Common use of Fixed Rate Lending Unlawful Clause in Contracts

Fixed Rate Lending Unlawful. If any Lender shall determine (which determination shall, upon notice thereof to the Borrower and the Lenders, be conclusive and binding on the Borrower if made in good faith) that the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful for such Lender to make, continue or maintain any Loan as, or to convert any Loan into, a LIBOR Loan, the obligations of such Lender to make, continue, maintain or convert any such Loans shall, upon such determination, forthwith be suspended until such Lender shall notify the Administrative Agent that the circumstances causing such suspension no longer exist, and LIBOR Loans of such Lender shall automatically convert into Prime Rate Loans at the end of the then current Interest Periods with respect thereto or sooner, if required by such law or regulation.

Appears in 2 contracts

Samples: Credit Agreement (Pogo Producing Co), Credit Agreement (Pogo Producing Co)

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Fixed Rate Lending Unlawful. If any Lender shall determine (which determination shall, upon notice thereof to the Borrower ACT and the LendersAdministrative Agents, be conclusive and binding on the Borrower if made in good faithconstitute prima facie evidence) that the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful unlawful, or any Governmental Authority asserts that it is unlawful, for such any Lender to make, make or continue or maintain any Loan as, or to convert any Loan into, a LIBOR Fixed Rate Loan, the obligations of such Lender to make, continue, maintain continue or convert any such Loans Fixed Rate Loan shall, upon such determination, forthwith be suspended until such Lender shall notify the Administrative Agent Agents that the circumstances causing such suspension no longer exist, and LIBOR all outstanding Fixed Rate Loans of payable to such Lender shall automatically convert into Prime Floating Rate Loans at the end of the then current Interest Periods with respect thereto or sooner, if required by such law or regulationassertion.

Appears in 1 contract

Samples: Credit Agreement (3055854 Nova Scotia Co)

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Fixed Rate Lending Unlawful. If any Lender shall determine (which determination shall, upon notice thereof to the Borrower and the Lenders, be conclusive and binding on the Borrower if made in good faith) that the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful for such Lender to make, continue or maintain any Loan as, or to convert any Loan into, a LIBOR Fixed Rate Loan, the obligations of such Lender to make, continue, maintain or convert any such Loans shall, upon such determination, forthwith be suspended until such Lender shall notify the Administrative Agent that the circumstances causing such suspension no longer exist, and LIBOR Fixed Rate Loans of such Lender shall automatically convert into Prime Rate Loans at the end of the then current Interest Periods with respect thereto or sooner, if required by such law or regulation.

Appears in 1 contract

Samples: Credit Agreement (Pogo Producing Co)

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