Common use of Changes in Law Rendering Eurodollar Loans Unlawful Clause in Contracts

Changes in Law Rendering Eurodollar Loans Unlawful. If at any time due to any new law, treaty or regulation, or any interpretation thereof by any governmental or other regulatory authority charged with the administration thereof, or for any other reason arising subsequent to the date hereof, it shall become unlawful for any Bank to fund any Eurodollar Loan which it is committed to make hereunder, the obligation of such Bank to provide such Loan shall, upon the happening of such event, forthwith be suspended for the duration of such illegality. If any such change shall make it unlawful for such Bank to continue any Eurodollar Loan previously made by it hereunder, such Bank shall, upon the happening of such event, notify the Company, the Agent and the other Banks thereof in writing stating the reasons therefor, and the Company shall on the earlier of (i) the last day of the then current Interest Period for such Eurodollar Loan or (ii) if required by such law, regulation or interpretation, on such date as shall be specified in such notice, either convert such unlawful Loans to Reference Rate Loans, or, if available, Money Market Loans, or prepay all such Eurodollar Loans without any penalty (except as provided in Section 7.1), to such Bank in full.

Changes in Law Rendering Eurodollar Loans Unlawful. If at any time due to any new law, treaty or regulation, or any interpretation thereof by any governmental or other regulatory authority charged with the administration thereof, or for any other reason arising subsequent to the date hereof, it shall become unlawful for any Bank to fund any Eurodollar Loan which it is committed to make hereunder, the obligation of such Bank to provide such Loan shall, upon the happening of such event, forthwith be suspended for the duration of such illegality. If any such change shall make it unlawful for such Bank to continue any Eurodollar Loan previously made by it hereunder, such Bank shall, upon the happening of such event, notify the Company, the Administrative Agent and the other Banks thereof in writing stating the reasons therefor, and the Company shall on the earlier of (i) the last day of the then current Interest Period for such Eurodollar Loan or (ii) if required by such law, regulation or interpretation, on such date as shall be specified in such notice, either convert such unlawful Loans to Reference Rate Loans, or, if available, Money Market Loans, Loans or prepay all such Eurodollar Loans without any penalty (except as provided in Section 7.18.1), to such Bank in full.

Changes in Law Rendering Eurodollar Loans Unlawful. If at any time due to any new law, treaty or regulation, or any interpretation thereof by any governmental or other regulatory authority charged with the administration thereof, or for any other reason arising subsequent to the date hereof, it shall become unlawful for any Bank to fund any Eurodollar Loan which it is committed to make hereunder, the obligation of such Bank to provide such Loan shall, upon the happening of such event, forthwith be suspended for the duration of such illegality. If any such change shall make it unlawful for such Bank to continue any Eurodollar Loan previously made by it hereunder, such Bank shall, upon the happening of such event, notify the Company, the Agent and the other Banks thereof in writing stating the reasons therefor, and the Company shall on the earlier of (i) the last day of the then current Interest Period for such Eurodollar Loan or (ii) if required by such law, regulation or interpretation, on such date as shall be specified in such notice, either convert such unlawful Loans to Reference Rate Loans, or, if available, Money Market Loans, Loans or prepay all such Eurodollar Loans without any penalty (except as provided in Section 7.1), to such Bank in full.