Administrative Agent, such Lender may Bank may: (i) declare that Eurodollar Loans will not thereafter be made by hereunder, whereupon the Borrower shall be prohibited from requesting such Lender Eurodollar Loans hereunder and/or unless such declaration is subsequently withdrawn; and (ii) require that, subject to the provisions of Section 2.152.06, all outstanding Eurodollar Loans made by it be converted to Base a Prime Rate LoansLoan, whereupon all of such Eurodollar Loans shall be automatically be converted to an Alternate Base Rate Loans, Loan as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a Base Rate Loan unless such declaration is subsequently withdrawn. (b) A For purposes of this Section 2.20, a notice to the Borrower by any Lender the Bank pursuant to paragraph (a) above shall be effective effective, for the purposes of clause paragraph (iia) thereofabove, if lawful, and if any Eurodollar Loans shall then be outstanding, on the last day of the then current Interest Period for each outstanding Eurodollar LoanPeriod; and in all other casesotherwise, such notice shall be effective on the date of receipt of such notice by the Borrower.

Appears in 1 contract

Samples: Loan Agreement (Medical Action Industries Inc)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Law, guideline or order, or in the administration or interpretation thereof by any Governmental Authority charged with the administration or interpretation thereof, shall make it unlawful for any Lender to make or maintain any Eurodollar Rate Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Rate Loan, then, by written notice to the Borrower and the Administrative Agent, such Lender may (i) declare that Eurodollar Rate Loans will not thereafter be made by such Lender hereunder and/or (ii) require that, subject to Section 2.152.10, all outstanding Eurodollar Rate Loans made by it be converted to Base Rate Loans, whereupon all of such Eurodollar Rate Loans shall automatically be converted to Base Rate Loans, as of the effective date of such notice as provided in paragraph (b) below. Such Lender's ’s pro rata portion of any subsequent Eurodollar Rate Loan shall, instead, be a Base Rate Loan unless such declaration is subsequently withdrawn. (b) A notice to the Borrower by any Lender pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereof, if lawful, on the last day of the current Interest Period for each outstanding Eurodollar Rate Loan; and in all other cases, on the date of receipt of such notice by the BorrowerBorrower (or sooner if required by Applicable Law).

Appears in 1 contract

Samples: Credit, Security and Guaranty Agreement (Ventas Inc)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof Initial Date in Applicable Law, guideline or order, or in the interpretation thereof by any Governmental Authority charged with the administration thereof, shall make it unlawful for any Lender to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower Borrowers and the Administrative Agent, such Lender may (i) declare that Eurodollar Loans will not thereafter be made by such Lender hereunder and/or (ii) require that, subject to Section 2.152.9(b), all outstanding Eurodollar Loans made by it be converted to Alternate Base Rate Loans, whereupon all of such Eurodollar Loans shall automatically be converted to Alternate Base Rate Loans, as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a an Alternate Base Rate Loan unless such declaration is subsequently withdrawn. (b) A notice to the Borrower Borrowers by any Lender pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereof, if lawful, on the last day of the current Interest Period for each outstanding Eurodollar Loan; and in all other cases, on the date of receipt of such notice by the BorrowerBorrowers.

Appears in 1 contract

Samples: Credit Agreement (Harvey Entertainment Co)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Lawlaw, rule, regulation, guideline or order, or in the interpretation thereof by any Governmental Authority governmental authority charged with the administration thereof, shall make it unlawful for any Lender the Bank to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower and Borrower, the Administrative Agent, such Lender may Bank may: (i) declare that Eurodollar Loans will not thereafter be made by hereunder, whereupon the Borrower shall be prohibited from requesting such Lender Eurodollar Loans hereunder and/or unless such declaration is subsequently withdrawn; and (ii) require that, subject to the provisions of Section 2.15, all outstanding Eurodollar Loans made by it be converted to an Alternate Base Rate LoansLoan, whereupon all of such Eurodollar Loans shall be automatically be converted to an Alternate Base Rate Loans, Loan as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a Base Rate Loan unless such declaration is subsequently withdrawn. (b) A For purposes of this Section 2.18, a notice to the Borrower by any Lender the Bank pursuant to paragraph (a) above shall be effective effective, for the purposes of clause paragraph (iia) thereofabove, if lawful, and if any Eurodollar Loans shall then be outstanding, on the last day of the then current Interest Period for each outstanding Eurodollar LoanPeriod; and in all other casesotherwise, such notice shall be effective on the date of receipt of such notice by the Borrower.

Appears in 1 contract

Samples: Loan Agreement (Katz Digital Technologies Inc)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof Initial Date in Applicable Law, guideline or order, or in the interpretation thereof by any Governmental Authority charged with the administration thereof, shall make it unlawful for any Lender to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower and the Administrative Agent, such Lender may (i) declare that Eurodollar Loans will not thereafter be made by such Lender hereunder for as long as such condition may be continuing and/or (ii) require that, subject to Section 2.152.9(b), all outstanding Eurodollar Loans made by it be converted to Alternate Base Rate Loans, whereupon all of such Eurodollar Loans shall automatically be converted to Alternate Base Rate Loans, as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a an Alternate Base Rate Loan unless such declaration is subsequently withdrawn. (b) A notice to the Borrower by any Lender pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereof, if lawful, on the last day of the current Interest Period for each outstanding Eurodollar Loan; and in all other cases, on the date of receipt of such notice by the Borrower.

Appears in 1 contract

Samples: Credit, Security, Guaranty and Pledge Agreement (Overseas Filmgroup Inc)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Lawlaw, rule, regulation, guideline or order, or in the interpretation thereof by any Governmental Authority governmental authority charged with the administration thereof, shall make it unlawful for any Lender the Bank to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower and Borrower, the Administrative Agent, such Lender may Bank shall: (i) declare that Eurodollar Loans will not thereafter be made by the Bank hereunder, whereupon the Borrower shall be prohibited from requesting Eurodollar Loans from the Bank hereunder unless such Lender hereunder and/or declaration is subsequently withdrawn; and (ii) require that, subject to the provisions of Section 2.152.13 hereof, all outstanding Eurodollar Loans made by it the Bank be converted to Base a Prime Rate LoansLoan, whereupon all of such Eurodollar Loans shall be automatically be converted to Base a Prime Rate Loans, Loan as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a Base Rate Loan unless such declaration is subsequently withdrawn. (b) A For purposes of this Section 2.12, a notice to the Borrower by any Lender the Bank pursuant to paragraph (a) above shall be effective effective, for the purposes of clause paragraph (iia) thereofabove, if lawful, and if any Eurodollar Loans shall then be outstanding, on the last day of the then current Interest Period for each outstanding Eurodollar LoanPeriod; and in all other casesotherwise, such notice shall be effective on the date of receipt of such notice by the Borrower.

Appears in 1 contract

Samples: Loan Agreement (Manchester Technologies Inc)

Change in Legality. (aA) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreementherein contained, if any change after the date hereof in Applicable Law, guideline any law or order, regulation or in the interpretation thereof by any Governmental Authority governmental authority charged with the administration thereof, or interpretation thereof shall make it unlawful for any Lender Bank to make or maintain any Eurodollar Loan or to give effect to its obligations to make Eurodollar Loans as contemplated hereby with respect to a Eurodollar Loanhereby, then, by written notice to the Borrower and the Administrative AgentBorrower, such Lender may Bank may: (i1) declare Declare that Eurodollar Loans will not thereafter be made by such Lender Bank hereunder, whereupon the Borrower shall be prohibited from requesting Eurodollar Loans from the Banks hereunder and/or unless such declaration is subsequently withdrawn; and (ii2) require that, subject to Section 2.15, Require that all outstanding Eurodollar Loans made by it be converted to Base Floating Rate Loans, whereupon in which event (a) all of such Eurodollar Loans shall be automatically be converted to Base Floating Rate Loans, Loans as of the effective date of such notice as provided in paragraph (B) below, and (b) below. Such Lender's pro rata portion all payments and prepayments of any subsequent principal that would otherwise have been applied to repay the converted Eurodollar Loan shall, instead, Loans shall instead be a Base applied to repay the Floating Rate Loan unless Loans resulting from the conversion of such declaration is subsequently withdrawnEurodollar Loans. (bB) A For purposes of this Section 2.12, a notice to the Borrower by any Lender Bank, pursuant to paragraph (aA) above above, shall be effective for purposes of clause (ii) thereofeffective, if lawful, on the last day of the then current Eurodollar Interest Period for each outstanding Eurodollar LoanPeriod; and in all other cases, such notice shall be effective on the date of receipt of such notice by the Borrower.

Appears in 1 contract

Samples: Revolving Credit Agreement (O Charleys Inc)

Change in Legality. (a) Notwithstanding anything to the ------------------- contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Lawlaw, rule, regulation, guideline or order, or in the interpretation thereof by any Governmental Authority governmental authority charged with the administration thereof, shall make it unlawful for any Lender the Bank to make or maintain any Eurodollar Agreed Rate Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Fixed Rate Loan, then, by written notice to the Borrower and Borrower, the Administrative Agent, such Lender may Bank may: (i) declare that Eurodollar Agreed Rate Loans will not thereafter be made by hereunder, whereupon the Borrower shall be prohibited from requesting such Lender Agreed Rate Loans hereunder and/or unless such declaration is subsequently withdrawn; and (ii) require that, subject to the provisions of Section 2.152.17, all outstanding Eurodollar Fixed Rate Loans made by it be converted to Base one or more Prime Rate Loans, whereupon all of such Eurodollar Fixed Rate Loans shall be automatically be converted to Base one or more Prime Rate Loans, Loans as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a Base Rate Loan unless such declaration is subsequently withdrawn. (b) A For purposes of this Section 2.21, a notice to the Borrower by any Lender the Bank pursuant to paragraph (a) above shall be effective effective, for the purposes of clause paragraph (iia) thereofabove, if lawful, and if any Agreed Rate Loans shall then be outstanding, on the last day of the then current Interest Period for each outstanding Eurodollar LoanPeriod; and in all other casesotherwise, such notice shall be effective on the date of receipt of such notice by the Borrower.

Appears in 1 contract

Samples: Loan Agreement (Firecom Inc)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Law, guideline law or order, regulation or in the interpretation thereof (including, without limitation, any request, guideline or policy not having the force of law) by any Governmental Authority governmental authority charged with the administration thereof, thereof shall make it unlawful for any Lender Bank to make or maintain any a Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the relevant Borrower and the Administrative Agent, such Lender may Bank may: (i) declare that Eurodollar Loans will not thereafter be made by such Lender Bank hereunder, whereupon the relevant Borrower shall be prohibited from requesting Eurodollar Loans from such Bank hereunder and/or unless and until such declaration is subsequently withdrawn; and (ii) require that, subject to Section 2.15, that all outstanding Eurodollar Loans made by it be converted to Alternate Base Rate Loans, whereupon all of such Eurodollar Loans shall be automatically be converted to Alternate Base Rate Loans, Loans as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion below (notwithstanding the provisions of any subsequent Eurodollar Loan shall, instead, be a Base Rate Loan unless such declaration is subsequently withdrawnSection 2.04). (b) A For purposes of this Section, a notice to the relevant Borrower by any Lender Bank pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereofwith respect to outstanding Eurodollar Loans, if lawful, on the last day of the then current Interest Period for each outstanding Eurodollar LoanPeriod; and in all other cases, such notice shall be effective on the date of receipt of such notice by the relevant Borrower.

Appears in 1 contract

Samples: Competitive Advance and Revolving Credit Facilities Agreement (Great Atlantic & Pacific Tea Co Inc)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Lawlaw, rule, regulation, guideline or order, or in the interpretation thereof by any Governmental Authority governmental authority charged with the administration thereof, shall make it unlawful for any Lender the Bank to make or maintain any Eurodollar Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Loan, then, by written notice to the Borrower and Borrower, the Administrative Agent, such Lender may Bank may: (i) declare that Eurodollar Loans will not thereafter be made by hereunder, whereupon the Borrower shall be prohibited from requesting such Lender Eurodollar Loans hereunder and/or unless such declaration is subsequently withdrawn; and (ii) require that, subject to the provisions of Section 2.152.10, all outstanding Eurodollar Loans made by it be converted to an Alternate Base Rate LoansLoan, whereupon all of such Eurodollar Loans shall be automatically be converted to an Alternate Base Rate Loans, Loan as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a Base Rate Loan unless such declaration is subsequently withdrawn. (b) A For purposes of this Section 2.14, a notice to the Borrower by any Lender the Bank pursuant to paragraph (a) above shall be effective effective, for the purposes of clause paragraph (iia) thereofabove, if lawful, and if any Eurodollar Loans shall then be outstanding, on the last day of the then current Interest Period for each outstanding Eurodollar LoanPeriod; and in all other casesotherwise, such notice shall be effective on the date of receipt of such notice by the Borrower.

Appears in 1 contract

Samples: Loan Agreement (Del Laboratories Inc)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Law, guideline or order, or in the interpretation thereof by any Governmental Authority charged with the administration thereof, shall make it unlawful for any Lender to make or maintain any Eurodollar LIBOR Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar LIBOR Loan, then, by written notice to the Borrower and the Administrative Agent, such Lender may (i) declare that Eurodollar LIBOR Loans will not thereafter be made by such Lender hereunder for as long as such condition may be continuing, and/or (ii) require that, subject to Section 2.152.8(b), all outstanding Eurodollar LIBOR Loans made by it be converted to Alternate Base Rate Loans, whereupon all of such Eurodollar LIBOR Loans shall automatically be converted to Alternate Base Rate Loans, as of the effective date of such notice as provided in paragraph (b) below. Such Lender's ’s pro rata portion of any subsequent Eurodollar LIBOR Loan shall, instead, be a an Alternate Base Rate Loan unless such declaration is subsequently withdrawn. (b) A notice to the Borrower by any Lender pursuant to paragraph (a) above shall be effective for purposes of clause (ii) thereof, if lawful, on the last day of the current Interest Period for each outstanding Eurodollar LIBOR Loan; and in all other cases, on the date of receipt of such notice by the Borrower.

Appears in 1 contract

Samples: Debtor in Possession Credit Agreement

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Lawlaw, rule, regulation, guideline or order, or in the interpretation thereof by any Governmental Authority governmental authority charged with the administration thereof, shall make it unlawful for any Lender the Bank to make or maintain maintained any Eurodollar Fixed Rate Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Fixed Rate Loan, then, by written notice to the Borrower and Borrower, the Administrative Agent, such Lender may Bank may: (i1) declare that Eurodollar Fixed Rate Loans will not thereafter be made by hereunder, whereupon the Borrower shall be prohibited from requesting such Lender Fixed Rate Loans hereunder and/or unless such declaration is subsequently withdrawn; and (ii2) require that, subject to Section 2.15the provisions hereof, all outstanding Eurodollar Fixed Rate Loans made by it be converted to Base a Prime Rate LoansLoan, whereupon all of such Eurodollar Fixed Rate Loans shall be automatically be converted to Base a Prime Rate Loans, Loan as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a Base Rate Loan unless such declaration is subsequently withdrawn. (b) A For purposes hereof, a notice to the Borrower by any Lender the Bank pursuant to paragraph (a) above shall be effective effective, for the purposes of clause paragraph (iia) thereofabove, if lawful, and if any Fixed Rate Loans shall then be outstanding, on the last day of the then current Interest Period for each outstanding Eurodollar LoanPeriod; and in all other casesotherwise, such notice shall be effective on the date of receipt of such notice by the Borrower.

Appears in 1 contract

Samples: Loan Agreement (Innodata Corp)

Change in Legality. (a) Notwithstanding anything to the contrary contained elsewhere in this Credit Agreement, if any change after the date hereof in Applicable Lawlaw, rule, regulation, guideline or order, or in the interpretation thereof by any Governmental Authority governmental authority charged with the administration thereof, shall make it unlawful for any Lender to make or maintain any Eurodollar Fixed Rate Loan or to give effect to its obligations as contemplated hereby with respect to a Eurodollar Fixed Rate Loan, then, by written notice to the Borrower Agent and the Administrative AgentBorrower, such Lender may may: (i) declare that Eurodollar Fixed Rate Loans will not thereafter be made by such Lender hereunder, whereupon the Borrower shall be prohibited from requesting such Fixed Rate Loans from such Lender hereunder and/or unless such declaration is subsequently withdrawn; and (ii) require that, subject to the provisions of Section 2.15, all outstanding Eurodollar Fixed Rate Loans made by it such Lender be converted to Base a Prime Rate LoansLoan, whereupon all of such Eurodollar Fixed Rate Loans shall be automatically be converted to Base a Prime Rate Loans, Loan as of the effective date of such notice as provided in paragraph (b) below. Such Lender's pro rata portion of any subsequent Eurodollar Loan shall, instead, be a Base Rate Loan unless such declaration is subsequently withdrawn. (b) A For purposes of this Section 2.18, a notice to the Agent and the Borrower by any a Lender pursuant to paragraph (a) above shall be effective effective, for the purposes of clause paragraph (iia) thereofabove, if lawful, and if any Fixed Rate Loans shall then be outstanding, on the last day of the then current Interest Period for each outstanding Eurodollar LoanPeriod; and in all other casesotherwise, such notice shall be effective on the date of receipt of such notice by the Borrower.

Appears in 1 contract

Samples: Loan Agreement (Coolbrands International Inc)

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