Common use of Illegality and Impossibility Clause in Contracts

Illegality and Impossibility. (a) If after the date of this Agreement: (i) any order of any court of competent jurisdiction; (ii) any change in, or extension of, or application of, any applicable law or regulation, whether or not having the force of law; or (iii) the official interpretation of any applicable law or regulation by any governmental or other authority, monetary or banking agency or central bank charged with the administration of that law or regulation, makes it unlawful, or impossible (in the Lender’s reasonable opinion) for the Lender to give effect to or maintain its obligations under this Agreement, the Lender will, by notice to the Borrower, declare that the Lender’s obligation to provide the Loan Amount or maintain the Loan (as the case requires) is terminated immediately. (b) If the Loan Amount has been provided, the Borrower must then, within the lesser of 30 Business Days of receiving that notice and the period of any maximum grace period allowed by any relevant law or regulation for compliance by the Lender with its obligations, prepay the Loan, together with all unpaid Interest accrued on the Loan and all other unpaid amounts payable under this Agreement, without premium or penalty.

Illegality and Impossibility. (a) If after the date of this Agreementagreement: (ia) any order of any court of competent jurisdiction;; or (iib) any change in, or extension of, or application of, any applicable law or regulation, whether or not having the force of law; or (iiic) the official interpretation of any applicable law or regulation by any governmental or other authority, monetary or banking agency or central bank charged with the administration of that law or regulation, LEGALE DOCS makes it unlawful, or impossible (in the Lenderlender’s reasonable opinion) for the Lender lender to give effect to or maintain its obligations under this Agreementagreement, the Lender lender will, by notice to the Borrowerborrower, declare that the Lenderlender’s obligation to provide the Loan Amount advance or to maintain the Loan loan (as the case requires) is terminated immediately. (b) forthwith. If the Loan Amount advance has been provided, provided the Borrower borrower must then, within the lesser of 30 Business Days five (5) business days of receiving that notice and the period of any maximum grace period allowed by any relevant law or regulation for compliance by the Lender lender with its obligations, prepay the Loanloan, together with all unpaid Interest interest accrued on the Loan loan and not then paid and all other unpaid amounts payable under this Agreementagreement and unpaid, without premium or penalty.. The advance will not be available for redrawing either in whole or in part. SAMPLE