Change in Legality definition

Change in Legality. Notwithstanding anything to the contrary contained herein, if any change in any law or regulation or with the administration or interpretation thereof shall make it unlawful for the Bank to make or maintain any LIBOR advance, then, by written notice to the Borrower, the Bank may: (i) declare that LIBOR advances will not thereafter be made by the Bank hereunder, whereupon the Borrower shall be prohibited from requesting LIBOR advances from the Bank hereunder unless such declaration is subsequently withdrawn; and (ii) require that all outstanding LIBOR advances made by it be converted to Prime Rate loans, in which event (x) all such LIBOR advances shall be automatically converted into Prime Rate loans as of the effective date of such notice as provided for herein and (y) all payments and prepayments of principal which would otherwise be applied to repay the converted LIBOR advances shall instead be applied to repay the Prime Rate loans resulting from the conversion of such LIBOR advances. For purposes of this section, a notice to the Borrower by the Bank shall be effective on the day of receipt by the Borrower.

Examples of Change in Legality in a sentence

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  • Inability to Determine Adjusted LIBOR or LMIR; Change in Legality SECTION 5.05.

Related to Change in Legality

  • Change in Law means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

  • General Change in Law means a Change in Law where the change is of a general legislative nature (including taxation or duties of any sort affecting the Supplier) or which affects or relates to a Comparable Supply;

  • Discriminatory Change in Law means a Change in Law the terms of which specifically (and not merely indirectly or consequentially or by virtue of the disproportionate effect of any Change in Law that is of general application) apply to:

  • Specific Change in Law means a Change in Law that relates specifically to the business of the Authority and which would not affect a Comparable Supply;

  • Change in 1940 Act Law shall have the meaning set forth in the definition of "Investment Company Event."

  • Change in Use means altering the purpose of an existing room, within the facility, that requires structural changes.

  • Illegality has the meaning specified in Section 5(b).

  • Change in Status means any of the events described below, as well as any other events included under subsequent changes to Code section 125 or regulations issued thereunder, which the Plan Administrator, in its sole discretion and on a uniform and consistent basis, determines are permitted under IRS regulations and under this Plan.

  • Illegality Event means that:

  • SOFR Determination Date has the meaning specified in the definition of “Daily Simple SOFR”.

  • Change in Duties means any one or more of the following:

  • Change in Tax Law means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or in the application or official interpretation of any law) that occurs on or after the date on which the relevant Transaction is entered into.

  • Change in Management will occur if more than 50% of the Leadership Team is terminated and/or resigns within 12 months after the date of the occurrence of a Change of Control; provided, in each case, that termination and/or resignation of such officer will not include (i) a change in such officer’s status in the ordinary course of succession so long as such officer remains affiliated with the Manager or its Subsidiaries as an officer or director, or in a similar capacity, (ii) retirement of any officer or (iii) death or incapacitation of any officer.

  • LIBOR Determination Date With respect to any Interest Accrual Period for the LIBOR Certificates, the second London Business Day preceding the commencement of such Interest Accrual Period.

  • Regulatory Change means, with respect to Bank, any change on or after the date of this Agreement in United States federal, state, or foreign laws or regulations, including Regulation D, or the adoption or making on or after such date of any interpretations, directives, or requests applying to a class of lenders including Bank, of or under any United States federal or state, or any foreign laws or regulations (whether or not having the force of law) by any court or governmental or monetary authority charged with the interpretation or administration thereof.

  • Change in Tax Classification has the meaning set forth in Section 5.2(h).

  • Material Change in Formula means the occurrence since the Launch Date of a material change in the formula for, or the method of, calculating the Reference Price.

  • Potential Change of Control Announcement means any public announcement or statement by the Issuer or by any actual or potential bidder or any designated adviser thereto relating to any specific or any near-term potential Change of Control (whereby "near-term" shall mean that such potential Change of Control is reasonably likely to occur, or is publicly stated by the Issuer or by any such actual or potential bidder or any such designated adviser to be intended to occur, within four months of the date of such announcement or statement).

  • Relevant Potential Change of Control Announcement means any public announcement or statement by the Issuer, any actual or potential bidder or any adviser acting on behalf of any actual or potential bidder relating to any potential Change of Control where within 180 days following the date of such announcement or statement, a Change of Control occurs.

  • Change of Law shall have the meaning set forth in Section 8.02.

  • Change in Circumstance means any significant change to you, including but not limited to: