Common use of Changes in Law Rendering Eurodollar Loans Unlawful Clause in Contracts

Changes in Law Rendering Eurodollar Loans Unlawful. If at any time due to the adoption of any law, rule, regulation, treaty or directive, or any change therein or in the interpretation or administration thereof by any court, central bank, governmental authority, agency or instrumentality, or comparable agency charged with the interpretation or administration thereof, or for any other reason arising subsequent to the date hereof, it shall become unlawful or impossible for the Bank to make or fund any Eurodollar Loan which it is committed to make hereunder, the obligation of the Bank to provide such Loans shall, upon the happening of such event, forthwith be suspended for the duration of such illegality or impossibility. If any such event shall make it unlawful or impossible for the Bank to continue any Eurodollar Loans previously made by it hereunder, the Bank shall, upon the happening of such event, notify the Borrower thereof in writing, and the Borrower shall, on the earlier of (i) the last day of the then current Interest Period with respect thereto or (ii) if required by such law, rule, regulation, treaty, directive or interpretation, on such date as shall be specified in such notice, either convert each such unlawful Loan to an Alternate Reference Rate Loan with a maturity equal to the Interest Period of the Eurodollar Loan so converted or pay in full each such unlawful Loan, together with accrued interest thereon, without any premium or penalty (except as provided in Section 2.6).

Changes in Law Rendering Eurodollar Loans Unlawful. If at any time due to the adoption of any law, rule, regulation, treaty or directive, or any change therein or in the interpretation or administration thereof by any court, central bank, governmental authority, agency or instrumentality, or comparable agency charged with the interpretation or administration thereof, or for any other reason arising subsequent to the date hereof, it shall become unlawful or impossible for the any Bank to make or fund any Eurodollar Loan which it is committed to make hereunder, the obligation of the such Bank to provide such Eurodollar Loans shall, upon the happening of such event, forthwith be suspended for the duration of such illegality or impossibility. If any such event shall make it unlawful or impossible for the any Bank to continue any Eurodollar Loans previously made by it hereunder, the such Bank shall, upon the happening of such event, notify the Borrower Company, the Agent and the other Banks thereof in writing, and the Borrower Company shall, on the earlier of (i) the last day of the then current Interest Period with respect thereto or (ii) if required by such law, rule, regulation, treaty, directive or interpretation, on such date as shall be specified in such notice, either convert each such unlawful Loan to an Alternate Reference a Floating Rate Loan or prepay in full the Borrowing with a maturity equal respect to the Interest Period of the Eurodollar unlawful Loan so converted or pay in full each such unlawful Loan, together with accrued interest thereon, without any premium or penalty (except as provided in penalty, but subject to the indemnification provisions of Section 2.6)3.4.

Changes in Law Rendering Eurodollar Loans Unlawful. If at any time due to the adoption of any law, rule, regulation, treaty or directive, or any change therein or in the interpretation or administration thereof by any court, central bank, governmental authority, agency or instrumentality, or comparable agency charged with the interpretation or administration thereof, or for any other reason arising subsequent to the date hereof, it shall become unlawful or impossible for the Bank to make or fund any Eurodollar Loan which it is committed to make hereunder, the obligation of the Bank to provide such Loans shall, upon the happening of such event, forthwith be suspended for the duration of such illegality or impossibility. If any such event shall make it unlawful or impossible for the Bank to continue any Eurodollar Loans previously made by it hereunder, the Bank shall, upon the happening of such event, notify the Borrower Company thereof in writing, and the Borrower Company shall, on the earlier of (i) the last day of the then current Interest Period with respect thereto or (ii) if required by such law, rule, regulation, treaty, directive or interpretation, on such date as shall be specified in such notice, either convert each such unlawful Loan to an Alternate Reference Rate a Loan with a maturity equal to the Interest Period of the Eurodollar Loan so converted another type or pay prepay in full each such unlawful Loan, together with accrued interest thereon, without any premium or penalty (except as provided in Section 2.6).