Common use of Substitute Loans Clause in Contracts

Substitute Loans. If (i) the obligation of any Bank to make ---------------- Euro-Currency Loans has been suspended pursuant to Section 8.01(b) or 8.02 or (ii) any Bank has demanded compensation under Section 8.03(a) and the Borrower shall, by at least five Euro-Currency Business Days' prior notice to such Bank through the Agent, have elected that the provisions of this Section shall apply to such Bank, then, unless and until such Bank notifies the Borrower that the circumstances giving rise to such suspension or demand for compensation no longer apply: (a) all Loans denominated in Dollars which would otherwise be made by such Bank as Euro-Currency Loans shall be made instead as Base Rate Loans, (b) all Loans denominated in a currency other than Dollars which would otherwise be made by such Bank as Euro-Currency Loans shall be made instead as Base Rate Loans in Dollars in a principal amount equal to the Dollar Amount of the principal amount of such Euro-Currency Loans, and (c) after each of its Euro-Currency Loans has been repaid, all payments of principal which would otherwise be applied to repay such Fixed Rate Loans shall instead be applied to repay its Loans made pursuant to Section 8.02 or clauses (a) or (b) above.

Substitute Loans. If (i) the obligation of any Bank to ---------------- make ---------------- Euro-Currency Dollar Committed or Euro-Dollar Competitive Loans has been suspended pursuant to Section 8.01(b) 8.01 or 8.02 or (ii) any Bank has demanded compensation under Section 8.03(a) and the Borrower shall, by at least five Euro-Currency Dollar Business Days' prior notice to such Bank through the Administrative Agent, have elected that the provisions of this Section shall apply to such Bank, then, unless and until such Bank notifies the Borrower that the circumstances giving rise to such suspension or demand for compensation no longer apply:apply (which such Bank shall do forthwith): (a) all Loans denominated in Dollars which would otherwise be made by such Bank as Euro- Dollar Committed Loans or Euro-Currency Loans Dollar Competitive Loans, as the case may be, shall be made instead as Base Rate Loans, (b) all Loans denominated in a currency other than Dollars which would otherwise be made by such Bank as Euro-Currency Loans shall be made instead as Base Rate Loans in Dollars in a principal amount equal to the Dollar Amount of the principal amount of such Euro-Currency Loans, and (cb) after each of its Euro-Currency Dollar Committed Loans or Euro-Dollar Competitive Loans, as the case may be, has been repaid, all payments of principal which would otherwise be applied to repay such Fixed Rate Euro-Dollar Committed Loans or Euro-Dollar Competitive Loans, as the case may be, shall instead be applied to repay its Loans made pursuant to Section 8.02 or clauses clause (a) or (b) above.