Limitation on Types of Loans; Illegality Sample Clauses

Limitation on Types of Loans; Illegality. Anything herein to the contrary notwithstanding, if, on or prior to the determination of any Eurodollar Rate:
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Limitation on Types of Loans; Illegality. Anything herein to the contrary notwithstanding, if, on or prior to the determination of LIBOR for any Accrual Period:
Sample 1Sample 2Sample 3See All (13)
Limitation on Types of Loans; Illegality. Anything herein to the contrary notwithstanding, if:
Sample 1Sample 2Sample 3See All (5)
Limitation on Types of Loans; Illegality. Anything herein to the contrary notwithstanding, if, on or prior to the determination of any Eurodollar Base Rate:
Sample 1Sample 2Sample 3See All (4)
Limitation on Types of Loans; Illegality. Anything herein to the contrary notwithstanding, if, on or prior to the determination of any Benchmark, the Lender determines, which determination shall be conclusive, that (i) the making or maintenance of such Benchmark would violate any applicable Law, whether or not having the force of law, or (ii) that quotations of interest rates for the relevant deposits referred to in the definition of any Benchmark are not being provided in the relevant amounts, or that funds of a type and maturity appropriate to match fund such Benchmark are not available, or that the rate of interest based on such Benchmark on any Loan is not likely to adequately cover the cost to the Lender of making or maintaining such Loan, then (x) in the case of clause (i), immediately upon such determination by the Lender, the availability of such Benchmark shall be suspended and any Loans based on such impacted Benchmark that are outstanding at that time shall be converted to either, at the Lender’s option, (a) Base Rate Loans or (b) Loans bearing interest at a rate per annum as determined by the Lender in its sole discretion pursuant to the definition of “Benchmark Replacement”, and (y) in the case of clause (ii), (1) immediately upon such determination by the Lender, the availability of such Benchmark shall be suspended, and (2) any Loans based on such impacted Benchmark that are outstanding at that time shall be converted at the beginning of the Interest Period immediately following such determination to either, at the Lender’s option, (a) Base Rate Loans or (b) Loans bearing interest at a rate per annum as determined by the Lender in its sole discretion pursuant to the definition of “Benchmark Replacement”.
Sample 1Sample 2
Limitation on Types of Loans; Illegality. Anything herein to the contrary notwithstanding, if, on or prior to the determination of any LIBO Base Rate:
Sample 1Sample 2
Limitation on Types of Loans; Illegality. Anything herein to the contrary notwithstanding, if, on or prior to the determination of any LIBO Base Rate, (a) the Agent determines, in good faith, which determination shall be conclusive absent manifest error, that quotations of interest rates for the relevant deposits referred to in the definition of "LIBO Base Rate" in Section 1.1 are not being provided in the relevant amounts or for the relevant maturities for purposes of determining rates of interest for Loans as provided herein or (b) it becomes unlawful for any Lender to honor its obligation to make or maintain Loans hereunder using a LIBO Rate, then the Agent shall give the Administrative Borrower prompt notice thereof and, so long as such condition remains in effect, the Lenders shall, following discussions with the Administrative Borrower, select in good faith an index that approximates as closely as reasonably practicable the LIBO Base Rate.
Sample 1
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Limitation on Types of Loans; Illegality. Anything herein to the contrary notwithstanding, if, on or prior to the determination of any LIBOR Rate: the Lender determines, which determination shall be conclusive, that quotations of interest rates for the relevant deposits referred to in the definition of “LIBOR Rate” in Section 1.01 of this Agreement are not being provided in the relevant amounts or for the relevant maturities for purposes of determining rates of interest for Loans as provided herein; or
Sample 1
Limitation on Types of Loans; Illegality. Subject to Section 4.08 hereof, if the Administrative Agent reasonably determines (with respect to Term SOFR Loans, on or prior to the first day of any Interest Period for any Term SOFR Loan) in connection with any request for a RFR Loan or Conversion to or Continuation thereof that (a) Term SOFR or Daily Simple SOFR cannot be determined pursuant to the definition thereof: or (b) the then-current Benchmark does not adequately and fairly reflect the cost to the Lenders of funding such Loan, the Administrative Agent will promptly notify the Borrowers and all Lenders. Upon notice thereof by the Administrative Agent to the Borrowers, (i) the obligation of the Lenders to make or maintain RFR Loans shall be suspended (to the extent of the affected RFR Loans or affected Interest Periods) until the Administrative Agent revokes such notice and (ii) with respect to the Term SOFR component of the Base Rate, the utilization of the Term SOFR component in determining the Base Rate shall be suspended, in each case, until the Administrative Agent revokes such notice. Upon receipt of such notice, the Borrowers may revoke any pending Request for Borrowing, Conversion or Continuation of such RFR Loans (to the extent of the affected RFR Loans or affected Interest Periods) or, failing that, will be deemed to have Converted such Request for Borrowing of RFR Loans into a Request for Borrowing for Base Rate Loans, without reference to Term SOFR.
Sample 1

Related to Limitation on Types of Loans; Illegality

  • Limitation on Types of Loans If on or prior to the first day of any Interest Period for any Eurodollar Rate Loan:

  • Limitation on Borrowings Outstanding borrowings under the Line of Credit, to a maximum of the principal amount set forth above, shall not at any time exceed an aggregate of eighty percent (80%) of Borrower’s eligible accounts receivable. All of the foregoing shall be determined by Bank upon receipt and review of all collateral reports required hereunder and such other documents and collateral information as Bank may from time to time require. Borrower acknowledges that said borrowing base was established by Bank with the understanding that, among other items, the aggregate of all returns, rebates, discounts, credits and allowances for the immediately preceding three (3) months at all times shall be less than five percent (5%) of Borrower’s gross sales for said period. If such dilution of Borrower’s accounts for the immediately preceding three (3) months at any time exceeds five percent (5%) of Borrower’s gross sales for said period, or if there at any time exists any other matters, events, conditions or contingencies which Bank reasonably believes may affect payment of any portion of Borrower’s accounts, Bank, in its sole discretion, may reduce the foregoing advance rate against eligible accounts receivable to a percentage appropriate to reflect such additional dilution and/or establish additional reserves against Borrower’s eligible accounts receivable. As used herein, “eligible accounts receivable” shall consist solely of trade accounts created in the ordinary course of Borrower’s business, upon which Borrower’s right to receive payment is absolute and not contingent upon the fulfillment of any condition whatsoever, and in which Bank has a perfected security interest of first priority, and shall not include:

  • Limitation on Eurodollar Loans If on or prior to the first day of any Interest Period for any Eurodollar Loan:

  • Limitation on Repayment of LIBOR Rate Loans The Borrower may not repay any LIBOR Rate Loan on any day other than on the last day of the Interest Period applicable thereto unless such repayment is accompanied by any amount required to be paid pursuant to Section 5.9 hereof.

  • Limitation on Prepayment of LIBOR Rate Loans The Borrower may not prepay any LIBOR Rate Loan on any day other than on the last day of the Interest Period applicable thereto unless such prepayment is accompanied by any amount required to be paid pursuant to Section 5.9 hereof.

  • Various Types of Loans Each Revolving Loan shall be divided into tranches which are, either a Base Rate Loan or a LIBOR Loan (each a “type” of Loan), as the Company shall specify in the related notice of borrowing or conversion pursuant to Section 2.2.2 or 2.2.3. LIBOR Loans having the same Interest Period which expire on the same day are sometimes called a “Group” or collectively “Groups”. Base Rate Loans and LIBOR Loans may be outstanding at the same time, provided that not more than six (6) different Groups of LIBOR Loans shall be outstanding at any one time. All borrowings, conversions and repayments of Revolving Loans shall be effected so that each Lender will have a ratable share (according to its Pro Rata Share) of all types and Groups of Loans.

  • Application of Mandatory Prepayments by Type of Loans Except as provided in subsection 2.4D, any amount required to be applied as a mandatory prepayment of the Loans and/or a reduction of the Revolving Loan Commitment Amount pursuant to subsections 2.4B(iii)(a)-(f) shall be applied first to prepay the Term Loans to the full extent thereof, second, to the extent of any remaining portion of such amount, to prepay the Swing Line Loans to the full extent thereof and to permanently reduce the Revolving Loan Commitment Amount by the amount of such prepayment, third, to the extent of any remaining portion of such amount, to prepay the Revolving Loans to the full extent thereof and to further permanently reduce the Revolving Loan Commitment Amount by the amount of such prepayment, fourth, to the extent of any remaining portion of such amount, to further permanently reduce the Revolving Loan Commitment Amount to the full extent thereof and fifth, to the extent of any remaining portion of such amount, to cash collateralize any outstanding Letters of Credit. Any mandatory reduction of the Revolving Loan Commitment Amount pursuant to this subsection 2.4B shall be in proportion to each Revolving Lender’s Pro Rata Share.

  • Limitations on Eurodollar Tranches Notwithstanding anything to the contrary in this Agreement, all borrowings, conversions and continuations of Eurodollar Loans and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections so that, (a) after giving effect thereto, the aggregate principal amount of the Eurodollar Loans comprising each Eurodollar Tranche shall be equal to $5,000,000 or a whole multiple of $1,000,000 in excess thereof and (b) no more than ten Eurodollar Tranches shall be outstanding at any one time.

  • Availability of Types of Advances If any Lender determines that maintenance of its Eurodollar Loans at a suitable Lending Installation would violate any applicable law, rule, regulation, or directive, whether or not having the force of law, or if the Required Lenders determine that (i) deposits of a type and maturity appropriate to match fund Eurodollar Advances are not available or (ii) the interest rate applicable to Eurodollar Advances does not accurately reflect the cost of making or maintaining Eurodollar Advances, then the Agent shall suspend the availability of Eurodollar Advances and require any affected Eurodollar Advances to be repaid or converted to Floating Rate Advances, subject to the payment of any funding indemnification amounts required by Section 3.4.

  • Application of Voluntary Prepayments by Type of Loans Any prepayment of any Loan pursuant to Section 2.10(a) shall be applied as specified by the Borrower in the applicable notice of prepayment.

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