Common use of Notification of illegality Clause in Contracts

Notification of illegality. (a) The Agent shall promptly notify the Borrower, the Obligors and the other Lenders of the notice under Clause 21.1 (Illegality) which the Agent receives from the Notifying Lender. (b) Upon receipt of the notice under paragraph (a) above and provided that such illegality is not applicable with immediate effect (in which case Clause 21.3(a) (Prepayment; termination of Commitment) will apply immediately and this Clause 21.2(b) (Notification of illegality) will not apply, the Agent shall, where the Borrower has selected the Fixed Interest Rate pursuant to Clause 3.5(a)(ii) inform SIMEST in writing in order to start consultations between themselves (pursuant to clause 6 of the Interest Make-Up Agreement) with a view to exploring any possible solution to mitigate the unlawfulness preventing that Lender from performing any of its obligations under a Finance Document or funding or maintaining its share in the Loan. Any solution agreed between the Agent and SIMEST at the end of the consultation period (which shall last for a period of ten (10) days from the service of such notice on SIMEST) will be binding among themselves and shall be notified by the Agent to each Obligor immediately thereafter (and in any case no later than ten (10) days following such decision). (c) If at the end of the consultation procedure set out in paragraph (b) above, no solution is agreed between the Agent and SIMEST, the Agent must immediately notify the Lenders and the Obligors.