Common use of LIBOR Rate Lending Unlawful Clause in Contracts

LIBOR Rate Lending Unlawful. If the Bank shall determine (which determination shall, upon notice thereof to the Borrower, be conclusive and binding on the Borrower, absent manifest error) that the introduction of or any change in or in the interpretation of any law, rule, regulation or guideline (whether or not having the force of law) makes it unlawful, or any central bank or other governmental authority asserts that it is unlawful, for the Bank to make, continue or maintain any LIBOR Rate loan as, or to convert any loan into, a LIBOR Rate loan of a certain duration, the obligations of the Bank to make, continue, maintain or convert into any such LIBOR Rate loans shall, upon such determination, forthwith be suspended until the Bank shall notify the Borrower that the circumstances causing such suspension no longer exist, and all LIBOR Rate loans of such type shall automatically convert into Prime Rate loans on the last day of the then current Interest Periods applicable thereto or sooner, if required by such law or assertion.

LIBOR Rate Lending Unlawful. If the Bank shall determine (which determination shall, upon notice thereof to the BorrowerBorrowers, be conclusive and binding on the BorrowerBorrowers, absent manifest error) that the introduction of or any change in or in the interpretation of any law, rule, regulation or guideline (whether or not having the force of law) makes it unlawful, or any central bank or other governmental authority asserts that it is unlawful, for the Bank to make, continue or maintain any LIBOR Rate loan Loan as, or to convert any loan into, a LIBOR Rate loan Loan of a certain duration, the obligations of the Bank to make, continue, maintain or convert into any such LIBOR Rate loans Loans shall, upon such determination, forthwith be suspended until the Bank shall notify the Borrower Borrowers that the circumstances causing such suspension no longer exist, and all LIBOR Rate loans Loans of such type shall automatically convert into Prime Rate loans Loans on the last day of the then current Interest Periods applicable thereto or sooner, if required by such law or assertion.

LIBOR Rate Lending Unlawful. If the Bank shall determine (which determination shall, upon notice thereof to the Borrower, Borrower be conclusive and binding on the Borrower, absent manifest error) that the introduction of or any change in or in the interpretation of any law, rule, regulation or guideline after the date hereof, (whether or not having the force of law) makes it unlawful, or any central bank or other governmental authority asserts that it is unlawful, for the Bank to make, continue or maintain any LIBOR Rate loan Loan as, or to convert any loan into, a LIBOR Rate loan Loan of a certain duration, the obligations of the Bank to make, continue, maintain or convert into any such LIBOR Rate loans Loans shall, upon such determination, forthwith be suspended until the Bank shall notify the Borrower that the circumstances causing such suspension no longer exist, and all LIBOR Rate loans Loans of such type shall automatically convert into Prime Rate loans on Loans at the last day end of the then current LIBOR Interest Periods applicable with respect thereto or sooner, if required by such law or assertion.

LIBOR Rate Lending Unlawful. If the Bank shall determine (which determination shall, upon notice thereof to the Borrower, Borrower be conclusive and binding on the Borrower, absent manifest error) that the introduction of or any change in or in the interpretation of any law, rule, regulation or guideline (whether or not having the force of law) ), makes it unlawful, or any central bank or other governmental authority asserts that it is unlawful, for the Bank to make, continue or maintain any LIBOR Rate loan Advantage Loan as, or to convert any loan into, a LIBOR Rate loan Advantage Loan of a certain duration, the obligations of the Bank to make, continue, maintain or convert into any such LIBOR Rate loans Advantage Loans shall, upon such determination, forthwith be suspended until the Bank shall notify the Borrower that the circumstances causing such suspension no longer exist, and all LIBOR Rate loans Advantage Loans of such type shall automatically convert into Prime Rate loans on Loans at the last day end of the then current Interest Periods applicable with respect thereto or sooner, if required by such law or assertion.