Illegality in relation to Issuing Bank Sample Clauses

The 'Illegality in relation to Issuing Bank' clause defines the rights and obligations of the parties if the issuing bank is unable to perform its duties under the agreement due to a change in law or regulation that makes such performance illegal. In practice, this clause typically allows the issuing bank to suspend or terminate its obligations, such as issuing or maintaining letters of credit, if continuing would violate applicable laws or regulations. Its core function is to protect the issuing bank from legal risk and ensure compliance with changing legal requirements, while providing a clear process for addressing situations where performance becomes unlawful.
Illegality in relation to Issuing Bank. If it becomes unlawful for an Issuing Bank to issue or leave outstanding any Letter of Credit, then: (a) that Issuing Bank shall promptly notify the Facility Agent and the Company upon becoming aware of that event; (b) upon the Facility Agent notifying the Company the Issuing Bank shall not be obliged to issue any Letter of Credit; (c) the relevant Borrower shall use its best endeavours to procure the release of each Letter of Credit issued by that Issuing Bank and outstanding at such time; and (d) unless any other Lender has agreed to be an Issuing Bank pursuant to the terms of this Agreement, the Revolving Credit Facility shall cease to be available for the issue of Letters of Credit.
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Illegality in relation to Issuing Bank. If after the date of this Agreement (or, if later, the date on which the relevant Letter of Credit is issued) it becomes unlawful for an Issuing Bank to issue or leave outstanding any Letter of Credit, then: (a) that Issuing Bank shall promptly notify the Agent upon becoming aware of that event; (b) upon the Agent notifying the Parent, the Issuing Bank shall not be obliged to issue any Letter of Credit to the extent that such issuance would be unlawful; (c) to the extent it would be unlawful for any such Letter of Credit to remain outstanding, the Parent shall procure that the relevant Borrower shall use all reasonable endeavours to procure the release of each Letter of Credit affected by such change in law issued by that Issuing Bank and outstanding at such time or provide cash cover in respect of such Letter of Credit; and (d) unless any other Lender has agreed to be an Issuing Bank pursuant to the terms of this Agreement, the Revolving Facility shall cease to be available for the issue of Letters of Credit.
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Illegality in relation to Issuing Bank. If it becomes unlawful for an Issuing Bank to issue or leave outstanding any Letter of Credit, then: (i) that Issuing Bank shall promptly notify the Administrative Agent upon becoming aware of that event; (ii) upon the Administrative Agent notifying the U.S. Borrower, the Issuing Bank shall not be obliged to issue any Letter of Credit;
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Illegality in relation to Issuing Bank. If it becomes unlawful for the Issuing Bank to issue or leave outstanding the Bank Guarantee, then: (a) the Issuing Bank shall promptly notify the Agent upon becoming aware of that event; (b) upon the Agent notifying the Obligors’ Agent, the Issuing Bank shall not (unless it has already done so) be obliged to issue the Bank Guarantee; (c) (if the Issuing Bank has already issued the Bank Guarantee) the Borrower which has requested the Bank Guarantee shall use all reasonable endeavours to procure the release of the Bank Guarantee issued by the Issuing Bank and outstanding at such time; and (d) unless any other Lender has agreed to be an Issuing Bank pursuant to the terms of this Agreement, Facility A shall cease to be available for the issue of the Bank Guarantee.
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Illegality in relation to Issuing Bank. (a) If it becomes unlawful for the Issuing Bank to issue or leave outstanding the Bank Guarantee or it becomes unlawful for any Affiliate of the Issuing Bank for the Issuing Bank to do so then: (i) the Issuing Bank shall promptly notify the Agent upon becoming aware of that event; (ii) upon the Agent notifying the Company, the Issuing Bank shall not be obliged to issue the Bank Guarantee; (iii) the Bank Guarantee outstanding at such time will be automatically cancelled and the Company shall ensure that the Issuing Bank is satisfied that it has no further liability under or in respect of the Bank Guarantee and that the Bank Guarantee is returned to the Issuing Bank; (iv) the Facility shall cease to be available for the issue of the Bank Guarantee; and (v) the Company shall pay all outstanding fees and interest and other amounts in respect of the Facility or the Bank Guarantee, in each case on the next Quarter Date occurring after the Agent has notified the Company or, if earlier, the date specified by the Issuing Bank in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law). (b) Upon the Issuing Bank notifying the Agent in accordance with paragraph (a)(ii) above, the Agent shall notify the Beneficiary, provided that failure to do so shall not invalidate the operation of paragraph (a) above.
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Related to Illegality in relation to Issuing Bank

  • CREDIT UNION LIABILITY FOR FAILURE TO MAKE TRANSFERS If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we may be liable for your losses or damages. However, we will not be liable for direct or consequential damages in the following events:

  • Limitation of responsibility of Existing Lenders (a) Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: (i) the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; (ii) the financial condition of any Obligor; (iii) the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or (iv) the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, and any representations or warranties implied by law are excluded. (b) Each New Lender confirms to the Existing Lender and the other Finance Parties that it: (i) has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and (ii) will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. (c) Nothing in any Finance Document obliges an Existing Lender to: (i) accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this Clause 24; or (ii) support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or otherwise.

  • Termination of Agreement, Resignation, or Removal of Custodian Either party may terminate this agreement at any time by giving written notice to the other. We can resign as custodian at any time effective 30 days after we send written notice of our resignation to you. Upon receipt of that notice, you must make arrangements to transfer your ▇▇▇▇ ▇▇▇ to another financial organization. If you do not complete a transfer of your ▇▇▇▇ ▇▇▇ within 30 days from the date we send the notice to you, we have the right to transfer your ▇▇▇▇ ▇▇▇ assets to a successor ▇▇▇▇ ▇▇▇ trustee or custodian that we choose in our sole discretion, or we may pay your ▇▇▇▇ ▇▇▇ to you in a single sum. We will not be liable for any actions or failures to act on the part of any successor trustee or custodian, nor for any tax consequences you may incur that result from the transfer or distribution of your assets pursuant to this section. If this agreement is terminated, we may charge to your ▇▇▇▇ ▇▇▇ a reasonable amount of money that we believe is necessary to cover any associated costs, including but not limited to one or more of the following. • Any fees, expenses, or taxes chargeable against your ▇▇▇▇ ▇▇▇ • Any penalties or surrender charges associated with the early withdrawal of any savings instrument or other investment in your ▇▇▇▇ ▇▇▇ If we are a nonbank custodian required to comply with Regulations section 1.408-2(e) and we fail to do so or we are not keeping the records, making the returns, or sending the statements as are required by forms or regulations, the IRS may require us to substitute another trustee or custodian. We may establish a policy requiring distribution of the entire balance of your ▇▇▇▇ ▇▇▇ to you in cash or property if the balance of your ▇▇▇▇ ▇▇▇ drops below the minimum balance required under the applicable investment or policy established.

  • Death, Resignation or Removal of Signing Officer Fund will file promptly with Service Company written notice of any change in the officers authorized to sign share certificates, written instructions or requests, together with two signature cards bearing the specimen signature of each newly authorized officer, all as certified by an appropriate officer of Fund. In case any officer of Fund who will have signed manually or whose facsimile signature will have been affixed to blank share certificates will die, resign, or be removed prior to the issuance of such certificates, Service Company may issue or register such share certificates as the share certificates of Fund notwithstanding such death, resignation, or removal, until specifically directed to the contrary by Fund in writing. In the absence of such direction, Fund will file promptly with Service Company such approval, adoption, or ratification as may be required by law.

  • No Responsibility for Advances, Creditworthiness, Collateral, Recitals, Etc [Intentionally Omitted. See Sections 7.03 and 7.04 of the Credit Agreement for these provisions.]