Laws Affecting LIBOR RateSOFR Availability Clause Samples

Laws Affecting LIBOR RateSOFR Availability. If, after the date hereof, the introduction of, or any change in, any Applicable Law or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any of the Lenders (or any of their respective lending offices) with any request or directive (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make it unlawful or impossible for any of the Lenders (or any of their respective lending offices) to honor its obligations hereunder to make or maintain any EurodollarSOFR Advance, or to determine or charge interest based upon SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, such Lender shall promptly give notice thereof to the Agent and the Agent shall promptly give notice to the Borrower and the other Lenders (an “Illegality Notice”). Thereafter, until each affected Lender notifies the Agent and the Agent notifies the Borrower that suchthe circumstances giving rise to such determination no longer exist, (i) the obligationsany obligation of the Lenders to make EurodollarSOFR Advances, and theany right of the Borrower to convert any Loan to a EurodollarSOFR Advance or continue any Loan as a EurodollarSOFR Advance, shall be suspended and thereafter the Borrower may select only(ii) if necessary to avoid such illegality, the Agent shall compute the CB Floating Rate Advances andwithout reference to clause (iic) if any of the affected Lendersof the definition of “CB Floating Rate”. Upon receipt of an Illegality Notice, the Borrower shall, if necessary to avoid such illegality, upon demand from any Lender (with a copy to the Agent), prepay or, if applicable, convert all SOFR Advances to CB Floating Rate Advances (in each case, if necessary to avoid such illegality, the Agent shall compute the CB Floating Rate without reference to clause (c) of the definition of “CB Floating Rate”), on the last day of the Interest Period therefor, if all affected Lenders may lawfully continue to maintain such SOFR Advances to such day, or immediately, if any Lender may not lawfully continue to maintain the affected Eurodollar Advance to the end of the then current Interest Period applicable theretosuch SOFR Advances to such day. Upon any such prepayment or conversion, the applicable LoanBorrower shall immediately be converted to a CB Floating Rate Advance for the remai...