Common use of Illegality and impracticality Clause in Contracts

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 Borrower, declare that Lender’s obligations to be immediately terminated. If all or any part of the Loan shall have been advanced by the Lenders to the Borrower, the portion of the Lender Indebtedness (including all accrued interest and Commitment Fees) advanced by the Lender so affected shall be prepaid on the next Interest Payment Date, or sooner if illegality is determined (but no sooner than the last day of any applicable grace period permitted by law). Clause 5.4 shall apply to that prepayment if it is made on a day other than the last day of an Interest Period.