Common use of Illegality; Impracticability Clause in Contracts

Illegality; Impracticability. Notwithstanding any other provision herein, if the adoption of or any change in any Requirement of Law or in the interpretation or application thereof shall make it unlawful, or if compliance by the Bank with any request or directive (whether or not having the force of law) from any Governmental Authority occurring after the date hereof shall make it impracticable for the Bank to make or maintain Eurodollar Rate Loans as contemplated by this Agreement, the commitment of the Bank hereunder to make Eurodollar Rate Loans shall forthwith be canceled and, until such time as it shall no longer be unlawful for the Bank to make or maintain Eurodollar Rate Loans, the Bank shall then have a commitment only to make a Prime Rate Loan when a Eurodollar Rate Loan is requested and the Bank's Loans then outstanding as Eurodollar Rate Loans, if any, shall be converted automatically to Prime Rate Loans as required by law. If any such conversion of a Eurodollar Rate Loan occurs on a day which is not the last day of the then current Interest Period with respect thereto, the Borrowers shall pay to such Bank such amounts, if any, as may be required pursuant to subsection 2.13, Indemnity.

Illegality; Impracticability. Notwithstanding any other provision herein, if the adoption of or any change in any Requirement of Law or in the interpretation or application thereof shall make it unlawful, or if compliance by the Bank with any request or directive (whether or not having the force of law) from any Governmental Authority occurring after the date hereof shall make it impracticable for the Bank to make or maintain Eurodollar LIBOR Rate Loans as contemplated by this Agreement, the commitment of the Bank hereunder to make Eurodollar LIBOR Rate Loans shall forthwith be canceled and, until such time as it shall no longer be unlawful for the Bank to make or maintain Eurodollar LIBOR Rate Loans, the Bank shall then have a commitment only to make a Prime Rate Loan when a Eurodollar LIBOR Rate Loan is requested requested, and the Bank's Loans then outstanding as Eurodollar LIBOR Rate Loans, if any, shall be converted automatically to Prime Rate Loans as required by law. If any such conversion of a Eurodollar LIBOR Rate Loan occurs on a day which is not the last day of the then current Interest Period with respect thereto, the Borrowers shall pay to such Bank such amounts, if any, as may be required pursuant to subsection 2.13, Indemnity.