Common use of Change in Legality Clause in Contracts

Change in Legality. (i) Notwithstanding any other provision herein, if any change, after the date hereof, in any law, governmental rule, regulation, guideline or order (including the introduction of any new law, governmental rule, regulation, guideline or order) or in the interpretation or administration thereof by any Governmental Authority charged with the interpretation or 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 any Eurodollar Loan, then, by written notice to the Borrower and to the Administrative Agent, such Lender may: (A) declare that Eurodollar Loans, and conversions to or continuations of Eurodollar Loans, will not thereafter be made by such Lender hereunder, whereupon any request by the Borrower for, or for conversion into or continuation of, Eurodollar Loans shall, as to such Lender only, be deemed a request for, or for conversion into or continuation of, Base Rate Loans, unless such declaration shall be subsequently withdrawn; and (B) require that all outstanding Eurodollar Loans made by it be converted to Base Rate Loans in which event all such Eurodollar Loans shall be automatically converted to Base Rate Loans. In the event any Lender shall exercise its rights under clause (A) or (B) above, all payments and prepayments of principal which would otherwise have been applied to repay the Eurodollar Loans that would have been made by such Lender or the converted Eurodollar Loans of such Lender shall instead be applied to repay the Base Rate Loans made by such Lender in lieu of, or resulting from the conversion of, such Eurodollar Loans.

Appears in 8 contracts

Samples: 364 Day Revolving Credit Agreement (Atmos Energy Corp), Credit Agreement (Atmos Energy Corp), 364 Day Revolving Credit Agreement (Atmos Energy Corp)

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Change in Legality. (ia) Notwithstanding any other provision hereinherein other than Section 2.14(c), if any change, after the date hereof, change in any law, governmental rule, regulation, guideline law or order (including the introduction of any new law, governmental rule, regulation, guideline or order) regulation or in the interpretation or administration thereof by any Governmental Authority charged with the administration or interpretation or 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 any Eurodollar LIBOR Loan, then, by written or telecopy notice to the Borrower Alcoa and to the Administrative Agent, such Lender may: (Ai) declare that Eurodollar Loans, and conversions to or continuations of Eurodollar Loans, LIBOR Loans will not thereafter be made by such Lender hereunder, whereupon any request by the a Borrower for, or for conversion into or continuation of, Eurodollar Loans a LIBOR Borrowing shall, as to such Lender only, be deemed a request for, or for conversion into or continuation of, Base Rate Loans, an ABR Loan unless such declaration shall be subsequently withdrawn; and (Bii) require that all outstanding Eurodollar LIBOR Loans made by it be converted to Base Rate Loans ABR Loans, in which event all such Eurodollar LIBOR Loans shall automatically be automatically so converted to Base Rate Loansas of the effective date of such notice as provided in paragraph (b) below. In the event any Lender shall exercise its rights under clause (Ai) or (Bii) above, all payments and prepayments of principal which would otherwise have been applied to repay the Eurodollar LIBOR Loans that would have been made by such Lender or the converted Eurodollar LIBOR Loans of such Lender shall instead be applied to repay the Base Rate Loans made by such Lender in lieu of, or resulting from the conversion of, such Eurodollar LIBOR Loans.

Appears in 4 contracts

Samples: Revolving Credit Agreement (Alcoa Inc), Revolving Credit Agreement (Alcoa Inc), Revolving Credit Agreement (Alcoa Inc)

Change in Legality. (ia) Notwithstanding any other provision herein, if any changechange in, after the date hereofor adoption of, in any law, governmental rule, regulation, guideline law or order (including the introduction of any new law, governmental rule, regulation, guideline or order) regulation or in the interpretation or administration thereof by any Governmental Authority charged with the administration or interpretation or administration 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 any Eurodollar Loan, then, by written notice to the Borrower and to the Administrative Agent, such Lender Bank may: (Ai) declare that Eurodollar Loans, and conversions to or continuations of Eurodollar Loans, Loans will not thereafter be made by such Lender Bank hereunder, whereupon any request by the Borrower for, or for conversion into or continuation of, a Eurodollar Loans Borrowing shall, as to such Lender Bank only, be deemed a request for, or for conversion into or continuation of, Base Rate Loans, an ABR Loan unless such declaration shall be subsequently withdrawn; and (Bii) require that all outstanding Eurodollar Loans made by it be converted to Base Rate Loans ABR Loans, in which event all such Eurodollar Loans shall be automatically converted to Base Rate LoansABR Loans as of the effective date of such notice as provided in paragraph (b) below. In the event any Lender Bank shall exercise its rights under clause (Ai) or (Bii) above, all payments and prepayments of principal which would otherwise have been applied to repay the Eurodollar Loans that would have been made by such Lender Bank or the converted Eurodollar Loans of such Lender Bank shall instead be applied to repay the Base Rate ABR Loans made by such Lender Bank in lieu of, or resulting from the conversion of, such Eurodollar Loans. (b) For purposes of this Section 2.12, a notice to the Borrower by any Bank shall be effective as to each Eurodollar Loan, if lawful, on the last day of the Interest Period currently applicable to such Eurodollar Loan.

Appears in 2 contracts

Samples: Credit Agreement (Avista Corp), Credit Agreement (Avista Corp)

Change in Legality. (ia) Notwithstanding Notwith standing any other provision hereinherein other than Section 2.14(c), if any change, after the date hereof, change in any law, governmental rule, regulation, guideline law or order (including the introduction of any new law, governmental rule, regulation, guideline or order) regulation or in the interpretation or administration thereof by any Governmental Authority charged with the administration or interpretation or 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 any Eurodollar Loan, then, by written or telecopy notice to Alcoa and the Borrower and to the Administrative AgentAgents, such Lender may: (Ai) declare that Eurodollar Loans, and conversions to or continuations of Eurodollar Loans, Loans will not thereafter be made by such Lender hereunder, whereupon any request by the a Borrower for, or for conversion into or continuation of, a Eurodollar Loans Borrowing shall, as to such Lender only, be deemed a request for, or for conversion into or continuation of, Base Rate Loans, an ABR Loan unless such declaration shall be subsequently withdrawn; and (Bii) require that all outstanding Eurodollar Loans made by it be converted to Base Rate Loans ABR Loans, in which event all such Eurodollar Loans shall automatically be automatically so converted to Base Rate Loansas of the effective date of such notice as provided in paragraph (b) below. In the event any Lender shall exercise its rights under clause (Ai) or (Bii) above, all payments and prepayments of principal which would otherwise have been applied to repay the Eurodollar Loans that would have been made by such Lender or the converted Eurodollar Loans of such Lender shall instead be applied to repay the Base Rate Loans made by such Lender in lieu of, or resulting from the conversion of, such Eurodollar Loans.

Appears in 1 contract

Samples: Revolving Credit Agreement (Aluminum Co of America)

Change in Legality. (i) Notwithstanding any other provision herein, if any change, after the date hereof, in any law, governmental rule, regulation, guideline or order (including the introduction of any new law, governmental rule, regulation, guideline or order) or in the interpretation or administration thereof by any Governmental Authority charged with the interpretation or 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 any Eurodollar Loan, then, by written notice to the Borrower and to the Administrative Agent, such Lender may: (A) declare that Eurodollar Loans, and conversions to or continuations of Eurodollar Loans, will not thereafter be made by such Lender hereunder, whereupon any request by the Borrower for, or for conversion into or continuation of, Eurodollar Loans shall, as to such Lender only, be deemed a request for, or for conversion into or continuation of, Base Rate Loans, unless such declaration shall be subsequently withdrawn; and (B) require that all outstanding Eurodollar Loans made by it be converted to Base Rate Loans in which event all such Eurodollar Loans shall be automatically converted to Base Rate Loans. In the event any Lender shall exercise its rights under clause (A) or (B) above, all payments and prepayments of principal which would otherwise have been applied to repay 27 the Eurodollar Loans that would have been made by such Lender or the converted Eurodollar Loans of such Lender shall instead be applied to repay the Base Rate Loans made by such Lender in lieu of, or resulting from the conversion of, such Eurodollar Loans.

Appears in 1 contract

Samples: Revolving Credit Agreement (Atmos Energy Corp)

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Change in Legality. (i) Notwithstanding any other provision herein, if the adoption of or any change, after the date hereof, change in any law, governmental rule, regulation, guideline law or order (including the introduction of any new law, governmental rule, regulation, guideline or order) regulation or in the interpretation or administration thereof by any Governmental Authority charged with the administration or interpretation or 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 any Eurodollar Loan, then, by written notice to the Borrower and to the Administrative Agent, such Lender may: (Ai) declare that Eurodollar Loans, and conversions to or continuations of Eurodollar Loans, Loans will not thereafter be made by such Lender hereunder, whereupon any request by the Borrower for, or for conversion into or continuation of, a Eurodollar Loans Borrowing shall, as to such Lender only, be deemed a request for, or for conversion into or continuation of, Base Rate Loans, an ABR Loan unless such declaration shall be subsequently withdrawn; and (Bii) require that all outstanding Eurodollar Loans made by it be converted to Base Rate Loans ABR Loans, in which event all such Eurodollar Loans shall be automatically converted to Base Rate LoansABR Loans as of the effective date of such notice as provided in paragraph (b) below. In the event any Lender shall exercise its rights under clause subparagraphs (Ai) or and (Bii) above, all payments and prepayments of principal which would otherwise have been applied to repay the Eurodollar Loans that would have been made by such Lender or the converted Eurodollar Loans of such Lender shall instead be applied to repay the Base Rate ABR Loans made by such Lender in lieu of, or resulting from the conversion of, such Eurodollar Loans.

Appears in 1 contract

Samples: Credit Agreement (Volume Services America Holdings Inc)

Change in Legality. (ia) Notwithstanding any other provision herein, if any change, after the date hereof, change in any law, governmental rule, regulation, guideline law or order (including the introduction of any new law, governmental rule, regulation, guideline or order) regulation or in the interpretation or administration thereof (each, a "Change in Law") by any Governmental Authority charged with the administration or interpretation or administration thereof shall make it unlawful for any Lender Bank to make or maintain any Eurodollar Loan or to otherwise give effect to its obligations as contemplated hereby with respect to any Eurodollar Loan, then, by written notice to the Borrower Borrowers and to the Administrative Agentother Banks, (i) if such Lender may: (A) declare that Eurodollar Loans, and conversions Change in Law pertains to or continuations of Eurodollar Loans, will not thereafter be made by such Lender hereunder, whereupon any request by the Borrower for, or for conversion into or continuation of, Eurodollar Loans shalldenominated in Dollars, as all Eurodollar Loans then outstanding due to such Lender only, be deemed a request for, or for conversion into or continuation of, Base Rate Loans, unless such declaration shall be subsequently withdrawn; and (B) require that all outstanding Eurodollar Loans made by it be converted to Base Rate Loans in which event all such Eurodollar Loans Bank shall be automatically converted to Base Rate Loansan ABR Loan, subject to Sections 2.8 and 2.9, as of the effective date of such notice as provided in paragraph (b) below, (ii) if such Change in Law pertains to Eurodollar Loans denominated in a Foreign Currency, all Loans denominated in such Foreign Currency then outstanding due to such Bank shall be automatically converted to an ABR Loan denominated in Dollars, subject to Sections 2.8, (iii) the obligation of such Bank to continue or convert to Eurodollar Loans of the affected type shall terminate immediately, (iv) if such Change in Law pertains to Eurodollar Loans denominated in Dollars, each subsequent request to such Bank for a Eurodollar Loan in Dollars shall be deemed to be a request for an ABR Loan and (v) if such Change in Law pertains to Loans in such Foreign Currency, each subsequent request to such Bank for a Loan in such Currency shall be deemed to be a request for a Loan denominated in Dollars. In the event any Lender Any Bank giving such notice shall exercise its rights under clause (A) use reasonable efforts (consistent with legal and regulatory restrictions and such Bank's internal policies) to change its applicable Lending Office to another of its offices, branches or Affiliates, if such change of Lending Office would permit such Bank to make Eurodollar Loans or Loans in such Foreign Currency, as applicable, and would not, in the sole determination of such Bank, result in any unreimbursed loss, cost or expense or otherwise be disadvantageous to such Bank and (B) abovenotify the Administrative Agent and the Borrowers at such time as the circumstances giving rise to its notice shall cease to exist. If the Borrowers shall be prohibited from incurring, all payments and prepayments of principal which would otherwise have been applied continuing or converting to repay the a Eurodollar Loan from any Bank, Eurodollar Loans that would have been made shall be made, continued or converted by such Lender or the converted other Banks pro rata in accordance with their respective Pro Rata Share of the Commitment. (b) For purposes of Section 2.11(a)(i), a notice to the Borrowers by any Bank shall be effective, if lawful, and if any Eurodollar Loans shall then be outstanding, on the last day of the then current Interest Period or, if there is more than one current Interest Period, on the last day of each such Lender shall instead be applied to repay the Base Rate Loans made by such Lender in lieu ofInterest Period, or resulting from the conversion ofrespectively; otherwise, such Eurodollar Loansnotice shall be effective on the date of receipt by the Borrowers.

Appears in 1 contract

Samples: Credit Agreement (Alleghany Corp /De)

Change in Legality. (ia) Notwithstanding any other provision hereinherein other than Section 2.15(c), if any change, after the date hereof, change in any law, governmental rule, regulation, guideline law or order (including the introduction of any new law, governmental rule, regulation, guideline or order) regulation or in the interpretation or administration thereof by any Governmental Authority charged with the administration or interpretation or 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 any Eurodollar LIBOR Loan, then, by written or telecopy notice to the Borrower and to the Administrative Agent, such Lender may: (Ai) declare that Eurodollar Loans, and conversions to or continuations of Eurodollar Loans, LIBOR Loans will not thereafter be made by such Lender hereunder, whereupon any request by the Borrower for, or for conversion into or continuation of, Eurodollar Loans a LIBOR Borrowing shall, as to such Lender only, be deemed a request for, or for conversion into or continuation of, a Base Rate Loans, Loan unless such declaration shall be subsequently withdrawn; and (Bii) require that all outstanding Eurodollar LIBOR Loans made by it be converted to Base Rate Loans Loans, in which event all such Eurodollar LIBOR Loans shall automatically be automatically so converted to Base Rate Loansas of the effective date of such notice as provided in paragraph (b) below. In the event any Lender shall exercise its rights under clause (Ai) or (Bii) above, all payments and prepayments of principal which would otherwise have been applied to repay the Eurodollar LIBOR Loans that would have been made by such Lender or the converted Eurodollar LIBOR Loans of such Lender shall instead be applied to repay the Base Rate Loans made by such Lender in lieu of, or resulting from the conversion of, such Eurodollar LIBOR Loans.

Appears in 1 contract

Samples: 364 Day Revolving Credit Agreement (Alcoa Inc)

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