Common use of Illegality in relation to Advances Clause in Contracts

Illegality in relation to Advances. If, as a result of the introduction, imposition or variation of any law, regulation or regulatory requirement of any authority (including any fiscal or monetary authority), it is unlawful for any Bank to make, maintain or fund any Advance, or be a party to this Agreement then, unless such illegality is avoided in accordance with Clause 17: (a) after delivery of a notice to the Facility Agent detailing the unlawful circumstances, the relevant Bank shall not be obliged to make any Advances or make available any Facilities under any Ancillary Facility to which it is a party and its Revolving Commitment (including part thereof that is, at such time, being utilised under an Ancillary Facility) shall be cancelled and reduced to zero, whereupon its Ancillary Commitment (if any) shall be cancelled and reduced to zero); (b) on the date specified in the notice delivered under Clause 16 (a) (which shall not be earlier than the last date on which the relevant Bank determines (acting reasonably) it may legally maintain its participation in the Advances and/or its Revolving Commitment), the Borrower shall repay such Bank's participation in each outstanding Advance, together with accrued interest thereon and any other amounts owing to that Bank under the Senior Finance Documents or, if the relevant Bank is party to an Ancillary Facility, cash collateralise any contingent obligations owed to such Ancillary Bank under such Ancillary Facility.

Illegality in relation to Advances. If, as a result of the introduction, imposition or variation of any law, regulation or regulatory requirement of any authority (including any fiscal or monetary authority), it is unlawful for any Bank to make, maintain or fund any Advance, or be a party to this Agreement then, unless such illegality is avoided in accordance with Clause 17: (a) after delivery of a notice to the Facility Agent detailing the unlawful circumstances, the relevant Bank shall not be obliged to make any Advances or make available any Facilities under any Ancillary Facility to which it is a party and its Tranche A Revolving Commitment shall be cancelled and reduced to zero and/or or its Tranche B Revolving Commitment Revolving Commitment (including any part thereof that is, at such time, being utilised under an Ancillary Facility) shall be cancelled and reduced to zero, whereupon its Ancillary Commitment (if any) shall be cancelled and reduced to zero); (b) on the date specified in the notice delivered under Clause 16 (a) (which shall not be earlier than the last date on which the relevant Bank determines (acting reasonably) it may legally maintain its participation in the Advances and/or its Tranche A Revolving Commitment or, as the case may be Tranche B Revolving Commitment), the Borrower shall repay such Bank's participation in each outstanding Advance, together with accrued interest thereon and any other amounts owing to that Bank under the Senior Finance Documents or, if the relevant Bank is party to an Ancillary Facility, cash collateralise any contingent obligations owed to such Ancillary Bank under such Ancillary Facility.