Sanctions; Illegality Clause Samples
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Sanctions; Illegality. If, at any time, it is or becomes illegal (in the reasonable opinion of any Lender) under the laws of any jurisdiction for any Lender to perform, fund or maintain its position, including without limitation, any illegality due to any economic or financial sanctions administered or enforced by any Sanctions Authority or any Lender is advised in writing by a Sanctions Authority that penalties will be imposed by a Sanctions Authority as a result of such Lender’s participation in this Agreement or any other business or financial relationship with any Borrower, to the extent required to comply with such laws or to avoid such penalties (in the reasonable opinion of such Lender), (i) the Commitments of such Lender will be immediately cancelled and such Lender shall not thereafter be obliged to participate in the making of any Loans, and (ii) the outstanding Loans (together with accrued interest thereon, additional amounts payable in respect thereto and any other amounts payable hereunder) of such Lender shall become immediately due and payable.
Sanctions; Illegality. (i) No Issuing Bank will agree to issue any Letter of Credit hereunder if the beneficiary of such Letter of Credit is a person described in Section 3.22.
(ii) If, at any time, it becomes unlawful for an Issuing Bank to comply with any of its obligations under any Letter of Credit (including as a result of any Sanctions imposed by the United Nations, the European Union, the United Kingdom and/or the United States), the obligations in question shall be suspended (and all corresponding rights shall cease to accrue) until such time as it may again become lawful for such Issuing Bank to comply with them and neither such Issuing Bank nor any of its Related Parties shall have any liability or responsibility for any losses which the Borrower or its Affiliates may incur as a result of such suspension.
Sanctions; Illegality. (i) The Issuing Bank will not agree to issue any Letter of Credit hereunder if the beneficiary of such Letter of Credit is a person described in Section 3.21(c)(i) or (ii).
(ii) If, at any time, it becomes unlawful for the Issuing Bank to comply with any of its obligations under any Letter of Credit (including as a result of any 66 1094001.08-CHISR01A - MSW Sanctions imposed by the United Nations, the European Union, the United Kingdom and/or the United States), the obligations in question shall be suspended (and all corresponding rights shall cease to accrue) until such time as it may again become lawful for the Issuing Bank to comply with them and neither the Issuing Bank nor any of its Related Parties shall have any liability or responsibility for any losses which the Borrower or its Affiliates may incur as a result of such suspension.