Illegality Event definition

Illegality Event means that:

Illegality Event means the occurrence of any of the following events or circumstances:

Illegality Event means, due to the adoption of, or any change in, any applicable law after the Issue 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 law after such date, it becomes unlawful for the Issuer (1) to perform any absolute or contingent obligation to make a payment or delivery in respect of the Notes or any Transaction Agreement or (2) to hold any Assets or to receive a payment or delivery in respect of any Assets or (3) to comply with any other material provision of any Transaction Agreement.

Examples of Illegality Event in a sentence

• If the Issuer effectively gives notice to the Trustee and/or the Calculation Agent of the occurrence of an Illegality Event, the Trustee and/or Calculation Agent, as the case may be, shall be entitled to rely on such notice without further investigation.

• For the avoidance of doubt, none of the Issuer, the Trustee, the Disposal Agent, the Custodian, the Issuing and Paying Agent or the Calculation Agent shall be required to monitor, enquire or satisfy itself as to whether any Illegality Event has occurred.

• Scottish Water has not objected to the application whilst the initial objection lodged by SEPA has been withdrawn with no outstanding objection.

• If the Issuer gives notice to the Trustee and/or the Calculation Agent of the occurrence of an Illegality Event, the Trustee and/or Calculation Agent, as the case may be, shall be entitled to rely on such notice without further investigation.

• The Issuer shall redeem the Notes in whole (but not in part) subject to and in accordance with the Conditions upon the occurrence of (a) a Tax Event or (b) an Illegality Event.

More Definitions of Illegality Event

Illegality Event has the meaning specified in Section 3.02.

Illegality Event has the meaning specified in Section 2.11.

Illegality Event means an event as a result of which it becomes and continues to be unlawful for the Company or the Guarantor to perform or comply with any one or more of its obligations under this Indenture.

Illegality Event means that, as determined by the Calculation Agent in its sole and absolute discretion:

Illegality Event shall have the meaning given to such term in Section 2.29.

Illegality Event means, with respect to any Portfolio Investment and not as a result of any action or inaction of the Financing Provider or any of its affiliates, the determination by the Financing Provider (in its reasonable discretion) that due to the adoption of or any change in any applicable law or regulation (or the generally accepted interpretation thereof) or the issuance of any order, judgment, ruling, administrative guideline or policy of or by any Governmental Authority of competent jurisdiction, it is illegal or unlawful, or there is a substantial likelihood that it will become illegal or unlawful, for the Financing Provider to maintain ownership or dispose of such Portfolio Investment.

Illegality Event means that, as determined by the Calculation Agent: