Common use of Changes In Legality Clause in Contracts

Changes In Legality. (a) If, anything to the contrary herein contained notwithstanding, any applicable existing or future law, regulation, guideline, treaty or directive or condition or interpretation thereof (including, without limitation, any request, guideline or policy, whether or not having the force of law), by any Governmental Authority charged with the administration or interpretation thereof, or any change in any of the foregoing shall make it unlawful or improper for any Bank to make or maintain any Revolving Credit Loans or any Term Loan as LIBO Rate Loans, then, by oral notice to the Borrower and the Agent, promptly confirmed in writing (which may be by teletransmission), such Bank may: (i) declare that its Revolving Credit Loans or Term Loans thereafter will not be made by it as LIBO Rate Loans, whereupon the Borrower shall be prohibited from requesting Revolving Credit Loans or Term Loans as LIBO Rate Loans unless and until such declaration is withdrawn; and (ii) require that all its outstanding Revolving Credit Loans or its Term Loan that are LIBO Rate Loans be converted to Prime Rate Loans, in which event all such Revolving Credit Loans or Term Loans shall be converted automatically to Prime Rate Loan(s) as of the end of their applicable Interest Periods or as of such earlier date as may be required of such Bank for the lawful or proper conduct of its lending activities.

Changes In Legality. (a) If, anything to the contrary herein contained notwithstanding, any applicable existing or future law, regulation, guideline, treaty or directive or condition or interpretation thereof (including, without limitation, any request, guideline or policy, whether or not having the force of law), by any Governmental Authority charged with the administration or interpretation thereof, or any change in any of the foregoing shall make it unlawful or improper for any Bank to make or maintain any Revolving Credit Loans or any Term Loan as LIBO Rate Loans, then, by oral notice to the Borrower Borrowers and the Agent, promptly confirmed in writing (which may be by teletransmission), such Bank may: (i) declare that its Revolving Credit Loans or Term Loans thereafter will not be made by it as LIBO Rate Loans, whereupon the Borrower Borrowers shall be prohibited from requesting Revolving Credit Loans or Term Loans as LIBO Rate Loans unless and until such declaration is withdrawn; and (ii) require that all its outstanding Revolving Credit Loans or its Term Loan that are LIBO Rate Loans be converted to Prime Rate Loans, in which event all such Revolving Credit Loans or Term Loans shall be converted automatically to Prime Rate Loan(s) as of the end of their applicable Interest Periods or as of such earlier date as may be required of such Bank for the lawful or proper conduct of its lending activities.

Changes In Legality. (a) If, anything to the contrary herein contained notwithstanding, any applicable existing or future law, regulation, guideline, treaty or directive or condition or interpretation thereof (including, without limitation, any request, guideline or policy, whether or not having the force of law), by any Governmental Authority charged with the administration or interpretation thereof, or any change in any of the foregoing shall make it unlawful or improper for any Bank to make or maintain any Revolving Credit Loans or any Term Loan as LIBO Rate Loans, then, by oral notice to the Borrower and the Agent, promptly confirmed in writing (which may be by teletransmission), such Bank may: (i) declare that its Revolving Credit Loans or Term Loans thereafter will not be made by it as LIBO Rate Loans, whereupon the Borrower shall be prohibited from requesting Revolving Credit Loans or Term Loans as LIBO Rate Loans unless and until such declaration is withdrawn; and (ii) require that all its outstanding Revolving Credit Loans or its Term Loan that are LIBO Rate Loans be converted to Prime Rate Loans, in which event all such Revolving Credit Loans or Term Loans shall be converted automatically to Prime Rate Loan(s) as of the end of their applicable Interest Periods or as of such earlier date as may be required of such Bank for the lawful or proper conduct of its lending activities.

Changes In Legality. (a) If, anything to the contrary herein contained notwithstanding, any applicable existing or future law, regulation, guideline, treaty or directive or condition or interpretation thereof (including, without limitation, any request, guideline or policy, whether or not having the force of law), by any Governmental Authority charged with the administration or interpretation thereof, or any change in any of the foregoing shall make it unlawful or improper for any Bank to make or maintain any Revolving Credit Loans or any Term Loan as LIBO LIBOR Rate Loans, then, by oral notice to the Borrower Borrowers and the Agent, promptly confirmed in writing (which may be by teletransmission), such Bank may: (i) declare that its Revolving Credit Loans or Term Loans thereafter will not be made by it as LIBO LIBOR Rate Loans, whereupon the Borrower Borrowers shall be prohibited from requesting Revolving Credit Loans or Term Loans as LIBO LIBOR Rate Loans unless and until such declaration is withdrawn; and (ii) require that all its outstanding Revolving Credit Loans or its Term Loan that are LIBO LIBOR Rate Loans be converted to Prime Rate Loans, in which event all such Revolving Credit Loans or Term Loans shall be converted automatically to Prime Rate Loan(s) as of the end of their applicable Interest Periods or as of such earlier date as may be required of such Bank for the lawful or proper conduct of its lending activities.