Common use of Supervening Illegality Clause in Contracts

Supervening Illegality. If at any time after the date this Agreement is delivered, as a consequence in a change in the laws or regulations or their corresponding interpretations or principles of application, or as a consequence of a government or administrative order, effective after the date this Agreement is delivered, any of the Borrower’s obligations herein became illegal, any Bank shall notify the Borrower of said circumstance within *** business days (attaching to the notice a well-supported description of the circumstances), considering that once said notice is received, the Banks and the Borrower shall negotiate in good faith in order to establish a form to remedy the illegality. In the event an agreement is not reached within *** business days after the Borrower receives the above-mentioned notice (or within a shorter period, if for regulatory reasons the Loan is to be pre-paid sooner), the Borrower shall pre-pay all the amounts due to the Banks under this Agreement, including the interests to date, promptly and at the simple written request from any of the Banks, without Pre-payment penalty or fee. *** Certain information on this page has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.