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 Borrowers and absent manifest error, be conclusive and binding on Borrowers) 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 the Bank or other governmental authority asserts that it is unlawful, for the Bank to make, continue or maintain any LIBOR Rate Loan as a LIBOR Rate Loan and/or a Daily LIBOR Rate Loan as a Daily LIBOR Rate Loan, the obligations of the Bank to make, continue or maintain any such LIBOR Rate Loans and/or Daily LIBOR Rate Loans shall, upon such determination, forthwith be suspended until the Bank shall notify Borrowers that the circumstances causing such suspension no longer exist, and all LIBOR Rate Loans and/or Daily LIBOR Rate Loans of such type shall automatically convert into Prime Rate Loans at the end of the then current LIBOR Interest Periods (or in the case of Daily LIBOR Rate Loans, the same day) 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 Borrowers and absent manifest error, the Borrower be conclusive and binding on Borrowersthe Borrower) 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 the Bank bank or other governmental authority asserts that it is unlawful, for the Bank to make, continue or maintain any LIBOR Rate Loan as or Libor Advantage Rate Loan as, or to convert any loan into, a LIBOR Rate Loan and/or of a Daily LIBOR Rate Loan as a Daily LIBOR Rate Loancertain duration, the obligations of the Bank to make, continue continue, maintain or maintain convert into any such LIBOR Rate Loans and/or Daily LIBOR or Libor Advantage Rate Loans shall, upon such determination, forthwith be suspended until the Bank shall notify Borrowers the Borrower that the circumstances causing such suspension no longer exist, and all LIBOR Rate Loans and/or Daily LIBOR and Libor Advantage Rate Loans of such type shall automatically convert into Prime Base Rate Loans at the end of the then current LIBOR Interest Rate Periods (or in the case of Daily LIBOR Rate Loans, the same day) 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 Borrowers and absent manifest errorthe Borrower, be conclusive and binding on Borrowersthe Borrower) 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 the Bank bank or other governmental authority asserts that it is unlawful, for the Bank to make, continue or maintain any LIBOR Rate Loan as a LIBOR Rate Loan and/or a Daily LIBOR Advantage Rate Loan as a Daily LIBOR Advantage Rate Loan, the obligations of the Bank to make, continue or maintain any such LIBOR Rate Loans and/or Daily LIBOR Advantage Rate Loans shall, upon such determination, forthwith be suspended until the Bank shall notify Borrowers the Borrower that the circumstances causing such suspension no longer exist, and all LIBOR Rate Loans and/or Daily LIBOR Advantage Rate Loans of such type shall automatically convert into Prime Rate Loans at the end of the then current LIBOR Interest Periods (or in the case of Daily LIBOR Advantage Rate Loans, the same day) 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 Borrowers and absent manifest error, the Borrower be conclusive and binding on Borrowersthe Borrower) 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 the Bank bank or other governmental authority asserts that it is unlawful, for the Bank to make, continue or maintain any LIBOR Rate Loan as a LIBOR Rate Loan and/or a Daily LIBOR Advantage Rate Loan as a Daily LIBOR Advantage Rate Loan, the obligations of the Bank to make, continue or maintain any such LIBOR Rate Loans and/or Daily LIBOR Advantage Rate Loans shall, upon such determination, forthwith be suspended until the Bank shall notify Borrowers the Borrower that the circumstances causing such suspension no longer exist, and all LIBOR Rate Loans and/or Daily LIBOR Advantage Rate Loans of such type shall automatically convert into Prime Rate Loans at the end of the then current LIBOR Interest Periods (or in the case of Daily LIBOR Advantage Rate Loans, the same day) 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 Borrowers and absent manifest error, the Borrower be conclusive and binding on Borrowersthe Borrower) 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 the Bank bank or other governmental authority asserts that it is unlawful, for the Bank to make, continue or maintain any LIBOR Rate Loan as a LIBOR Rate Loan and/or a Daily LIBOR Rate Loan as a Daily LIBOR Rate Loan, the obligations of the Bank to make, continue or maintain any such LIBOR Rate Loans and/or Daily LIBOR Rate Loans shall, upon such determination, forthwith be suspended until the Bank shall notify Borrowers the Borrower that the circumstances causing such suspension no longer exist, and all LIBOR Rate Loans and/or Daily LIBOR Rate Loans of such type shall automatically convert into Prime Rate Loans at the end of the then current LIBOR Interest Periods (or in the case of Daily LIBOR Rate Loans, the same day) 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 and absent manifest error, be conclusive and binding on the Borrowers) 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 the Bank bank or other governmental authority asserts that it is unlawful, for the Bank Lender to make, continue or maintain any LIBOR Rate Loan as as, or to convert any Loan into, a LIBOR Rate Loan and/or of a Daily LIBOR Rate Loan as a Daily LIBOR Rate Loancertain duration, the obligations of the Bank Lender to make, continue continue, maintain or maintain convert into any such LIBOR Rate Loans and/or Daily LIBOR Rate Loans shall, upon such determination, forthwith be suspended until the Bank Lender shall notify the Borrowers that the circumstances causing such suspension no longer exist, and all LIBOR Rate Loans and/or Daily LIBOR Rate Loans of such type shall automatically convert into Prime Rate Loans at the end of the then current LIBOR Interest Periods (or in the case of Daily LIBOR Rate Loans, the same day) 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 Borrowers and absent manifest error, the Administrative Borrower be conclusive and binding on the Borrowers) 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 the Bank bank or other governmental authority asserts that it is unlawful, for the Bank Lender to make, continue or maintain any LIBOR Rate Loan as as, or to convert any loan into, a LIBOR Rate Loan and/or of a Daily LIBOR Rate Loan as a Daily LIBOR Rate Loancertain duration, the obligations of the Bank Lender to make, continue continue, maintain or maintain convert into any such LIBOR Rate Loans and/or Daily LIBOR Rate Loans shall, upon such determination, forthwith be suspended until the Bank Lender shall notify Borrowers the Administrative Borrower that the circumstances causing such suspension no longer exist, and all LIBOR Rate Loans and/or Daily LIBOR Rate Loans of such type shall automatically convert into loans accruing interest at the Prime Rate Loans plus the LIBOR Margin at the end of the then current LIBOR Interest Periods (or in the case of Daily LIBOR Rate Loans, the same day) with respect thereto or sooner, if required by such law or assertion.