Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance): (i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender); (ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; or (iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation. (b) If any Lender shall have determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation. (c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.
Appears in 4 contracts
Samples: Credit Agreement (Boston Scientific Corp), Revolving Credit Agreement (Boston Scientific Corp), Credit Agreement (Boston Scientific Corp)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):Closing Date:
(i) shall subject any Lender to any tax Tax of any kind whatsoever with respect to this Agreement, Agreement or any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-any Indemnified Taxes indemnifiable under Section 2.21 or any Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such LenderTaxes);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such any Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar LIBOR Rate Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower Borrowers shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent to the Borrowers shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Lending Office) to avoid or to minimize any amounts which might otherwise be payable pursuant to this subsection (a); provided, however, that the Borrower such efforts shall not cause the imposition on such Lender of any additional costs or legal or regulatory burdens deemed by such Lender in its sole discretion to be required to pay to any Lender any amounts under this paragraph for any period prior material. Notwithstanding anything herein to the date contrary, (x) the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act of 2010 and all requests, rules, guidelines or directives thereunder or issued in connection therewith as well as (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on which such Lender gives notice Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware Basel III, shall be deemed to be a change in “Requirement of Law,” regardless of the event giving rise to such payment obligationdate enacted, adopted or issued.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or liquidity or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy or liquidity (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof Closing Date does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacyadequacy or liquidity) by an amount reasonably deemed by such Lender in its sole discretion to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower Borrowers shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; providedreduction (but, that in the Borrower shall not be required to pay to any Lender case of outstanding Base Rate Loans, without duplication of any amounts under this paragraph for any period prior to the date on which such already recovered by a Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitledan adjustment in the Alternate Base Rate). A Such a certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent to the Borrower (with a copy to the Administrative Agent) Borrowers shall be conclusive in the absence of absent manifest error. .
(c) Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section 2.19 shall not constitute a waiver of such Lender’s right to demand such compensation, provided that the Borrowers shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section 2.19 for any increased costs incurred or reductions suffered more than six (6) months prior to the date that such Lender, as the case may be, notifies the Borrowers of the Requirement of Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor (except that, if the Requirement of Law giving rise to such increased costs or reductions is retroactive, then the six (6) month period referred to above shall be extended to include the period of retroactive effect thereof).
(d) The agreements in this subsection Section 2.19 shall survive the termination of this Credit Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 4 contracts
Samples: Credit Agreement (WestRock Co), Credit Agreement (MEADWESTVACO Corp), Credit Agreement (Rock-Tenn CO)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.16 shall survive the termination of this Credit Agreement and the payment of the Loans and all other amounts payable hereunderCredit Party Obligations.
Appears in 3 contracts
Samples: Credit Agreement (Intermagnetics General Corp), Credit Agreement (West Corp), Credit Agreement (Intermagnetics General Corp)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) does or shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, Agreement or any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof of principal, facility fee, interest or any other amount payable hereunder (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) does or shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, or deposits or other liabilities in or for the account of, advancesadvances or loans by, loans or other extensions of credit extended by, or any other acquisition of funds by, any office of such Lender which is are not otherwise included in the determination of the Eurocurrency Rate; orcovered by subsection 2.15(b);
(iii) does or shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit Loans or to reduce any amount receivable hereunder in respect thereofhereunder, then, in any such case, the Borrower Company shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its Eurodollar Loans. A certificate as to any additional amounts payable pursuant to this subsection submitted by such Lender, through the Administrative Agent, to the Company shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this subsection; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) In addition to amounts which may become payable from time to time pursuant to paragraph (a) of this subsection, the Company agrees to pay to each Lender which requests compensation under this paragraph (b) (by notice to the Company), on the last day of each Interest Period with respect to any Eurodollar Loan made by such Lender, so long as such Lender shall be required to maintain reserves against "Eurocurrency liabilities" under Regulation D of the Board of Governors of the Federal Reserve System (or, so long as such Lender may be required by such Board of Governors or by any other Governmental Authority to maintain reserves against any other category of liabilities which includes deposits by reference to which the interest rate on Eurodollar Loans is determined as provided in this Agreement or against any category of extensions of credit or other assets of such Lender which includes any Eurodollar Loans), an additional amount (determined by such Lender and notified to the Company) representing such Lender's calculation or, if an accurate calculation is impracticable, reasonable estimate (using such reasonable means of allocation as such Lender shall determine) of the actual costs, if any, incurred by such Lender during such Interest Period as a result of the applicability of the foregoing reserves to such Eurodollar Loans, which amount in any event shall not exceed the product of the following for each day of such Interest Period:
(i) the principal amount of the Eurodollar Loans made by such Lender to which such Interest Period relates outstanding on such day; and
(ii) the difference between (x) a fraction (expressed as a decimal) the numerator of which is the Eurodollar Rate (expressed as a decimal) applicable to such Eurodollar Loan and the denominator of which is one minus the maximum rate (expressed as a decimal) at which such reserve requirements are imposed by such Board of Governors or other Governmental Authority on such date minus (y) such numerator; and
(iii) a fraction the numerator of which is one and the denominator of which is 360.
(c) If any Lender shall have determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, within 15 days after demand by such Lender, the Borrower Company shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided.
(d) Notwithstanding anything to the contrary contained herein, that the Borrower Company shall not be required have any obligation to pay to any Lender any amounts owing under this paragraph subsection 2.15 for any period which is more than 60 days prior to the date on upon which such Lender gives notice the request for payment therefor is delivered to the Borrower Company; provided that such in no event shall the Company have any obligation to pay to any Lender amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware owing under subsection 2.15(b) for any period which is prior to the commencement of the event giving rise to Interest Period in effect at the time a demand for payment is made by such payment obligationLender.
(ce) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.
Appears in 3 contracts
Samples: Credit Agreement (Wyeth), Credit Agreement (American Home Products Corp), Credit Agreement (American Home Products Corp)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any ApplicationParticipation Interest therein or any application relating thereto, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit (or the Participations Interests therein) or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise in its sole discretion to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount reasonably deemed by such Lender in its sole discretion to be material, then from time to time, within fifteen days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.17 shall survive the termination of this Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 3 contracts
Samples: Credit Agreement (Amedisys Inc), Credit Agreement (Bradley Pharmaceuticals Inc), Credit Agreement (Bradley Pharmaceuticals Inc)
Requirements of Law. (a) If If, after the adoption date hereof, as a result of the introduction of or any change in any Requirement of Law in, or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreementof, any Note, any Letter Requirement of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by itLaw, or change the basis of taxation of payments to such Lender a Lender’s compliance therewith, there shall be any increase in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems of agreeing to be material, of make or making, converting into, continuing funding or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances Loans or (as the case may be) issuing or participating in Letters of Credit Credit, or to reduce a reduction in the amount received or receivable by such Lender in connection with any amount receivable hereunder in respect thereof, then, in of the foregoing (excluding for purposes of this subsection (a) any such caseincreased costs or reduction in amount resulting from (i) Taxes or Other Taxes (as to which Section 3.13 shall govern) and (ii) reserve requirements utilized in the determination of the Eurodollar Rate), then from time to time, within 10 days of demand of such Lender (with a copy of such demand to the Administrative Agent), the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced reduction in yield.
(b) Each Lender shall promptly notify the Borrower and the Administrative Agent of any event of which it has knowledge, occurring after the date hereof, which will entitle such Lender to compensation pursuant to this Section 3.12 and will designate a different Lending Office if such designation will avoid the need for, or reduce the amount receivable; providedof, that such compensation and will not, in the reasonable judgment of such Lender, be otherwise materially disadvantageous to it. Any Lender claiming compensation under this Section 3.12 shall furnish to the Borrower and the Administrative Agent a statement setting forth in reasonable detail the additional amount or amounts to be paid to it hereunder which shall be conclusive absent manifest error.
(c) The Borrower shall not be required to pay compensate a Lender pursuant to any Lender any amounts under this paragraph Section 3.12 for any period increased costs or reductions incurred more than 180 days prior to the date on which that such Lender gives notice to notifies the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event change of law giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the adoption increased costs or reductions and of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled ’s intention to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereundercompensation therefor.
Appears in 3 contracts
Samples: 364 Day Revolving Credit Agreement (Polaris Industries Inc/Mn), Multi Year Revolving Credit Agreement (Polaris Industries Inc/Mn), Five Year Revolving Credit Agreement (Polaris Industries Inc/Mn)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances or issuing or participating in Letters of Credit Loans or to reduce any amount receivable hereunder in respect thereofor under any Term Note, then, in any such case, the Borrower Credit Parties shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower Credit Parties shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section shall survive the termination of this Credit Agreement and the payment of the Loans and all other amounts payable hereunderCredit Party Obligations.
Appears in 3 contracts
Samples: Credit Agreement (Pep Boys Manny Moe & Jack), Credit Agreement (Pep Boys Manny Moe & Jack), Credit Agreement (Pep Boys Manny Moe & Jack)
Requirements of Law. A. Lessee shall not do, and shall not permit persons within Lessee’s control to do, any act or thing in or upon the Premises or the Building which will invalidate or be in conflict with the certificate of occupancy for the Premises or the Building or violate any other zoning ordinances, and rules and regulations of governmental or quasi-governmental authorities having jurisdiction over the Premises or the Building (athe “Requirements”). Lessee shall, at Lessee’s sole cost and expense, take all action, including any required Alterations necessary to comply with all Requirements (including, but not limited to, applicable terms of the Broward County Building Code and the Americans With Disabilities Act of 1990 (the “ADA”), each as modified and supplemented from time to time) If which shall impose any violation, order or duty upon Lessor or Lessee arising from, or in connection with Lessee’s use or manner of use of the adoption of Premises, or any change in any Requirement of Law or installations in the interpretation Premises, or application thereof required by reason of a breach of any of Lessee’s covenants or compliance by any Lender with any request or directive (agreements under this Lease, whether or not having the force of law) from such Requirements shall now be in effect or hereafter enacted or issued, and whether or not any central bank work required shall be ordinary or other Governmental Authority made subsequent to extraordinary or foreseen or unforeseen at the date hereof (orhereof. Notwithstanding the preceding sentence, in the case Lessee shall not be obligated to perform any Alterations necessary to comply with any Requirements, unless compliance shall be required by reason of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax Lessee’s particular use, manner of any kind whatsoever with respect to this Agreement, any Note, any Letter use or occupancy on behalf of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by itLessee of the Premises, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify any breach of any of Lessee’s covenants or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit byagreements under this Lease, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; or
(iii) any wrongful act or omission by Lessee or persons within Lessee’s control.
B. Lessee covenants and agrees that Lessee shall, at Lessee’s sole cost and expense, comply at all times with all Requirements governing the use, generation, storage, treatment and/or disposal of any “Hazardous Materials” (which term shall impose on such Lender mean any biologically or chemically active or other toxic or hazardous wastes, pollutants or substances, including, without limitation, asbestos, PCBs, petroleum products and by-products, substances defined or listed as “hazardous substances” or “toxic substances” or similarly identified in or pursuant to the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 et seq., and as hazardous wastes under the Resource Conservation and Recovery Act, 42 U.S.C. § 6010, et seq., any chemical substance or mixture regulated under the Toxic Substance Control Act of 1976, as amended, 15 U.S.C. § 2601, et seq., any “toxic pollutant” under the Clean Water Act, 33 U.S.C. § 466 et seq., as amended, any hazardous air pollutant under the Clean Air Act, 42 U.S.C. § 7401 et seq., hazardous materials identified in or pursuant to the Hazardous Materials Transportation Act, 49 U.S.C. § 1802, et seq., and any hazardous or toxic substances or pollutant regulated under any other condition; and the result of any of the foregoing is Requirements). Lessee shall agree to increase the cost to such Lenderexecute, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, at Lessor’s request, affidavits, representations and the Borrower shall promptly pay to such Lender such additional amount like concerning Lessee’s best knowledge and belief regarding the presence of Hazardous Materials in, on, under or amounts as will compensate such Lender for such reduction; providedabout the Premises, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to Building or the date land on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware Building is located. Lessee shall indemnify and hold harmless Lessor, its officers, agents, successors and assigns (“Indemnities”) from and against any loss, cost, damage, liability or should have become aware of the event giving rise to such payment obligation.
expense (cincluding attorneys’ fees and disbursements) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event arising by reason of which it has become so entitledany clean up, removal, remediation, detoxification action or any other activity required or recommended of any Indemnities by any Governmental Authority by reason of the presence in or about /s/ Lessor /s/ Lessee the Building or the Premises of any Hazardous Materials, as a result of or in connection with the act or omission of Lessee or persons within Lessee’s control or the breach of this Lease by Lessee or persons within Lessee’s control. A certificate as to any additional amounts payable pursuant to this subsection submitted by such Lender Lessor represents and warrants to the Borrower best of its knowledge at the execution of this lease that the Premises do not presently contain and are free from all Hazardous Materials. Lessor shall indemnify and hold harmless Lessee, its officers, agents, successors and assigns from and against any loss, cost, damage, liability or expense (with including attorney’s fees and disbursements) arising from the breach of the foregoing representation, and/or (a) Hazardous Materials present on, in or under the Premises as a copy to result of any discharge, dumping or spilling (accidental or otherwise) by Lessor onto the Administrative Agent) shall be conclusive in the absence of manifest errorPremises. The agreements in this subsection foregoing covenants and indemnity shall survive the expiration or any termination of this Agreement and Lease.
C. If either Lessee or Lessor shall receive notice of any violation of, or defaults under, any Requirements, liens or other encumbrances applicable to the payment of Premises; the Loans and all party receiving such notice shall give prompt notice thereof to the other amounts payable party hereunder.
D. If any governmental license or permit shall be required for the proper and lawful conduct of Lessee’s business and if the failure to secure such license or permit would, in any way, affect Lessor or the Building, then Lessee, at Lessee’s expense, shall promptly procure and thereafter maintain, submit for inspection by Lessor, and at all times comply with the terms and conditions of, each such license or permit.
Appears in 3 contracts
Samples: Office Lease Agreement (Local Matters Inc.), Office Lease Agreement (Local Matters Inc.), Lease (Local Matters Inc.)
Requirements of Law. (a) If any Lender shall have determined that the adoption of or any change in any Requirement of Law or (in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the each case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the adoption hereof) of or any change in any Requirement of Law Governmental Authority regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount deemed determined by such Lender Lender, in its reasonable discretion, to be material, then from time to time, the each Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender or such corporation for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise reduction directly applicable to such payment obligationBorrower separately.
(cb) If any Lender becomes entitled to claim claim, and determines that it will collect from the Borrowers, any additional amounts pursuant to this subsectionSection, it shall promptly notify the Borrower Borrowers (with a copy to the Administrative Agent) of the event by reason of which it has become so entitledentitled by providing a certificate setting forth in reasonable detail the basis for the claim for additional amounts, the amounts required to be paid by the Borrowers to such Lender, and the computations made by such Lender to determine the amounts; provided that such Lender shall not be required to disclose any confidential information. A Such certificate as to any additional amounts payable pursuant to this subsection Section submitted by such Lender to the Borrower Borrowers (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection Section shall survive the termination of this Agreement and the payment of the Revolving Credit Loans and all other amounts payable hereunder. No Borrower shall be responsible to compensate such Lender for additional amounts attributable to another Borrower’s Revolving Credit Loans.
(c) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrowers shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 45 days prior to the date that such Lender notifies the Borrowers of the change in the Requirement of Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided further that, if the change in the Requirement of Law giving rise to such increased costs or reductions is retroactive, then the 45-day period referred to above shall be extended to include the period of retroactive effect thereof.
(d) Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section 2.10(a) with respect to such Lender, it will, if requested by the Borrowers, use reasonable efforts (subject to overall policy considerations of such Lender) to avoid or mitigate any additional amounts payable to the greatest extent practicable (including transferring the Revolving Credit Loans affected by such event to another lending office), unless in the opinion of such Lender, such efforts would result in such Lender (or its lending office) suffering an economic, legal or regulatory disadvantage. Nothing in this clause (b) shall affect or postpone any of the obligations of the Borrowers or the right of any Lender provided in this Section 2.10.
(e) The agreements in this Section shall survive termination of the Commitments and repayment of the Revolving Credit Loans and all amounts payable hereunder.
Appears in 3 contracts
Samples: Credit Agreement (Schroder Capital Funds (Delaware)), Credit Agreement (Schroder Global Series Trust), Credit Agreement (Schroder Series Trust)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacyadequacy as in effect as of the date of this Agreement) by an amount deemed by such Lender to be material, then from time to time, the after submission by Lender to Borrower of a written request therefor, Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate Lender or such Lender corporation for such reduction; provided, that the Borrower shall not be required to pay compensate Lender pursuant to any Lender any amounts under this paragraph for any period amounts incurred more than six months prior to the date on which such that Lender gives notice notifies Borrower of Lender’s intention to claim compensation therefor; and provided, further that, if the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event circumstances giving rise to such payment obligationclaim have a retroactive effect, then such six-month period shall be extended to include the period of such retroactive effect.
(cb) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection Section submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in obligations of Borrower pursuant to this subsection Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.
(c) Failure or delay on the part of Lender to demand compensation pursuant to this Section 2.9 shall not constitute a waiver of Lender’s right to demand such compensation; provided, that Borrower shall not be under any obligation to compensate Lender under clause (a) of this Section 2.9 for increased costs or reductions with respect to any period prior to the date that is 180 days prior to such request if Lender knew or could reasonably have been expected to know of the circumstances giving rise to such increased costs or reductions and of the fact that such circumstances would result in a claim for increased compensation by reason of such increased costs or reductions; provided, further, that the foregoing limitation shall not apply to any increased costs or reductions arising out of the retroactive application of any change in Law within such 180-day period. The protection of this Section 2.9 shall be available to Lender regardless of any possible contention of the invalidity or inapplicability of the change in any Requirement of Law that shall have occurred or been imposed. Notwithstanding anything herein to the contrary, the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act, and all requests, rules, guidelines and directives promulgated thereunder, all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, are in each case deemed to have been introduced or adopted after the date hereof, regardless of the date enacted, adopted, issued or implemented for all purposes under or in connection with this Agreement (including this Section 2.9) and any taxes imposed thereby (other than taxes described in Section 2.10) shall be deemed to be the adoption of or a change in a Requirement of Law regarding capital adequacy.
Appears in 2 contracts
Samples: Loan Agreement (Newtek Business Services Corp.), Loan and Security Agreement (Newtek Business Services, Inc.)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, within 15 days after its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.15 shall survive the termination of this Credit Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 2 contracts
Samples: Credit Agreement (International Speedway Corp), Credit Agreement (International Speedway Corp)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change Change in any Requirement Law of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof regarding capital or liquidity requirements shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's Lender’s holding company’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation holding company could have achieved but for such adoption, change or compliance Change in Law (taking into consideration such Lender's ’s or such corporation's holding company’s reasonable policies with respect to capital adequacy) by an amount deemed determined by such Lender to be material, then from time to time, the each Borrower shall promptly pay to such Lender such additional amount or amounts as will reasonably compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(cb) If any Lender becomes entitled to claim claim, and determines that it will collect from the Borrowers, any additional amounts pursuant to this subsectionSection, it shall promptly notify the Borrower Borrowers (with a copy to the Administrative Agent) of the event by reason of which it has become so entitledentitled by providing a certificate setting forth in reasonable detail the basis for the claim for additional amounts, the amounts required to be paid by the Borrowers to such Lender, and the computations made by such Lender to determine the amounts; provided that such Lender shall not be required to disclose any confidential information. A Such certificate as to any additional amounts payable pursuant to this subsection Section submitted by such Lender to the Borrower Borrowers (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. No Borrower shall be responsible to compensate such Lender for additional amounts attributable to another Borrower’s Loans.
(c) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrowers shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 120 days prior to the date that such Lender notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 120-day period referred to above shall be extended to include the period of retroactive effect thereof.
(d) Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section 2.10(a) with respect to such Lender, it will, if requested by the Borrowers, use reasonable efforts (subject to overall policy considerations of such Lender) to avoid or mitigate any additional amounts payable to the greatest extent practicable (including transferring the Loans affected by such event to another lending office), unless in the opinion of such Lender, such efforts would result in such Lender (or its lending office) suffering an economic, legal or regulatory disadvantage. Nothing in this clause (d) shall affect or postpone any of the obligations of the Borrowers or the right of any Lender provided in this Section 2.10.
(e) The agreements in this Section shall survive termination of the Commitments and repayment of the Loans and all amounts payable hereunder.
Appears in 2 contracts
Samples: Credit Agreement (T. Rowe Price Credit Opportunities Fund, Inc.), Credit Agreement (T. Rowe Price Multi-Sector Account Portfolios, Inc.)
Requirements of Law. (a) If at any time any Lender, the adoption of Issuing Bank or the LC Facility Issuing Bank determines that the introduction of, or any change in any Requirement of Law or in the interpretation of, any law, treaty or application thereof governmental rule, regulation or order (other than any change by way of imposition or increase of reserve requirements included in determining the Adjusted LIBO Rate) or the compliance by any Lender such Lender, the Issuing Bank or the LC Facility Issuing Bank with any guideline, request or directive from any central bank or other Governmental Authority (whether or not having the force of law), shall have the effect of increasing the cost to such Lender or the Issuing Bank for agreeing to make or making, funding or maintaining any Eurodollar Loans or participating in, issuing or maintaining any Letter of Credit or any LC Facility Deposit (including any tax other than Indemnified or Other Taxes or Excluded Taxes covered by Section 2.16, which shall be governed exclusively by such section), then Borrower shall from time to time, within five days of demand therefor by such Lender, the Issuing Bank or the LC Facility Issuing Bank (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender, the Issuing Bank or the LC Facility Issuing Bank additional amounts sufficient to compensate such Lender, the Issuing Bank or the LC Facility Issuing Bank for such increased cost. A certificate as to the amount of such increased cost, submitted to Borrower and the Administrative Agent by such Lender, the Issuing Bank or the LC Facility Issuing Bank, shall be conclusive and binding for all purposes, absent manifest error. Such Lender, the Issuing Bank or the LC Facility Issuing Bank, as applicable, shall promptly notify the Administrative Agent and Borrower in writing of the occurrence of any such event, such notice to state, in reasonable detail, the reasons therefor and the additional amount required fully to compensate such Lender, the Issuing Bank or the LC Facility Issuing Bank, as applicable, for such increased cost or reduced amount. Such additional amounts shall be payable directly to such Lender, the Issuing Bank or the LC Facility Issuing Bank, as applicable, within five days of Borrower’s receipt of such notice, and such notice shall, in the absence of manifest error, be conclusive and binding on Borrower.
(b) If any change in, or the introduction, adoption, effectiveness, interpretation, reinterpretation or phase-in of, any law or regulation, directive, guideline, decision or request (whether or not having the force of law) from of any court, central bank bank, regulator or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof affects or would affect the adoption amount of capital required or expected to be maintained by any change in any Requirement of Law regarding capital adequacy Lender, the Issuing Bank or in the interpretation LC Facility Issuing Bank (or application thereof or compliance by such Lender or any corporation a holding company controlling such Lender with any request Lender, the Issuing Bank or directive regarding capital adequacy the LC Facility Issuing Bank) and such Lender, the Issuing Bank or the LC Facility Issuing Bank determines (whether or not having the force of lawin its sole and absolute discretion) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing that the rate of return on such Lender's its capital (or such corporation's the capital of its holding company, as the case may be) as a consequence of its obligations hereunder Revolving Credit Commitment or under the Loans made by it or its participations in Swingline Loans or any Letter issuance, participation or maintenance of Letters of Credit is reduced to a level below that which such Lender Lender, the Issuing Bank or such corporation the LC Facility Issuing Bank (or its holding company) could have achieved but for the occurrence of any such adoptioncircumstance, change or compliance (taking into consideration then, in any such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then case upon notice from time to timetime by such Lender, the Issuing Bank or the LC Facility Issuing Bank to Borrower, Borrower shall promptly immediately pay directly to such Lender Lender, the Issuing Bank or the LC Facility Issuing Bank, as the case may be, additional amounts sufficient to compensate such Lender, the Issuing Bank or the LC Facility Issuing Bank (or its holding company) for such reduction in rate of return. A statement of such Lender, the Issuing Bank or the LC Facility Issuing Bank as to any such additional amount or amounts as (including calculations thereof in reasonable detail) shall, in the absence of manifest error, be conclusive and binding on Borrower. In determining such amount, such Lender, the Issuing Bank or the LC Facility Issuing Bank may use any method of averaging and attribution that it (in its sole and absolute discretion) shall deem applicable.
(c) In the event that the Issuing Bank, any Lender or the LC Facility Issuing Bank determines that any event or circumstance that will compensate lead to a claim under this Section 2.15 has occurred or will occur, the Issuing Bank, such Lender for such reductionor the LC Facility Issuing Bank will use its best efforts to so notify Borrower; provided, provided that the Borrower shall not be required to pay to compensate any Lender or LC Facility Issuing Bank pursuant to this Section 2.15 for any amounts under this paragraph for any period incurred more than 120 days prior to the date on which such Lender gives or LC Facility Issuing Bank notifies Borrower of such claim; provided that any failure to provide such notice to shall in no way impair the Borrower that such amounts are payable unless rights of the Issuing Bank, such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise LC Facility Issuing Bank to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to demand and receive compensation under this subsectionSection 2.15, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as but without prejudice to any additional amounts payable pursuant claims of Borrower for compensation for actual damages sustained as a result of any failure to observe this subsection submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunderundertaking.
Appears in 2 contracts
Samples: Credit Agreement (Rural Metro Corp /De/), Credit Agreement (Rural Metro Corp /De/)
Requirements of Law. (a) If In the adoption of or event that any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):Regulatory Change shall:
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments any amounts payable to such any Lender under this Agreement or the Notes in respect thereof of any Loans, including without limitation LIBOR Loans (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax other than taxes imposed on the overall net income of such Lender);
(ii) shall impose, impose or modify or hold applicable any reserve, special deposit, compulsory loan assessment, special deposit or similar requirement against relating to any extensions of credit or other assets held byof, or any deposits with or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included (including any of such Loans or any deposits referred to in the determination definition of the Eurocurrency "LIBOR Base Rate" in Article XI); or
(iii) shall impose on such Lender any other conditionconditions affecting this Agreement in respect of Loans, including without limitation LIBOR Loans (or any of such extensions of credit, assets, deposits or liabilities); and the result of any of the foregoing is shall be to increase the cost to such Lender, by an amount which such Lender deems to be material, 's costs of making, converting into, continuing making or maintaining Eurodollar any Loans, Multicurrency Loansincluding without limitation LIBOR Loans or any Commitment, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable by such Lender hereunder in respect thereof, thenof any of its LIBOR Loans or any Commitment, in any each case only to the extent that such caseadditional amounts are not included in the LIBOR Base Rate or Prime Rate applicable to such Loans, then the Borrower shall promptly pay on demand to such Lender, through the Agent, and from time to time as specified by such Lender, such additional amounts as such Lender such additional amount or amounts as will shall reasonably determine are sufficient to compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If at any time after the date of this Agreement any Lender shall have determined that after the date hereof applicability of any law, rule, regulation or guideline adopted pursuant to or arising out of the July 1988 report of the Basle Committee on Lending Regulations and Supervisory Practices entitled "International Convergence of Capital Measurement and Capital Standards", or the adoption or implementation of any Regulatory Change regarding capital adequacy, or any change therein, or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application administration thereof by any Governmental Authority, central bank or compliance by such Lender comparable agency charged with the interpretation or any corporation controlling such Lender with any request or directive regarding capital adequacy administration thereof (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall ), has or will have the effect of reducing the rate of return on such Lender's capital or on the capital of such corporationLender's capital holding company, if any, as a consequence of the existence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation its holding company could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to timetime following written notice by such Lender to the Borrower as provided in paragraph (c) of this Section, within fifteen (I 5) days after demand by such Lender, the Borrower shall promptly pay to such Lender Lender, through the Agent, such additional amount or amounts as such Lender shall reasonably determine will compensate such Lender or such corporation, as the case may be, for such reduction; provided, provided that to the Borrower shall not be required to pay to extent that any Lender any amounts or all of the Borrower's liability under this paragraph for any period prior to Section arises following the date on which of the adoption of any such Regulatory Change (the "Effective Date"), such compensation shall be payable only with respect to that portion of such liability arising after notice of such Regulatory Change is given by such Lender gives notice to the Borrower that such amounts are payable (unless such Lender gives such notice is given within 180 sixty (60) days after it became aware or should have become aware the Effective Date, in which case such compensation shall be payable in respect of all periods before and after the event giving rise to such payment obligationEffective Date).
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsectionSection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to setting forth in reasonable detail the computation of any additional amounts payable pursuant to this subsection Section submitted by such Lender to the Borrower (with a copy shall be delivered to the Administrative Agent) Borrower and the other Lenders promptly after the initial incurrence of such additional amounts and shall be conclusive in the absence of manifest error. No failure on the part of any Lender to demand compensation under paragraph (a) or (b) above on any one occasion shall constitute a waiver of its rights to demand compensation on any other occasion. The agreements protection of this Section shall be available to each Lender regardless of any possible contention of the invalidity or inapplicability of any law, regulation or other condition which shall give rise to any demand by such Lender for compensation thereunder.
(d) Upon notice to the Borrower from any Lender as contemplated in this subsection subparagraph (c) above, Borrower may seek to locate a replacement Lender therefor and arrange for an assigmnent of the original Lender's interest in the Loans and the Loan Documents as provided under Article XIII, provided that (i) any such replacement Lender shall survive be reasonably acceptable to the termination Agent and (ii) any such replacement of the original Lender shall not relieve the Borrower of any accrued obligations to the original Lender under subparagraph (b) above or otherwise under this Agreement and the payment of the Loans and all other amounts payable hereunderLoan Documents.
Appears in 2 contracts
Samples: Credit Agreement (Acme Television LLC), Credit Agreement (Acme Intermediate Holdings LLC)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or any change in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Loan Agreement, any the Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency other Loan Document or LIBO Rate CAF Advance made by it, the Loan or change the basis of taxation of payments to such Lender in respect thereof (except for excluding Non-Excluded Taxes covered by subsection 3.10 Section 2.09 hereof and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan advance or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans advances or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; orLIBOR hereunder;
(iii) shall impose on such Lender any other conditioncondition affecting this Loan Agreement or any other Loan Document; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender reasonably deems to be materialmaterial until the Requirement of Law giving rise to such request ceases to be in effect and applicable to Lender, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit the Loan or to reduce any amount receivable hereunder in respect thereof, then, in any such case, Borrower shall, upon receipt of prior written notice of such fact and a reasonably detailed description of the Borrower shall promptly circumstances, within five (5) Business Days pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined in good faith that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit by an amount deemed by Lender to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance be material (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount deemed by such Lender to be material), then from time to time, the Borrower shall promptly within five (5) Business Days, upon written notice from Lender, pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.
Appears in 2 contracts
Samples: Loan and Security Agreement (NexPoint Real Estate Finance, Inc.), Loan and Security Agreement (NexPoint Real Estate Finance, Inc.)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax Tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, Agreement or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 indemnified under Section 2.11 and the imposition of, or changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans any Excluded Taxes) or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; condition and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable by such Lender hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such any additional amount or amounts as will necessary to compensate such Lender on an after-Tax basis for such increased cost or reduced amount receivable; provided, provided that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior notwithstanding anything herein to the date contrary, (i) the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith, and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on which such Lender gives notice Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise Basel III, shall in each case be deemed to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the be an adoption of or any change in any a Requirement of Law regarding capital adequacy or in the interpretation or application thereof or in compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force therewith and shall be subject to this Section 2.10 regardless of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's enacted, adopted or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) issued. If any Lender becomes entitled to claim any additional amounts pursuant to this subsectionSection 2.10, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection Section 2.10 submitted by such any Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. Failure or delay on the part of any Lender to demand compensation pursuant to this Section 2.10 shall not constitute a waiver of such Lender’s right to demand such compensation; provided that Borrower shall not be required to compensate a Lender pursuant to this Section 2.10 for any increased costs incurred or reductions suffered more than 180 days prior to the date that such Lender notifies Borrower of the change in any Requirement of Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor (except that, if the event giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof). The agreements in obligations of Borrower pursuant to this subsection Section 2.10 shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.
Appears in 2 contracts
Samples: Credit Agreement (Trans Energy Inc), Credit Agreement (Trans Energy Inc)
Requirements of Law. (a) If any Lender shall have determined that the adoption of or any change in any Requirement of Law or (in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the each case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the adoption hereof) of or any change in any Requirement of Law Governmental Authority regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount deemed determined by such Lender to be material, then from time to time, the Borrower shall promptly promptly, and in any event within ten Business Days of receipt of notice thereof from the Administrative Agent or such Lender, pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(cb) If any Lender becomes entitled to claim any additional amounts pursuant to this subsectionSection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitledentitled by providing a certificate setting forth in reasonable detail the basis for the claim for additional amounts, the amounts required to be paid by the Borrower to such Lender, and the computations made by such Lender to determine the amounts; provided that such Lender shall not be required to disclose any confidential information. A Such certificate as to any additional amounts payable pursuant to this subsection Section submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.
(c) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 270 days prior to the date that such Lender notifies the Borrower of the change in the Requirement of Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided further that, if the change in the Requirement of Law giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof, to a maximum additional period of one year.
Appears in 2 contracts
Samples: Credit Agreement (Kayne Anderson Energy Total Return Fund, Inc.), Credit Agreement (Kayne Anderson MLP Investment CO)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances or issuing or participating in Letters of Credit Loans or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise in its reasonable discretion to such payment obligationbe material.
(b) If (i) any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender in its sole discretion to be materialmaterial and (ii) such Lender shall provide the Borrower, then from time within thirty (30) days following its determination that such a reduction in its rate of return has occurred, with a certificate demanding such additional amount (the "Shortfall Amount") as shall be certified by such Lender as being required to timecompensate it for such reduction, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with Shortfall Amount. Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 3.11 shall survive the termination of this Credit Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 2 contracts
Samples: 364 Day Credit Agreement (Dial Corp /New/), 364 Day Credit Agreement (Dial Corp /New/)
Requirements of Law. (a) If at any time any Lender determines that the adoption of introduction after the Closing Date of, or any change after the Closing Date in any Requirement of Law or in the interpretation of, any law, treaty or application thereof governmental rule, regulation or order (other than any change by way of imposition or increase of reserve requirements included in determining the Adjusted LIBO Rate) or the compliance by any such Lender with any guideline, request or directive from any central bank or other Governmental Authority (whether or not having the force of law), shall have the effect of increasing the cost to such Lender for agreeing to make or making, funding or maintaining any Eurodollar Loans, then Borrower shall from time to time, within five Business Days of demand therefor by such Lender (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender additional amounts sufficient to compensate such Lender for such increased cost. A certificate setting forth in reasonable detail the basis for calculating the amount of such increased cost, submitted to Borrowers and the Administrative Agent by such Lender, shall be prima facie presumed correct. Such Lender shall promptly notify the Administrative Agent and Borrowers in writing, accompanied by a certificate as described above, of the occurrence of any such event, such notice to state, in reasonable detail, the reasons therefor and the additional amount required fully to compensate such Lender for such increased cost or reduced amount. Such additional amounts shall be payable directly to such Lender within five Business Days of Borrowers’ receipt of such notice, and such notice shall be prima facie presumed correct.
(b) If any change in, or the introduction, adoption, effectiveness, interpretation, reinterpretation or phase-in of, any law or regulation, directive, guideline, decision or request (whether or not having the force of law) from of any court, central bank bank, regulator or other Governmental Authority made subsequent in each case after the Closing Date affects or would affect the amount of capital required or expected to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance be maintained by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to and such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, reasonably determines that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's or such corporation's its capital as a consequence of its obligations hereunder or under any Letter of Credit the Loans made by it is reduced to a level below that which such Lender or such corporation could have achieved but for the occurrence of any such adoptioncircumstance, change or compliance (taking into consideration then, in any such Lender's or such corporation's policies with respect case upon delivery to capital adequacy) by an amount deemed Borrower of a certificate by such Lender as to any such additional amount or amounts (including calculations thereof in reasonable detail) (which shall be material, then prima facie presumed correct) from time to time, the Borrower Borrowers shall promptly pay within 10 Business Days directly to such Lender such additional amount or amounts as will sufficient to compensate such Lender for such reductionreduction in rate of return. In determining such amount, such Lender may use any method of averaging and attribution that it (in its reasonable discretion) shall deem applicable.
(c) In the event that any Lender determines that any event or circumstance that will lead to a claim under this Section 2.15 has occurred or will occur, such Lender will use its best efforts to so notify Borrowers; providedprovided that, that subject to the next succeeding sentence, any failure to provide such notice shall in no way impair the rights of such Lender to demand and receive compensation under this Section 2.15, but without prejudice to any claims of Borrower for compensation for actual damages sustained as a result of any failure to observe this undertaking. Notwithstanding the foregoing, Borrowers shall not be required to pay compensate a Lender pursuant to any Lender any amounts under this paragraph Section 2.15 for any period increased costs incurred or reductions suffered more than nine months prior to the date on which that such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware notifies Borrowers of the event or circumstances giving rise to a right of claim pursuant to this Section 2.15 and of such Lender’s intention to claim compensation therefor (except that, if the event or circumstances giving rise to such payment obligation.
(c) If any Lender becomes entitled right of claim is retroactive, then the nine month period referred to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted by such Lender to the Borrower (with a copy to the Administrative Agent) above shall be conclusive in extended to include the absence period of manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunderretroactive effect thereof).
Appears in 2 contracts
Samples: Second Lien Credit Agreement (Emdeon Inc.), Second Lien Credit Agreement (Emdeon Inc.)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.16 shall survive the termination of this Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 2 contracts
Samples: Credit Agreement (Florida Rock Industries Inc), Credit Agreement (Dan River Inc /Ga/)
Requirements of Law. If any federal, state or municipal government or any department or division thereof has condemned or hereafter shall condemn the Premises or Shopping Center or any part thereof as unsafe or as not in conformity with all Legal Requirements, or if any federal, state or municipal government or any department or division thereof has ordered or hereafter shall order any alterations or repairs thereof, Landlord shall immediately at its sole cost and expense make such alterations and repairs as may be necessary to comply with Legal Requirements (athe validity of which Landlord shall be entitled to contest) ("Required Work"), the following shall apply:
A. Landlord and Tenant shall each have the right to contest the validity of any Required Work. Tenant's right to do so shall be governed by the provisions of Subsection 6.2F to the extent applicable.
B. Tenant shall perform any Required Work that must be made to the Premises at Tenant's sole cost and expense that is required because of Tenant's particular and specific use of the Premises, and which is not being generally required to be made to other similar buildings in the same jurisdiction governed by the governmental authority in question.
C. If Tenant is not required to perform the Required Work pursuant to Subsection 7.3B above, then Landlord shall perform the Required Work. If the Required Work relates to a Legal Requirement that was in effect as of the Effective Date of the Lease, Landlord shall perform the Required Work at its sole cost, without a right of reimbursement from Tenant. To the extent any Required Work to be performed by Landlord interferes with Tenant's use of the Premises, Tenant shall be entitled to an abatement of Base Monthly Rent to the extent the performance of the Required Work interferes with Tenant's use of the Premises.
D. If Landlord is required to perform the Required Work and such Required Work does not relate to a Legal Requirement in effect as of the Effective Date of the Lease, then Tenant shall contribute to the cost of the Required Work in the form of additional rent payable during the remainder of the Lease Term. The amount of additional rent Tenant is to pay with respect to each Required Work shall be determined as follows:
(1) All costs paid by Landlord to perform the Required Work shall be amortized over the useful life of the improvement, with interest on the unamortized balance at the then prevailing market rate Landlord would pay if it borrowed funds to construct such improvements from an institutional lender. Landlord shall inform Tenant of the monthly amortization payment that would be required to so amortize such costs (with interest) over such useful life of the improvement, and shall also provide Tenant with the information upon which such determination is based.
(2) If the adoption of Required Work is not performed on the Building or any change in any Requirement other element of Law or the Premises, but is performed in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank Common Area or other Governmental Authority made subsequent part of the Shopping Center, as additional rent Tenant shall pay an amount equal to Tenant's Proportionate Share of such monthly amortization payment. If the Required Work relates to the date hereof (orBuilding or other element of the Premises, Tenant shall pay as additional rent an amount equal to such monthly amortization payment. Tenant's obligation to pay such additional rent shall continue for each month after the Required Work in question is completed until the case first to occur of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax the expiration of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by itthe Lease Term, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) the end of the term over which such costs were amortized. Such amount shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for be due at the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office same time Base Monthly Rent is due. If by reason of such Lender which Legal Requirements or the work done by Landlord in connection therewith, Tenant is not otherwise included in the determination deprived of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; and the result of any use of the foregoing is Premises, then the Base Monthly Rent and other charges payable by Tenant to increase Landlord hereunder shall be abated in proportion to the cost time during which, and to that portion of the Premises of which, Tenant shall be deprived as a result thereof. All such Lenderalterations and repairs shall be done in accordance with plans and specifications approved by Tenant, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower approval shall not be required to pay to any Lender any amounts under this paragraph for any period prior to unreasonably withheld. Notwithstanding the date on which above, if such Lender gives notice to condemnation or Legal Requirement is the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware direct result or should have become aware is caused by Tenant's particular and specific use of the event giving rise Premises (the validity and applicability of which Tenant shall be entitled to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be materialcontest), then from time to timeTenant shall immediately at Tenant's own cost and expense comply therewith, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware and no abatement of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted by such Lender to the Borrower (with a copy to the Administrative Agent) rent shall be conclusive in the absence of manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereundergranted.
Appears in 2 contracts
Samples: Lease Agreement (Montgomery Realty Group Inc), Lease Agreement (Montgomery Realty Group Inc)
Requirements of Law. (a) If the adoption of or any change Change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):shall:
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which that is not otherwise included in the determination of the Eurocurrency Adjusted Term SOFR Rate; or
(iiiii) shall impose on such Lender or any interbank market any other condition; and the result of any of the foregoing is to increase the cost to the Administrative Agent or such LenderLender (or its affiliate, as the case may be), by an amount which that the Administrative Agent or such Lender reasonably deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit Term Benchmark Loans or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Company and any relevant Subsidiary Borrower shall promptly pay the Administrative Agent or such Lender, within 15 Business Days of receipt of notice from the Administrative Agent or the relevant Lender such as described below, any additional amount amounts necessary to compensate the Administrative Agent or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, receivable (it being understood that the Borrower shall provisions set forth in this Section 2.20(a) are not be required intended to pay to any Lender any amounts under this paragraph for any period prior to derogate from the date on which such Lender gives notice to Company’s rights provided in Section 2.23 and Section 2.24). If the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware Administrative Agent or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsectionparagraph, it shall promptly notify the Company or the relevant Subsidiary Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. entitled (including a reasonably detailed calculation of such amounts).
(b) If any Lender shall have determined that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or an entity controlling such Lender’s capital as a consequence of its obligations hereunder to a level below that which such Lender or such entity could have achieved but for such Change in Law (taking into consideration such Lender’s or such entity’s policies with respect to capital adequacy or liquidity) by an amount deemed by such Lender to be material, then from time to time, within 15 Business Days after submission by such Lender to the Company and any relevant Subsidiary Borrower (with a copy to the Administrative Agent) of a written request therefor (together with a reasonably detailed description and calculation of such amounts), the Company and any relevant Subsidiary Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender or such entity for such reduction (it being understood that the provisions set forth in this Section 2.20(b) are not intended to derogate from the Company’s rights provided in Sections 2.23 and 2.24).
(c) A certificate as to any additional amounts payable pursuant to this subsection Section 2.20 submitted by such the Administrative Agent or any Lender to the Company and any relevant Subsidiary Borrower (with a copy to the Administrative Agent) shall be conclusive prima facie evidence of the amount owing in the absence of manifest error. The agreements Notwithstanding anything to the contrary in this subsection Agreement, (i) neither the Administrative Agent nor any Lender shall be entitled to request any payment or amount under this Section 2.20 unless the Administrative Agent or such Lender is generally demanding payment (and certifies to the Company that it is generally demanding payment) under comparable provisions of its agreements with similarly situated borrowers of similar credit quality (provided, that the Administrative Agent shall not be under any obligation to verify any such request of a Lender) and (ii) the Company and any relevant Subsidiary Borrower shall not be required to compensate the Administrative Agent or a Lender pursuant to this Section 2.20 for any amounts incurred more than 90 days prior to the date that the Administrative Agent or such Lender notifies the Company or relevant Subsidiary Borrower of the Administrative Agent’s or such Xxxxxx’s intention to claim compensation therefor; provided, that, if the circumstances giving rise to such claim have a retroactive effect, then such 90 day period shall be extended to include the period of such retroactive effect, but not more than 180 days prior to the date that such notice was received by the Company and the relevant Subsidiary Borrower, if any. The obligations of the Company and the Subsidiary Borrowers pursuant to this Section 2.20 shall survive the termination of this Agreement and the payment of the Loans and all other amounts interest thereon and fees payable hereunder.
Appears in 2 contracts
Samples: 364 Day Revolving Credit Agreement (General Motors Financial Company, Inc.), 364 Day Revolving Credit Agreement (General Motors Financial Company, Inc.)
Requirements of Law. (a) a. If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) i. shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) . shall impose, modify modify, or hold applicable applicable, any reserve, special deposit, compulsory loan loan, or similar requirement against assets held by, deposits or other liabilities in in, or for the account of, advances, loans loans, or other extensions extension of credit (including participations therein) by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) . shall impose on such Lender any other condition; ;
iv. and the result of any of the foregoing is to materially increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar LIBOR Rate Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereofhereunder, or under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased cost additional costs or reduced amount receivable; providedreceivable which Lender reasonably deems to be material as determined by Lender, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitledits LIBOR Rate Loans. A certificate as to any additional amounts payable pursuant to this subsection Section 2.14 submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive presumptive evidence of such amounts owing. Lender agrees to use reasonable efforts to avoid, or to minimize, any amounts which might otherwise be payable pursuant to this Section 2.14; provided however, that such efforts shall not cause the imposition on Lender of any additional costs or legal regulatory burdens deemed by Lender in the absence of manifest error. good faith to be material.
b. The agreements in this subsection Section 2.14 shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunderObligations.
Appears in 2 contracts
Samples: Loan Agreement (South Jersey Industries Inc), Loan Agreement (South Jersey Gas Co/New)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):Closing Date:
(i) shall subject any Lender to any tax Tax of any kind whatsoever with respect to this Agreement, Agreement or any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-any Indemnified Taxes indemnifiable under Section 2.21 or any Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such LenderTaxes);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such any Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances or issuing or participating in Letters of Credit Loans or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Parent Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent to the Parent Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this subsection (a); provided, however, that the Borrower such efforts shall not cause the imposition on such Lender of any additional costs or legal or regulatory burdens deemed by such Lender in its sole discretion to be required to pay to any Lender any amounts under this paragraph for any period prior material. Notwithstanding anything herein to the date contrary, (x) the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act of 2010 and all requests, rules, guidelines or directives thereunder or issued in connection therewith as well as (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on which such Lender gives notice Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware Basel III, shall be deemed to be a change in “Requirement of Law,” regardless of the event giving rise to such payment obligationdate enacted, adopted or issued.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or liquidity or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy or liquidity (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof Closing Date does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacyadequacy or liquidity) by an amount reasonably deemed by such Lender in its sole discretion to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Parent Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; providedreduction (but, that in the Borrower shall not be required to pay to any Lender case of outstanding Alternate Base Rate Loans, without duplication of any amounts under this paragraph for any period prior to the date on which such already recovered by a Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitledan adjustment in the Alternate Base Rate,). A Such a certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender to (which certificate shall include a description of the Borrower (with a copy to basis for the computation), through the Administrative Agent) , to the Borrowers shall be conclusive in the absence of absent manifest error. .
(c) Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section 2.19 shall not constitute a waiver of such Lender’s right to demand such compensation, provided that the Parent Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section 2.19 for any increased costs incurred or reductions suffered more than six (6) months prior to the date that such Lender, as the case may be, notifies the Parent Borrower of the Requirement of Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor (except that, if the Requirement of Law giving rise to such increased costs or reductions is retroactive, then the six (6) month period referred to above shall be extended to include the period of retroactive effect thereof).
(d) The agreements in this subsection Section 2.19 shall survive the termination of this Credit Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 2 contracts
Samples: Credit Agreement (WestRock Co), Credit Agreement (WestRock Co)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit; provided, however, that the liability of -------- ------- the Borrower shall not be required limited to pay costs incurred within 180 days of such demand. A certificate as to any Lender any additional amounts under payable pursuant to this paragraph for any period prior to Section submitted by such Lender, through the date on which such Lender gives notice Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that such amounts are payable unless efforts -------- ------- shall not cause the imposition on such Lender gives of any additional costs or legal or regulatory burdens deemed by such notice within 180 days after it became aware or should have become aware of the event giving rise Lender to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.16 shall survive the termination of this Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 2 contracts
Samples: Credit Agreement (BGF Industries Inc), Credit Agreement (Advanced Glassfiber Yarus LLC)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such LenderLender or franchise taxes imposed on it in lieu of net income taxes and changes in the rate of such taxes);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other conditioncondition not otherwise expressly excluded above; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances or issuing or participating in Letters of Credit Loans or to reduce any amount receivable hereunder in respect thereofor under any Note or Loan, then, in any such case, the Borrower shall promptly pay such Lender such Lender, within fifteen (15) days after its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or other disadvantages deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.12 shall survive the termination of this Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Royal Gold Inc), Revolving Credit Agreement (Royal Gold Inc)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such LenderLender and changes in the rate of such tax);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, LIBOR Rate Loan or Letter of Credit, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or other disadvantages deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.15 shall survive the termination of this Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 2 contracts
Samples: Credit Agreement (Red Robin Gourmet Burgers Inc), Credit Agreement (Red Robin Gourmet Burgers Inc)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Applicationparticipation therein or any application relating thereto, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or the participations therein or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through Administrative Agent, to Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, the within fifteen (15) days after demand by such Lender, Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender to (which certificate shall include a description of the Borrower (with a copy to basis for the computation), through Administrative Agent) , to Borrower shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.16 shall survive the termination of this Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 2 contracts
Samples: Credit Agreement (Directed Electronics, Inc.), Credit Agreement (Directed Electronics, Inc.)
Requirements of Law. (a) If the adoption of or any change Change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):Law:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such LenderLender and changes in the rate of such tax);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar LIBOR Rate Loans, Multicurrency Loans, LIBO Base Rate CAF Advances Loans as to which the interest rate is determined with reference to LIBOR or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, LIBOR Rate Loan or Letter of Credit, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans, as to which the interest rate is determined with reference to LIBOR or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or other disadvantages deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change Change in any Requirement of Law regarding capital adequacy or liquidity requirements or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy or liquidity requirements (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacyadequacy or liquidity requirements) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.16 shall survive the termination of this Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 2 contracts
Samples: Credit Agreement (Red Robin Gourmet Burgers Inc), Credit Agreement (Red Robin Gourmet Burgers Inc)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit; provided, that however, such Lender shall promptly (and in any event with ninety (90) days from the date the Lender knew or should have known of the facts pertaining thereto) notify the Borrower of the aforesaid facts and the Borrower shall not be required responsible costs or losses sustained by virtue of the Lender’s failure to pay give the Borrower the aforesaid notice. A certificate as to any Lender any additional amounts under payable pursuant to this paragraph for any period prior to Section submitted by such Lender, through the date on which such Lender gives notice Administrative Agent, to the Borrower shall constitute prima facie evidence as to the accuracy of the facts contained therein. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that such amounts are payable unless efforts shall not cause the imposition on such Lender gives of any additional costs or legal or regulatory burdens deemed by such notice within 180 days after it became aware or should have become aware of the event giving rise Lender to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that however, such Lender shall promptly (and in any event with ninety (90) days from the date the Lender knew or should have known of the facts pertaining thereto) notify the Borrower of the aforesaid facts and the Borrower shall not be required responsible for costs or losses sustained by virtue of the Lender’s failure to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to give the Borrower that such amounts are payable unless such Lender gives such the aforesaid notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with prescribed time period. Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy shall constitute prima facie evidence as to the Administrative Agentaccuracy of the facts contained therein.
(c) shall be conclusive in the absence of manifest error. The agreements in this subsection Section 2.15 shall survive the termination of this Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 2 contracts
Samples: Credit Agreement (Consolidated Graphics Inc /Tx/), Credit Agreement (Consolidated Graphics Inc /Tx/)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Applicable Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such LenderLender or taxes otherwise excluded in Section 2.14(a));
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances or issuing or participating in Letters of Credit Loans or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivable; providedreceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans. A certificate as to any additional amounts payable pursuant to this Section 2.12 submitted by such Lender, that through the Administrative Agent, to the Borrower shall not be required conclusive in the absence of manifest error. Each Lender agrees to pay use reasonable efforts (including reasonable efforts to any Lender change its Applicable Lending Office) to avoid or to minimize any amounts under which might otherwise be payable pursuant to this paragraph for any period prior to of this Section 2.12; provided that such efforts shall not cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Applicable Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section 2.12 submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.12 shall survive the termination of this Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 2 contracts
Samples: Credit Agreement (American Capital, LTD), Credit Agreement (American Capital, LTD)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances or issuing or participating in Letters of Credit Loans or to reduce any amount receivable hereunder in respect thereofor under any Revolving Note, then, in any such case, the Borrower Borrowers shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans. A certificate as to any additional amounts payable pursuant to this Section (which certificate must be delivered to the Administrative Agent within 10 Business Days of the change in law) submitted by such Lender, through the Administrative Agent, to the Borrowers shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its LIBOR Lending Office) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation person controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporationperson's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporationperson's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower Borrowers shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender to (which certificate shall include a description of the Borrower (with a copy to basis for the computation), through the Administrative Agent) , to the Borrowers shall be conclusive in the absence of absent manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.
Appears in 2 contracts
Samples: Revolving Loan Agreement (Capital Lease Funding Inc), Revolving Loan Agreement (Capital Lease Funding Inc)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such LenderLender and changes in the rate of such tax);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, LIBOR Rate Loan or Letter of Credit, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or other disadvantages deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.15 shall survive the termination of this Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any ApplicationParticipation Interest therein or any application relating thereto, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit (or the Participations Interests therein) or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise in its sole discretion to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender in its sole discretion to be material, then from time to time, within fifteen days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.16 shall survive the termination of this Credit Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any ApplicationParticipation Interest therein or any application relating thereto, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit (or the Participations Interests therein) or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise in its sole discretion to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount reasonably deemed by such Lender in its sole discretion to be material, then from time to time, within fifteen days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.16 shall survive the termination of this Agreement and the payment of the Loans Notes and all other amounts payable hereunder. Any claim by a Lender for indemnification under this Section 2.16 shall be made no later than 90 days after such Lender becomes aware of any amount payable to such Lender under this Section.
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or the Participation Interests therein or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower Credit Parties shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower Credit Parties shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section for any additional amount incurred more than ninety (90) days after the Lender obtains knowledge of the change in law giving rise to such additional amount and of such Lender's intention to claim compensation therefor (except that, if the change in law giving rise to such additional amount is retroactive, then the ninety (90) day period referred to above shall be extended to include the period of retroactive effect thereof).
(d) The agreements in this subsection Section 2.15 shall survive the termination of this Credit Agreement and the payment of the Loans and all other amounts payable hereunderCredit Party Obligations.
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change Change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
Law: (i) shall subject any Lender (including any Issuing Lender) to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, Application or any Eurodollar Loan, Multicurrency Term SOFR Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 Section 2.17, Other Taxes, and changes in the rate of tax on the overall net income of such Lendertaxes for which a Lender would have been entitled to an additional payment pursuant to Section 2.17(a) but for an exclusion set forth therein);
; (ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which that is not otherwise included in the determination of the Eurocurrency RateTerm SOFR hereunder; or
or (iii) shall impose on such Lender or Issuing Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender or Issuing Lender, by an amount which that such Lender or Issuing Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances Term SOFR Loans or issuing or participating in Letters of Credit Credit, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such or Issuing Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased cost or reduced amount receivable; provided, that the . The Borrower shall not be required to pay to compensate any Lender any amounts under this paragraph for any period prior claim of increased costs to the date on which such Lender gives notice of agreeing to make or making, funding or maintaining any Loans from the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware adoption of the event giving rise an alternate rate of interest pursuant to such payment obligation.
(b) Section 2.14. If any Lender shall have determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Issuing Lender becomes entitled to claim any additional amounts pursuant to this subsectionparagraph, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. .
(b) If any Lender or Issuing Lender shall have determined that any Change in Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender therewith shall have the effect of reducing the rate of return on such Xxxxxx’s or Issuing Lender’s or such corporation’s capital as a consequence of its obligations - 57-
(c) A certificate as to any additional amounts payable pursuant to this subsection Section submitted by such any Lender or Issuing Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in obligations of the Borrower pursuant to this subsection Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.
Appears in 1 contract
Samples: Credit Agreement (Cco Holdings LLC)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and condition;and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower\ shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise in its sole discretion to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.14 shall survive the termination of this Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded both Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income or profits of such Lender, or franchise taxes in lieu thereof);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances or issuing or participating in Letters of Credit Loans or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans; provided, that however, the Borrower shall not be required obligated to pay to any compensate such Lender any amounts under this paragraph for such additional cost or reduced amount receivable for any period more than 180 days prior to the date on which the Borrower receives a certificate submitted by such Lender gives notice Lender, through the Administrative Agent, to the Borrower setting forth the amounts claimed pursuant to this Section by such Lender. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that such amounts are payable unless efforts shall not cause the imposition on such Lender gives of any additional costs or legal or regulatory burdens deemed by such notice within 180 days after it became aware or should have become aware of the event giving rise Lender in its sole discretion to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount reasonably deemed by such Lender in its sole discretion to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that however, the Borrower shall not be required obligated to pay to any compensate such Lender any amounts under this paragraph for such additional amount for any period more than 180 days prior to the date on which the Borrower receives a certificate submitted by such Lender gives notice Lender, through the Administrative Agent, to the Borrower that such setting forth the amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts claimed pursuant to this subsection, it shall promptly notify the Borrower (with Section by such Lender. Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.11 shall survive the termination of this Credit Agreement and the payment of the Term Loans and all other amounts payable hereunder.
Appears in 1 contract
Samples: Credit Agreement (Hni Corp)
Requirements of Law. (a) If the adoption of or any change Change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):Law:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such LenderLender and changes in the rate of such tax);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar LIBOR Rate Loans, Multicurrency Loans, LIBO Base Rate CAF Advances Loans as to which the interest rate is determined with reference to LIBOR or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, LIBOR Rate Loan or Letter of Credit, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans, as to which the interest rate is determined with reference to LIBOR or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or other disadvantages deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change Change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.16 shall survive the termination of this Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and (A) changes in the rate of tax on the overall net income of such LenderLender or (B) any changes in or additions to the rate or basis of taxation imposed on such Lender by either its jurisdiction or formation or the jurisdiction in which its lending office is located);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.17 shall survive the termination of this Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 1 contract
Samples: Credit Agreement (Sleepmaster LLC)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify modify, or hold applicable applicable, any reserve, special deposit, compulsory loan loan, or similar requirement against assets held by, deposits or other liabilities in in, or for the account of, advances, loans loans, or other extensions extension of credit (including participations therein) by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to materially increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar LIBOR Rate Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereofhereunder, or under the Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased cost additional costs or reduced amount receivable; providedreceivable which Lender reasonably deems to be material as determined by Lender, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitledits LIBOR Rate Loans. A certificate as to any additional amounts payable pursuant to this subsection Section 2.13 submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive presumptive evidence of such amounts owing. Lender agrees to use reasonable efforts to avoid, or to minimize, any amounts which might otherwise be payable pursuant to this Section 2.13; provided however, that such efforts shall not cause the imposition on Lender of any additional costs or legal regulatory burdens deemed by Lender in the absence of manifest error. good faith to be material.
(b) The agreements in this subsection Section 2.13 shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunderObligations.
Appears in 1 contract
Samples: Loan and Security Agreement (Lakeland Industries Inc)
Requirements of Law. (a) If at any time any Lender reasonably determines that the adoption of introduction of, or any change in any Requirement of Law or in the interpretation of, any law, treaty or application thereof governmental rule, regulation or order (other than any change by way of imposition or increase of reserve requirements included in determining the Adjusted LIBO Rate) or the compliance by any such Lender with any guideline, request or directive from any central bank or other Governmental Authority (whether or not having the force of law), shall have the effect of increasing the cost to such Lender for agreeing to make or making, funding or maintaining any Eurodollar Loans, then the Borrower shall from time to time, within 20 days of written demand therefor by such Lender (with a copy of such written demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender additional amounts sufficient to compensate such Lender for such increased cost. A certificate as to the amount of such increased cost, showing in reasonable detail the basis for the calculation thereof, submitted to the Borrower and the Administrative Agent by such Lender, shall be conclusive and binding for all purposes, absent manifest error. Such Lender shall promptly notify the Administrative Agent and the Borrower in writing of the occurrence of any such event, such notice to state, in reasonable detail, the reasons therefor and the additional amount required fully to compensate such Lender for such increased cost or reduced amount. Such additional amounts shall be payable directly to such Lender within 20 days of the Borrower’s receipt of such written notice, and such notice shall, in the absence of manifest error, be conclusive and binding on the Borrower.
(b) If any change in, or the introduction, adoption, effectiveness, interpretation, reinterpretation or phase-in of, any law or regulation, directive, guideline, decision or request (whether or not having the force of law) from of any court, central bank bank, regulator or other Governmental Authority made subsequent after the Effective Date affects or would affect the amount of capital required or expected to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance be maintained by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan (or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to a holding company controlling such Lender) and such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, reasonably determines that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's its capital (or such corporation's the capital of its holding company, as the case may be) as a consequence of its obligations hereunder or under any Letter of Credit the Loans made by it is reduced to a level below that which such Lender (or such corporation its holding company) could have achieved but for the occurrence of any such adoptioncircumstance, change or compliance (taking into consideration then, in any such Lender's or such corporation's policies with respect case upon written notice from time to capital adequacy) by an amount deemed time by such Lender to be material, then from time to timethe Borrower, the Borrower shall promptly shall, within 20 days of the Borrower’s receipt of such notice, pay directly to such Lender additional amounts sufficient to compensate such Lender (or its holding company) for such reduction in rate of return. A statement of such Lender as to any such additional amount or amounts as will compensate such Lender for such reduction; provided(including calculations thereof in reasonable detail) shall, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error, be conclusive and binding. The agreements in this subsection In determining such amount, such Lender may use any reasonable method of averaging and attribution that it shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunderdeem applicable.
Appears in 1 contract
Samples: Credit Agreement (Solutia Inc)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and (A) changes in the rate of tax on the overall net income of such LenderLender or (B) any changes in or additions to the rate or basis of taxation imposed on such Lender by either its jurisdiction or formation or the jurisdiction in which its lending office is located);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.by
Appears in 1 contract
Samples: Credit Agreement (Sleepmaster LLC)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise in its sole discretion to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount reasonably deemed by such Lender in its sole discretion to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.16 shall survive the termination of this Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Applicationparticipation therein or any application relating thereto, any Eurodollar Loan, Multicurrency Fixed LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateFixed LIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Fixed LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or the participations therein or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its Fixed LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or Fixed LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section shall survive the termination of this Credit Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any DIP Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) does or shall subject any DIP Lender to any tax Tax or increased Tax of any kind whatsoever with respect to this Agreement, the DIP Loans or any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency other DIP Loan or LIBO Rate CAF Advance made by itDocument, or change the basis of taxation of payments to such DIP Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);thereof; or
(ii) shall impose, modify does or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; or
(iii) shall impose on such DIP Lender any other condition, cost or expense; and the result of any of the foregoing is to increase the cost to such DIP Lender, by an amount which such DIP Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit DIP Loans or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly promptly, and in any event within five (5) Business Days, after receiving notice as specified in clause (d) of this Section, pay such DIP Lender such additional amount or amounts as will compensate indemnify such DIP Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to receivable and any Lender any Taxes imposed on amounts payable under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationSection 3.6.
(b) Any DIP Lender claiming any additional amounts payable pursuant to this Section 3.6 or Section 3.7 shall use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions and so long as, in its sole determination, such efforts would not be legally inadvisable or otherwise disadvantageous to it) to file any certificate or document reasonably requested in writing by the Borrower if the making of such a filing would avoid the need for or reduce the amount of any such additional amounts. For any period with respect to which a DIP Lender has failed to provide the Borrower, or the DIP Lender in the case of a Participant, with the appropriate form, certificate or other document described in Section 3.7(e), if required (other than (i) if such failure is due to a change in any Requirement of Law, or in the interpretation or application thereof, occurring after the date on which a form, certificate or other document originally was required to be provided by such DIP Lender and (ii) if it is legally inadvisable or otherwise commercially disadvantageous for such DIP Lender to deliver such form, certificate or other document), such DIP Lender shall not be entitled to amounts payable pursuant to Section 3.6(a)(i) for Taxes imposed by the United States by reason of such failure; provided, however, that should a DIP Lender not be entitled to amounts payable pursuant to Section 3.6(a)(i) because of its failure to deliver a form, certificate or other document required hereunder, the Obligors shall take such steps as such DIP Lender shall reasonably request, to assist such DIP Lender in recovering such amounts. It shall not be considered legally inadvisable or otherwise commercially disadvantageous for a DIP Lender or Administrative Agent to provide any information on a form, certificate or other document to the extent that such information is required to be included on any U.S. Internal Revenue Service Form W-8 or W-9 (or a W-8IMY “withholding statement” as described in the instructions to U.S. Internal Revenue Service Form W-8IMY) referenced in Section 3.7(e) as of the date hereof.
(c) If any DIP Lender shall have determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such DIP Lender or any corporation controlling such DIP Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such DIP Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such DIP Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such DIP Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount deemed by such DIP Lender to be material, then from time to time, the Borrower shall promptly pay to such DIP Lender such additional amount or amounts as will compensate indemnify such DIP Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(cd) If any DIP Lender becomes entitled to claim any additional amounts pursuant to this subsectionSection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection Section submitted by such DIP Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection Section shall survive the termination of this Agreement and the payment of the DIP Loans and all other amounts payable hereunder.
Appears in 1 contract
Samples: Debtor in Possession Credit Agreement (Verasun Energy Corp)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. The agreements in .
(c) Notwithstanding anything to the contrary contained herein, the Borrower shall not have any obligation to pay to any Lender amounts owing under this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.Section
Appears in 1 contract
Samples: Credit Agreement (Galey & Lord Inc)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not cause the imposition on such Lender of any additional costs or legal or regulatory burdens deemed by such Lender in its sole discretion to be required to pay to any Lender material. Each Lender, upon determining that any amounts under will be payable pursuant to this paragraph for any period prior Section, will give prompt written notice thereof to the date on Borrower, which notice shall show in reasonable detail the basis for calculation of such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationadditional amounts.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender in its sole discretion to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable under this Section submitted by a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower shall be conclusive absent manifest error. Each Lender, upon determining that any amounts will be payable pursuant to this subsection submitted by such Lender Section, will give prompt written notice thereof to the Borrower Borrower, which notice shall show in reasonable detail the basis for calculation of such additional amounts.
(with a copy to the Administrative Agentc) shall be conclusive in the absence of manifest error. The agreements in this subsection Section 2.17 shall survive the termination of this Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 1 contract
Requirements of Law. (a) a. If after the date hereof the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) i. shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and taxes on or changes in the rate of tax on the overall net income of such LenderLender and franchise taxes);
(ii) . shall impose, modify modify, or hold applicable applicable, any reserve, special deposit, compulsory loan loan, or similar requirement against assets held by, deposits or other liabilities in in, or for the account of, advances, loans loans, or other extensions extension of credit (including participations therein) by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) . shall impose on such Lender any other condition; and the result of any of the foregoing is to materially increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar LIBOR Rate Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereofhereunder, or under the Revolving Credit Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased cost additional costs or reduced amount receivable; providedreceivable which Lender reasonably deems to be material as determined by Lender, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitledits LIBOR Rate Loans. A certificate as to any additional amounts payable pursuant to this subsection Section 2.14 submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive presumptive evidence of such amounts owing. Lender agrees to use reasonable efforts to avoid, or to minimize, any amounts which might otherwise be payable pursuant to this Section 2.14; provided however, that such efforts shall not cause the imposition on Lender of any additional costs or legal regulatory burdens deemed by Lender in the absence of manifest error. good faith to be material.
b. The agreements in this subsection Section 2.14 shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunderObligations.
Appears in 1 contract
Samples: Revolving Loan Agreement (Harris & Harris Group Inc /Ny/)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances or issuing or participating in Letters of Credit Loans or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens reasonably deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.13 shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunderNotes for a period of thirty (30) days after the Maturity Date.
Appears in 1 contract
Samples: Credit Agreement (Dimon Inc)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances or issuing or participating in Letters of Credit Loans or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans. A certificate as to any additional amounts payable pursuant to this Section shall be submitted by such Lender, through the Administrative Agent, to the Borrower. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise in its sole discretion to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender in its sole discretion to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section shall be submitted by such a Lender to (which certificate shall include a description of the Borrower (with a copy to basis for the computation), through the Administrative Agent, to the Borrower.
(c) shall be conclusive in the absence of manifest error. The agreements in this subsection Section 2.16 shall survive the termination of this Credit Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change Change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):shall:
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold deem applicable any reserve, special deposit, compulsory loan loan, insurance charge or similar requirement against assets held byof, deposits or other liabilities in with or for the account of, advances, loans or other extensions of credit by, extended or any other acquisition of funds participated in by, any office of such Lender which is not otherwise included (except any reserve requirement reflected in the determination applicable rate) or the Issuing Lender;
(ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in subparts (b) through (d) of the Eurocurrency Ratedefinition of Excluded Taxes and (C) Connection Income Taxes) on any Loan, Letter of Credit, or commitment or other obligation hereunder, or its deposits, reserves, other liabilities or capital attributable thereto; or
(iii) shall impose on such any Lender or the Issuing Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances Loans or issuing or participating in Letters of Credit Credit, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower Borrowers shall pay to such Lender, promptly pay such Lender such after receipt of a written request therefor, any additional amount or amounts as will necessary to compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to . If any Lender becomes entitled to claim any additional amounts under pursuant to this paragraph for any period prior subsection (a), such Lender shall promptly notify the Administrative Borrower (with a copy to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware Administrative Agent) of the event giving rise to such payment obligationwith reasonable detail by reason of which it has become so entitled.
(b) If any Lender shall have determined that that, after the date hereof the adoption of or Closing Date, any change Change in any Requirement of Law regarding capital adequacy or liquidity, or liquidity requirements, or in the interpretation or application thereof by a Governmental Authority or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy or liquidity (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder hereunder, or under or in respect of any Letter of Credit Credit, to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance Change in Law (taking into consideration the policies of such Lender's Lender or such corporation's policies corporation with respect to capital adequacy) by an amount deemed by such Lender to be materialadequacy and liquidity), then from time to time, upon submission by such Lender to the Administrative Borrower (with a copy to the Administrative Agent) of a written request therefor (which shall include the method for calculating such amount and reasonable detail with respect to such calculation), the Borrowers shall promptly pay or cause to be paid to such Lender such additional amount or amounts as will compensate such Lender or such corporation for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If For purposes of this Section 3.1 and Section 3.5 hereof, the Dxxx-Xxxxx Act, any Lender becomes entitled to claim requests, rules, guidelines or directives concerning capital adequacy promulgated by the Bank for International Settlements, or the Basel Committee on Banking Regulations and Supervisory Practices (or any additional amounts pursuant to this subsectionsuccessor or similar authority) under Basel III, it shall promptly notify the Borrower (and any rules, regulations, orders, requests, guidelines and directives adopted, promulgated or implemented in connection with a copy to the Administrative Agent) any of the event by reason foregoing, regardless of which it has become so entitled. the date adopted, issued, promulgated or implemented, are deemed to have been introduced and adopted after the Closing Date.
(d) A certificate as to any additional amounts payable pursuant to this subsection Section 3.1 submitted by such any Lender to the Administrative Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. In determining any such additional amounts, such Lender may use any method of averaging and attribution that it (in its sole discretion) shall deem applicable. Notwithstanding anything herein to the contrary, the Borrowers shall not be required to compensate any Lender pursuant to this Section 3.1 for any amounts incurred more than two hundred seventy (270) days prior to the date that such Lender notifies the Administrative Borrower in writing of the amounts and of such Lxxxxx’s intention to claim compensation therefor; provided that, if the event giving rise to such additional amounts is retroactive, then the two hundred seventy (270) day period referred to above shall be extended to include the period of retroactive effect thereof. The agreements in obligations of the Borrowers pursuant to this subsection Section 3.1 shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.
Appears in 1 contract
Samples: Credit and Security Agreement (Universal Logistics Holdings, Inc.)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower -------- ------- such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.16 shall survive the termination of this Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law (other than with respect to any amendment made to Buyer's certificate of incorporation and by laws or other organizational or governing documents) or any change in the interpretation or application thereof or compliance by any Lender Buyer with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any Lender Buyer to any tax Tax or increased Tax of any kind whatsoever with respect to this Agreement, Agreement or any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, Transaction or change the basis of taxation of payments to such Lender Buyer in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender)thereof;
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender Buyer which is not otherwise included in the determination of the Eurocurrency Rate; orLIBOR Rate hereunder;
(iii) shall impose on such Lender Buyer any other condition; and the result of any of the foregoing is to increase the cost to such LenderBuyer, by an amount which such Lender Buyer deems to be material, of making, converting intoentering, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit any Transaction or to reduce any amount receivable due or owing hereunder in respect thereof, then, in any such case, upon Sellers' receipt from Buyer of a certificate that sets forth in reasonable detail the Borrower shall promptly pay such Lender such good faith calculation of the additional amount or amounts as will compensate such Lender Buyer for such increased cost or reduced amount receivable; providedreceivable and basis therefor (an "Increased Cost Certificate"), that the Borrower Sellers shall not be required (i) promptly to pay Buyer such additional amount or amounts as set forth in the Increased Cost Certificate; or (ii) pay to any Lender any amounts under this paragraph for any period prior Buyer the Repurchase Price applicable to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware all of the event giving rise to such payment obligationTransactions identified in the Increased Cost Certificate (which may include all of the Transactions) within two (2) Business Days after its receipt of the Increased Cost Certificate.
(b) If any Lender Buyer shall have determined that after the date hereof the adoption of or any change in any Requirement of Law (other than with respect to any amendment made to Buyer's certificate of incorporation and by laws or other organizational or governing documents) regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender Buyer or any corporation controlling such Lender Buyer with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such LenderBuyer's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender Buyer or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such LenderBuyer's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender Buyer to be material, then from time to time, the Borrower upon Sellers' receipt of an Increased Cost Certificate, Sellers shall (i) promptly pay to such Lender Buyer such additional amount or amounts as will compensate such Lender for such reductionset forth in the Increased Cost Certificate; provided, that the Borrower shall not be required to or (ii) pay to any Lender any amounts under this paragraph for any period prior Buyer the Repurchase Price applicable to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware all of the event giving rise to such payment obligationTransactions identified in the Increased Cost Certificate (which may include all of the Transactions) within two (2) Business Days after its receipt of the Increased Cost Certificate.
(c) If any Lender Buyer becomes entitled to claim any additional amounts pursuant to this subsectionSection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) Sellers of the event by reason of which it has become so entitled. A certificate An Increased Cost Certificate as to any additional amounts payable pursuant to this subsection Section submitted by such Lender Buyer to the Borrower (with a copy to the Administrative Agent) Sellers shall be conclusive in the absence of manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.
Appears in 1 contract
Samples: Master Repurchase Agreement (American Home Mortgage Investment Corp)
Requirements of Law. (a) If In the adoption of or event that any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):Regulatory Change shall:
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments any amounts payable to such any Lender under this Agreement or the Notes in respect thereof of any Loans, including without limitation LIBOR Loans (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax other than taxes imposed on the overall net income of such Lender);
(ii) shall impose, impose or modify or hold applicable any reserve, special deposit, compulsory loan assessment, special deposit or similar requirement against relating to any extensions of credit or other assets held byof, or any deposits with or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included (including any of such Loans or any deposits referred to in the determination definition of the Eurocurrency "LIBOR Base Rate" in Article XI); or
(iii) shall impose on such Lender any other conditionconditions affecting this Agreement in respect of Loans, including without limitation LIBOR Loans (or any of such extensions of credit, assets, deposits or liabilities); and the result of any of the foregoing is shall be to increase the cost to such Lender, by an amount which such Lender deems to be material, 's costs of making, converting into, continuing making or maintaining Eurodollar any Loans, Multicurrency Loansincluding without limitation LIBOR Loans or any Commitment, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable by such Lender hereunder in respect thereof, thenof any of its LIBOR Loans or any Commitment, in any each case only to the extent that such caseadditional amounts are not included in the LIBOR Base Rate or Prime Rate applicable to such Loans, then the Borrower shall promptly pay on demand to such Lender, through the Agent, and from time to time as specified by such Lender, such additional amounts as such Lender such additional amount or amounts as will shall reasonably determine are sufficient to compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If at any time after the date of this Agreement any Lender shall have determined that after the date hereof applicability of any law, rule, regulation or guideline adopted pursuant to or arising out of the July 1988 report of the Basle Committee on Lending Regulations and Supervisory Practices entitled "International Convergence of Capital Measurement and Capital Standards", or the adoption or implementation of any Regulatory Change regarding capital adequacy, or any change therein, or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application administration thereof by any Governmental Authority, central bank or compliance by such Lender comparable agency charged with the interpretation or any corporation controlling such Lender with any request or directive regarding capital adequacy administration thereof (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall ), has or will have the effect of reducing the rate of return on such Lender's capital or on the capital of such corporationLender's capital holding company, if any, as a consequence of the existence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation its holding company could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to timetime following written notice by such Lender to the Borrower as provided in paragraph (c) of this Section, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender Lender, through the Agent, such additional amount or amounts as such Lender shall reasonably determine will compensate such Lender or such corporation, as the case may be, for such reduction; provided, provided that to the Borrower shall not be required to pay to extent that any Lender any amounts or all of the Borrower's liability under this paragraph for any period prior to Section arises following the date on which of the adoption of any such Regulatory Change (the "Effective Date"), such compensation shall be payable only with respect to that portion of such liability arising after notice of such Regulatory Change is given by such Lender gives notice to the Borrower that such amounts are payable (unless such Lender gives such notice is given within 180 sixty (60) days after it became aware or should have become aware of the event giving rise to Effective Date, in which case such payment obligationcompensation shall be payable in full).
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsectionSection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to setting forth in reasonable detail the computation of any additional amounts payable pursuant to this subsection Section submitted by such Lender to the Borrower (with a copy shall be delivered to the Administrative Agent) Borrower and the other Lenders promptly after the initial incurrence of such additional amounts and shall be conclusive in the absence of manifest error. The agreements covenants contained in this subsection Section shall survive for six months following the termination of this Agreement and the payment of the Loans and all outstanding Notes. No failure on the part of any Lender to demand compensation under paragraph (a) or (b) above on any one occasion shall constitute a waiver of its rights to demand compensation on any other amounts payable hereunderoccasion. The protection of this Section shall be available to each Lender regardless of any possible contention of the invalidity or inapplicability of any law, regulation or other condition which shall give rise to any demand by such Lender for compensation thereunder.
Appears in 1 contract
Requirements of Law. (a) If the Lender shall have determined that the adoption of or any change in any Requirement of Law or (in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the each case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the adoption hereof) of or any change in any Requirement of Law Governmental Authority regarding capital adequacy or in the interpretation or application thereof or compliance by such the Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such the Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such the Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such the Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed determined by such Lender the Lender, in its reasonable discretion, to be material, then from time to time, the each Borrower shall promptly pay to such the Lender such additional amount or amounts as will compensate such the Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(cb) If any the Lender becomes entitled to claim any additional amounts pursuant to this subsectionSection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitledentitled by providing a certificate setting forth in reasonable detail the basis for the claim for additional amounts and the amounts required to be paid by the Borrower to the Lender; provided that the Lender shall not be required to disclose any confidential information. A Such certificate as to any additional amounts payable pursuant to this subsection Section submitted by such the Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. No Borrower shall be responsible to compensate the Lender for additional amounts attributable to another Borrower's Loans. Any amounts due hereunder which are not attributable to particular Loans shall be subject to pro rata allocation.
(c) Failure or delay on the part of the Lender to demand compensation pursuant to this Section shall not constitute a waiver of the Lender's right to demand such compensation; provided that the Borrower shall not be required to compensate the Lender pursuant to this Section for any increased costs or reductions of the rate of return incurred more than 180 days prior to the date that the Lender notifies the Borrower of the change in the Requirement of Law giving rise to such increased costs or reductions of the rate of return and of the Lender's intention to claim compensation therefor; provided further that, if the change in the Requirement of Law giving rise to such increased costs or reductions of the rate of return is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such LenderLender or franchise taxes imposed on it in lieu of net income taxes and changes in the rate of such taxes);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other conditioncondition not otherwise expressly excluded above; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances or issuing or participating in Letters of Credit Loans or to reduce any amount receivable hereunder in respect thereofor under any Note or Loan, then, in any such case, the Borrower Borrowers shall promptly pay such Lender such Lender, within fifteen (15) days after its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrowers shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or other disadvantages deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower Borrowers shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender to (which certificate shall include a description of the Borrower (with a copy to basis for the computation), through the Administrative Agent) , to the Borrowers shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.13 shall survive the termination of this Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 1 contract
Samples: Credit Agreement (Royal Gold Inc)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded both Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income or profits of such Lender, or franchise taxes in lieu thereof);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances or issuing or participating in Letters of Credit Loans or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans; provided, that however, the Borrower shall not be required obligated to pay to any compensate such Lender any amounts under this paragraph for such additional cost or reduced amount receivable for any period more than 180 days prior to the date on which the Borrower receives a certificate submitted by such Lender gives notice Lender, through the Administrative Agent, to the Borrower setting forth the amounts claimed pursuant to this Section by such Lender. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that such amounts are payable unless efforts shall not cause the imposition on such Lender gives of any additional costs or legal or regulatory burdens deemed by such notice within 180 days after it became aware or should have become aware of the event giving rise Lender in its sole discretion to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount reasonably deemed by such Lender in its sole discretion to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that however, the Borrower shall not be required obligated to pay to any compensate such Lender any amounts under this paragraph for such additional amount for any period more than 180 days prior to the date on which the Borrower receives a certificate submitted by such Lender gives notice Lender, through the Administrative Agent, to the Borrower that such setting forth the amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts claimed pursuant to this subsection, it shall promptly notify the Borrower (with Section by such Lender. Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.16 shall survive the termination of this Credit Agreement and the payment of the Loans and all other amounts payable hereunder.
Appears in 1 contract
Samples: Credit Agreement (Hni Corp)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):Closing Date:
(i) shall subject any Lender to any tax Tax of any kind whatsoever with respect to this Agreement, Agreement or any Note, any Letter of Credit, any Application, any Eurodollar Loan (other than a Base Rate Loan, Multicurrency Loan or LIBO Rate CAF Advance ) made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-any Indemnified Taxes indemnifiable under Section 2.21 or any Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such LenderTaxes);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such any Lender which is not otherwise included in the determination of the Eurocurrency RateBenchmark hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans (other than Base Rate Loans), Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender. A certificate as to any additional amounts payable pursuant to this Section submitted by such Xxxxxx, through the Administrative Agent to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Lending Office) to avoid or to minimize any amounts which might otherwise be payable pursuant to this subsection (a); provided, however, that the Borrower such efforts shall not cause the imposition on such Lender of any additional costs or legal or regulatory burdens deemed by such Lender in its sole discretion to be required to pay to any Lender any amounts under this paragraph for any period prior material. Notwithstanding anything herein to the date contrary, (x) the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act of 2010 and all requests, rules, guidelines or directives thereunder or issued in connection therewith as well as (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on which such Lender gives notice Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware Basel III, shall be deemed to be a change in “Requirement of Law,” regardless of the event giving rise to such payment obligationdate enacted, adopted or issued.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or liquidity or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy or liquidity (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof Closing Date does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacyadequacy or liquidity) by an amount reasonably deemed by such Lender in its sole discretion to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; providedreduction (but, in the case of outstanding Base Rate Loans, without duplication of any amounts already recovered by a Lender by reason of an adjustment in the Alternate Base Rate). Such a certificate as to any additional amounts payable under this Section submitted by a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent to the Borrower shall be conclusive absent manifest error.
(c) Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section 2.19 shall not constitute a waiver of such Lender’s right to demand such compensation, provided that the Borrower shall not be required to pay compensate a Lender pursuant to any Lender any amounts under the foregoing provisions of this paragraph Section 2.19 for any period increased costs incurred or reductions suffered more than six (6) months prior to the date on which that such Lender gives notice to Lender, as the case may be, notifies the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event Requirement of Law giving rise to such payment obligationincreased costs or reductions and of such Lender’s intention to claim compensation therefor (except that, if the Requirement of Law giving rise to such increased costs or reductions is retroactive, then the six (6) month period referred to above shall be extended to include the period of retroactive effect thereof).
(cd) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection Section 2.19 shall survive the termination of this Credit Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 1 contract
Requirements of Law. (a) If after the date of this Agreement the adoption of or any change in any Requirement of Law applicable law or regulation or in the interpretation or application administration thereof or compliance by any Lender with any request or directive not in effect at the date hereof by any central bank or other Governmental Authority charged with the administration or interpretation thereof (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender Loan Participant to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency LIBOR Loan or LIBO Rate CAF Advance made by it, it or change the basis of taxation of payments to such Lender any Loan Participant in respect thereof of the principal of or interest on any LIBOR Loan made by such Loan Participant or any fees or other amounts payable hereunder (except for Non-Excluded Taxes covered other than taxes imposed on or measured by subsection 3.10 and changes in the rate of tax on the overall net income or gross receipts of such LenderLoan Participant by the jurisdiction in which such Loan Participant has its principal office (or lending office) or by any political subdivision or taxing authority therein);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or other similar requirement against assets held byof, deposits or other liabilities in with or for the account of, or advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender Loan Participant (which requirement is not otherwise included in the determination of the Eurocurrency LIBOR Rate); or
(iii) shall impose on such Lender Loan Participant any other conditioncondition affecting this Agreement or LIBOR Loans made by such Loan Participant; and the result of any of the foregoing is to increase the cost to such LenderLoan Participant, by an amount which such Lender Loan Participant deems to be material, of making, converting into, continuing or maintaining Eurodollar LIBOR Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereofthereof by an amount deemed by such Loan Participant to be material, then, in any such case, the Borrower PanAmSat shall promptly pay to such Lender such Loan Participant, any additional amount or amounts as will necessary to compensate such Lender Loan Participant for such increased cost incurred or reduced amount receivable; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) reduction suffered. If any Lender shall have determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender Loan Participant becomes entitled to claim any additional amounts pursuant to this subsectionSection, it shall promptly notify the Borrower (with a copy to the Administrative PanAmSat, through Agent) , of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection This covenant shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.
(b) If any Loan Participant shall have determined that the applicability of any law, rule, regulation or guideline adopted after the date hereof pursuant to or arising out of the July 1988 report of the Basle Committee on Banking Regulations and Supervisory Practices entitled "International Convergence of Capital Measurement and Capital Standards," or the adoption after the date hereof of any other law, rule, regulation or guideline regarding capital adequacy, or any change in any of the foregoing or in the interpretation or administration of any of the foregoing by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Loan Participant or any Loan Participant's holding company with any request or directive regarding capital adequacy (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, has or would have the effect of reducing the rate of return on such Loan Participant's or such holding company's capital as a consequence of its obligations hereunder to a level below that which such Loan Participant or such holding company could have achieved but for such adoption, change or compliance (taking into consideration such Loan Participant's or such holding company's policies with respect to capital adequacy) by an amount deemed by such Loan Participant to be material, then from time to time, after submission by such Loan Participant to PanAmSat (with a copy to Agent) of a written request therefor, PanAmSat shall pay to such Loan Participant such additional amount or amounts as will compensate such Loan Participant or such holding company for any such reduction suffered.
(c) A certificate of each Loan Participant setting forth such amount or amounts as shall be necessary to compensate such Loan Participant or its holding company as specified in paragraph (a) or (b) above, as the case may be, shall be delivered to PanAmSat (with a copy to Agent) and shall be conclusive absent manifest error. PanAmSat shall pay each Loan Participant the amount shown as due on any such certificate delivered by it within ten Business Days after its receipt of the same.
(d) In the event any Loan Participant delivers a certificate pursuant to paragraph (c) above, PanAmSat may require, at its expense, such Loan Participant to assign, at par, without recourse (in accordance with Section 20.2), all its interests, rights and obligations hereunder (including, in the case of a Loan Participant, all of its Commitment and the Loans at the time owing to it and the Notes held by it) to a financial institution specified by PanAmSat (a "Substitute Loan Participant"), provided that (i) such assignment shall not conflict with or violate any law, rule or regulation or order of any court or other Governmental Authority, (ii) PanAmSat shall have received the written consent of Agent, which consent shall not unreasonably be withheld, to such assignment and (iii) PanAmSat shall have paid to the assigning Loan Participant all monies accrued and owing hereunder to it, including but not limited to Break Funding Costs, if any (including pursuant to this Section).
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof by any Governmental Authority or compliance by any a Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority having jurisdiction over such Lender made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, the Loan Documents or any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by itTransaction, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the such Lender’s overall net income of such Lenderincome);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder under the Loan Documents in respect thereof, ; then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which . If such Lender gives notice becomes entitled to the claim any additional amounts pursuant to this Section 3.21(a), it shall promptly notify Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise by reason of which it has become so entitled. As a condition to Borrower’s liability under this paragraph, such Lender shall promptly deliver to Borrower a certificate as to the calculation of any additional amounts payable pursuant to this subsection and including any available supporting documentation, which certificate shall be conclusive and binding upon Borrower in the absence of manifest error. This covenant shall survive the termination of the Agreement and payment obligationof the Note.
(b) If any a Lender shall have determined that after the date hereof the adoption of or any change in any Legal Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount which is deemed by such Lender to be material, then from time to time, the after submission by such Lender to Borrower of a written request therefore, Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.such
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change in any Requirement a Change of Law (other than any Change of Law relating to Taxes indemnified pursuant to Section 2.16, Excluded Taxes or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) Taxes specifically excluded from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
(iindemnification under Section 2.16(e)) shall subject have the effect of increasing the cost to such Lender or the Issuing Bank for agreeing to make or making, funding or maintaining any Lender to any tax of any kind whatsoever with respect to this AgreementEurodollar Loans or participating in, any Note, issuing or maintaining any Letter of Credit, any Applicationthen Borrower shall from time to time, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change pay to the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or Administrative Agent for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in or the determination of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is Issuing Bank additional amounts sufficient to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender or the Issuing Bank for such increased cost. A certificate setting forth in reasonable detail the applicable change in law and the calculation of the amount of such increased cost, submitted to Borrower and the Administrative Agent by such Lender or the Issuing Bank, shall be conclusive and binding for all purposes, absent manifest error. Such Lender or the Issuing Bank, as applicable, shall promptly notify the Administrative Agent and Borrower in writing of the occurrence of any such event, such notice to state, in reasonable detail, the reasons therefor and the additional amount required fully to compensate such Lender or the Issuing Bank, as applicable, for such increased cost or reduced amount receivable; provided, that the Borrower amount. Such additional amounts shall not be required payable directly to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to or the Issuing Bank, as applicable, within ten (10) Business Days of the receipt by Borrower that of such amounts are payable unless such Lender gives notice, and such notice within 180 days after it became aware or should have become aware shall, in the absence of the event giving rise to such payment obligationmanifest error, be conclusive and binding on Borrower.
(b) If a Change of Law affects or would affect the amount of capital or liquidity required or expected to be maintained by any Lender shall have determined that after or the date hereof the adoption of Issuing Bank (or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by a holding company controlling such Lender or any corporation controlling the Issuing Bank) and such Lender with any request or directive regarding capital adequacy the Issuing Bank determines (whether or not having the force of lawin its sole and absolute discretion) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing that the rate of return on such Lender's its capital (or such corporation's the capital of its holding company, as the case may be) as a consequence of its obligations hereunder Commitment or under the Loans made by it or its participations in Swingline Loans or any Letter issuance, participation or maintenance of Letters of Credit is reduced to a level below that which such Lender or such corporation the Issuing Bank (or its holding company) could have achieved but for the occurrence of any such adoptioncircumstance, change or compliance (taking into consideration then, in any such Lender's or such corporation's policies with respect case upon notice from time to capital adequacy) by an amount deemed time by such Lender or the Issuing Bank to be materialBorrower, then from time Borrower shall, within ten (10) Business Days after receipt of the statement referred to timebelow, the Borrower shall promptly pay directly to such Lender or the Issuing Bank, as the case may be, additional amounts sufficient to compensate such Lender or the Issuing Bank (or its holding company) for such reduction in rate of return. A statement of such Lender or the Issuing Bank as to any such additional amount or amounts as will compensate (including calculations thereof in reasonable detail) shall, in the absence of manifest error, be conclusive and binding on Borrower. In determining such amount, such Lender for such reduction; provided, or the Issuing Bank may use any method of averaging and attribution that it (in its sole and absolute discretion) shall deem applicable.
(c) In the event that the Issuing Bank or any Lender determines that any event or circumstance that will lead to a claim under this Section 2.15 has occurred or will occur, the Issuing Bank or such Lender will use its commercially reasonable efforts to so notify Borrower; provided that any failure to provide such notice shall in no way impair the rights of the Issuing Bank or such Lender to demand and receive compensation under this Section 2.15, but without prejudice to any claims of Borrower for compensation for actual damages sustained as a result of any failure to observe this undertaking.
(d) Notwithstanding anything to the contrary in this Section 2.15, Borrower shall not be required to pay compensate any entity pursuant to any Lender this Section 2.15 for any amounts under this paragraph for any period incurred more than six months prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless entity notifies Borrower of such Lender gives such notice within 180 days after it became aware or should have become aware of entity’s intention to claim compensation therefor; provided that, if the event circumstances giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsectionhave a retroactive effect, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted by then such Lender to the Borrower (with a copy to the Administrative Agent) six-month period shall be conclusive in extended to include the absence period of manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereundersuch retroactive effect.
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit (or the Participations Interests therein) or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the applicable Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Company shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the applicable Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender to (which certificate shall include a description of the Borrower (with a copy to basis for the computation), through the Administrative Agent) , to the Company shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.17 shall survive the termination of this Credit Agreement and the payment of the Loans and all other amounts Credit Party Obligations. Any claim by a Lender for indemnification under this Section 2.17 shall be made no later than 90 days after such Lender becomes aware any amount payable hereunderto such Lender under this Section.
Appears in 1 contract
Samples: Credit Agreement (Lionbridge Technologies Inc /De/)
Requirements of Law. (a) If the adoption of or any change Change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
Law: (i) shall subject any Lender (including any Issuing Lender) to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, Application or any Eurodollar Loan, Multicurrency Rate/Term SOFR Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 Section 2.17, Other Taxes, and changes in the rate of tax on the overall net income of such Lendertaxes for which a Lender would have been entitled to an additional payment pursuant to Section 2.17(a) but for an exclusion set forth therein);
; (ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which that is not otherwise included in the determination of the Eurocurrency RateEurodollar Rate or Term SOFR, as applicable, hereunder; or
or (iii) shall impose on such Lender or Issuing Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender or Issuing Lender, by an amount which that such Lender or Issuing Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances Rate/Term SOFR Loans or issuing or participating in Letters of Credit Credit, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such or Issuing Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased cost or reduced amount receivable; provided, that the . The Borrower shall not be required to pay to compensate any Lender any amounts under this paragraph for any period prior claim of increased costs to the date on which such Lender gives notice of agreeing to make or making, funding or maintaining any Loans from the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware adoption of the event giving rise an alternate rate of interest pursuant to such payment obligation.
(b) Section 2.14. If any Lender shall have determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Issuing Lender becomes entitled to claim any additional amounts pursuant to this subsectionparagraph, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. .
(b) If any Lender or Issuing Lender shall have determined that any Change in Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender therewith shall have the effect of reducing the rate of return on such Lender’s or Issuing Lender’s or such corporation’s capital as a consequence of its obligations hereunder or under or in respect of any Letter of Credit to a level below that which such Lender or Issuing Lender or such corporation could have achieved but for such Change in Law (taking into consideration such Lender’s or Issuing Lender’s or such corporation’s policies with respect to capital adequacy) by an amount deemed by such Lender or Issuing Lender to be material, then from time to time, after submission by such Lender or Issuing Lender to the Borrower (with a copy to the Administrative Agent) of a written request therefor, the Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender or Issuing Lender for such reduction; provided that the Borrower shall not be required to compensate a Lender or Issuing Lender pursuant to this paragraph for any amounts incurred more than six months prior to the date that such Lender or Issuing Lender notifies - 58-
(c) A certificate as to any additional amounts payable pursuant to this subsection Section submitted by such any Lender or Issuing Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in obligations of the Borrower pursuant to this subsection Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.
Appears in 1 contract
Samples: Credit Agreement (Cco Holdings LLC)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any relevant Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence result of its obligations commitment to lend hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior reduction to the date on which extent that such Lender gives notice reasonably determines that such additional amount is allocable to the Borrower that existence of such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise Lender’s commitment to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with lend hereunder. Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.17 shall survive the termination of this Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances or issuing or participating in Letters of Credit Loans or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower Borrowers shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Company shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise in its sole discretion to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender in its sole discretion to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower Borrowers shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender to (which certificate shall include a description of the Borrower (with a copy to basis for the computation), through the Administrative Agent) , to the Company shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.16 shall survive the termination of this Credit Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 1 contract
Requirements of Law. (a) If any Lender shall have determined that the ------------------- adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by of any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed determined by such Lender to be material, then from time to time, the each Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(cb) If any Lender becomes entitled to claim any additional amounts pursuant to this subsectionSection, it shall promptly notify the Borrower Borrowers (with a copy to the Administrative Agent) of the event by reason of which it has become so entitledentitled by providing a certificate setting forth in reasonable detail the basis for the claim for additional amounts, the amounts required to be paid by the Borrowers to such Lender, and the computations made by such Lender to determine the amounts; provided that such Lender shall not be required to disclose any -------- confidential information. A Such certificate as to any additional amounts payable pursuant to this subsection Section submitted by such Lender to the Borrower Borrowers (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. No Borrower shall be responsible to compensate such Lender for additional amounts attributable to another Borrower's loans.
(c) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's right to demand such compensation; provided that the Borrowers shall -------- not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 270 days prior to the date that such Lender notifies the Borrower of the change in the Requirement of Law giving rise to such increased costs or reductions and of such Lender's intention to claim compensation therefor; provided further that, if the change in the -------- ------- Requirement of Law giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof.
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note (other than costs or reductions relating to taxes which shall be governed exclusively by Section 3.13 hereof), then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section 3.11 submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section 3.11; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise in its sole discretion to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender in its sole discretion to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section 3.11 submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 3.11 shall survive the termination of this Credit Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change in any Requirement requirement of Applicable Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Applicationparticipation therein or any application relating thereto, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or the participations therein or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section 2.16 submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section 2.16; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement requirement of Applicable Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section 2.16 submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.16 shall survive the termination of this Credit Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 1 contract
Samples: Credit Agreement (Capitalsource Inc)
Requirements of Law. (a) If the adoption of or any change Change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):shall:
(i) shall subject any Lender Recipient to any tax Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of any kind whatsoever with respect to this Agreementthe definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, any Noteloan principal, any Letter letters of Creditcredit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by itcommitments, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender)other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other conditioncondition not otherwise expressly excluded above; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances or issuing or participating in Letters of Credit Loans or to reduce any amount receivable hereunder in respect thereofor under any Note or Loan, then, in any such case, the Borrower shall promptly pay such Lender such Lender, within fifteen (15) days after its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or other disadvantages deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.
Appears in 1 contract
Requirements of Law. (a) If at any time any Lender or the adoption of Issuing Bank determines that the introduction after the Closing Date of, or any change after the Closing Date in any Requirement of Law or in the interpretation of, any law, treaty or application thereof governmental rule, regulation or order (other than any change by way of imposition or increase of reserve requirements included in determining the Adjusted LIBO Rate) or the compliance by any such Lender or the Issuing Bank with any guideline, request or directive from any central bank or other Governmental Authority (whether or not having the force of law), shall have the effect of increasing the cost to such Lender or the Issuing Bank for agreeing to make or making, funding or maintaining any Eurodollar Loans or participating in, issuing or maintaining any Letter of Credit, then Borrowers shall from time to time, within five Business Days of demand therefor by such Lender or the Issuing Bank (with a copy of such demand to the Administrative Agent), pay to the Administrative Agent for the account of such Lender or the Issuing Bank additional amounts sufficient to compensate such Lender or the Issuing Bank for such increased cost. A certificate setting forth in reasonable detail the basis for calculating the amount of such increased cost, submitted to Borrower and the Administrative Agent by such Lender or the Issuing Bank, shall be conclusive and binding for all purposes, absent manifest error. Such Lender or the Issuing Bank, as applicable, shall promptly notify the Administrative Agent and Borrower in writing of the occurrence of any such event, such notice to state, in reasonable detail, the reasons therefor and the additional amount required fully to compensate such Lender or the Issuing Bank, as applicable, for such increased cost or reduced amount. Such additional amounts shall be payable directly to such Lender or the Issuing Bank, as applicable, within five Business Days of Borrower's receipt of such notice, and such notice shall, in the absence of manifest error, be conclusive and binding on Borrower.
(b) If any change in, or the introduction, adoption, effectiveness, interpretation, reinterpretation or phase-in of, any law or regulation, directive, guideline, decision or request (whether or not having the force of law) from of any court, central bank bank, regulator or other Governmental Authority made subsequent in each case after the Closing Date affects or would affect the amount of capital required or expected to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance be maintained by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, the Issuing Bank (or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by a holding company controlling such Lender or any corporation controlling the Issuing Bank) and such Lender with any request or directive regarding capital adequacy the Issuing Bank determines (whether or not having the force of lawin its sole and absolute discretion) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing that the rate of return on such Lender's its capital (or such corporation's the capital of its holding company, as the case may be) as a consequence of its obligations hereunder Multicurrency Revolving Credit Commitment or under Dollar Revolving Credit Commitment or the Loans made by it or its participations in Swingline Loans or any Letter issuance, participation or maintenance of Letters of Credit is reduced to a level below that which such Lender or such corporation the Issuing Bank (or its holding company) could have achieved but for the occurrence of any such adoptioncircumstance, change or compliance (taking into consideration then, in any such Lender's or such corporation's policies with respect case upon notice from time to capital adequacy) by an amount deemed time by such Lender or the Issuing Bank to be materialBorrower, then from time to time, the Borrower Borrowers shall promptly immediately pay directly to such Lender or the Issuing Bank, as the case may be, additional amounts sufficient to compensate such Lender or the Issuing Bank (or its holding company) for such reduction in rate of return. A statement of such Lender or the Issuing Bank as to any such additional amount or amounts as will compensate such Lender for such reduction; provided(including calculations thereof in reasonable detail) shall, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error, be conclusive and binding on Borrowers. The agreements In determining such amount, such Lender or the Issuing Bank may use any method of averaging and attribution that it (in its sole and absolute discretion) shall deem applicable.
(c) In the event that the Issuing Bank or any Lender determines that any event or circumstance that will lead to a claim under this subsection Section 2.15 has occurred or will occur, the Issuing Bank or such Lender will use its commercially reasonable efforts to so notify Borrower; provided that, subject to the next succeeding sentence, any failure to provide such notice shall survive in no way impair the termination of this Agreement and the payment rights of the Loans Issuing Bank or such Lender to demand and all other amounts payable hereunderreceive compensation under this Section 2.15, but without prejudice to any claims of Borrower for compensation for actual damages sustained as a result of any failure to observe this undertaking. Notwithstanding the foregoing, Borrowers shall not be required to compensate a Lender or the Issuing Bank pursuant to this Section 2.15 for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender or the Issuing Bank, as the case may be, notifies Borrower of the event or circumstances giving rise to a right of claim pursuant to this Section 2.15 and of such Lender's or the Issuing Bank's intention to claim compensation therefor (except that, if the event or circumstances giving rise to such right of claim is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change Change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):Effective Date:
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, Application or any Eurodollar Loan, Multicurrency LIBOR Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 Section 2.16 and changes in the rate of tax on the overall net income or franchise taxes or branch profit taxes of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which that is not otherwise included in the determination of the Eurocurrency LIBOR Rate; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which that such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances LIBOR Loans or issuing or participating in Letters of Credit Credit, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased cost or reduced amount receivable. If any Lender becomes entitled to claim any additional amounts pursuant to this paragraph, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled; provided, provided that the Borrower shall not be required to pay to compensate any Lender any amounts under pursuant to this paragraph for any period amounts incurred more than 90 days prior to the date on which that such Lender gives notice to notifies the Borrower of such Lender’s intention to claim compensation therefor; provided, further, that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of if the event circumstances giving rise to such payment obligationclaim have a retroactive effect, then such 90-day period shall be extended to include the period of such retroactive effect.
(b) If any Lender shall have determined that after the date hereof the adoption of or any change Change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof Effective Date shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under or in respect of any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance Change in Law (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted submission by such Lender to the Borrower (with a copy to the Administrative Agent) of a written request therefor, the Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender or such corporation for such reduction; provided that the Borrower shall not be required to compensate any Lender pursuant to this paragraph for any amounts incurred more than 180 days prior to the date that such Lender notifies the Borrower of such Lender’s intention to claim compensation therefor; provided, further, that if the circumstances giving rise to such claim have a retroactive effect, then such 180-day period shall be conclusive extended to include the period of such retroactive effect.
(c) If any Governmental Authority of the jurisdiction of any Foreign Currency (or any other jurisdiction in which the funding operations of any Multicurrency Lender shall be conducted with respect to such Foreign Currency) shall have in effect any reserve, liquid asset or similar requirement with respect to any category of deposits or liabilities customarily used to fund loans in such Foreign Currency, or by reference to which interest rates applicable to loans in such Foreign Currency are determined, and the result of such requirement shall be to increase the cost to such Multicurrency Lender of making or maintaining any Multicurrency Revolving Loan in such Foreign Currency, and such Multicurrency Lender shall deliver to the Borrower and the relevant Foreign Subsidiary Borrower a notice requesting compensation under this paragraph, then the Borrower or relevant Foreign Subsidiary Borrower will pay to such Multicurrency Lender on each Interest Payment Date with respect to each affected Multicurrency Revolving Loan, an amount that will compensate such Multicurrency Lender, for such additional cost; provided that the Borrower and the relevant Foreign Subsidiary Borrower shall not be required to compensate a Multicurrency Lender pursuant to this paragraph for any amounts incurred more than 180 days prior to the date that such Multicurrency Lender notifies the Borrower and the relevant Foreign Subsidiary Borrower of such Multicurrency Lender’s intention to claim compensation therefor; provided, further, that if the circumstances giving rise to such claim have a retroactive effect, then such 180 day period shall be extended to include the period of such retroactive effect.
(d) Notwithstanding any other provision of this Agreement, if, (i) (A) the adoption of any law, rule or regulation after the date of this Agreement, (B) any Change in Law or (C) compliance by any Lender with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement, shall make it unlawful for any such Multicurrency Lender to make or maintain any Multicurrency Revolving Loan, or to give effect to its obligations as contemplated hereby with respect to any Multicurrency Revolving Loan, or (ii) there shall have occurred any change in national or international financial, political or economic conditions (including the imposition of or any change in exchange controls, but excluding conditions otherwise covered by this Section 2.15) which would make it impracticable for the Multicurrency Lenders to make or maintain Multicurrency Revolving Loans, denominated in the absence relevant currency after the Effective Date to, or for the account of, the Borrower or the relevant Foreign Subsidiary Borrower, then, by written notice to the relevant Foreign Subsidiary Borrower and to the Multicurrency Administrative Agent:
(i) such Multicurrency Lender or Multicurrency Lenders may declare that Multicurrency Revolving Loans (in the affected currency or currencies to the applicable Borrower or relevant Foreign Subsidiary Borrower), will not thereafter (for the duration of manifest error. The agreements such unlawfulness) be made by such Multicurrency Lender or Multicurrency Lenders hereunder (or be continued for additional Interest Periods to the applicable Borrower or relevant Foreign Subsidiary Borrower), whereupon any request for a Multicurrency Revolving Loan (in this subsection the affected currency or currencies to the applicable Borrower or relevant Foreign Subsidiary Borrower) or to continue a Multicurrency Revolving Loan (in the affected currency or currencies to the applicable Borrower or relevant Foreign Subsidiary Borrower), as the case may be, for an additional Interest Period) shall, as to such Multicurrency Lender or Multicurrency Lenders only, be of no force and effect, unless such declaration shall survive be subsequently withdrawn; and
(ii) such Multicurrency Lender may require that all outstanding Multicurrency Revolving Loans (in the termination of this Agreement and affected currency or currencies to the payment applicable Borrower or relevant Foreign Subsidiary Borrower), made by it be converted to Base Rate Loans or Loans denominated in Dollars, as the case may be (unless repaid by the relevant Foreign Subsidiary Borrower), in which event all such Multicurrency Revolving Loans, respectively (in the affected currency or currencies to the applicable Borrower or relevant Foreign Subsidiary Borrower), shall be converted to Base Rate Loans or Loans denominated in Dollars, as the case may be, as of the effective date of such notice as provided in paragraph (e) below and at the Exchange Rate on the date of such conversion or, at the option of the Borrower or the relevant Foreign Subsidiary Borrower, repaid on the last day of the then current Interest Period with respect thereto or, if earlier, the date on which the applicable notice becomes effective. In the event any Multicurrency Lender shall exercise its rights under (i) or (ii) above, all payments and prepayments of principal that would otherwise have been applied to repay the converted Multicurrency Revolving Loans and of such Multicurrency Lender shall instead be applied to repay the Base Rate Loans or Loans denominated in Dollars, as the case may be, made by such Multicurrency Lender resulting from such conversion.
(e) For purposes of Section 2.15(d), a notice to Borrower or the relevant Foreign Subsidiary Borrower by any Multicurrency Lender shall be effective as to each Multicurrency Revolving Loan made by such Multicurrency Lender, if lawful, on the last day of the Interest Period currently applicable to such Multicurrency Revolving Loan; in all other cases such notice shall be effective on the date of receipt thereof by the Borrower or relevant Foreign Subsidiary Borrower.
(f) The Borrower shall pay, without duplication of any amounts payable hereunder.covered by Section 2.15(a)(ii), to each Lender, (i) as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each LIBOR Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), and
Appears in 1 contract
Samples: Credit Agreement (Kadant Inc)
Requirements of Law. (a) If The Borrowers agree to -------------------- reimburse each Lender for any increase in the adoption of cost to such Lender of, or any change in any Requirement of Law or reduction in the interpretation amount of any sum receivable by such Lender in respect of, making, continuing or application thereof maintaining (or compliance of its obligation to make, continue or maintain) any Loans as, or of converting (or of its obligation to convert) any Loans into, Eurocurrency Loans including, without limitation, by reason of any requirements imposed by the Board upon the making or funding of Eurocurrency Loans. Such Lender with shall promptly notify the Administrative Agent and CCSC in writing of the occurrence of any such event, such notice to state, in reasonable detail, the reasons therefor and the additional amount required fully to compensate such Lender for such increased cost or reduced amount. Such additional amounts shall be payable directly to such Lender within five days of CCSC's receipt of such notice, and such notice shall, in the absence of manifest error, be conclusive and binding on the Borrowers.
(b) If any change in, or the introduction, adoption, effectiveness, interpretation, reinterpretation or phase-in of, any law or regulation, directive, guideline, decision or request or directive (whether or not having the force of law) from of any court, central bank bank, regulator or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that governmental authority after the date hereof affects or would affect the adoption amount of capital required or expected to be maintained by any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by Lender and such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy determines (whether or not having the force of lawin its sole and absolute discretion) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing that the rate of return on such Lender's or such corporation's its capital as a consequence of its obligations hereunder Credit Commitment or under any Letter of Credit the Loans made by it is reduced to a level below that which such Lender or such corporation could have achieved but for the occurrence of any such adoptioncircumstance, change or compliance (taking into consideration then, in any such Lender's or such corporation's policies with respect case upon notice from time to capital adequacy) by an amount deemed time by such Lender to be material, then from time to timeCCSC, the Borrower Borrowers shall promptly immediately pay directly to such Lender additional amounts sufficient to compensate such Lender for such reduction in rate of return. A statement of such Lender as to any such additional amount or amounts as will compensate such Lender for such reduction; provided(including calculations thereof in reasonable detail) shall, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error, be conclusive and binding on the Borrowers. The agreements In determining such amount, such Lender may use any method of averaging and attribution that it (in its sole and absolute discretion) shall deem applicable.
(c) No Lender shall be entitled to compensation under this subsection Section 2.13 for any costs incurred or reductions suffered with respect to any date that it has such costs unless it shall survive have notified CCSC that it will demand compensation for such costs or reductions under paragraph (a) or (b) above, as applicable, not more than 120 days after the termination later of (i) such date and (ii) the date on which it shall have become aware of such costs or reductions; provided -------- that the foregoing shall in no way operate in derogation of the undertaking contained in the last sentence of this Agreement paragraph (c). Notwithstanding any other provision of this Section 2.13, no Lender shall demand compensation for any increased cost or reduction referred to above if it shall not at the time be the general policy or practice of such Lender to demand such compensation in similar circumstances under comparable provisions of other credit agreements. In the event that any Lender determines that any event or circumstance that will lead to a claim under this Section 2.13 has occurred or will occur, such Lender will use its best efforts to so notify CCSC; provided, that any failure to provide -------- such notice shall in no way impair the rights of any Lender to demand and the payment receive compensation under this Section 2.13, but without prejudice to any claims of the Loans and all other amounts payable hereunderCCSC for compensation for actual damages sustained as a result of any failure to observe this undertaking.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Crown Cork & Seal Co Inc)
Requirements of Law. (a) If the adoption of or any change Change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (orhereof, or in the case of LIBO Rate CAF Advancesa Lender that is an assignee or transferee of an interest under this Credit Agreement, made subsequent to acceptance by the Borrower date of such LIBO Rate CAF Advanceassignment or transfer (except to the extent the assigning or transferring Lender was entitled to benefits under this Section 2.16):
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such LenderLender or Taxes which the Borrower shall be required to pay, reimburse a Lender in respect of, or indemnify or hold harmless a Lender in respect of, in each case pursuant to Section 2.18);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan loan, insurance charge or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateRelevant Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such LenderLender (taking into account all available tax credits, by an amount which such Lender deems to be material, tax deductions or other tax benefits) of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit Loans or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its Loans. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be presumptive evidence of such additional amount in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Applicable Lending Office) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise in its sole discretion to such payment obligationbe material.
(b) If any Lender or Issuing Lender shall have reasonably determined that after the date hereof the adoption of or any change Change in any Requirement of Law regarding capital adequacy or liquidity requirements or in the interpretation or application thereof or compliance by such Lender or Issuing Lender or any corporation controlling such Lender or Issuing Lender with any request or directive regarding capital adequacy or liquidity requirements (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s, such Issuing Lender’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender, such Issuing Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s, such Issuing Lender’s or such corporation's ’s policies with respect to capital adequacyadequacy and liquidity) by an amount reasonably deemed by such Lender or such Issuing Lender in its sole discretion to be material, then from time to time, within fifteen (15) days after demand by such Lender or such Issuing Lender, the Borrower shall promptly pay to such Lender or such Issuing Lender such additional amount or amounts as will compensate shall be certified by such Lender or such Issuing Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender or Issuing Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive presumptive evidence of such additional amount in the absence of manifest error. .
(c) The agreements in this subsection Section 2.16 shall survive the termination of this Credit Agreement and the payment of the Loans and all other amounts payable hereunder.
(d) Notwithstanding the foregoing, the Borrower shall not be obligated to make payment to a Lender or Issuing Lender pursuant to this Section 2.16 in respect of increased costs or a reduction in the rate of return, if (i) written demand therefor has not been made by such Lender or such Issuing Lender within 180 days from the date on which such Lender or such Issuing Lender determined that any Change in Law has resulted in such increased cost or reduction in rate of return; provided that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period shall be extended to include the retroactive effect thereof or (ii) such increased cost or reduction in rate of return is attributable to the gross negligence or willful misconduct of the Lender or the Issuing Lender as determined by a court of competent jurisdiction in a final non-appealable judgment. No Lender or Issuing Lender shall request that the Borrower pay any additional amount pursuant to this Section 2.16 unless it shall concurrently make similar requests to other borrowers similarly situated and affected by such Change in Law and from whom such Lender is entitled to seek similar amounts.
Appears in 1 contract
Samples: Credit Agreement (Hyatt Hotels Corp)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
hereof: (i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
; (ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
or (iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances or issuing or participating in Letters of Credit Loans or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional 29 -114- costs or legal or regulatory burdens reasonably deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.13 shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunderNotes for a period of thirty (30) days after the Maturity Date.
Appears in 1 contract
Samples: Credit Agreement (Dimon Inc)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise in its sole discretion to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender in its sole discretion to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.15 shall survive the termination of this Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 1 contract
Samples: Credit Agreement (Neighborcare Inc)
Requirements of Law. In the event that any Affected Person determines that any Regulatory Change (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent than a Regulatory Change relating to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advancetaxes):
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender)[Reserved];
(ii) does or shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, or deposits or other liabilities in or for the account of, advancespurchases, advances or loans by, or other extensions of credit extended by, or any other acquisition of funds by, any office of such Lender which is Affected Person that are not otherwise included in the determination of the Eurocurrency Eurodollar Rate, LMIR or the Alternate Base Rate hereunder; or
(iii) does or shall impose on such Lender Affected Person any other condition; and and, the result of any of the foregoing is (x) to increase the cost to such LenderAffected Person of acting as Administrative Agent, by an amount which such Lender deems or of agreeing to be material, of making, converting into, continuing purchase or purchasing or maintaining the ownership of undivided percentage ownership interests with regard to the Pool Assets (or interests therein) or any Portion of Capital in respect of which Yield is computed by reference to the Eurodollar LoansRate, Multicurrency Loans, LIBO LMIR or the Alternate Base Rate CAF Advances or issuing or participating in Letters of Credit or (y) to reduce any amount receivable hereunder in respect thereof(whether directly or indirectly) funded or maintained by reference to the Eurodollar Rate, LMIR or the Alternate Base Rate, then, in any such case, upon demand by such Affected Person and without duplication of amounts payable under Section 1.7, the Borrower Seller shall promptly (and in any event within five (5) Business Days of the Seller’s receipt of such demand) pay to such Lender Affected Person any additional amounts necessary to compensate such Affected Person for such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided; however, that such Affected Person shall use commercially reasonable efforts to mitigate any and all such increased costs or reduced amount receivable. All such amounts shall be payable as incurred. A certificate from such Affected Person to the Borrower Seller certifying, in reasonably specific detail, the basis for, calculation of, and amount of such additional costs or reduced amount receivable shall not be rebuttable, presumptive evidence of such amounts so owing; provided, however, that no Affected Person shall be required to pay to disclose any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware confidential or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the adoption of or any change tax planning information in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationcertificate.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.
Appears in 1 contract
Samples: Omnibus Amendment (Ingram Micro Inc)
Requirements of Law. No Lender (aother than a Defaulting Lender) If the adoption of or shall be required to make any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (orsuch assignment and delegation, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by and the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change may not repay the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office Obligations of such Lender which or terminate its Commitments, if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. Each Lender agrees that if it is replaced pursuant to this Section 2.16, it shall execute and deliver to the Administrative Agent an Assignment and Assumption to evidence such sale and purchase and shall deliver to the Administrative Agent any Promissory Note (if the assigning Lender’s Loans are evidenced by one or more Promissory Notes) subject to such Assignment and Assumption (provided that the failure of any Lender replaced pursuant to this Section 2.16 to execute an Assignment and Assumption or deliver any such Promissory Note shall not otherwise included render such sale and purchase (and the corresponding assignment) invalid), such assignment shall be recorded in the determination Register and any such Promissory Note shall be deemed cancelled. Each Lender hereby irrevocably appoints the Administrative Agent (such appointment being coupled with an interest) as such Xxxxxx’s attorney-in-fact, with full authority in the place and stead of such Xxxxxx and in the Eurocurrency Rate; or
(iii) shall impose on name of such Lender any other condition; and Xxxxxx, from time to time in the result of any of the foregoing is to increase the cost Administrative Agent’s discretion, with prior written notice to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or take any action and to reduce any amount receivable hereunder in respect thereof, then, in execute any such caseAssignment and Assumption or other instrument that the Administrative Agent may deem reasonably necessary to carry out the provisions of this clause (b). To the extent that any Lender is replaced pursuant to Section 2.16(b)(iv) in connection with a Repricing Transaction requiring payment of a fee pursuant to Section 2.09(d), the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to any each Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's or such corporation's capital being replaced as a consequence result of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, Repricing Transaction the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationfee set forth in Section 2.09(d).
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.
Appears in 1 contract
Samples: Term Loan Agreement (Daseke, Inc.)
Requirements of Law. (a) Tenant, at its sole cost and expense, shall comply with all Requirements applicable to Tenant's manner of use and occupancy of the Premises (other than, and as distinguished from, mere use as general offices) including, without limitation, those applicable to the making of any Alterations (including Tenant's Initial Alterations) therein, including but not limited to local laws #5, #16 and #58 and the Americans With Disabilities Act. Tenant shall not do or permit to be done any act or thing upon the Premises which will invalidate or be in conflict with a standard "all-risk" insurance policy; and shall not do, or permit anything to be done in or upon the Premises, or bring or keep anything therein, except as now or hereafter permitted by the Xxx Xxxx Xxxx Xxxx Xxxxxxxxxx, Xxx Xxxx Board of Fire Underwriters, the Insurance Services Office or other authority having jurisdiction, or use the Premises in a manner (as opposed to mere use as general "offices") which shall increase the rate of fire insurance on the Building, in effect on the Commencement Date. If by reason of Tenant's failure to comply with the adoption provisions of this Article, the fire insurance rate shall be higher than it otherwise would be, then Tenant shall desist from doing or permitting to be done any such act or thing and shall reimburse Landlord, as additional rent hereunder, for that part of all fire insurance premiums thereafter paid by Landlord which shall have been charged because of such failure by Tenant, and shall make such reimbursement upon demand by Landlord which demand shall be accompanied by information in reasonable detail explaining any such increase. In any action or proceeding wherein Landlord and Tenant are parties, a schedule or "make up" of rates for the Building or the Premises issued by the Insurance Services Office, or other body fixing such fire insurance rates, shall be conclusive evidence of the facts therein stated and of the several items and charges in the fire insurance rates then applicable to the Building.
(b) Landlord, at its sole cost and expense (but subject to recoupment of Tenant's Operating Share thereof as provided in Article 27 hereof), shall comply with all other Requirements applicable to the Premises and the Building, subject to Landlord's right to contest the applicability or legality thereof.
Section 6.2 Tenant, at its sole cost and expense and after notice to Landlord, may contest by appropriate proceedings prosecuted diligently and in good faith, the legality or applicability of any Requirement affecting the Premises, provided that (a) Landlord (or any change in Indemnitee) shall not be subject to prosecution for a crime, nor shall the Real Property or any Requirement part thereof be subject to being condemned or vacated, nor shall the certificate of Law occupancy for the Premises or in the interpretation Building be suspended or application thereof threatened to be suspended by reason of noncompliance or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower reason of such LIBO Rate CAF Advance):
contest; (b) before the commencement of such contest, if Landlord (or any Indemnitee) may be subject to any civil fines or penalties or criminal penalties or if Landlord may be liable to any independent third party as a result of such noncompliance, Tenant shall furnish to Landlord either (i) a bond of a surety company satisfactory to Landlord, in form and substance reasonably satisfactory to Landlord, and in an amount equal to one hundred twenty percent (120%) of the sum of (A) the cost of such compliance, (B) the criminal or civil penalties or fines that may accrue by reason of such noncompliance (as reasonably estimated by Landlord), and (C) the amount of such liability to independent third parties (as reasonably estimated by Landlord), and shall subject indemnify Landlord (and any Lender to any tax Indemnitee) against the cost of any kind whatsoever such compliance and liability resulting from or incurred in connection with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan such contest or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof non-compliance (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower Tenant shall not be required to pay furnish such bond to Landlord if it has otherwise furnished any Lender any amounts under this paragraph for any period prior similar bond required by law to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any appropriate Governmental Authority made subsequent and Landlord is protected thereby) or (ii) other security reasonably satisfactory in all respects to the date hereof shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reductionLandlord; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it such noncompliance or contest shall promptly notify not constitute or result in a violation (either with the Borrower (with a copy to giving of notice or the Administrative Agentpassage of time or both) of the event terms of any Mortgage or Superior Lease, or if such Superior Lease or Mortgage shall condition such non-compliance or contest upon the taking of action or furnishing of security by reason Landlord, such action shall be taken or such security shall be furnished at the expense of which it has become so entitled. A certificate Tenant; and (d) Tenant shall keep Landlord regularly advised as to the status of such proceedings. Without limiting the applicability of the foregoing, Landlord (or any additional amounts payable pursuant to this subsection submitted by such Lender to the Borrower (with a copy to the Administrative AgentIndemnitee) shall be conclusive in deemed subject to prosecution for a crime if Landlord (or any Indemnitee), a Lessor, a Mortgagee or any of their officers, directors, partners, shareholders, agents or employees is subject to prosecution for a crime of any kind whatsoever, unless such charges are withdrawn ten (10) days before Landlord (or any Indemnitee), such Lessor or such Mortgagee or such officer, director, partner, shareholder, agent or employee, as the absence of manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereundercase may be, is required to plead or answer thereto.
Appears in 1 contract
Requirements of Law. (a) If at any time after the adoption of date hereof the introduction of, or any change in any Requirement of Law or in the interpretation of, any law, treaty or application thereof governmental rule, regulation or order (other than any change by way of imposition or increase of reserve requirements included in determining the Adjusted LIBO Rate or any change relating to taxes indemnified pursuant to Section 2.16 or Excluded Taxes) or the compliance by any Lender with any guideline, request or directive from any central bank or other Governmental Authority (whether or not having the force of law), shall have the effect of increasing the cost to such Lender for maintaining any Eurodollar Loans, then Borrower shall from time to time, pay to the Administrative Agent for the account of such Lender additional amounts sufficient to compensate such Lender for such increased cost. A certificate setting forth in reasonable detail the applicable change in law and the calculation of the amount of such increased cost, submitted to Borrower and the Administrative Agent by such Lender, shall be conclusive and binding for all purposes, absent manifest error. Such Lender, as applicable, shall promptly notify the Administrative Agent and Borrower in writing of the occurrence of any such event, such notice to state, in reasonable detail, the reasons therefor and the additional amount required fully to compensate such Lender, for such increased cost or reduced amount. Such additional amounts shall be payable directly to such Lender, as applicable, within ten (10) Business Days of the receipt by Borrower of such notice, and such notice shall, in the absence of manifest error, be conclusive and binding on Borrower.
(b) If any change in, or the introduction, adoption, effectiveness, interpretation, reinterpretation or phase-in of, any law or regulation, directive, guideline, decision or request (whether or not having the force of law) from of any court, central bank bank, regulator or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof affects or would affect the adoption amount of capital required or expected to be maintained by any change in any Requirement of Law regarding capital adequacy Lender (or in the interpretation or application thereof or compliance by a holding company controlling such Lender) and such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy determines (whether or not having the force of lawin its sole and absolute discretion) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing that the rate of return on such Lender's its capital (or such corporation's the capital of its holding company, as the case may be) as a consequence of its obligations hereunder or under any Letter of Credit the Loans made by it is reduced to a level below that which such Lender (or such corporation its holding company) could have achieved but for the occurrence of any such adoptioncircumstance, change or compliance (taking into consideration then, in any such Lender's or such corporation's policies with respect case upon notice from time to capital adequacy) by an amount deemed time by such Lender to be materialBorrower, then from time Borrower shall, within ten (10) Business Days after receipt of the statement referred to timebelow, the Borrower shall promptly pay directly to such Lender additional amounts sufficient to compensate such Lender (or its holding company) for such reduction in rate of return. A statement of such Lender as to any such additional amount or amounts as will compensate (including calculations thereof in reasonable detail) shall, in the absence of manifest error, be conclusive and binding on Borrower. In determining such amount, such Lender may use any method of averaging and attribution that it (in its sole and absolute discretion) shall deem applicable.
(c) In the event that any Lender determines that any event or circumstance that will lead to a claim under this Section 2.15 has occurred or will occur, such Lender will use its commercially reasonable efforts to so notify Borrower; provided that any failure to provide such notice shall in no way impair the rights of such Lender to demand and receive compensation under this Section 2.15, but without prejudice to any claims of Borrower for such reduction; providedcompensation for actual damages sustained as a result of any failure to observe this undertaking.
(d) Notwithstanding anything to the contrary in this Section 2.15, that the Borrower shall not be required to pay compensate any entity pursuant to any Lender this Section 2.15 for any amounts under this paragraph for any period incurred more than six months prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless entity notifies Borrower of such Lender gives such notice within 180 days after it became aware or should have become aware of entity’s intention to claim compensation therefor; provided that, if the event circumstances giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsectionhave a retroactive effect, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted by then such Lender to the Borrower (with a copy to the Administrative Agent) six-month period shall be conclusive in extended to include the absence period of manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereundersuch retroactive effect.
Appears in 1 contract
Samples: Senior Subordinated Credit Agreement (Lifepoint Hospitals, Inc.)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower Borrowers jointly and severally shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Company shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, promptly after demand by such Lender, the Borrower Borrowers shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such Lender to the Borrower (with a copy to Lender, through the Administrative Agent) , to the Company shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 3.12 shall survive the termination of this Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 1 contract
Samples: Credit Agreement (Horizon Personal Communications Inc)
Requirements of Law. (a) If If, after the Closing Date (i) the adoption of or any change in any Requirement of Law or in the interpretation or application thereof by a Governmental Authority, or (ii) the compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):Authority:
(iA) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, Agreement or any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency LIBOR Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Taxes and Excluded Taxes covered which are governed by subsection 3.10 and changes in the rate of tax on the overall net income of such LenderSection 3.2 hereof);
(iiB) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which that is not otherwise included in the determination of the Eurocurrency LIBOR Rate; or
(iiiC) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit LIBOR Loans or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall pay to Lender, promptly pay such Lender such after receipt of a written request therefor, any additional amount or amounts as will necessary to compensate such Lender for such increased cost or reduced amount receivable; provided. If Lender becomes entitled to claim any additional amounts pursuant to this subsection (a), that the Lender shall promptly notify Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationby reason of which it has become so entitled.
(b) If any Lender shall have determined that that, after the date hereof Closing Date, the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof by a Governmental Authority or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's the policies of Lender or such corporation's policies corporation with respect to capital adequacy) by an amount deemed by such Lender to be material), then from time to time, upon submission by Lender to Borrower of a written request therefor (which shall include the method for calculating such amount), Borrower shall promptly pay or cause to such be paid to Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection Section 3.1 submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. In determining any such additional amounts, Lender may use any method of averaging and attribution that it (in its sole discretion) shall deem applicable. The agreements in obligations of Borrower pursuant to this subsection Section 3.1 shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. Borrower shall not be required to compensate Lender pursuant to this Section 3.1 for any increased costs or reductions to the extent Lender notifies Borrower thereof more than one hundred eighty (180) days after Lender becomes aware of such right to additional compensation.
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority Authority, in each case made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit (or the Participations Interests therein) or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the applicable Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Company shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change after the date of this Agreement in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the applicable Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender to (which certificate shall include a description of the Borrower (with a copy to basis for the computation), through the Administrative Agent) , to the Company shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.16 shall survive the termination of this Credit Agreement and the payment of the Loans and all other amounts Credit Party Obligations. Any claim by a Lender for indemnification under this Section 2.16 shall be made no later than 90 days after such Lender becomes aware any amount payable hereunderto such Lender under this Section.
Appears in 1 contract
Samples: Credit Agreement (Lionbridge Technologies Inc /De/)
Requirements of Law. (ai) If Tenant at its expense shall comply with all laws, orders and regulations of any governmental authority having or asserting jurisdiction over the adoption of Demised Premises, whether any such law, order or any change regulation is in any Requirement of Law effect on, or in enacted or made effective after, the interpretation date hereof, whether contemplated or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to foreseen on the date hereof or not (oreach of the foregoing being sometimes hereinafter referred to as a “Law”), in the case of LIBO Rate CAF Advanceswhich shall impose any violation, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax of any kind whatsoever order or duty upon Landlord or Tenant with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan the Demised Premises or LIBO Rate CAF Advance made by it, the use or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect occupancy thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, however, that the Borrower Tenant shall not be required to pay perform or contribute to the cost of performing any demolition, removals, alterations, improvements, changes or modifications to the Demised Premises or to any Lender any amounts under this paragraph for any period prior Building system serving or providing access to the date on which Demised Premises, or to pay any fine or penalty resulting from Tenant’s refusal to comply with any such Lender gives notice requirement, except to the Borrower that extent such amounts are payable unless such Lender gives such notice within 180 days after it became aware requirement shall be imposed due to (a) the performance of any Alterations by or should have become aware on behalf of Tenant in or to the Demised Premises, or (b) Tenant’s particular use or manner of use of the event giving rise to such payment obligationDemised Premises (as distinguished from mere office use thereof), or (c) the making of reasonable accommodations in the Demised Premises which are required by the Americans With Disabilities Act, as amended, for Tenant’s employees, customers, or invitees.
(bii) If Landlord shall comply, at its sole cost and expense, with all laws, rules and regulations which are applicable to the Demised Premises and which are not the obligation of Tenant under this Lease or under the law. Landlord shall also comply, at its sole cost and expense, with all laws, rules and regulations which are applicable to the Building and which are not the obligation of Tenant hereunder or under the law, but only to the extent that such compliance is necessary for Tenant’s continued use of, or access to, the Demised Premises for the purposes permitted under this Lease.
B. Tenant shall require every person engaged by Tenant to clean any Lender window in the Demised Premises from the outside, to use the equipment and safety devices required by Section 202 of the Labor Law and the rules of any governmental authority having or asserting jurisdiction.
C. Subject to the limitations on Tenant’s obligation to perform Alterations as set forth in paragraph A of this Article, Tenant at its expense shall have determined that after comply with all requirements of the date hereof the adoption New York Board of Fire Underwriters, or any change other similar body affecting the Demised Premises and shall not use the Demised Premises in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof a manner which shall have the effect of reducing increase the rate of return on fire insurance of Landlord or of any other tenant, over that in effect prior to this Lease. If Tenant’s use of the Demised Premises increases the fire insurance rate, Tenant shall reimburse Landlord for all such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but increased costs. That the Demised Premises are being used for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower purpose set forth in Article 1 hereof shall not be required to pay to any Lender any amounts under this paragraph for any period prior to relieve Tenant from the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationforegoing duties, obligations and expenses.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.
Appears in 1 contract
Samples: Lease Agreement (Shutterstock, Inc.)
Requirements of Law. (a) If Lender shall have determined that the adoption of or any change in any Requirement of Law of or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan regarding or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the adoption of or any change in any Requirement of Law regarding effecting capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding or effecting capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount deemed reasonably determined by such Lender to be material, then from time to time, the Borrower shall promptly promptly, and in any event within ten Business Days of receipt of detailed notice thereof from Lender documenting the relevant changes, pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(cb) If any Lender becomes entitled to claim any additional amounts pursuant to this subsectionSection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitledentitled by providing a certificate setting forth in reasonable detail the basis for the claim for additional amounts, the amounts required to be paid by Borrower to Lender, and the computations made by Lender to determine the amounts; provided that Lender shall not be required to disclose any confidential information. A Such certificate as to any additional amounts payable pursuant to this subsection Section submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection Section shall survive the termination of this Agreement and the payment of the Loans Loan and all other amounts payable hereunder.
(c) Failure or delay on the part of Lender to demand compensation pursuant to this Section shall not constitute a waiver of Lender’s right to demand such compensation; provided that Borrower shall not be required to compensate Lender pursuant to this Section for any increased costs incurred or reductions suffered more than 90 days prior to the date that Lender notifies Borrower of the event giving rise to such increased costs or reductions, and of Lender’s intention to claim compensation therefor (except that, if the event giving rise to such increased costs or reductions is retroactive, then the 90 day period referred to above shall be extended to include the period of retroactive effect thereof).
Appears in 1 contract
Samples: Loan and Security Agreement (Apollo Senior Floating Rate Fund Inc.)
Requirements of Law. 11.1. Tenant, at its own cost and expense, shall comply with all Legal Requirements with respect to the Premises and the use and occupation thereof. Tenant shall give prompt notice to Landlord of any notice it receives of any violation of Legal Requirements. Tenant acknowledges and agrees that Tenant shall be responsible for compliance with all Legal Requirements relating to handicapped person's access to the Premises and within the Premises including, without limitation, compliance with ADA.
11.2. Tenant, at its own cost and expense, in its name and/or (whenever necessary and, in such event, with Landlord's prior written approval) Landlord's name, may contest, in any manner permitted by any Legal Requirement (including appeals to a court, or governmental department or authority having jurisdiction in the matter), the validity or the enforcement of any Legal Requirement with which Tenant is required to comply pursuant to this Lease, and may defer compliance therewith provided that:
(a) If the adoption of such noncompliance shall not subject Landlord or any change in any Requirement of Law Senior Interest Holder to criminal prosecution or in subject the interpretation Land and/or Improvements to lien or application thereof sale or compliance by any Lender with any request adversely affect the financeability or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination insurability of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.Improvements;
(b) If any Lender shall have determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower noncompliance shall not be required to pay to in violation of any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.Senior Interest; and
(c) Tenant shall promptly and diligently prosecute such contest and keep Landlord advised at all times as to the status of such contest. Landlord, without liability to it and at Tenant's expense (including, without limitation, the payment of reasonable attorneys' fees and disbursements incurred by Landlord), shall cooperate with Tenant and execute any documents or pleadings required for such purpose, provided that Landlord shall reasonably be satisfied that the facts set forth in any such documents or pleadings are accurate. Tenant shall indemnify and hold harmless Landlord from any loss, cost, damage, expense, fine, penalty or other fee (including, without limitation, reasonable attorneys' fees and disbursements) incurred or suffered by Landlord as a result of Tenant's contest as permitted under this Section 12.2.
11.3. Notwithstanding anything to the contrary contained herein, it is agreed and acknowledged that if any change in Legal Requirements occurs and such change materially and adversely affects Tenant's use of the Premises and (i) no Event of Default shall have occurred and be continuing hereunder, (ii) the estimated restoration cost to same shall be in excess of 25% of the then fair market value of the Premises (excluding the value of the Land) (a "MAJOR LEGAL REQUIREMENT") (iii) such Major Legal Requirement occurs during the last year of the Term hereof (taking into account any exercised Extension Terms), then Tenant shall thereupon have the option of canceling and terminating this Lease by written notice ("TERMINATION NOTICE") delivered to Landlord within thirty (30) days after Tenant receives notice (actual or constructive of such change in Legal Requirements). If Tenant elects to cancel and terminate this Lease in accordance with the foregoing option, then Tenant shall not be obligated to restore, rebuild or repair the Improvements, Rent shall be apportioned as of the date of the Termination Notice and (the "LEGAL REQUIREMENT TERMINATION DATE"), subject to the terms and provisions of this Lease, the (a) insurance proceeds payable to Tenant as a result of such damage or destruction of the Improvements (excluding business interruption insurance) shall be paid to Landlord and any Lender becomes entitled Senior Interest Holders, as their respective interests may appear and (b) on the date Tenant delivers the Termination Notice to claim any additional amounts Landlord pursuant to this subsectionSection, it Tenant shall promptly notify pay to Landlord a sum equal to the Borrower Prepayment Premium plus a sum ("FUTURE RENT") which at the time of such termination of this Lease represents the then value (using a discount rate equal to the sum of (x) the then current rate of interest paid on United States Treasury Obligations selected by Landlord with a copy maturity comparable to the Administrative AgentExpiration Date plus (y) 150 basis points (1.5%)) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment aggregate of the Loans Rent (excluding the cost of any such Major Legal Requirement) payable hereunder which would have been payable by Tenant for the period commencing on the Legal Requirement Termination Date and all other amounts payable hereunderending on the Expiration Date (taking into account only exercised Extension Terms).
Appears in 1 contract
Samples: Lease Agreement (Sports Club Co Inc)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, within 15 days after its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.15 shall survive the termination of this Credit Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.
Appears in 1 contract
Samples: Multi Year Revolving Credit Agreement (Boston Scientific Corp)
Requirements of Law. (a) If the adoption Tenant, at its expense, shall comply with all laws, orders and regulations of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender Federal, state, county and municipal authorities, and with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax direction of any kind whatsoever public officer or officers, pursuant to law, which shall impose any violation, order or duty upon Landlord or Tenant with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by itthe Building, or change the basis of taxation of payments to such Lender in respect use or occupation thereof (except for Non-Excluded Taxes covered collectively, the "Legal Requirements") including, without limitation, those applicable to the making of any Improvements therein or the result of the making thereof and those applicable by subsection 3.10 and changes reason of the nature or type of business operated by Tenant in the rate of tax on demised premises. Notwithstanding the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, foregoing sentence or any other acquisition provision of funds bythis Lease to the contrary, Tenant shall not be under any office obligation to make any Improvements in order to comply with any Legal Requirement applicable to the mere general "office" use (as opposed to the manner of such Lender which is not otherwise included in the determination use) of the Eurocurrency Rate; or
(iii) shall impose on demised premises unless such Lender any other condition; and the compliance is required as a result of any Improvements made, or required to be made, by Tenant, but Tenant shall be obligated to comply with all Legal Requirements in the making of any Improvements made, or required to be made, by Tenant. Tenant, at its expense, shall comply (and Tenant hereby expressly assumes all responsibility for compliance) with the Americans With Disabilities Act of 1990 and any and all regulations promulgated thereunder, as the same may be amended from time to time, (the "ADA") relating to the demised premises to the extent such compliance involves work or other measures within the demised premises, including, but not limited to, any path of travel alterations from the elevators serving the demises premises through each portion of the foregoing is demised premises and any requirements of the ADA relating to increase Tenant's employees and business operations within the cost demised premises, it being understood and agreed that any ADA non-compliance arising from the design of the toilet room(s) which Landlord undertook to such Lenderdesign in compliance with the existing ADA shall be the responsibility of Landlord, provided that all changes required as a result of any modification of the ADA shall be done by an amount which such Lender deems Tenant, at its expense. Any alterations required to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior performed by Tenant to the date on demised premises for the purpose of complying with the ADA, as aforesaid, or which such Lender gives notice to otherwise require compliance with the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware ADA, shall be done in accordance with the terms, provisions, agreements, covenants and conditions of the event giving rise to such payment obligationthis Lease.
(b) If Tenant, at its expense, after written notice to Landlord, may contest, by appropriate proceedings prosecuted diligently and in good faith, (i) the validity or applicability of any Lender shall have determined that after Legal Requirement as to which Tenant has the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or Obligation to comply pursuant to Section 5.01(a) (and, if necessary, in the interpretation name of, but without expense or application thereof liability to, Landlord) and shall defer Tenant's compliance therewith, provided that: (A) Landlord or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such LenderLandlord's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower agents shall not be required subject to pay civil liability or to criminal penalty or to prosecution for a crime, or any fine or charge, nor shall the Land (as hereinafter defined) or Building or any part thereof be subject to being condemned or vacated, or subject to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware lien or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event encumbrance by reason of which it has become so entitled. A certificate non-compliance or otherwise by reason of such contest; (B) before the commencement of any contest regarding the validity or applicability of any Legal Requirement as to which Tenant has the obligation to comply, if the cost of such compliance (as estimated by Landlord) is over Fifty Million and no/100 ($50,000,000.00) Dollars, as adjusted by CPI (as hereinafter defined), Tenant shall furnish to Landlord the bond of a surety company reasonably satisfactory to Landlord, in form and substance reasonably satisfactory to Landlord and in an amount equal to not less than one hundred twenty-five (125%) percent of the cost of such compliance (as reasonably estimated by Landlord) and Tenant shall indemnify Landlord against the cost of such compliance and any additional amounts payable pursuant to this subsection submitted liability resulting from or incurred in connection with such contest or non-compliance; (C) such non-compliance or contest shall not constitute or result in any breach of Landlord's obligations under any Mortgage, as such term is hereinafter defined, or if any Mortgagee, as such term is hereinafter defined, shall condition such noncompliance or contest upon the taking of action or furnishing or security by Landlord, such Lender to the Borrower (with a copy to the Administrative Agent) action shall be conclusive in taken and such security shall be furnished at the absence expense of manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.Tenant;
Appears in 1 contract
Samples: Lease Agreement (Credit Suisse First Boston Usa Inc)
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit; provided, that however, such Lender shall promptly (and in any event with ninety (90) days from the date the Lender knew or should have known of the facts pertaining thereto) notify the Borrower of the aforesaid facts and the Borrower shall not be required responsible costs or losses sustained by virtue of the Lender’s failure to pay give the Borrower the aforesaid notice. A certificate as to any Lender any additional amounts under payable pursuant to this paragraph for any period prior to Section submitted by such Lender, through the date on which such Lender gives notice Administrative Agent, to the Borrower shall constitute prima facie evidence as to the accuracy of the facts contained therein. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that such amounts are payable unless efforts shall not cause the imposition on such Lender gives of any additional costs or legal or regulatory burdens deemed by such notice within 180 days after it became aware or should have become aware of the event giving rise Lender to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that however, such Lender shall promptly (and in any event with ninety (90) days from the date the Lender knew or should have known of the facts pertaining thereto) notify the Borrower of the aforesaid facts and the Borrower shall not be required responsible for costs or losses sustained by virtue of the Lender’s failure to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to give the Borrower that such amounts are payable unless such Lender gives such the aforesaid notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with prescribed time period. Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy shall constitute prima facie evidence as to the Administrative Agentaccuracy of the facts contained therein.
(c) For purposes of this Agreement, the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act shall be conclusive in deemed to have gone into effect and been adopted thirty (30) days after the absence date of manifest error. this Agreement.
(d) The agreements in this subsection Section 2.15 shall survive the termination of this Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from fiom any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.16 shall survive the termination of this Credit Agreement and the payment of the Loans and all other amounts payable hereunderCredit Party Obligations.
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):Closing Date:
(i) shall subject any Lender to any tax Tax of any kind whatsoever with respect to this Agreement, Agreement or any Note, any Letter of Credit, any Application, any Eurodollar Loan (other than a Base Rate Loan, Multicurrency Loan or LIBO Rate CAF Advance ) made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-any Indemnified Taxes indemnifiable under Section 2.21 or any Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such LenderTaxes);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such any Lender which is not otherwise included in the determination of the Eurocurrency RateBenchmark hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans (other than Base Rate Loans), Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Lending Office) to avoid or to minimize any amounts which might otherwise be payable pursuant to this subsection (a); provided, however, that the Borrower such efforts shall not cause the imposition on such Lender of any additional costs or legal or regulatory burdens deemed by such Lender in its sole discretion to be required to pay to any Lender any amounts under this paragraph for any period prior material. Notwithstanding anything herein to the date contrary, (x) the Dodx-Xxaxx Xxxx Xxreet Reform and Consumer Protection Act of 2010 and all requests, rules, guidelines or directives thereunder or issued in connection therewith as well as (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on which such Lender gives notice Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware Basel III, shall be deemed to be a change in “Requirement of Law,” regardless of the event giving rise to such payment obligationdate enacted, adopted or issued.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or liquidity or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy or liquidity (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof Closing Date does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacyadequacy or liquidity) by an amount reasonably deemed by such Lender in its sole discretion to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; providedreduction (but, in the case of outstanding Base Rate Loans, without duplication of any amounts already recovered by a Lender by reason of an adjustment in the Alternate Base Rate). Such a certificate as to any additional amounts payable under this Section submitted by a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent to the Borrower shall be conclusive absent manifest error.
(c) Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this Section 2.19 shall not constitute a waiver of such Lender’s right to demand such compensation, provided that the Borrower shall not be required to pay compensate a Lender pursuant to any Lender any amounts under the foregoing provisions of this paragraph Section 2.19 for any period increased costs incurred or reductions suffered more than six (6) months prior to the date on which that such Lender gives notice to Lender, as the case may be, notifies the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event Requirement of Law giving rise to such payment obligationincreased costs or reductions and of such Lender’s intention to claim compensation therefor (except that, if the Requirement of Law giving rise to such increased costs or reductions is retroactive, then the six (6) month period referred to above shall be extended to include the period of retroactive effect thereof).
(cd) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection Section 2.19 shall survive the termination of this Credit Agreement and the payment of the Loans Notes and all other amounts payable hereunder.
Appears in 1 contract
Samples: Credit Agreement (WestRock Co)
Requirements of Law. (a) If the adoption of or any change in any Requirement a Change of Law (other than any Change of Law relating to Taxes indemnified pursuant to Section 2.16, Excluded Taxes or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) taxes specifically excluded from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
(iindemnification under Section 2.16(e)) shall subject have the effect of increasing the cost to such Lender or the Issuing Bank for agreeing to make or making, funding or maintaining any Lender to any tax of any kind whatsoever with respect to this AgreementEurodollar Loans or participating in, any Note, issuing or maintaining any Letter of Credit, any Applicationthen Borrower shall from time to time, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change pay to the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or Administrative Agent for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in or the determination of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is Issuing Bank additional amounts sufficient to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender or the Issuing Bank for such increased cost. A certificate setting forth in reasonable detail the applicable change in law and the calculation of the amount of such increased cost, submitted to Borrower and the Administrative Agent by such Lender or the Issuing Bank, shall be conclusive and binding for all purposes, absent manifest error. Such Lender or the Issuing Bank, as applicable, shall promptly notify the Administrative Agent and Borrower in writing of the occurrence of any such event, such notice to state, in reasonable detail, the reasons therefor and the additional amount required fully to compensate such Lender or the Issuing Bank, as applicable, for such increased cost or reduced amount receivable; provided, that the Borrower amount. Such additional amounts shall not be required payable directly to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to or the Issuing Bank, as applicable, within ten (10) Business Days of the receipt by Borrower that of such amounts are payable unless such Lender gives notice, and such notice within 180 days after it became aware or should have become aware shall, in the absence of the event giving rise to such payment obligationmanifest error, be conclusive and binding on Borrower.
(b) If a Change of Law affects or would affect the amount of capital or liquidity required or expected to be maintained by any Lender shall have determined that after or the date hereof the adoption of Issuing Bank (or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by a holding company controlling such Lender or any corporation controlling the Issuing Bank) and such Lender with any request or directive regarding capital adequacy the Issuing Bank determines (whether or not having the force of lawin its sole and absolute discretion) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing that the rate of return on such Lender's its capital (or such corporation's the capital of its holding company, as the case may be) as a consequence of its obligations hereunder Commitment or under the Loans made by it or its participations in Swingline Loans or any Letter issuance, participation or maintenance of Letters of Credit is reduced to a level below that which such Lender or such corporation the Issuing Bank (or its holding company) could have achieved but for the occurrence of any such adoptioncircumstance, change or compliance (taking into consideration then, in any such Lender's or such corporation's policies with respect case upon notice from time to capital adequacy) by an amount deemed time by such Lender or the Issuing Bank to be materialBorrower, then from time Borrower shall, within ten (10) Business Days after receipt of the statement referred to timebelow, the Borrower shall promptly pay directly to such Lender or the Issuing Bank, as the case may be, additional amounts sufficient to compensate such Lender or the Issuing Bank (or its holding company) for such reduction in rate of return. A statement of such Lender or the Issuing Bank as to any such additional amount or amounts as will compensate (including calculations thereof in reasonable detail) shall, in the absence of manifest error, be conclusive and binding on Borrower. In determining such amount, such Lender for such reduction; provided, or the Issuing Bank may use any method of averaging and attribution that it (in its sole and absolute discretion) shall deem applicable.
(c) In the event that the Issuing Bank or any Lender determines that any event or circumstance that will lead to a claim under this Section 2.15 has occurred or will occur, the Issuing Bank or such Lender will use its commercially reasonable efforts to so notify Borrower; provided that any failure to provide such notice shall in no way impair the rights of the Issuing Bank or such Lender to demand and receive compensation under this Section 2.15, but without prejudice to any claims of Borrower for compensation for actual damages sustained as a result of any failure to observe this undertaking.
(d) Notwithstanding anything to the contrary in this Section 2.15, Borrower shall not be required to pay compensate any entity pursuant to any Lender this Section 2.15 for any amounts under this paragraph for any period incurred more than six months prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless entity notifies Borrower of such Lender gives such notice within 180 days after it became aware or should have become aware of entity’s intention to claim compensation therefor; provided that, if the event circumstances giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsectionhave a retroactive effect, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted by then such Lender to the Borrower (with a copy to the Administrative Agent) six-month period shall be conclusive in extended to include the absence period of manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereundersuch retroactive effect.
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section, setting forth the calculation thereof in reasonable detail, submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise in its sole discretion to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's ’s or such corporation's ’s policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with . Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.16 shall survive the termination of this Credit Agreement and the payment of the Loans and all other amounts payable hereunderCredit Party Obligations.
Appears in 1 contract
Requirements of Law. Section 5.1 Tenant shall give prompt notice to Landlord of any notice it receives of the violation of any law or requirements of any governmental authority with respect to the Premises or the use or occupation thereof. Tenant shall promptly comply with all present and future laws, orders and regulations of all state, federal, town, municipal and local governments, departments, commissions and boards or any direction of any public officer pursuant to law, and all orders, rules and regulations of the New York Board of Fire Underwriters or any similar body which shall impose any violation, order or duty upon Landlord or Tenant with respect to the Premises (in which event Tenant shall effect such compliance at its sole cost and expense) or the Building (in which event, notwithstanding anything herein to the contrary, Tenant shall promptly pay Tenant’s pro rata share of the cost to Landlord of complying therewith). Tenant shall pay all costs, expenses, fines, penalties or damages, which may be imposed upon Landlord by reason of Tenant’s failure to comply with the provisions of this Article.
Section 5.2 Tenant shall not place a load upon any floor of the Premises exceeding the floor load per square foot area which said floor was designed to carry and which is allowed by law.
Section 5.3 Tenant, at its expense, shall comply with all present or future Legal Requirements and Rules and Regulations to the extent that the same shall affect or be applicable to (a) If Tenant’s particular manner of use of the adoption Premises (as opposed to its mere use thereof), (b) alterations and improvements made by Tenant, or (c) a breach by Tenant of or any change in any Requirement of Law or in its obligations under this Lease, it being understood that Landlord shall be responsible for complying with Legal Requirements and Rules and Regulations imposed on the interpretation or application thereof or compliance by any Lender Landlord’s Premises generally and which would have to be complied with any request or directive (whether or not having Tenant was then in occupancy of the force Premises. Nothing herein contained, however, shall be deemed to impose any obligation upon Tenant to make any structural changes or repairs unless necessitated by Tenant’s acts or omissions or by reason of law) from any central bank or other Governmental Authority made subsequent to a particular use by Tenant of the date hereof (orPremises. For purposes of this Lease, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
term “Legal Requirement(s)” means: (i) shall subject any Lender and all present and future laws, rules, regulations, orders, ordinances, statutes, codes, executive orders, and requirements of all Governmental Authorities applicable to the Premises, the Landlord Premises, the Building or any tax street, road, avenue, or sidewalk comprising a part of, or in front of, the Property, or any vault in, or under the Premises (including, without limitation, the Building Code of New York City and the laws, rules, regulations, orders, ordinances, statutes, codes, and requirements of any kind whatsoever applicable Fire Rating Bureau or other body exercising similar functions); (ii) the certificate or certificates of occupancy (or their equivalent) issued for the Premises or the Property as then in force; (iii) New York State Unconsolidated Laws Title 18, Chapter 5, Section 7381 q. as it may be amended from time to time; (iv) the provisions of City Planning Commission Resolution of November 21, 2001, Col. Xx. 00 (X 000000 PPM) adopted pursuant to Section 197(c) of the New York City Charter; (v) with respect to this Agreement, any Note, any Letter improvement and use of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 public access and changes in the rate of tax open space on the overall net income Land, if any, the provisions of such LenderCity Planning Commission Resolution of November 21, 2001, Calendar No. 25 (C 010712 ZSM) and may be amended from time to time (the “Bioscience Special Permit”);
; (iivi) shall imposethe rules, modify or hold applicable any reserveregulations, special depositorders, compulsory loan or similar requirement against assets held bycodes, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination and requirements of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other conditionState Historic Preservation Office, if applicable; and (vii) Chapter 8-A of the result New York City Administrative Code as it may be amended from time to time. For purposes of this Lease, the term “Governmental Authority or Authorities” means the United States of America, the State, County and City of New York, and any agency, department, commission, board, bureau, instrumentality or political subdivision of any of the foregoing is to increase foregoing, now existing or hereafter created, having jurisdiction over the cost to such LenderProperty or any portion thereof or any street, by an amount which such Lender deems to be materialroad, of makingavenue or sidewalk comprising a part of, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such casefront of, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; providedProperty, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the adoption of or any change vault in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationProperty.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to this subsection submitted by such Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.
Appears in 1 contract
Samples: Assignment and Assumption of Lease (Brooklyn ImmunoTherapeutics, Inc.)
Requirements of Law. (a) If the adoption of or any change Change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):shall:
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold deem applicable any reserve, special deposit, compulsory loan loan, insurance charge or similar requirement against assets held byof, deposits or other liabilities in with or for the account of, advances, loans or other extensions of credit by, extended or any other acquisition of funds participated in by, any office of such Lender which is not otherwise included (except any reserve requirement reflected in the determination applicable rate) or the Issuing Lender;
(ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in subparts (b) through (d) of the Eurocurrency Ratedefinition of Excluded Taxes and (C) Connection Income Taxes) on any Loan, Letter of Credit, or commitment or other obligation hereunder, or its deposits, reserves, other liabilities or capital attributable thereto; or
(iii) shall impose on such any Lender or the Issuing Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances Loans or issuing or participating in Letters of Credit Credit, or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower Borrowers shall pay to such Lender, promptly pay such Lender such after receipt of a written request therefor, any additional amount or amounts as will necessary to compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to . If any Lender becomes entitled to claim any additional amounts under pursuant to this paragraph for any period prior subsection (a), such Lender shall promptly notify the Administrative Borrower (with a copy to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware Administrative Agent) of the event giving rise to such payment obligationwith reasonable detail by reason of which it has become so entitled.
(b) If any Lender shall have determined that that, after the date hereof the adoption of or Closing Date, any change Change in any Requirement of Law regarding capital adequacy or liquidity, or liquidity requirements, or in the interpretation or application thereof by a Governmental Authority or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy or liquidity (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's ’s or such corporation's ’s capital as a consequence of its obligations hereunder hereunder, or under or in respect of any Letter of Credit Credit, to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance Change in Law (taking into consideration the policies of such Lender's Lender or such corporation's policies corporation with respect to capital adequacy) by an amount deemed by such Lender to be materialadequacy and liquidity), then from time to time, upon submission by such Lender to the Administrative Borrower (with a copy to the Administrative Agent) of a written request therefor (which shall include the method for calculating such amount and reasonable detail with respect to such calculation), the Borrowers shall promptly pay or cause to be paid to such Lender such additional amount or amounts as will compensate such Lender or such corporation for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If For purposes of this Section 3.1 and Section 3.5 hereof, the Xxxx-Xxxxx Act, any Lender becomes entitled to claim requests, rules, guidelines or directives concerning capital adequacy promulgated by the Bank for International Settlements, or the Basel Committee on Banking Regulations and Supervisory Practices (or any additional amounts pursuant to this subsectionsuccessor or similar authority) under Basel III, it shall promptly notify the Borrower (and any rules, regulations, orders, requests, guidelines and directives adopted, promulgated or implemented in connection with a copy to the Administrative Agent) any of the event by reason foregoing, regardless of which it has become so entitled. the date adopted, issued, promulgated or implemented, are deemed to have been introduced and adopted after the Closing Date.
(d) A certificate as to any additional amounts payable pursuant to this subsection Section 3.1 submitted by such any Lender to the Administrative Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. In determining any such additional amounts, such Lender may use any method of averaging and attribution that it (in its sole discretion) shall deem applicable. Notwithstanding anything herein to the contrary, the Borrowers shall not be required to compensate any Lender pursuant to this Section 3.1 for any amounts incurred more than two hundred seventy (270) days prior to the date that such Lender notifies the Administrative Borrower in writing of the amounts and of such Xxxxxx’s intention to claim compensation therefor; provided that, if the event giving rise to such additional amounts is retroactive, then the two hundred seventy (270) day period referred to above shall be extended to include the period of retroactive effect thereof. The agreements in obligations of the Borrowers pursuant to this subsection Section 3.1 shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.
Appears in 1 contract
Samples: Credit and Security Agreement (Universal Logistics Holdings, Inc.)
Requirements of Law. (a) If the Lender shall have determined that the adoption of or any change in any Requirement of Law or (in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the each case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Borrower shall promptly pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the adoption hereof) of or any change in any Requirement of Law Governmental Authority regarding capital adequacy or in the interpretation or application thereof or compliance by such the Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such the Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such the Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such the Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed determined by such Lender the Lender, in its reasonable discretion, to be material, then from time to time, the each Borrower shall promptly within 10 days after demand pay to such the Lender such additional amount or amounts as will compensate such the Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(cb) If any the Lender becomes entitled to claim any additional amounts pursuant to this subsectionSection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitledentitled by providing a certificate setting forth in reasonable detail the basis for the claim for additional amounts and the amounts required to be paid by the Borrower to the Lender; provided that the Lender shall not be required to disclose any confidential information. A Such certificate as to any additional amounts payable pursuant to this subsection Section submitted by such the Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The agreements in this subsection Section shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. No Borrower shall be responsible to compensate the Lender for additional amounts attributable to another Borrower's Loans. Any amounts due hereunder which are not attributable to particular Loans shall be subject to pro rata allocation.
(c) Failure or delay on the part of the Lender to demand compensation pursuant to this Section shall not constitute a waiver of the Lender's right to demand such compensation; provided that the Borrower shall not be required to compensate the Lender pursuant to this Section for any increased costs or reductions of the rate of return incurred more than 180 days prior to the date that the Lender notifies the Borrower of the change in the Requirement of Law giving rise to such increased costs or reductions of the rate of return and of the Lender's intention to claim compensation therefor; provided further that, if the change in the Requirement of Law giving rise to such increased costs or reductions of the rate of return is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof.
Appears in 1 contract
Samples: Credit Agreement (Japan Fund Inc)
Requirements of Law. 7.1 If Tenant receives any notice of any violation of any Legal Requirement, Tenant shall give prompt written notice thereof to Landlord. Tenant, at its sole cost and expense, shall comply with all Legal Requirements which shall impose any violation, order or duty upon Landlord or Tenant with respect to the Premises (including, without limitation, the performance of any Alterations under the Americans with Disabilities Act of 1990) or the use or occupation thereof (in which event Tenant shall effect such compliance at its sole cost and expense) or if, as a result of any act or omission by Tenant or violation of this Lease by Tenant, any Legal Requirement is violated, Tenant, at its sole cost and expense, shall cause any such violation to be promptly cured. The foregoing shall include any structural alterations necessary to effect such a cure.
(a) If Without limiting the adoption generality of Section 7.1, Tenant, at its sole cost and expense, shall comply with all Legal Requirements regarding the collection, sorting, separation and recycling of waste products, garbage, refuse and trash from within the Premises or any change in any Requirement of Law or in the interpretation or application thereof or compliance produced by Tenant. Tenant shall sort and separate such waste products, garbage, refuse and trash into such categories as provided by any Lender Legal Requirements. Each separately sorted category of waste products, garbage, refuse and trash from within the Premises shall be placed in separate receptacles reasonably approved by Landlord. Such separate receptacles may, at Landlord's option, be removed from the Premises in accordance with a collection schedule prescribed by any request or directive (whether or not having Legal Requirements. Tenant, at Tenant's sole cost and expense, represents that it shall arrange for the force collection of law) from any central bank or other Governmental Authority made subsequent its waste products, garbage, refuse and trash utilizing a contractor reasonably satisfactory to Landlord.
7.2 Notwithstanding the date hereof (orprovisions of Sections 7.1 and 7.2 hereof, Tenant, at its own cost and expense, in the case of LIBO Rate CAF Advancesits name and/or (whenever necessary) Landlord's name, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):
(i) shall subject any Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of Credit, any Application, any Eurodollar Loan, Multicurrency Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency Rate; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing or maintaining Eurodollar Loans, Multicurrency Loans, LIBO Rate CAF Advances or issuing or participating in Letters of Credit or to reduce any amount receivable hereunder in respect thereof, thenmay contest, in any such casemanner permitted by law (including appeals to a court or governmental department or authority having jurisdiction in the matter), the Borrower validity or the enforcement of any governmental act, regulation or directive with which Tenant is required to comply pursuant to this Lease, and may defer compliance therewith during the course of such contest, provided that (a) such non-compliance shall promptly pay not subject Landlord to criminal prosecution or subject the Land and/or Building to Lien or sale, (b) such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduced amount receivable; provided, that the Borrower non-compliance shall not be required to pay to in violation of any Lender fee mortgage or of any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware ground or should have become aware of the event giving rise to such payment obligation.
(b) If any Lender shall have determined that after the date hereof the adoption of underlying lease or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoptionmortgage thereon, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided, that the Borrower shall not be required to pay to any Lender any amounts under this paragraph for any period prior to the date on which such Lender gives notice to the Borrower that such amounts are payable unless such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligation.
(c) If Tenant shall first deliver to Landlord a surety bond issued by a surety company of recognized responsibility, or other security satisfactory to Landlord, indemnifying and protecting Landlord against any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the event loss or injury by reason of which it has become so entitled. A certificate as such non-compliance, and (d) Tenant shall prosecute such contest promptly and diligently to its conclusion.
7.3 Landlord, without expense or liability to it, shall cooperate with Tenant and execute any additional amounts payable pursuant to this subsection submitted by documents or pleadings required for such Lender to the Borrower (with a copy to the Administrative Agent) purpose, provided that Landlord shall be conclusive reasonably satisfied that the facts set forth in the absence of manifest error. The agreements in this subsection shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunderany such documents or pleadings are accurate.
Appears in 1 contract
Requirements of Law. (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof (or, in the case of LIBO Rate CAF Advances, made subsequent to acceptance by the Borrower of such LIBO Rate CAF Advance):hereof:
(i) shall subject any such Lender to any tax of any kind whatsoever with respect to this Agreement, any Note, any Letter of CreditCredit or any application relating thereto, any Application, any Eurodollar Loan, Multicurrency LIBOR Rate Loan or LIBO Rate CAF Advance made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for Non-Excluded Taxes covered by subsection 3.10 and changes in the rate of tax on the overall net income of such Lender);
(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise included in the determination of the Eurocurrency RateLIBOR Rate hereunder; or
(iii) shall impose on such Lender any other condition; and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of making, converting into, continuing making or maintaining Eurodollar Loans, Multicurrency Loans, LIBO LIBOR Rate CAF Advances Loans or issuing or participating in the Letters of Credit or to reduce any amount receivable hereunder in respect thereofor under any Note, then, in any such case, the Borrower shall promptly pay such Lender such Lender, upon its demand, any additional amount or amounts as will necessary to compensate such Lender for such increased additional cost or reduced amount receivablereceivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that the Borrower such efforts shall not be required to pay to any Lender any amounts under this paragraph for any period prior to cause the date imposition on which such Lender gives notice to the Borrower that such amounts are payable unless of any additional costs or legal or regulatory burdens deemed by such Lender gives such notice within 180 days after it became aware or should have become aware of the event giving rise to such payment obligationbe material.
(b) If any Lender shall have reasonably determined that after the date hereof the adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender's or such corporation's capital as a consequence of its obligations hereunder or under any Letter of Credit to a level below that which such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy) by an amount reasonably deemed by such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the Borrower shall promptly pay to such Lender such additional amount or amounts as will compensate shall be certified by such Lender as being required to compensate it for such reduction; provided, provided that the Borrower such Lender shall not be required permitted to pay to any Lender any amounts under this paragraph for any period prior to the date on which request such Lender gives notice to compensation from the Borrower that such amounts are payable unless such Lender gives such notice within 180 if more than 120 days have elapsed after it became aware the adoption of or should have become aware change in the Requirement of the event Law giving rise to the reduction in the rate of return on such payment obligation.
(c) If any Lender becomes entitled to claim any additional amounts pursuant to this subsection, it shall promptly notify the Borrower (with Lender's capital. Such a copy to the Administrative Agent) of the event by reason of which it has become so entitled. A certificate as to any additional amounts payable pursuant to under this subsection Section submitted by such a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of absent manifest error. .
(c) The agreements in this subsection Section 2.16 shall survive the termination of this Credit Agreement and the payment of the Loans and all other amounts payable hereunderCredit Party Obligations.
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Samples: Credit Agreement (West Corp)