Laws Affecting SOFR Availability. If, after the date hereof, the introduction of, or any change in, any applicable Law or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by the Lender (or its Lending Office) with any request or directive (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make it unlawful or impossible for the Lender (or its Lending Office) to honor its obligations hereunder to make or maintain any SOFR Loan, or to determine or charge interest based upon SOFR or Daily Simple SOFR, the Lender shall promptly give notice thereof to the City (an “Illegality Notice”). Thereafter, until the Lender notifies the City that the circumstances giving rise to such determination no longer exist, any obligation of the Lender to make SOFR Loans shall be suspended. Upon receipt of an Illegality Notice, the City shall, if necessary to avoid such illegality, upon demand from the Lender, prepay or, if applicable, convert all SOFR Loans to Base Rate Loans. Interest on any such Base Rate Loans shall be payable on the same basis and in the same manner as SOFR Loans. Upon any such prepayment or conversion, the City shall also pay accrued interest on the amount so prepaid or converted.
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Sources: Revolving Credit Agreement
Laws Affecting SOFR Availability. If, after the date hereof, the introduction of, or any change in, any applicable Law or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by the Lender Bank (or its Lending Officeany of the Bank s lending offices) with any request or directive (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make it unlawful or impossible for the Lender Bank (or its Lending Officeany of the Bank s lending offices) to honor its obligations hereunder to make or maintain any SOFR Loan, or to determine or charge interest based upon SOFR or Daily Simple SOFR, the Lender Bank shall promptly give notice thereof to the City (an “Illegality Notice”)Borrower. Thereafter, until the Lender Bank notifies the City Borrower that such circumstances no longer exist, (i) any obligation of the Bank to make SOFR Loans, and any right of the Borrower to convert any Advance/Warrant or continue any Advance/Warrant as a SOFR Loan, shall be suspended, in each case until the Bank notifies the Borrower that the circumstances giving rise to such determination no longer exist, any obligation of the Lender to make SOFR Loans shall be suspended. Upon receipt of an Illegality Noticesuch notice, (A) the City Borrower shall, if necessary to avoid such illegality, upon demand from the LenderBank, prepay or, if applicable, convert all SOFR Loans to Base Rate Loans. Interest on any such Base Rate Loans shall be payable on base rate loans (as reasonably determined by the same basis and in Bank) until the same manner as Bank determines that it is no longer illegal for the Bank to determine or charge interest rates based upon SOFR Loansor Daily Simple SOFR. Upon any such prepayment or conversion, the City Borrower shall also pay accrued interest on to the amount so prepaid or convertedBank any additional amounts required hereunder.
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