Event of Illegality definition

Event of Illegality means, in connection with the assumption by any successor to the Company or the Parent of the Company’s or the Parent’s obligations under this Agreement or the Parent Guarantee, as the case may be, pursuant to a merger, consolidation, etc., a determination, in good faith, after consultation with counsel, by any holder of Notes that at the time of such assumption and by virtue thereof the continued maintenance of such holder’s interest in its Notes has been made unlawful by any U.S. law or governmental rule, regulation or order applicable to such holder.
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Event of Illegality means that due to the adoption of, or any changes in, any applicable treaty, law, rule or regulation after the Effective Date or due to the promulgation of, or any change in, the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable treaty, law, rule or regulation after the Effective Date, it becomes unlawful for the Lender to receive a payment in respect of this Agreement or any Note or to maintain the Loan.
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Event of Illegality has the meaning given to it in Clause 6.3 (Prepayment in the Event of Illegality);
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Examples of Event of Illegality in a sentence

  • A Group 1 Swap Counterparty Trigger Event shall have occurred if any of a Swap Default with respect to which the Group 1 Swap Counterparty is a Defaulting Party, a Termination Event (other than a Termination Event of Illegality or Tax Event) with respect to which the Group 1 Swap Counterparty is the sole Affected Party or an Additional Termination Event with respect to which the Group 1 Swap Counterparty is the sole Affected Party has occurred.

  • A Swap Counterparty Trigger Event shall have occurred if any of a Swap Default with respect to which the Swap Counterparty is a Defaulting Party, a Termination Event (other than a Termination Event of Illegality or Tax Event) with respect to which the Swap Counterparty is the sole Affected Party or an Additional Termination Event with respect to which the Swap Counterparty is the sole Affected Party has occurred.

  • Upon the occurrence of an Event of Illegality, then the Lender shall promptly notify the Company and the Senior Agent thereof and, unless such prepayment is a violation of the Senior Credit Agreement or any agreement governing Permitted Refinancing Indebtedness, the Company shall prepay the outstanding Loan together with interest accrued to the date of prepayment within 30 days after such notice and consent shall have been received by the Company.

  • As soon as practicable, the Lender will notify the Company and the Senior Agent of any event of which it has knowledge, occurring after the Funding Date which will or is likely to become an Event of Illegality.

  • The Lender will take such reasonable action as will avoid such Event of Illegality.

  • A Swap Counterparty Trigger Event shall have occurred if any of a Swap Default with respect to which the Swap Counterparty is a Defaulting Party, a Termination Event (other than a Termination Event of Illegality or Tax Event as such terms are defined in the Swap Agreement) with respect to which the Swap Counterparty is the sole Affected Party or an Additional Termination Event with respect to which the Swap Counterparty is the sole Affected Party has occurred.

  • The Borrowers and the Lender shall thereafter consult with each other in good faith for a period of thirty (30) days or in the event that the Event of Illegality takes effect before the expiration of 30 days, for the maximum number of days available before the Event of Illegality takes effect with a view to restructuring the Facility in such a way as to avoid the effect of the Event of Illegality.

  • If the Loan is to be prepaid by the Borrower pursuant to any of the provisions of Clause 5.2 (Prepayment in the Event of Taxes or increased costs), Clause 5.3 (Prepayment in the Event of Illegality) or Clause 5.4 (Prepayment upon a Put Event), the Borrower shall, simultaneously with such prepayment, pay to the Lender accrued interest thereon to the date of actual payment and all other sums payable by the Borrower pursuant to this Agreement with respect to the prepaid amount.

  • Event of Illegality under the Senior Subordinated Credit Agreement...

  • The Borrower shall give the Lender immediate notice of the --------- occurrence of an Event of Illegality (as such term is defined in the Senior Subordinated Credit Agreement) and shall not make any payments on Subordinated Debt upon the occurrence of an Event of Illegality without the prior written consent of the Lender.

Related to Event of Illegality

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

  • Illegality Event means that:

  • Indenture Event of Default means an "Event of Default" as defined in the Indenture.

  • Servicer Event of Default One or more of the events described in Section 7.01.

  • Termination Event means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon Merger or an Additional Termination Event.

  • Potential Event of Default means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

  • Material Event of Default means the occurrence of an Event of Default (as defined in the Senior Unsecured Loan Agreement) under any of the following sections of the Senior Unsecured Loan Agreement:

  • Event of Insolvency means, for any Person:

  • Loan Event of Default means any of the events specified in Section 5.1 of the Loan Agreement, provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, event or act has been satisfied.

  • Lease Event of Default shall have the meaning specified in Section 17.1 of the Lease.

  • Note Event of Default means any “Event of Default” specified in Section 5.1 of the Indenture.

  • Debenture Event of Default means an "Event of Default" as defined in the Indenture.

  • Owner Event of Default shall have the meaning set forth in Section 18.3.

  • Guarantee Event of Default means a default by the Guarantor on any of its payment or other obligations under this Guarantee.

  • Specified Event of Default means an Event of Default under Section 7.01(a), (b), (h) or (i).

  • Guarantor Event of Default means the occurrence of any “Event of Default” under and as defined in the Performance Guaranty.

  • PTC Event of Default means, with respect to each Trust Agreement, the failure to pay within 10 Business Days after the due date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest due on such Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).

  • Event of Default has the meaning specified in Section 8.01.

  • Unmatured Event of Default means any event which, with the giving of notice, the passage of time or both, would constitute an Event of Default.

  • Collateral Tax Event means at any time, as a result of the introduction of a new, or any change in, any home jurisdiction or foreign tax statute, treaty, regulation, rule, ruling, practice, procedure or judicial decision or interpretation (whether proposed, temporary or final), interest payments due from the Obligors of any Collateral Debt Obligations in relation to any Due Period becoming properly subject to the imposition of home jurisdiction or foreign withholding tax (other than where such withholding tax is compensated for by a “gross-up” provision in the terms of the Collateral Debt Obligation or such requirement to withhold is eliminated pursuant to a double taxation treaty so that the Issuer as holder thereof is held completely harmless from the full amount of such withholding tax on an after-tax basis) so that the aggregate amount of such withholding tax on all Collateral Debt Obligations in relation to such Due Period is equal to or in excess of 6% of the aggregate interest payments due (for the avoidance of doubt, excluding any additional interest arising as a result of the operation of any gross-up provision) on all Collateral Debt Obligations in relation to such Due Period.

  • Master Servicer Event of Default One or more of the events described in Section 7.01.

  • Declaration Event of Default means an “Event of Default” as defined in the Declaration.

  • Bankruptcy Event of Default means any Event of Default under Section 8.01(f) of the Credit Agreement.

  • Circumstance means an incident, fact, occurrence, matter, act or omission that may give rise to a Claim in the context of civil liability;

  • Event of Noncompliance has the meaning set forth in the Certificate of Designation.

  • Collateral Event of Default has the meaning set forth in Section 13.01(b).