Electricity Act. (i) any of the provisions of the Electricity Act (or any subordinate legislation) detailing the rights, powers, authorities, obligations and duties of the Secretary of State or the Director General, or the manner in or time at which they are to be exercised, are repealed or amended in a manner which would be reasonably likely (in the opinion of the Majority Banks) to have a Material Adverse Effect; or (ii) the Licensee fails to comply with a final order (within the meaning of section 25 of the Electricity Act) or with a provisional order (within the meaning of that section) which has been confirmed under that section and in either case which has not been revoked under that section or the validity of which has not been questioned under section 27 of the Electricity Act, if such failure to comply would be reasonably likely to have a Material Adverse Effect; or
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Samples: Facilities Agreement (Texas Utilities Electric Co), Facilities Agreement (Texas Utilities Co /Tx/), Facilities Agreement (Tu Acquisitions PLC)
Electricity Act. (i) any of the provisions of the Electricity Act (or any subordinate legislation) detailing the rights, powers, authorities, obligations and duties of the Secretary of State or the Director General, or the manner in or time at which they are to be exercised, are repealed repealed, amended or amended introduced in a manner which would be reasonably likely (in the opinion of the Majority Banks) to have a Material Adverse Effect; or
(ii) the Licensee relevant licensee fails to comply with a final order (within the meaning of section 25 of the Electricity Act) or with a provisional order (within the meaning of that section) which has been confirmed under that section and in either case which has not been revoked under that section or the validity of which has not been questioned under section 27 of the Electricity Act, if such failure to comply would be reasonably likely to have a Material Adverse Effect; or
Appears in 2 contracts
Samples: Revolving Credit Facility (Txu Europe LTD), Facilities Agreement (Txu Europe LTD)
Electricity Act. (i) any of the provisions of the Electricity Act (or any subordinate legislation) detailing the rights, powers, authorities, obligations and duties of the Secretary of State or the Director General, or the manner in or time at which they are to be exercised, are repealed or amended in a manner which would be reasonably likely (in the opinion of the Majority Banks) to have a Material Adverse Effect; or
(ii) the relevant Licensee fails to comply with a final order (within the meaning of section 25 of the Electricity Act) or with a provisional order (within the meaning of that section) which has been confirmed under that section and in either case which has not been revoked under that section or the validity of which has not been questioned under section 27 of the Electricity Act, if such failure to comply would be reasonably likely to have a Material Adverse Effect; or
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Electricity Act. (i) any of the provisions of the Electricity Act (or any subordinate legislation) detailing the rights, powers, authorities, obligations and duties of the Secretary of State or the Director General, or the manner in or time at which they are to be exercised, are repealed or amended in a manner which would be reasonably likely (in the opinion of the Majority Banks) to have a Material Adverse Effect; or
(ii) the Licensee any REC Company fails to comply with a final order (within the meaning of section 25 of the Electricity Act) or with a provisional order (within the meaning of that section) which has been confirmed under that section and in either case which has not been revoked under that section or the validity of which has not been questioned under section 27 of the Electricity Act, if such failure to comply would be reasonably likely to have a Material Adverse Effect; or
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