Violation of Legal Requirements. If any Legal Requirement shall prevent any Lender from funding or maintaining through the purchase of deposits in the interbank LIBOR market any portion of the Loan subject to a LIBOR Pricing Option or otherwise from giving effect to such Lender's obligations as contemplated by Section 3.2, (a) the Agent may by notice to the Borrower terminate all of the affected LIBOR Pricing Options, (b) the portion of the Loan subject to such terminated LIBOR Pricing Options shall immediately bear interest thereafter at the Applicable Rate computed on the basis of the Base Rate and (c) the Borrower shall make any payment required by Section 3.2.4.
Appears in 2 contracts
Samples: Credit Agreement (Ameripath Inc), Credit Agreement (Ameripath Inc)
Violation of Legal Requirements. If any Legal Requirement shall prevent any Lender from funding or maintaining through the purchase of deposits in the interbank LIBOR market any portion of the Loan subject to a LIBOR Pricing Option or otherwise from giving effect to such Lender's obligations as contemplated by Section 3.2, (a) the Agent may by notice to the Borrower Borrowers terminate all of the affected LIBOR Pricing Options, (b) the portion of the Loan subject to such terminated LIBOR Pricing Options shall immediately bear interest thereafter at the Applicable Rate computed on the basis of the Alternate Base Rate and (c) the Borrower Borrowers shall make any payment required by Section 3.2.4.
Appears in 2 contracts
Samples: Credit Agreement (Ski Lifts Inc), Credit Agreement (Booth Creek Ski Holdings Inc)
Violation of Legal Requirements. If any Legal Requirement ------------------------------- shall prevent any Lender from funding or maintaining through the purchase of deposits in the interbank LIBOR market any portion of the Loan subject to a LIBOR Pricing Option or otherwise from giving effect to such Lender's obligations as contemplated by Section 3.2, (a) the Agent may by notice to the Borrower terminate all of the affected LIBOR Pricing Options, (b) the portion of the Loan subject to such terminated LIBOR Pricing Options shall immediately bear interest thereafter at the Applicable Rate computed on the basis of the Base Rate and (c) the Borrower shall make any payment required by Section 3.2.4.
Appears in 1 contract
Samples: Credit Agreement (Ameripath Inc)
