Common use of Affected Loans Clause in Contracts

Affected Loans. If Libor Loans (such Loans being herein called “Affected Loans”) are to be converted pursuant to Subsections (c) or (d) above, the Affected Loans shall be automatically converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for the Affected Loans (or on such earlier date as the Agent or an affected Bank may specify to the Borrowers) and, unless and until the Agent or the affected Bank gives notice as provided below that the circumstances specified in Subsections (c) or (d) above which gave rise to such conversion no longer exist: (1) to the extent that the Affected Loans have been so converted, all payments and prepayments of principal which would otherwise be applied to the Affected Loans shall be applied instead to Base Rate Loans; and (2) all Loans which would otherwise be made or continued by the Bank as Libor Loans shall be made or continued instead as Base Rate Loans and all Loans which would otherwise be converted into Libor Loans shall be converted instead into (or shall remain as) Base Rate Loans. The affected Bank agrees to give notice to the Borrowers and the Agent promptly after the circumstances specified in Subsections (c) or (d) above which give rise to the conversion or non-continuation of the Affected Loans pursuant to this Section no longer exist.

Affected Loans. If Libor Loans (such Loans being herein called “Affected Loans”) are to be converted pursuant to Subsections (cb) or (dc) immediately above, the Affected Loans shall be automatically converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for the Affected Loans (or on or, in the case of a Loan converted under Subsection (c) immediately above, such earlier date as the Agent or an affected Bank may specify to the BorrowersBorrower) and, unless and until the Agent or the affected Bank gives notice as provided below that the circumstances specified in Subsections (cb) or (dc) immediately above which gave rise to such conversion no longer exist: (1) to the extent that the Affected Loans have been so converted, all payments and prepayments of principal which would otherwise be applied to the Affected Loans shall be applied instead to Base Rate Loans; and (2) all Loans which would otherwise be made or continued by the Bank as Libor Loans shall be made or continued instead as Base Rate Loans and all Loans which would otherwise be converted into Libor Loans shall be converted instead into (or shall remain as) Base Rate Loans. The affected Bank agrees to give notice to the Borrowers and the Agent Borrower promptly after the circumstances specified in Subsections (cb) or (dc) immediately above which give rise to the conversion or non-continuation of the Affected Loans pursuant to this Section no longer exist.

Affected Loans. If Libor Loans (such Loans being herein called “Affected Loans”) are to be converted pursuant to Subsections (cb) or (dc) immediately above, the Affected Loans shall be automatically converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for the Affected Loans (or on or, in the case of a Loan converted under Subsection (c) immediately above, such earlier date as the Agent or an affected Bank may specify to the Borrowers) and, unless and until the Agent or the affected Bank gives notice as provided below that the circumstances specified in Subsections (cb) or (dc) immediately above which gave rise to such conversion no longer exist: (1) to the extent that the Affected Loans have been so converted, all payments and prepayments of principal which would otherwise be applied to the Affected Loans shall be applied instead to Base Rate Loans; and (2) all Loans which would otherwise be made or continued by the Bank as Libor Loans shall be made or continued instead as Base Rate Loans and all Loans which would otherwise be converted into Libor Loans shall be converted instead into (or shall remain as) Base Rate Loans. The affected Bank agrees to give notice to the Borrowers and the Agent promptly after the circumstances specified in Subsections (cb) or (dc) immediately above which give rise to the conversion or non-continuation of the Affected Loans pursuant to this Section no longer exist.