Common use of Change in Laws Clause in Contracts

Change in Laws. Anything herein to the contrary notwithstanding, if any future applicable law (which expression, as used in this Agreement, includes statutes and rules and regulations thereunder and interpretations thereof by any competent court or by any governmental or other regulatory body or official charged with the administration or the interpretation thereof) shall (1) subject the Lender to any tax, levy, impost, duty, charge, fee, deduction or withholding of any nature with respect to this Agreement, the Loans or the payment to the Lender of any amounts due to it hereunder, or (2) materially change the basis of taxation of payments to the Lender of the principal or the interest on or any other amounts payable to the Lender hereunder, or (3) impose on the Lender any other conditions or requirements with respect to this Agreement, the Loan Amount or any Loan, and the result of any of the foregoing is (a) to increase the cost to making, funding or maintaining all or any part of the Loans, or (b) to reduce the amount of principal, interest or other amount payable to the Lender hereunder, or (c) to require the Lender to make any payment or to forego any interest or other sum payable hereunder, the amount of which payment or foregoing interest or other sum is calculated by reference to the gross amount of any sum receivable or deemed received by the Lender from Borrower hereunder, then, and in each such case not otherwise provided for hereunder, Borrower will, upon demand made by the Lender accompanied by calculations thereof in reasonable detail, pay to the Lender such additional amounts as will be sufficient to compensate the Lender for such additional cost, reduction, payment or foregoing interest or other sum, provided that the foregoing provisions of this sentence shall not apply in the case of any additional cost, reduction, payment or foregoing interest or other sum resulting from any taxes charged upon or by reference to the overall net income, profits or gains of the Lender.

Appears in 2 contracts

Samples: Loan Agreement (American Mortgage Acceptance Co), Loan Agreement (Centerline Holding Co)

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Change in Laws. Anything herein to In the contrary notwithstandingevent of the enactment, if any future applicable law (which expression, as used in after the date of this Agreement, includes statutes and rules and regulations thereunder and interpretations thereof by any competent court or by any governmental or other regulatory body or official charged with the administration or the interpretation thereof) shall (1) subject the Lender to any tax, levy, impost, duty, charge, fee, deduction or withholding of any nature with respect to this Agreement, the Loans or the payment to the Lender of any amounts due to it hereunder, or (2) materially change the basis of taxation of payments to the Lender of the principal or the interest on or any other amounts payable to the Lender hereunder, or (3) impose on the Lender any other conditions or requirements with respect to this Agreement, the Loan Amount or any Loan, and the result of any of the foregoing is Laws: (a) to increase deducting from the cost to making, funding value of property for the purpose of taxation any lien or maintaining all security interest thereon; (b) imposing upon Lender the payment of the whole or any part of the Loanstaxes or assessments or charges or liens herein required to be paid by Bxxxxxxx; (c)changing in any way the Laws relating to the taxation of deeds of trust or mortgages or security agreements, or debts secured by deeds of trust or mortgages or security agreements, or the interest of the mortgagee or secured party in the property covered thereby; or (bd) to reduce changing the amount manner of principalcollection of such taxes; then, interest or other amount payable to the Lender hereunder, extent any of the foregoing may affect the Deed of Trust or (c) to require the Lender to make any payment indebtedness secured thereby or to forego any interest or other sum payable hereunder, the amount of which payment or foregoing interest or other sum is calculated by reference to the gross amount of any sum receivable or deemed received by the Lender from Borrower hereunderLxxxxx, then, and in each any such case not otherwise provided event, Borrower, upon ten (10) days’ written demand by Lxxxxx, shall pay such taxes, assessments, charges, or liens, or reimburse Lender therefor. If Borrower shall be prohibited from paying such tax or from reimbursing Lender for hereunderthe amount thereof, Borrower willshall execute a modification to the Other Documents and the Note, upon demand made which modification shall increase the interest rate payable pursuant to the Note so as to permit Lender to maintain its yield as if such tax had not been imposed. If Borrower shall be prohibited from executing the above-referenced modifications, Lender may, in Lxxxxx’s sole discretion, declare the principal of all amounts disbursed and owing under the Note, this Agreement, and the Other Documents (including all obligations secured by the Lender accompanied by calculations thereof in reasonable detailOther Documents) and all other indebtedness of Borrower to Lender, pay together with interest thereon, to the Lender such additional amounts as will be sufficient to compensate the Lender for such additional costforthwith due and payable within forty-five (45) days of written demand, reduction, payment or foregoing interest or other sum, provided that the foregoing provisions of this sentence shall not apply in the case regardless of any additional cost, reduction, payment other specified maturity or foregoing interest or other sum resulting from any taxes charged upon or by reference to the overall net income, profits or gains of the Lenderdue date.

Appears in 2 contracts

Samples: Loan Agreement (Snail, Inc.), Loan Agreement (Snail, Inc.)

Change in Laws. Anything herein to In the contrary notwithstandingevent of the enactment, if any future applicable law (which expression, as used in after the date of this Agreement, includes statutes and rules and regulations thereunder and interpretations thereof by any competent court or by any governmental or other regulatory body or official charged with the administration or the interpretation thereof) shall (1) subject the Lender to any tax, levy, impost, duty, charge, fee, deduction or withholding of any nature with respect to this Agreement, the Loans or the payment to the Lender of any amounts due to it hereunder, or (2) materially change the basis of taxation of payments to the Lender of the principal or the interest on or any other amounts payable to the Lender hereunder, or (3) impose on the Lender any other conditions or requirements with respect to this Agreement, the Loan Amount or any Loan, and the result of any of the foregoing is Laws: (a) to increase deducting from the cost to making, funding value of property for the purpose of taxation any lien or maintaining all security interest thereon; (b) imposing upon Lender the payment of the whole or any part of the Loans, taxes or (b) assessments or charges or liens herein required to reduce the amount of principal, interest or other amount payable to the Lender hereunder, or be paid by Borrower; (c) to require changing in any way the Lender to make any payment or to forego any interest or other sum payable hereunder, the amount of which payment or foregoing interest or other sum is calculated by reference Laws relating to the gross amount taxation of deeds of trust or mortgages or security agreements, or debts secured by deeds of trust or mortgages or security agreements, or the interest of the mortgagee or secured party in the property covered thereby; or (d) changing the manner of collection of such taxes; then, to the extent any sum receivable of the foregoing may affect the Collateral or deemed received by the Lender from Borrower hereunderindebtedness secured thereby or Lender, then, and in each any such case not otherwise provided for hereunderevent, Borrower willBorrower, upon demand made by Lender, shall pay such taxes, assessments, charges, or liens, or reimburse Lender therefor. If Borrower shall be prohibited from paying such tax or from reimbursing Lender for the amount thereof, Borrower shall execute a modification to the Loan Documents and the Note, which modification shall increase the interest rate payable pursuant to the Note so as to permit Lender to maintain its yield as if such tax had not been imposed. If Borrower shall be prohibited from executing the above-referenced modifications, Lender may, in Lender’s sole discretion, declare the principal of all amounts disbursed and owing under the Note, this Agreement, and the other Loan Documents (including all obligations secured by the Lender accompanied by calculations thereof in reasonable detailLoan Documents) and all other indebtedness of Borrower to Lender, pay together with interest thereon, to the Lender such additional amounts as will be sufficient to compensate the Lender for such additional costforthwith due and payable, reduction, payment or foregoing interest or other sum, provided that the foregoing provisions of this sentence shall not apply in the case regardless of any additional cost, reduction, payment other specified maturity or foregoing interest or other sum resulting from any taxes charged upon or by reference to the overall net income, profits or gains of the Lenderdue date.

Appears in 2 contracts

Samples: Business Loan Agreement (Redwood Mortgage Investors Viii), Business Loan Agreement (Redwood Mortgage Investors IX)

Change in Laws. Anything herein to In the contrary notwithstandingevent of the enactment, if any future applicable law (which expression, as used in after the date of this Agreement, includes statutes and rules and regulations thereunder and interpretations thereof by any competent court or by any governmental or other regulatory body or official charged with the administration or the interpretation thereof) shall (1) subject the Lender to any tax, levy, impost, duty, charge, fee, deduction or withholding of any nature with respect to this Agreement, the Loans or the payment to the Lender of any amounts due to it hereunder, or (2) materially change the basis of taxation of payments to the Lender of the principal or the interest on or any other amounts payable to the Lender hereunder, or (3) impose on the Lender any other conditions or requirements with respect to this Agreement, the Loan Amount or any Loan, and the result of any of the foregoing is Laws: (a) to increase deducting from the cost to making, funding value of property for the purpose of taxation any lien or maintaining all security interest thereon; (b) imposing upon Lender the payment of the whole or any part of the Loans, taxes or (b) assessments or charges or liens herein required to reduce the amount of principal, interest or other amount payable to the Lender hereunder, or be paid by Borrower; (c) to require changing in any way the Lender to make any payment or to forego any interest or other sum payable hereunder, the amount of which payment or foregoing interest or other sum is calculated by reference Laws relating to the gross amount taxation of deeds of trust or mortgages or security agreements, or debts secured by deeds of trust or mortgages or security agreements, or the interest of the mortgagee or secured party in the property covered thereby (not including income taxes); or (d) changing the manner of collection of such taxes; then, to the extent any sum receivable of the foregoing may affect the Collateral or deemed received by the Lender from Borrower hereunderindebtedness secured thereby or Lender, then, and in each any such case not otherwise provided for hereunderevent, Borrower willBorrower, upon demand made by Lender, shall pay such taxes, assessments, charges, or liens, or reimburse Lender therefor. If Borrower shall be prohibited from paying such tax or from reimbursing Lender for the amount thereof, Borrower shall execute a modification to the Loan Documents and the Note, which modification shall increase the interest rate payable pursuant to the Note so as to permit Lender to maintain its yield as if such tax had not been imposed. If Borrower shall be prohibited from executing the above-referenced modifications, Lender may, in Lender’s sole discretion, declare the principal of all amounts disbursed and owing under the Note, this Agreement, and the other Loan Documents (including all obligations secured by the Lender accompanied by calculations thereof in reasonable detailLoan Documents) and all other indebtedness of Borrower to Lender, pay together with interest thereon, to the Lender such additional amounts as will be sufficient to compensate the Lender for such additional costimmediately due and payable, reduction, payment or foregoing interest or other sum, provided that the foregoing provisions of this sentence shall not apply in the case regardless of any additional cost, reduction, payment other specified maturity or foregoing interest or other sum resulting from any taxes charged upon or by reference to the overall net income, profits or gains of the Lenderdue date.

Appears in 2 contracts

Samples: Loan and Security Agreement (Terra Secured Income Fund 5, LLC), Loan and Security Agreement (Terra Property Trust, Inc.)

Change in Laws. Anything herein to In the contrary notwithstandingevent of the enactment, if any future applicable law (which expression, as used in after the date of this -------------- Agreement, includes statutes and rules and regulations thereunder and interpretations thereof by any competent court or by any governmental or other regulatory body or official charged with the administration or the interpretation thereof) shall (1) subject the Lender to any tax, levy, impost, duty, charge, fee, deduction or withholding of any nature with respect to this Agreement, Laws: (a) deducting from the Loans or value of property for the payment to the Lender of any amounts due to it hereunder, or (2) materially change the basis purpose of taxation of payments to any lien or security interest thereon; (b) imposing upon Lender the Lender payment of the principal or the interest on or any other amounts payable to the Lender hereunder, or (3) impose on the Lender any other conditions or requirements with respect to this Agreement, the Loan Amount or any Loan, and the result of any of the foregoing is (a) to increase the cost to making, funding or maintaining all whole or any part of the Loans, taxes or (b) assessments or charges or liens herein required to reduce the amount of principal, interest or other amount payable to the Lender hereunder, or be paid by Borrower; (c) to require changing in any way the Lender to make any payment or to forego any interest or other sum payable hereunder, the amount of which payment or foregoing interest or other sum is calculated by reference Laws relating to the gross amount taxation of any sum receivable deeds of trust or deemed received by mortgages or security agreements, or the Lender from Borrower hereunderinterest of the mortgagee or secured party in the property covered thereby; or (d) the manner of collection of such taxes so as to affect the Deed of Trust secured thereby or Lender, then, and in each any such case not otherwise provided for hereunderevent, Borrower willBorrower, upon demand made by Lender, shall promptly pay such taxes, assessments, charges or liens, or reimburse Lender therefor. If Borrower shall be prohibited from paying such tax or from reimbursing Lender for the Lender accompanied by calculations thereof in reasonable detailamount thereof, pay Borrower shall execute a modification to the Loan Documents which modification shall increase the interest rate payable pursuant to the Note so as to permit Lender to maintain its yield as if such additional tax had not been imposed. If Borrower shall be prohibited from executing the above-referenced modifications, Lender may, in Lender's sole opinion and judgment, declare the principal of all amounts as will disbursed and owing under the Note, this Agreement, and the other Loan Documents (including all obligations secured by this Agreement or the other Loan Documents) and all other indebtedness of Borrower to Lender, together with interest thereon, to be sufficient to compensate the Lender for such additional costforthwith due and payable, reduction, payment or foregoing interest or other sum, provided that the foregoing provisions of this sentence shall not apply in the case regardless of any additional cost, reduction, payment other specified maturity or foregoing interest or other sum resulting from any taxes charged upon or by reference to the overall net income, profits or gains of the Lenderdue date.

Appears in 1 contract

Samples: Term Loan Agreement (Four Media Co)

Change in Laws. Anything herein to In the contrary notwithstandingevent of the enactment, if any future applicable law (which expression, as used in after the date of this -------------- Agreement, includes statutes and rules and regulations thereunder and interpretations thereof by any competent court or by any governmental or other regulatory body or official charged with the administration or the interpretation thereof) shall (1) subject the Lender to any tax, levy, impost, duty, charge, fee, deduction or withholding of any nature with respect to this Agreement, Laws; (a) deducting from the Loans or value of property for the payment to the Lender of any amounts due to it hereunder, or (2) materially change the basis purpose of taxation of payments to any lien or security interest thereon; (b) imposing upon Lender the Lender payment of the principal or the interest on or any other amounts payable to the Lender hereunder, or (3) impose on the Lender any other conditions or requirements with respect to this Agreement, the Loan Amount or any Loan, and the result of any of the foregoing is (a) to increase the cost to making, funding or maintaining all whole or any part of the Loans, taxes or (b) assessments or charges or liens herein required to reduce the amount of principal, interest or other amount payable to the Lender hereunder, or be paid by Borrower. (c) to require changing in any way the Lender to make any payment or to forego any interest or other sum payable hereunder, the amount of which payment or foregoing interest or other sum is calculated by reference Laws relating to the gross amount taxation of any sum receivable deeds of trust or deemed received by mortgages or security agreements, or the Lender from Borrower hereunderinterest of the mortgagee or secured party in the property covered thereby; or (d) the manner of collection of such taxes so as to affect the Deed of Trust secured thereby or longer, then, and in each any such case not otherwise provided for hereunder, Borrower willevent. Borrower, upon demand made by Lender, shall promptly pay such taxes, assessments, charges or liens, or reimburse Lender therefor. If Borrower shall be prohibited from paying such tax or from reimbursing Lender for the Lender accompanied by calculations thereof in reasonable detail, pay amount thereof. Borrower shall execute a modification to the Loan Documents which modifications shall increase the interest rate payable pursuant to the Note so as to permit Lender to maintain its yield as if such additional tax had not been imposed. If Borrower shall be prohibited from executing the above-referenced modifications, Lender may, in Lender's sole opinion and judgement, declare the principal of all amounts as will disbursed and owing under the Note, this Agreement, and the other Loan Documents (including all obligations secured by this Agreement or the other Loan Documents) and all other indebtedness of Borrower to Lender, together with interest thereon, to be sufficient to compensate the Lender for such additional costforthwith due and payable, reduction, payment or foregoing interest or other sum, provided that the foregoing provisions of this sentence shall not apply in the case regardless of any additional cost, reduction, payment other specified maturity or foregoing interest or other sum resulting from any taxes charged upon or by reference to the overall net income, profits or gains of the Lenderdue date.

Appears in 1 contract

Samples: Revolving Loan Agreement (Glacier Water Services Inc)

Change in Laws. Anything herein to In the contrary notwithstandingevent of the enactment, if any future applicable law (which expression, as used in after the date of this Agreement, includes statutes and rules and regulations thereunder and interpretations thereof by any competent court or by any governmental or other regulatory body or official charged with the administration or the interpretation thereof) shall (1) subject the Lender to any tax, levy, impost, duty, charge, fee, deduction or withholding of any nature with respect to this Agreement, the Loans or the payment to the Lender of any amounts due to it hereunder, or (2) materially change the basis of taxation of payments to the Lender of the principal or the interest on or any other amounts payable to the Lender hereunder, or (3) impose on the Lender any other conditions or requirements with respect to this Agreement, the Loan Amount or any Loan, and the result of any of the foregoing is Laws: (a) to increase deducting from the cost to making, funding value of property for the purpose of taxation any lien or maintaining all security interest thereon; (b) imposing upon Lender the payment of the whole or any part of the Loans, taxes or (b) assessments or charges or liens herein required to reduce the amount of principal, interest or other amount payable to the Lender hereunder, or be paid by Borrower; (c) to require changing in any way the Lender to make any payment or to forego any interest or other sum payable hereunder, the amount of which payment or foregoing interest or other sum is calculated by reference Laws relating to the gross amount taxation of deeds of trust or mortgages or security agreements, or debts secured by deeds of trust or mortgages or security agreements, or the interest of the mortgagee or secured party in the property covered thereby; or (d) changing the manner of collection of such taxes; then, to the extent any sum receivable of the foregoing may affect the Deed of Trust or deemed received by the Lender from Borrower hereunderindebtedness secured thereby or Lender, then, and in each any such case not otherwise provided for hereunderevent, Borrower willBorrower, upon demand made by Lender, shall pay such taxes, assessments, charges, or liens, or reimburse Lender therefor. If Borrower shall be prohibited from paying such tax or from reimbursing Lender for the amount thereof, Borrower shall execute a modification to the Loan Documents and the Note, which modification shall increase the interest rate payable pursuant to the Note so as to permit Lender to maintain its yield as if such tax had not been imposed. If Borrower shall be prohibited from executing the above-referenced modifications, Lender may, in Lender's sole discretion, declare the principal of all amounts disbursed and owing under the Note, this Agreement, and the other Loan Documents (including all obligations secured by the Lender accompanied by calculations thereof in reasonable detailLoan Documents) and all other indebtedness of Borrower to Lender, pay together with interest thereon, to the Lender such additional amounts as will be sufficient to compensate the Lender for such additional costforthwith due and payable, reduction, payment or foregoing interest or other sum, provided that the foregoing provisions of this sentence shall not apply in the case regardless of any additional cost, reduction, payment other specified maturity or foregoing interest or other sum resulting from any taxes charged upon or by reference to the overall net income, profits or gains of the Lenderdue date.

Appears in 1 contract

Samples: Loan Agreement (Mendocino Brewing Co Inc)

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Change in Laws. Anything herein to In the contrary notwithstandingevent of the enactment, if any future applicable law (which expression, as used in after the date of this Agreement, includes statutes and rules and regulations thereunder and interpretations thereof by any competent court or by any governmental or other regulatory body or official charged with the administration or the interpretation thereof) shall (1) subject the Lender to any tax, levy, impost, duty, charge, fee, deduction or withholding of any nature with respect to this Agreement, the Loans or the payment to the Lender of any amounts due to it hereunder, or (2) materially change the basis of taxation of payments to the Lender of the principal or the interest on or any other amounts payable to the Lender hereunder, or (3) impose on the Lender any other conditions or requirements with respect to this Agreement, the Loan Amount or any Loan, and the result of any of the foregoing is Laws: (a) to increase deducting from the cost to making, funding value of property for the purpose of taxation any lien or maintaining all security interest thereon; (b) imposing upon Lender the payment of the whole or any part of the Loans, taxes or (b) assessments or charges or liens herein required to reduce the amount of principal, interest or other amount payable to the Lender hereunder, or be paid by Borrower; (c) to require changing in any way the Lender to make any payment or to forego any interest or other sum payable hereunder, the amount of which payment or foregoing interest or other sum is calculated by reference Laws relating to the gross amount taxation of deeds of trust or mortgages or security agreements, or debts secured by deeds of trust or mortgages or security agreements, or the interest of the mortgagee or secured party in the property covered thereby; or (d) changing the manner of collection of such taxes; then, to the extent any sum receivable of the foregoing may affect the Collateral or deemed received by the Lender from Borrower hereunderindebtedness secured thereby or Lender, then, and in each any such case not otherwise provided for hereunderevent, Borrower willBorrower, upon demand made by Lender, shall pay such taxes, assessments, charges, or liens, or reimburse Lender therefor. If Borrower shall be prohibited from paying such tax or from reimbursing Lender for the amount thereof, Borrower shall execute a modification to the Loan Documents and the Note, which modification shall increase the interest rate payable pursuant to the Note so as to permit Lender to maintain its yield as if such tax had not been imposed. If Borrower shall be prohibited from executing the above‑referenced modifications, Lender may, in Lender’s sole discretion, declare the principal of all amounts disbursed and owing under the Note, this Agreement, and the other Loan Documents (including all obligations secured by the Lender accompanied by calculations thereof in reasonable detailLoan Documents) and all other indebtedness of Borrower to Lender, pay together with interest thereon, to the Lender such additional amounts as will be sufficient to compensate the Lender for such additional costimmediately due and payable, reduction, payment or foregoing interest or other sum, provided that the foregoing provisions of this sentence shall not apply in the case regardless of any additional cost, reduction, payment other specified maturity or foregoing interest or other sum resulting from any taxes charged upon or by reference to the overall net income, profits or gains of the Lenderdue date.

Appears in 1 contract

Samples: Business Loan and Security Agreement (Iron Bridge Mortgage Fund, LLC)

Change in Laws. Anything herein hereinbefore to the contrary notwithstanding, if any future applicable law (which expression, as used in this Agreement, includes statutes and rules and regulations thereunder and interpretations thereof by any competent court or by any governmental or other regulatory body or official charged with the administration or the interpretation thereof) thereof and requests, directives, instructions and notices at any time or from time to time heretofore or hereafter made upon or otherwise issued to the Lender shall (1) subject the Lender to any tax, levy, impost, duty, charge, fee, deduction or withholding of any nature with respect to this Agreement, the Loans loans or the payment to the Lender of any amounts due to it hereunder, or (2) materially change the basis of taxation of payments to the Lender of the principal or the interest on or any other amounts payable to the Lender hereunder, or (3) impose or increase or render applicable any special or supplemental special deposit or reserve or similar requirements or assessment against assets held by, or deposits in or for the account of, or any liabilities of, or loans by an office of the Lender in respect of the transactions contemplated herein, or (4) impose on the Lender any other conditions or requirements with respect to this Agreement, the Loan Amount Maximum Amount, or any Loanloan made hereunder, and the result of any of the foregoing is (a) to increase the cost to of making, funding or maintaining all or any part of the Loans, or (b) to reduce the amount of principal, interest or other amount payable to the Lender hereunder, or (c) to require the Lender to make any payment or to forego any interest or other sum payable hereunder, the amount of which payment or foregoing interest or other sum is calculated by reference to the gross amount of any sum receivable or deemed received by the Lender from the Borrower hereunder, then, and in each such case not otherwise provided for hereunder, the Borrower will, upon demand made by the Lender accompanied by calculations thereof in reasonable detail, pay to the Lender such additional amounts as will be sufficient to compensate the Lender for such additional cost, reduction, payment or foregoing foregone interest or other sum, provided that the foregoing provisions of this sentence shall not apply in the case of any additional cost, reduction, payment or foregoing foregone interest or other sum resulting from any taxes charged upon or by reference to the overall net income, profits or gains of the Lender.

Appears in 1 contract

Samples: Loan Agreement (Municipal Mortgage & Equity LLC)

Change in Laws. Anything herein in this Agreement to the contrary notwithstanding, if at any future applicable law time Administrative Agent in good faith determines (which expressiondetermination shall be conclusive) that the introduction of or any change in any applicable law, as used rule or regulation or any change in this Agreement, includes statutes and rules and regulations thereunder and interpretations the interpretation or administration thereof by any competent court or by any governmental or other regulatory body or official authority charged with the interpretation or administration thereof shall make it unlawful for Lenders to maintain or fund any Loan by means of Dollar deposits obtained in the interpretation thereof) London interbank market, Administrative Agent shall (1) subject the Lender give notice thereof to any tax, levy, impost, duty, charge, fee, deduction or withholding of any nature Borrower. If a LIBOR Based Rate is then in effect with respect to this Agreement, the Loans or the payment to the Lender of any amounts due to it hereunder, or (2) materially change the basis of taxation of payments to the Lender of the principal or the interest on or any other amounts payable to the Lender hereunder, or (3) impose on the Lender any other conditions or requirements with respect to this Agreement, the Loan Amount or any Loan, and the result of any of the foregoing is (a) to increase the cost to making, funding or maintaining all or any part portion of the Loans, then upon such date as shall be specified in such notice from Administrative Agent the Rate Period shall end and the lesser of the Prime Rate or the Maximum Rate shall commence to apply in lieu of such LIBOR Based Rate, and shall continue to apply during the term hereof. Upon such date specified in Administrative Agent's notice to Borrower, Borrower shall pay to Administrative Agent, for the ratable benefit of Lenders, (a) accrued and unpaid interest on the Loan at the LIBOR Based Rate in effect at the time of such notice to, but not including, such specified date, PLUS (b) to reduce the such amount of principal, interest or other amount payable amounts (to the Lender hereunderextent such amount or amounts would not be usurious under applicable law) as may be necessary to compensate Lenders for any direct or indirect costs and losses incurred by it (including, or (c) but not limited to, all Additional Costs), but otherwise without penalty. In such event, unless and until Administrative Agent notifies Borrower that the circumstances giving rise to require the Lender to make any payment or to forego any interest or other sum payable hereundersuch notice no longer apply, the amount of which payment or foregoing interest or other sum is calculated by reference LIBOR Based Rate shall not again apply to the gross amount Loan. Any claim by Administrative Agent for compensation under sub-clause (b) of any sum receivable or deemed received this Section 2.09 shall be accompanied by a certificate setting forth the Lender from Borrower hereunder, thencomputation upon which such claim is based, and in each such case not otherwise provided for hereunder, Borrower will, upon demand made by the Lender accompanied by calculations thereof in reasonable detail, pay to the Lender such additional amounts as will certificate shall be sufficient to compensate the Lender for such additional cost, reduction, payment or foregoing interest or other sum, provided that the foregoing provisions of this sentence shall not apply conclusive except in the case of any additional cost, reduction, payment or foregoing interest or other sum resulting from any taxes charged upon or by reference to the overall net income, profits or gains of the Lendermanifest error.

Appears in 1 contract

Samples: Loan Agreement (Oec Compression Corp)

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