Common use of Changes in Law Rendering Certain LIBOR Rate Loans Unlawful Clause in Contracts

Changes in Law Rendering Certain LIBOR Rate Loans Unlawful. In the event that any change in any applicable law (including the adoption of any new applicable law) or any change in the interpretation of any applicable law by any judicial, governmental or other regulatory body charged with the interpretation, implementation or administration thereof, should make it (or in the good-faith judgment of Lender should raise a substantial question as to whether it is) unlawful for Lender to make, maintain or fund LIBOR Rate loans, then: (a) Lender shall promptly notify each of the other parties hereto; and (b) the obligation of Lender to make LIBOR Rate loans of such type shall, upon the effectiveness of such event, be suspended for the duration of such unlawfulness. During the period of any suspension, Lender shall make loans to Borrower that are deemed lawful and that as closely as possible reflect the terms of this Agreement.

Appears in 2 contracts

Samples: Master Loan Agreement (Homeland Energy Solutions LLC), Master Loan Agreement (Homeland Energy Solutions LLC)

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Changes in Law Rendering Certain LIBOR Rate Loans Unlawful. In the event that any change in any applicable law (including the adoption of any new applicable law) or any change in the interpretation of any applicable law by any judicial, governmental or other regulatory body charged with the interpretation, implementation or administration thereof, should make it (or in the good-faith judgment of the Lender should raise a substantial question as to whether it is) unlawful for the Lender to make, maintain or fund LIBOR Rate loansLoans, then: : (a) the Lender shall promptly notify each of the other parties heretoBorrower; and (b) the obligation of the Lender to make LIBOR Rate rate loans of such type shall, upon the effectiveness of such event, be suspended for the duration of such unlawfulness. During the period of any suspension, Lender shall make loans to Borrower that are deemed lawful and that as closely as possible reflect the terms of this Agreement.

Appears in 2 contracts

Samples: Master Loan Agreement (Green Plains Renewable Energy, Inc.), Master Loan Agreement (Green Plains Renewable Energy, Inc.)

Changes in Law Rendering Certain LIBOR Rate Loans Unlawful. In the event that any change in any applicable law (including the adoption of any new applicable law) or any change in the interpretation of any applicable law by any judicial, governmental or other regulatory body charged with the interpretation, implementation or administration thereof, should make it (or in the good-faith judgment of Lender the Agent should raise a substantial question as to whether it is) unlawful for Lender the Banks to make, maintain or fund LIBOR Rate loans, then: (a) Lender the Agent shall promptly notify each of the other parties hereto; and (b) the obligation of Lender the Banks to make LIBOR Rate loans of such type shall, upon the effectiveness of such event, be suspended for the duration of such unlawfulness. During the period of any suspension, Lender the Banks shall make loans to Borrower the Borrowers that are deemed lawful and that as closely as possible reflect the terms of this Agreement.

Appears in 2 contracts

Samples: Credit Agreement (Green Plains Renewable Energy, Inc.), Credit Agreement (Green Plains Renewable Energy, Inc.)

Changes in Law Rendering Certain LIBOR Rate Loans Unlawful. In the event that any change in any applicable law (including the adoption of any new applicable law) or any change in the interpretation of any applicable law by any judicial, governmental or other regulatory body charged with the interpretation, implementation or administration thereof, should make it (or in the good-good faith judgment of Lender the Agent should raise a substantial question as to whether it is) unlawful for Lender the Banks to make, maintain or fund LIBOR Rate loans, then: (a) Lender the Agent shall promptly notify each of the other parties hereto; and (b) the obligation of Lender the Banks to make LIBOR Rate loans of such type shall, upon the effectiveness of such event, be suspended for the duration of such unlawfulness. During the period of any suspension, Lender the Banks shall make loans to the Borrower that are deemed lawful and that as closely as possible reflect the terms of this Agreement.

Appears in 2 contracts

Samples: Credit Agreement (Highwater Ethanol LLC), Credit Agreement (Highwater Ethanol LLC)

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Changes in Law Rendering Certain LIBOR Rate Loans Unlawful. In the event that any change in any applicable law (including the adoption of any new applicable law) or any change in the interpretation of any applicable law by any judicial, governmental or other regulatory body charged with the interpretation, implementation or administration thereof, should make it (or in the good-good faith judgment of Lender the Agent should raise a substantial question as to whether it is) unlawful for Lender the Banks to make, maintain or fund LIBOR Rate loans, then: (a) Lender the Agent shall promptly notify each of the other parties hereto; and (b) the obligation of Lender the Banks to make LIBOR Rate loans of such type shall, upon the effectiveness of such event, be suspended for the duration of such unlawfulness. During the period of any GP:4272375 vl suspension, Lender the Banks shall make loans to the Borrower that are deemed lawful and that as closely as possible reflect the terms of this Agreement.

Appears in 1 contract

Samples: Credit Agreement (Highwater Ethanol LLC)

Changes in Law Rendering Certain LIBOR Rate Loans Unlawful. In the event that any change in any applicable law (including the adoption of any new applicable law) or any change in the interpretation of any applicable law by any judicial, governmental or other regulatory body charged with the interpretation, implementation or administration thereof, should make it (or in the good-faith judgment of Lender should raise a substantial question as to whether it is) unlawful for Lender to make, maintain or fund LIBOR Rate loans, then: (a) Lender shall promptly notify each of the other parties hereto; and (b) the obligation of Lender to make LIBOR Rate loans of such type shall, upon the effectiveness of such event, be suspended for the duration of such unlawfulness. GP:4882356v2 During the period of any suspension, Lender shall make loans to Borrower that are deemed lawful and that as closely as possible reflect the terms of this Agreementthe MLA.

Appears in 1 contract

Samples: Second Supplement to Master Loan Agreement (Homeland Energy Solutions LLC)

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