Common use of LIBOR Rate Lending Unlawful Clause in Contracts

LIBOR Rate Lending Unlawful. If the Bank shall determine (which determination shall, upon notice thereof to the Borrowers, be conclusive and binding on the Borrowers, absent manifest error) that the introduction of or any change in or in the interpretation of any law, rule, regulation or guideline (whether or not having the force of law) makes it unlawful, or any central bank or other governmental authority asserts that it is unlawful, for the Bank to make, continue or maintain any LIBOR Rate Loan as, or to convert any loan into, a LIBOR Rate Loan of a certain duration, the obligations of the Bank to make, continue, maintain or convert into any such LIBOR Rate Loans shall, upon such determination, forthwith be suspended until the Bank shall notify the Borrowers that the circumstances causing such suspension no longer exist, and all LIBOR Rate Loans of such type shall automatically convert into Prime Rate Loans on the last day of the then current Interest Periods applicable thereto or sooner, if required by such law or assertion.

LIBOR Rate Lending Unlawful. If the Bank shall determine (which determination shall, upon notice thereof to the BorrowersBorrower, be conclusive and binding on the BorrowersBorrower, absent manifest error) that the introduction of or any change in or in the interpretation of any law, rule, regulation or guideline (whether or not having the force of law) makes it unlawful, or any central bank or other governmental authority asserts that it is unlawful, for the Bank to make, continue or maintain any LIBOR Rate Loan loan as, or to convert any loan into, a LIBOR Rate Loan loan of a certain duration, the obligations of the Bank to make, continue, maintain or convert into any such LIBOR Rate Loans loans shall, upon such determination, forthwith be suspended until the Bank shall notify the Borrowers Borrower that the circumstances causing such suspension no longer exist, and all LIBOR Rate Loans loans of such type shall automatically convert into Prime Rate Loans loans on the last day of the then current Interest Periods applicable thereto or sooner, if required by such law or assertion.

LIBOR Rate Lending Unlawful. If the Bank shall determine (which determination shall, upon notice thereof to the Borrowers, Borrower be conclusive and binding on the Borrowers, absent manifest errorBorrower) that the introduction of or any change in or in the interpretation of any law, rule, regulation or guideline after the date hereof, (whether or not having the force of law) makes it unlawful, or any central bank or other governmental authority asserts that it is unlawful, for the Bank to make, continue or maintain any LIBOR Rate Loan as, or to convert any loan into, a LIBOR Rate Loan of a certain duration, the obligations of the Bank to make, continue, maintain or convert into any such LIBOR Rate Loans shall, upon such determination, forthwith be suspended until the Bank shall notify the Borrowers Borrower that the circumstances causing such suspension no longer exist, and all LIBOR Rate Loans of such type shall automatically convert into Prime Rate Loans on at the last day end of the then current LIBOR Interest Periods applicable with respect thereto or sooner, if required by such law or assertion.

LIBOR Rate Lending Unlawful. If the Bank Lender shall determine (which determination shall, upon notice thereof to the Borrowers, Lead Borrower be conclusive and binding on the Borrowers, absent manifest error) that the introduction of or any change in or in the interpretation of any law, rule, regulation or guideline guideline, (whether or not having the force of law) makes it unlawful, or any central bank or other governmental authority asserts that it is unlawful, for the Bank Lender to make, continue or maintain any LIBOR Rate Loan as, or to convert any loan into, a LIBOR Rate Loan of a certain duration, the obligations of the Bank Lender to make, continue, maintain or convert into any such LIBOR Rate Loans shall, upon such determination, forthwith be suspended until the Bank Lender shall notify the Borrowers Borrower that the circumstances causing such suspension no longer exist, and all LIBOR Rate Loans of such type shall automatically convert into Prime Base Rate Loans on at the last day end of the then current Interest Periods applicable with respect thereto or sooner, if required by such law or assertion.

LIBOR Rate Lending Unlawful. If the Bank Lender shall determine (which determination shall, upon notice thereof to the Borrowers, Borrower be conclusive and binding on the Borrowers, absent manifest errorBorrower) that the introduction of or any change in or in the interpretation of any law, rule, regulation or guideline guideline, (whether or not having the force of law) makes it unlawful, or any central bank or other governmental authority asserts that it is unlawful, for the Bank Lender to make, continue or maintain any LIBOR Rate Loan as, or to convert any loan Revolving Advance into, a LIBOR Rate Loan of a certain duration, the obligations of the Bank Lender to make, continue, maintain or convert into any such LIBOR Rate Loans shall, upon such determination, forthwith be suspended until the Bank Lender shall notify the Borrowers Borrower that the circumstances causing such suspension no longer exist, and all LIBOR Rate Loans of such type shall automatically convert into Prime Rate Loans on at the last day end of the then current LIBOR Interest Periods applicable with respect thereto or sooner, if required by such law or assertion.

LIBOR Rate Lending Unlawful. If the Bank shall determine (which determination shall, upon notice thereof to the Borrowers, Borrower be conclusive and binding on the Borrowers, absent manifest errorBorrower) that the introduction of or any change in or in the interpretation of any law, rule, regulation or guideline (whether or not having the force of law) ), makes it unlawful, or any central bank or other governmental authority asserts that it is unlawful, for the Bank to make, continue or maintain any LIBOR Rate Advantage Loan as, or to convert any loan into, a LIBOR Rate Advantage Loan of a certain duration, the obligations of the Bank to make, continue, maintain or convert into any such LIBOR Rate Advantage Loans shall, upon such determination, forthwith be suspended until the Bank shall notify the Borrowers Borrower that the circumstances causing such suspension no longer exist, and all LIBOR Rate Advantage Loans of such type shall automatically convert into Prime Rate Loans on at the last day end of the then current Interest Periods applicable with respect thereto or sooner, if required by such law or assertion.