Illegality and Sample Clauses
The 'Illegality' clause establishes that the agreement or specific obligations within it will not require any party to perform actions that are illegal or prohibited by law. In practice, this means that if a law changes or an existing law makes a part of the contract unenforceable, those provisions are either suspended or modified to comply with the law, without invalidating the rest of the agreement. This clause serves to protect the parties from being forced to act unlawfully and ensures the contract remains as effective as possible within the bounds of the law.
Illegality and. IMPRACTICALITY Notwithstanding anything contained in the Security Documents, the obligations of a Bank to advance or maintain its Commitment shall terminate in the event that a change in any law or in the interpretation of any law by any authority charged with its administration shall make it unlawful for that Bank to advance or maintain its Commitment. In such event the Bank affected shall notify the Agent and the Agent shall, by written notice to the Borrower, declare that Bank's obligations to be immediately terminated. If all or any part of the Facility shall have been advanced by the Banks to the Borrower, the portion of the Indebtedness (including all accrued interest) advanced by the Bank so affected shall be prepaid within thirty days from the date of such notice. Clause 5.3 shall apply to that prepayment if it is made on a day other than the last day of an Interest Period. During that period, the affected Bank shall negotiate in good faith with the Borrower to find an alternative method or lending base in order to maintain the Facility.
Illegality and impracticality Notwithstanding anything contained in the Security Documents, the obligations of a Bank to advance or maintain its Commitment shall terminate in the event that a change in any law or in the interpretation of any law by any authority charged with its administration shall make it unlawful for that Bank to advance or maintain its Commitment. In such event the Bank affected shall notify the Agent and the Agent shall, by written notice to the Borrower, declare that Bank’s obligations to be immediately terminated. If all or any part of the Facility shall have been advanced by the Banks to the Borrower the portion of the Indebtedness (including all accrued interest) advanced by the Bank so affected shall be prepaid within thirty days from the date of such notice, or sooner if illegality is determined. Clause 5.4 shall apply to either of those prepayments if it is made on a day other than the last day of an Interest Period. During that period, the affected Bank shall negotiate in good faith with the Borrower to find an alternative method or lending base in order to maintain the Facility.
Illegality and. IMPRACTICALITY Notwithstanding anything contained in the Security Documents, the obligations of a Bank to advance or maintain the Facility shall terminate in the event that a change in any law or in the interpretation of any law by any authority charged with its administration shall make it unlawful for that Bank to advance or maintain its Commitment. In such event the Bank affected shall notify the Agent and the Agent shall, by written notice to the Borrower, declare the Banks' obligations to be immediately terminated. If all or any part of the Facility shall have been advanced by the Banks to the Borrower, the Indebtedness (including all accrued interest) shall be prepaid within thirty days from the date of such notice. Clause 5.3 shall apply to that prepayment if it is made on a day other than the last day of an Interest Period. During that period, the affected Bank shall negotiate in good faith with the Borrower to find an alternative method or lending base in order to maintain the Facility.
Illegality and impracticality Notwithstanding anything contained in the Security Documents, the obligations of a Lender to advance or maintain its Commitment shall terminate in the event that a change in any law or in the interpretation of any law by any authority charged with its administration shall make it unlawful for that Lender to advance or maintain its Commitment. In such event the Lender affected shall notify the Agent and the Agent shall, by written notice to the Borrowers, declare that ▇▇▇▇▇▇’s obligations to be immediately
Illegality and impracticality Notwithstanding anything contained in the Security Documents, (i) the obligations of a Bank to advance or maintain its Commitment or (ii) the obligations of the Issuer to issue or maintain an LC shall terminate respectively in the event that a change in any law or in the interpretation of any law by any authority charged with its administration shall make it unlawful (in the case of (i) above) for that Bank to advance or maintain its Commitment or (in the case of (ii) above) for the Issuer to issue or maintain an LC. In such event the Issuer and/or the Bank affected shall notify the Agent and the Agent shall, by written notice to the Borrower, declare that Bank's obligations or the Issuer's obligations (as the case may be) to be immediately terminated. In the event of (i) above if all or any part of the Facility shall have been advanced by the Banks to the Borrower the portion of the Indebtedness (including all accrued interest) advanced by the Bank so affected shall be prepaid within thirty days from the date of such notice, or sooner if illegality is determined. In the event of (ii) above if an LC shall have been issued by the Issuer then the Borrower shall procure the release of such LC within thirty days from the receipt of such notice, or sooner if illegality is determined. Clause 5.4 shall apply to either of those prepayments if it is made on a day other than the last day of an Interest Period. During that period, the affected Bank and/or Issuer shall negotiate in good faith with the Borrower to find an alternative method or lending base in order to maintain the Facility or LC (as the case may be).
Illegality and impracticality Notwithstanding anything contained in the Security Documents, the obligations of the Banks to advance or maintain the Loan shall terminate in the event that a change in any law or in the interpretation of any law by any authority charged with its administration shall make it unlawful or, in the opinion of any Bank, impracticable for that Bank to advance or maintain its Commitment. In that event the Bank affected shall notify the Agent and the Agent shall, by written notice to the Borrowers, declare the Banks' obligations to be immediately terminated. If all or any part of the Loan shall have been advanced by the Banks to the Borrowers, the Indebtedness (including all accrued interest) shall be prepaid within thirty days from the date of such notice. Clause 5.5 shall apply to that prepayment if it is made on a day other than the last day of an Interest Period. The Agent and the Banks shall consult in good faith (as per the provisions of clause 15.6) with the Borrowers (but without incurring any legal obligations) with a view to trying to establish an alternative means of funding such Commitment, in a manner which does not breach any applicable law or regulation.
Illegality and impracticality Notwithstanding anything contained in the Security Documents, the obligations of the Lender to advance or maintain the Loan shall terminate in the event that a change in any law or in the interpretation of any law by any authority charged with its administration shall make it unlawful or, in the reasonable opinion of any Bank, impracticable for the Lender to advance or maintain the Loan or any Hedging Transaction. In that event the Lender shall, by written notice to the Borrower, declare the Lender’s obligations under this Agreement and the Hedging Agreement to be immediately terminated. If all or any part of the Loan shall have been advanced by the Lender to the Borrower, the Indebtedness (including all accrued interest) shall be prepaid no later than the later of (i) thirty (30) days from the date of such notice and (ii) the date on which such illegality takes effect. If any Hedging Transaction has been entered into by the Lender as Swap Provider with the Borrower, all Hedging Liabilities (including all accrued interest) shall be paid no later than the later of (i) thirty (30) days from the date of such notice or (ii) the date on which such illegality takes effect. Clause 5.5 shall apply to that prepayment if it is made on a day other than the last day of an Interest Period.