Invalidity Event means (i) the Act or the Ordinance is repealed, (ii) a Federal court or any other court with appropriate jurisdiction or the State or any instrumentality of the State or any other Governmental Authority with appropriate jurisdiction determines in a final nonappealable order or judgment, as the case may be, that a provision or provisions of the Act or the Ordinance have been supplemented, modified and/or amended in a manner that makes invalid or unenforceable (A) the Authority’s obligation to levy the Measure R Sales Tax in the incorporated and unincorporated territory of the County of Los Angeles in accordance with the provisions of the Act and the Ordinance which affects the Authority’s ability or obligation to make payments of principal or interest on the Series C Bonds or any other payment obligations due and owing the Owner Representative or any Owner under this Agreement or the pledge of
Invalidity Event means (i) the Act or Ordinances is repealed, (ii) a Federal court or any other court with appropriate jurisdiction or the State or any instrumentality of the State or any other Governmental Authority with appropriate jurisdiction determines in a final non-appealable order or judgment, as the case may be, that a provision or provisions of the Act or Ordinances have been supplemented, modified and/or amended in a manner that makes invalid or unenforceable (A) the Authority’s obligation to levy the Sales Tax in the County in accordance with the provisions of the Act and Ordinances which affects the Authority’s ability or obligation to make payments of principal or interest on the Bank Note, any Advances, any Loans or any
Invalidity Event means (i) the Act or Ordinances is repealed, (ii) aFederal court or any other court with appropriate jurisdiction or the State or any instrumentality of the State or any other Governmental Authority with appropriate jurisdiction determines in a final non-appeal able order or judgment, as the case may be, that a provision or provisions of the Act or Ordinances have been supplemented, modified and/br amended in a manner that makes invalid or unenforceable (A) the Authority’s obligation to levy the Sales Tax in the County in accordance with the previsions of the Act and Ordinances which affects the Authority’s ability or obligation to make payments of principal or interest on either Bank Note, any Advances, any Loans or any other payment obligations due and owing either Lender under this Agreement or the pledge of and lien on Revenues securing the payments of principal or interest on either Bank Note, any Advances, any Loans or any other payment obligations due and owing either Lender under this Agreement or (B) the BOE’s obligation to collect the Sales Tax or the BOE’s ability or obligation to make payment of the Sales Tax directly to the Trustee, in each case, which affects the Authority’s ability or obligation to make payments of principal or interest on either Bank Note, any Advances, any Loans or any other payment obligations due and owing either Lender under this Agreement or the pledge of and lien on Revenues securing the payments of principal or interest on either Bank Note, any Advances, any Loans or any other payment obligations due and owing either Lender under this Agreement, (iii) the Act or Ordinances are ruled to be null and void by a Federal court or any court with appropriate jurisdiction or the State or any instrumentality of the State or any other Gcvernmental Authority with appropriate jurisdiction or (iv) any provision of this Agreement, either Bank Note or the Indenture relating to the Authority’s ability or obligation to make payments of the principal or interest on either Bank Note, any Advances, any Loans or any other payment obligations due and owing either Lender under this Agreement or the pledge of and lien on the Revenues to secure the payment of principal and interest on either Bank Note, any Advances, any Loans or any other payment obligations due and owing either Lender under this Agreement (each such provision, a“ Payment and Collateral Obligation”) is ruled to be null and void by a Federal court or any other court with appro...
Examples of Invalidity Event in a sentence
If the Facility Agent (acting on the instructions of the Majority Lenders) and the Owner cannot agree on and complete such arrangements prior to the earlier of the end of the Consultation Period and the date upon which the relevant Invalidity Event becomes effective, the Owner shall be obliged to immediately prepay all outstanding Loans together with accrued interest and all other amounts accrued under the Finance Documents, and the Commitments of the Lenders shall be immediately cancelled.
If the Agent (acting on the instructions of the Majority Lenders) and the Borrower cannot agree on and complete such arrangements prior to the earlier of the end of the Consultation Period and the date upon which the relevant Invalidity Event becomes effective, the Borrower shall be obliged to immediately prepay the entire Loan together with accrued interest and all other amounts accrued under the Finance Documents, and the Commitments of the Lenders shall be immediately cancelled.
The Consideration Shares shall be subject to a right of the Licensee to cancel (the “Cancellation Option”) the portion of the Consideration Shares that represent the reduction in Fair Market Value of the Patent Rights granted herein (the “FMV Loss”) on the basis of a Patent Invalidity Event in any Patent Jurisdiction, as further set out in Appendix B herein.
Cause, permit, or suffer to exist, directly or indirectly, any Invalidity Event.
For the avoidance of doubt, an Invalidity Event does not occur in the event solely of a breach, material or otherwise, of this Agreement or any of its Material Obligations.
More Definitions of Invalidity Event
Invalidity Event means (i) the Act or Ordinances is repealed, (ii) a Federal court or any other court with appropriate jurisdiction or the State or any instrumentality of the State or any other Governmental Authority with appropriate jurisdiction determines in a final nonappealable order or judgment, as the case may be, that a provision or provisions of the Act or Ordinances have been supplemented, modified and/or amended in a manner that makes invalid or unenforceable (A) the Authority's obligation to levy the Sales Tax in the County in accordance with the provisions of the Act and Ordinances which affects the Authority's ability or obligation to make payments of principal or interest on the Bank Note, any Advances, any Loans or any other payment obligations due and owing the Lender under this Agreement or the pledge of and lien on Sales Tax Revenues securing the payments of principal or interest on the Bank Note, any Advances, any Loans or any other payment obligations due and owing the Lender under this Agreement or (B) the BOE' s obligation to collect the Sales Tax or the BOE' s ability or obligation to make payment of the Sales Tax directly to the Trustee, in each case, which affects the Authority's ability or obligation to make payments of principal or interest on the Bank Note, any Advances, any Loans or any other payment obligations due and owing the Lender under this Agreement or the pledge of and lien on Sales Tax Revenues securing the payments of principal or interest on the Bank Note, any Advances, any Loans or any other payment obligations due and owing the Lender under this Agreement, (iii) the Act or Ordinances are ruled to be null and void by a Federal court or any court with appropriate jurisdiction or the State or any instrumentality of the State or any other Governmental Authority with appropriate jurisdiction or (iv) any provision of this Agreement, the Bank Note or the Indenture relating to the Authority's ability or obligation to make payments of the principal or interest on the Bank Note, any Advances, any Loans or any other payment obligations due and owing the Lender under this Agreement or the pledge of and lien on the Sales Tax Revenues to secure the payment of principal and interest on the Bank Note,
Invalidity Event means (a) any Payment and Collateral Obligation is ruled to be null and void by a Federal court or any other court with appropriate jurisdiction or the State or any instrumentality of the State or any other Governmental Authority with appropriate jurisdiction in a final non-appealable order or judgment by such court or the State or any instrumentality of the State, as applicable; or (b) an authorized representative of the Department or the City publicly denies, contests or repudiates that the Department has any or further liability or obligation with respect to (1) the payment of the principal of or interest on any Advances, any Revolving Loans, any Term Loans, any Bank Note or any Payment and Collateral Obligation or (2) any provision under the Bond Enabling Laws with respect to the payment of, or the pledge of or lien on the Revenues to secure the payment of any Advances, any Revolving Loans, any Term Loans, any Bank Note or any Payment and Collateral Obligation; or (c) any Bond Enabling Law is repealed or is ruled to be null and void by a Federal court or any court with appropriate jurisdiction or the State or any instrumentality of the State or any other Governmental Authority with appropriate jurisdiction; or (d) a Federal court or any other court with appropriate jurisdiction or the State or any instrumentality of the State or any other Governmental Authority with appropriate jurisdiction determines in a final non-appealable order or judgment, as the case may be, that any provision of any Bond Enabling Law regarding (1) the Department’s ability or obligation to collect Revenues or to pay the Revenues directly to the Trustee, or (2) the pledge of and lien on Revenues securing the payment of the principal of or interest on the Bank Notes, the Advances, the Revolving Loans or the Term Loans, is null and void.
Invalidity Event means: (i) any Loan Document or any provision thereof, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or
Invalidity Event means (i) the Act or Ordinance No. 16 is repealed, (ii) a Federal court or any other court with appropriate jurisdiction or the State or any instrumentality of the State or any other Governmental Authority with appropriate jurisdiction determines in a final nonappealable order or judgment, as the case may be, that a provision or provisions of the Act or Ordinance No. 16 have been supplemented, modified and/or amended in a manner that makes invalid or unenforceable (A) the Authority’s obligation to levy the Proposition A Sales Tax in the incorporated and unincorporated territory of the County of Los Angeles in accordance with the provisions of the Act and Ordinance No. 16 which affects the Authority’s ability or obligation to make payments of principal of or interest on the Notes, the Reimbursement Note, any Unreimbursed Drawings, any Liquidity Advances, all other Reimbursement Obligations and any other payment obligations due and owing the Bank hereunder or the pledge of and lien on Net Pledged Revenues securing the payments of principal of or interest on the Notes, the Reimbursement Note, any Unreimbursed Drawing, any Liquidity Advances, the other Reimbursement Obligations or any other payment obligation due and owing the Bank hereunder or (B) the Board of Equalization’s obligation to collect the Proposition A Sales Tax or the Board of Equalization’s ability or obligation to make payment of the Pledged Tax directly to the Trustee, in each case, which affects the Authority’s ability or obligation to make payments of principal of or interest on the Notes, the Reimbursement Note, any Unreimbursed Drawing, any Liquidity Advances, the other Reimbursement Obligations or any other payment obligation due
Invalidity Event is as defined in Section 27.2.
Invalidity Event means: (i) any Loan Document or any provision thereof, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or (ii) Borrower or any other Person contests in any manner the validity or enforceability of any Loan Document or any provision thereof; or (iii) Borrower denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any Loan Document or any provision thereof.
Invalidity Event means (i) the Law or the Ordinance is repealed, (ii) a court or the State or any instrumentality of the State with appropriate jurisdiction determines in a final non- appealable order or judgment, as the case may be, that a provision or provisions of the Law or the Ordinance regarding (A) the Commission’s ability or obligation to levy or impose the Sales Tax or collect Revenues (which are pledged to pay principal and interest on the Bonds) or to pay the Revenues (which are pledged to pay principal and interest on the Bonds) directly to the Trustee or (B) the California Department of Tax and Fee Administration’s ability or obligation to collect the Sales Tax or make payment of the Sales Tax directly to the Trustee, or the pledge of and lien on Revenues securing the payment of the principal of or interest on the Bonds, is null and void, (iii) the Law or the Ordinance is ruled to be null and void by a court or the State or any instrumentality of the State with appropriate jurisdiction, (iv) any provision of this Agreement, any Bond or any other Related Document relating to the Commission’s obligation with respect to the payment of monies for principal and interest on the Bonds (including Purchased Bonds) under the Related Documents or the pledge of the Revenues to secure the payment of principal and interest on the Bonds (each such provision, a “Payment and Collateral Obligation”) is ruled to be null and void by a court or the State or any instrumentality of the State with appropriate jurisdiction in a final nonappealable order or judgment by such court or the State or any instrumentality of the State, as applicable, or (v) the Commission by duly authorized action denies that the Commission has any or further liability or obligation with respect to payments of monies for principal and interest on the Bonds under the Law or the Ordinance or any Payment and Collateral Obligation.