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

Changes in Law Rendering LIBOR Loans Unlawful. If at any time any new law, treaty or regulation, or any change in any existing law, treaty or regulation, or any interpretation thereof by any governmental or other regulatory authority charged with the administration thereof, shall make it unlawful for Bank to continue or effect the funding in the applicable eurodollar market of the Loan, Bank shall, upon the happening of such event, notify Borrower thereof in writing stating the reasons therefor, and Borrower shall, on the earlier of (a) the maturity date or (b) if required by such law, regulation or interpretation, on such date as shall be specified in such notice, either prepay the Loan in full, or convert the Applicable LIBOR Rate to an alternative interest rate as determined by Bank. Any such prepayment or conversion shall be subject to the prepayment fees described in Section 2.1 hereof.

Changes in Law Rendering LIBOR Loans Unlawful. If at any time any new law, treaty or regulation, or any change in any existing law, treaty or regulation, or any interpretation thereof by any governmental or other regulatory authority charged with the administration thereof, shall make it unlawful for Bank to continue or effect the funding in the applicable eurodollar market of the Loan, Bank shall, upon the happening of such event, notify Borrower thereof in writing stating the reasons therefor, and Borrower shall, on the earlier of (a) the maturity date or (b) if required by such law, regulation or interpretation, on such date as shall be specified in such notice, either prepay the Loan in full, or convert the Applicable LIBOR Rate to an alternative interest rate as determined by Bank. Any such prepayment or conversion shall be subject to the prepayment fees described in Section Sections 2.1 and 2.1 hereof.

Changes in Law Rendering LIBOR Loans Unlawful. If at any time any new law, treaty or regulation, or any change in any existing law, treaty or regulation, or any interpretation thereof by any governmental or other regulatory authority charged with the administration thereof, shall make it unlawful for Bank to continue or effect the funding in the applicable eurodollar market of the Loan, Bank shall, upon the happening of such event, notify Borrower thereof in writing stating the reasons therefor, and Borrower shall, on the earlier of (a) the maturity date or (b) if required by such law, regulation or interpretation, on such date as shall be specified in such notice, either prepay the Loan in full, or convert the Applicable LIBOR Rate to an alternative interest rate as determined by Bank. Any such prepayment or conversion shall be subject to the prepayment fees described in Section Sections 2.1 and 2.2 hereof.