Common use of Unlawfulness Clause in Contracts

Unlawfulness. Regardless of any other provision of this Agreement, in the event that the Bank notifies the Borrowers that by reason of: (a) the introduction of or any change in any applicable law or regulation or any change in the interpretation or application thereof; or (b) compliance by the Bank with any directive, request or requirement (whether or not having the force of law) of any central bank or Government Entity it becomes unlawful or it is prohibited by or contrary to such directive request or requirement for the Bank to maintain or give effect to any of its obligations in connection howsoever with this Agreement then (i) the Commitment shall be reduced to zero and (ii) the Borrowers shall be obliged to prepay the Loan either immediately or on a future date (specified in the Bank’s notice) not being earlier than the latest date permitted by the relevant law, regulation, directive, request or requirement with interest and commitment commission accrued to the date of prepayment and all other sums payable whensoever by the Borrowers under this Agreement.

Appears in 8 contracts

Samples: Facility Agreement, Facility Agreement (Navios Maritime Holdings Inc.), Facility Agreement (Navios Maritime Acquisition CORP)

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Unlawfulness. Regardless of any other provision of this Agreement, in the event that the Bank Lender notifies the Borrowers Borrower that by reason of: (a) the introduction of or any change in any applicable law or regulation or any change in the interpretation or application thereof; or (b) compliance by the Bank Lender with any directive, request or requirement (whether or not having the force of law) of any central bank or Government Entity it becomes unlawful or it is prohibited by or contrary to such directive request or requirement for the Bank Lender to maintain or give effect to any of its obligations in connection howsoever with this Agreement then (i) the Commitment shall be reduced to zero and (ii) the Borrowers Borrower shall be obliged to prepay the Loan either immediately or on a future date (specified in the BankLender’s notice) not being earlier than the latest date permitted by the relevant law, regulation, directive, request or requirement with interest and commitment commission accrued to the date of prepayment and all other sums payable whensoever by the Borrowers Borrower under this Agreement.

Appears in 6 contracts

Samples: Loan Agreement (Navios Maritime Partners L.P.), Loan Agreement (Navios Maritime Acquisition Corp), Loan Agreement (Navios Maritime Acquisition CORP)

Unlawfulness. Regardless of any other provision of this Agreement, in the event that the Bank Lender notifies the Borrowers Borrower that by reason of: (a) 12.1.1 the introduction of or any change in any applicable law or regulation or any change in the interpretation or application thereof; or (b) 12.1.2 compliance by the Bank Lender with any directive, request or requirement (whether or not having the force of law) of any central bank or Government Entity it becomes unlawful or it is prohibited by or contrary to such directive request or requirement for the Bank Lender to maintain or give effect to any of its obligations in connection howsoever with this Agreement then (i) the Commitment shall be reduced to zero and (ii) the Borrowers Borrower shall be obliged to prepay the Loan either immediately or on a future specified date (specified in the Bank’s notice) not being earlier than the latest date permitted by the relevant law, regulation, directive, request or requirement with interest and commitment commission accrued to the date of prepayment and all other sums payable whensoever by the Borrowers Borrower under this Agreement.

Appears in 4 contracts

Samples: Facility Agreement for a Term Loan (Box Ships Inc.), Facility Agreement for a Term Loan (StealthGas Inc.), Facility Agreement (StealthGas Inc.)

Unlawfulness. Regardless of any other provision of this Agreement, in the event that the Bank notifies the Borrowers Borrower that by reason of: (a) the introduction of or any change in any applicable law or regulation or any change in the interpretation or application thereof; or (b) compliance by the Bank with any directive, request or requirement (whether or not having the force of law) of any central bank or Government Entity it becomes unlawful or it is prohibited by or contrary to such directive request or requirement for the Bank to maintain or give effect to any of its obligations in connection howsoever with this Agreement then (i) the Commitment shall be reduced to zero and (ii) the Borrowers Borrower shall be obliged to prepay the Loan either immediately or on a future date (specified in the Bank’s notice) not being earlier than the latest date permitted by the relevant law, regulation, directive, request or requirement with interest and commitment commission accrued to the date of prepayment and all other sums payable whensoever by the Borrowers Borrower under this Agreement.

Appears in 4 contracts

Samples: Loan Agreement (Navios Maritime Holdings Inc.), Facility Agreement (Navios Maritime Holdings Inc.), Facility Agreement (Navios Maritime Holdings Inc.)

Unlawfulness. Regardless of any other provision of this Agreement, in the event that the Bank Lender notifies the Borrowers Borrower that by reason of: (a) the introduction of or any change in any applicable law or regulation or any change in the interpretation or application thereof; or (b) compliance by the Bank Lender with any directive, request or requirement (whether or not having the force of law) of any central bank or Government Entity government entity it becomes unlawful or it is prohibited by or contrary to such directive request or requirement for the Bank Lender to maintain or give effect to any of its obligations in connection howsoever with this Agreement then (i) the Commitment shall be reduced to zero and (ii) the Borrowers Borrower shall be obliged to prepay the Loan either immediately or on a future date (specified in the BankLender’s notice) not being earlier than the latest date permitted by the relevant law, regulation, directive, request or requirement with interest and commitment commission accrued to the date of prepayment and all other sums payable whensoever by the Borrowers Borrower under this Agreement.

Appears in 3 contracts

Samples: Secured Loan Agreement (Navios Maritime Holdings Inc.), Secured Loan Agreement (Navios Maritime Holdings Inc.), Secured Loan Agreement (Navios Maritime Holdings Inc.)

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Unlawfulness. Regardless of any other provision of this Agreement, in the event that the Bank Lender notifies the Borrowers that by reason of: (a) the introduction of or any change in any applicable law or regulation or any change in the interpretation or application thereof; or (b) compliance by the Bank Lender with any directive, request or requirement (whether or not having the force of law) of any central bank or Government Entity it becomes unlawful or it is prohibited by or contrary to such directive request or requirement for the Bank Lender to maintain or give effect to any of its obligations in connection howsoever with this Agreement then (i) the Commitment Lender shall be reduced under no obligation to zero make available any further amounts hereunder and (ii) the Borrowers shall be obliged to must prepay the Loan either immediately or on a future specified date (specified in the Bank’s notice) not being earlier than the latest date permitted by the relevant law, regulation, directive, request or requirement with interest and commitment commission accrued to the date of prepayment and all other sums payable whensoever by the Borrowers under this Agreement.

Appears in 1 contract

Samples: Loan Agreement (NewLead Holdings Ltd.)

Unlawfulness. Regardless of any other provision of this Agreement, in the event that the Bank notifies the Borrowers that by reason of:: 40 (a) the introduction of or any change in any applicable law or regulation or any change in the interpretation or application thereof; or (b) compliance by the Bank with any directive, request or requirement (whether or not having the force of law) of any central bank or Government Entity it becomes unlawful or it is prohibited by or contrary to such directive request or requirement for the Bank to maintain or give effect to any of its obligations in connection howsoever with this Agreement then (i) the Commitment shall be reduced to zero and (ii) the Borrowers shall be obliged to prepay the Loan either immediately or on a future date (specified in the Bank’s notice) not being earlier than the latest date permitted by the relevant law, regulation, directive, request or requirement with interest and commitment commission accrued to the date of prepayment and all other sums payable whensoever by the Borrowers under this Agreement.

Appears in 1 contract

Samples: Facility Agreement

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