Optional Termination Event definition

Optional Termination Event means the occurrence of any of the following:

Optional Termination Event means (i) a consolidation or merger of SMUD or the Electric System into another entity whereby either (a) as a result of such consolidation or merger, SMUD or the Electric System is not the surviving entity or (b) such consolidation or merger could reasonably be expected to result in a Material Adverse Effect, or (ii) the failure of SMUD to comply with generally accepted accounting principles applicable to governmental entities and such failure shall continue for a period of forty-five (45) consecutive days after SMUD has actual knowledge of such failure.

Optional Termination Event means that due to the adoption of, or any change in, any applicable law after the date hereof, 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 law after such date, it becomes unlawful, or there is a substantial likelihood that it will become unlawful, for either Bank or Cencosud to perform its obligations, whether absolute or contingent, hereunder.

Examples of Optional Termination Event in a sentence

• An Optional Termination Event will occur if the SEC makes a final determination that the Trust must register as an investment company under the Investment Company Act.

• We hereby notify you that, in accordance with the terms of the Amended and Restated Reimbursement Agreement dated as of February 1, 2022 (as the same may at any time be amended or modified and in effect, the “Reimbursement Agreement”), between the Scaramento Municipal Utility District and the Bank, an Event of Default, an Optional Termination Event or a Rating Event (as defined in the Reimbursement Agreement) has occurred and is continuing.

• The Bank may deliver a Final Drawing Notice at any time when (A) an Event of Default shall have occurred and be continuing or (B) an Optional Termination Event shall have occurred and be continuing and the Bank may deliver a No-Issuance Notice at any time when (x) an Event of Default shall have occurred and be continuing, (y) an Optional Termination Event shall have occurred and be continuing or (z) a Rating Event shall have occurred and be continuing.

• The Notes will be subject to early redemption earlier than the Maturity Date at the option of the Ceding Insurer upon the occurrence of an Optional Termination Event, including a Clean-Up Call Event and an Optional Call on or after the Optional Call Date of January 25, 2027, and will be subject to mandatory redemption upon the occurrence of a Mandatory Termination Event, as described herein.

• Notwithstanding anything herein to the contrary, a lack of referrals will only be an Optional Termination Event for the applicable Project.

• The Notes will be subject to early redemption at the option of the Ceding Insurer upon the occurrence of an Optional Termination Event, including a Clean-Up Call Event and an Optional Call on or after the Optional Call Date, and will be subject to mandatory redemption upon the occurrence of a Mandatory Termination Event, as described herein.

More Definitions of Optional Termination Event

Optional Termination Event means the events described in Section 11.01(c).

Optional Termination Event means (i) a consolidation or merger of SMUD or the Electric System into another entity whereby either (a) as a result of such consolidation or merger, SMUD or the Electric System is not the surviving entity or (b) such consolidation or merger could reasonably be expected to result in a Material Adverse Effect, or (ii) the failure of SMUD to comply with generally accepted accounting principles

Optional Termination Event has the meaning specified in the Purchase Contract Agreement.