Change in Legality definition

Change in Legality. Notwithstanding anything to the contrary contained herein, if any change in any law or regulation or with the administration or interpretation thereof shall make it unlawful for the Bank to make or maintain any LIBOR advance, then, by written notice to the Borrower, the Bank may: (i) declare that LIBOR advances will not thereafter be made by the Bank hereunder, whereupon the Borrower shall be prohibited from requesting LIBOR advances from the Bank hereunder unless such declaration is subsequently withdrawn; and (ii) require that all outstanding LIBOR advances made by it be converted to Prime Rate loans, in which event (x) all such LIBOR advances shall be automatically converted into Prime Rate loans as of the effective date of such notice as provided for herein and (y) all payments and prepayments of principal which would otherwise be applied to repay the converted LIBOR advances shall instead be applied to repay the Prime Rate loans resulting from the conversion of such LIBOR advances. For purposes of this section, a notice to the Borrower by the Bank shall be effective on the day of receipt by the Borrower.
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Examples of Change in Legality in a sentence

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  • Inability to Determine SOFR Rate; Change in Legality 27 Section 5.05.

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