Common use of Illegality Prepayment and Cancellation Clause in Contracts

Illegality Prepayment and Cancellation. 7.1 If it becomes unlawful for the Lender to perform any of its obligations under this letter or to fund the Loan: (a) on the Lender notifying the Borrower in writing, the Facility will be immediately cancelled; and (b) the Borrower shall repay the Loan on the date specified by the Lender (being no earlier than the last day of any applicable grace period permitted by law). 7.2 The Borrower may, if it gives the Lender not less than 5 Business Day's prior written notice, prepay the whole or any part of the Loan (but, if in part, being an amount that reduces the Loan by a minimum amount and an integral multiple of £100,000). (a) If: (i) any sum payable to the Lender by the Borrower is required to be increased under clause 11.1(b); or (ii) the Lender claims indemnification from the Borrower under clause 12.1, the Borrower may, whilst the circumstance giving rise to the requirement to pay an increased amount or indemnification continues, give the Lender written notice of its intention to prepay the Loan in full. (b) On the date specified by the Borrower in a notice under clause 7.3(a), the Borrower shall repay the Loan in full.

Illegality Prepayment and Cancellation. 7.1 If it becomes unlawful for the Lender to perform any of its obligations under this letter or to fund the Loan: (a) on the Lender notifying the Borrower in writing, the Facility will be immediately cancelled; and (b) the Borrower shall repay the Loan on the date specified by the Lender (being no earlier than the last day of any applicable grace period permitted by law). 7.2 The Borrower may, if it gives the Lender not less than 5 Business Day's prior written notice, prepay the whole or any part of the Loan (but, if in part, being an amount that reduces the Loan by a minimum amount and an integral multiple of £100,000). (a) If: (i) any sum payable to the Lender by the Borrower is required to be increased under clause 11.1(b); or (ii) the Lender claims indemnification from the Borrower under clause 12.1, the Borrower may, whilst the circumstance giving rise to the requirement to pay an increased amount or indemnification continues, give the Lender written notice of its intention to prepay the Loan in full. (b) On the date specified by the Borrower in a notice under clause 7.3(a), the Borrower shall repay the Loan in full.