Common use of Supervening Illegality Clause in Contracts

Supervening Illegality. If, at any time or times hereafter, there shall become effective any amendment to, deletion from or revision, modification or other change in any provision of any statute, or any rule, regulation or interpretation thereunder or any similar law or regulation, affecting, in Bank’s reasonable determination, Bank’s extension of credit described in this Agreement or the selling of participations therein, Borrowers shall, at Borrowers’ option, either (a) pay to Bank the then outstanding balance of the Liabilities, and hold Bank harmless from and against any and all obligations, fees, liabilities, losses, penalties, costs, expenses and damages, of every kind and nature, imposed upon or incurred by Borrowers by reason of Bank’s failure or inability to comply with the terms of this Agreement or any of the other Financing Agreements, or (b) indemnify and hold Bank harmless from and against any and all obligations, fees, liabilities, losses, penalties, costs, expenses and damages, of every kind and nature, imposed upon or incurred by Bank by reason of such amendment, deletion, revision, modification, or other change. The obligations of Borrowers under this Section 5.16 shall survive payment of the Liabilities and termination of this Agreement.