Illegality definition

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

Illegality provisions of Section 5(b)(i) will apply to Party A and will apply to Party B.

Illegality. (which generally relates to changes in law causing it to become unlawful for either party to perform its obligations under the Swap Agreement), · “Tax Event” (which generally relates to either party to the Swap Agreement receiving a payment under the Swap Agreement from which an amount has been deducted or withheld for or on account of taxes) and ·

Examples of Illegality in a sentence

• If an event or circumstance which would otherwise constitute or give rise to an Event of Default also constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default.

• If an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts to reach agreement within 30 days after notice thereof is given under Section 6(b)(i) on action to avoid that Termination Event.

• Illegality: redemption in accordance with Security Condition 7.1(d).

• Illegality: redemption in accordance with Security Condition 7.1 (d).

• The failure by a party or any Credit Support Provider of such party to pay, when due, any Early Termination Amount will not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) if such failure is due to the occurrence of an event or circumstance which would, if it occurred with respect to payment, delivery or compliance related to a Transaction, constitute or give rise to an Illegality or a Force Majeure Event.

More Definitions of Illegality

Illegality and “Tax Event”), each as defined in the related Hedge Agreement, where the related Hedge Counterparty is the “Defaulting Party” or sole “Affected Party” (each as defined in the related Hedge Agreement), but excluding any payments made pursuant to clause (8) or (11) above) pursuant to the terms of any Hedge Agreement then in effect;

Illegality means the adoption of, or any change in, any applicable law after the Issue Date, or the promulgation of, or any change in, the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law after the Issue Date, as a result of which it becomes unlawful for the Issuer, the Company Manager, the Company Trading Adviser, the Company Commodity Broker, the Company Administrator, the Company, the Dealer, the Paying Agent, the Certificate Custodian, the Calculation Agent, the Swap Counterparty (if applicable), the Corporate Administrator, the Note Trustee or the Security Trustee (if applicable) to comply with their obligations under the Relevant Agreements;

Illegality provisions of Section 5(b)(i), the “Tax Event” provisions of Section 5(b)(ii), the “Tax Event Upon Merger” provisions of Section 5(b)(iii) and the “Credit Event Upon Merger” provisions of Section 5(b)(iv) will apply to Party A but will not apply to Party B. Party A shall be the sole Affected Party (under Section 5(b)(i), (ii) and 5(b)(iv)) and the sole Burdened Party (under Section 5(b)(iii)) with respect to a Termination Event.

Illegality. Tax Event" and "Tax Event Upon Merger," each as more fully described in Sections 5(b)(i), 5(b)(ii) and 5(b)(iii) of the 1992 ISDA Master Agreement.

Illegality provisions of Section 5(b)(i), the “Tax Event” provisions of Section 5(b)(ii) and the “Tax Event Upon Merger” provisions of Section 5(b)(iii) will not apply to Party B.

Illegality provisions of Section 5(b)(i) shall be expanded to include the obligation of a party to comply with any official directive, direction or similar order issued or given by any government agency or authority with competent jurisdiction (whether or not having the force of law) which prohibits its performance under this Agreement, and in that event such party will be the Affected Party for the purpose of that Section.

Illegality has the meaning given in Clause 16.5 of Appendix A (General Terms and Conditions);