Common use of Illegality Prepayment and Cancellation Clause in Contracts

Illegality Prepayment and Cancellation. 7.1 Illegality If it becomes unlawful in any jurisdiction (other than by reason of Sanctions) for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in the Loan or it becomes unlawful for any Affiliate of a Lender for that Lender to do so: 7.1.3 that Lender shall promptly notify the Agent upon becoming aware of that event; 7.1.4 upon the Agent notifying the Borrower, the Commitment of that Lender will be immediately cancelled; and 7.1.5 the Borrower shall repay that Lender's participation in the Loan on the last day of the current Interest Period or, if earlier, the date specified by that Lender in the notice delivered to the Agent and notified by the Agent to the Borrower (being no earlier than the last day of any applicable grace period permitted by law).

Illegality Prepayment and Cancellation. 7.1 Illegality If it becomes unlawful in any jurisdiction (other than by reason of Sanctions) for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in the Loan or it becomes unlawful for any Affiliate of a Lender for that Lender to do so: 7.1.3 that Lender shall promptly notify the Agent upon becoming aware of that event; 7.1.4 upon the Agent notifying the BorrowerBorrowers, the Commitment of that Lender will be immediately cancelled; and 7.1.5 the Borrower Borrowers shall repay that Lender's participation in the Loan each Tranche on the last day of the its current Interest Period or, if earlier, the date specified by that Lender in the notice delivered to the Agent and notified by the Agent to the Borrower Borrowers (being no earlier than the last day of any applicable grace period permitted by law).