Illegality Clause definition

Illegality Clause means, in relation to an Existing Facility, a provision of such Existing Facility which requires mandatory repayment of amounts outstanding thereunder to a Lender as a result of any of the obligations of such Lender under such Existing Facility being unlawful.
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Examples of Illegality Clause in a sentence

  • Each Finance Party shall, in consultation with the Borrower, take all reasonable steps to mitigate any circumstances which arise and which would result in all or any part of the Loan ceasing to be available or any amount becoming payable under or pursuant to any of Clause 7.1 (Illegality), Clause 12 (Tax Gross Up and Indemnities) or Clause 13 (Increased Costs) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.

  • Each Finance Party shall, in consultation with the Borrower, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 8.1 (Illegality), Clause 15 (Tax gross-up and indemnities) or Clause 16 (Increased Costs), including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.

  • Any cancellation under this paragraph (j) (save in connection with any repayment or, as the case may be, prepayment under paragraph (b) of Clause 8.1 (Illegality), Clause 8.11 (Right of replacement of a single Lender) or paragraph (c) of Clause 8.12 (Right of prepayment and cancellation in relation to a single Lender)) shall reduce the Commitments of the Lenders rateably.

  • If any part of the Loan is prepaid in accordance with Clause 8.1 (Illegality), Clause 8.7 (Right of repayment and cancellation in relation to a single Lender) or Clause 8.3 (Mandatory prepayment) then the amount of the Repayment Instalment falling after that prepayment will reduce pro rata by the amount of the Loan prepaid.

  • Each Finance Party shall, in consultation with the Borrower, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 8.1 (Illegality), Clause 13 (Tax gross-up and indemnities) or Clause 14 (Increased Costs) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.

  • Any prepayment of the Loan (other than a repayment pursuant to Clause 7.1 (Illegality), Clause 7.2 (Change of control) or Clause 7.5 (Replaceable Lender)) shall be applied in proportion to each Lender’s Pro Rata Share.

  • Each Senior Finance Party shall, in consultation with the Company, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 11.1 (Illegality), Clause 16 (Tax gross-up and indemnities) or Clause 17 (Increased Costs) including (but not limited to) transferring its rights and obligations under the Senior Finance Documents to another Affiliate or Facility Office.

  • Each Finance Party shall, in consultation with the Shareholder, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 10.3 (Illegality), Clause 12 (Tax Gross-up and Indemnities) or Clause 14.1 (Increased costs) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or facility office.

  • If circumstances arise which would result in any amount becoming payable under Clause 11 (Illegality), Clause 10 (Taxes) or Clause 12 (Increased Costs), the Lessor shall take such reasonable steps as may be open to it to mitigate or remove those circumstances.

  • Any prepayment of a Loan (other than a prepayment pursuant to Clause 9.1 (Illegality), Clause 9.2 (Sanctions Prepayment Events) or Clause 8.3 (Right of cancellation and repayment in relation to a single Lender)) shall be applied pro rata to each Lender's participation in that Loan.

Related to Illegality Clause

  • Illegality Notice has the meaning specified in Section 3.02.

  • Illegality has the meaning specified in Section 5(b).

  • Illegality Event means that:

  • Deemer clause means a provision under this title under which upon the

  • Severability If any provision of this Consulting Agreement is invalid, illegal, or unenforceable, the balance of this Consulting Agreement shall remain in effect, and if any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances.