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
Upon the occurrence of an Event of Default, an Illegality Event and a Total Loss Incident, the Ijara shall be deemed terminated and the terms in relation to Event of Default in clause 14 shall apply.
Illegality EVENT Upon becoming aware of an Illegality Event: the Bank shall promptly notify the Borrower; and the Bank may immediately (A) suspend or cancel the undisbursed portion of the Credit, and/or (B) demand prepayment of the Loan Outstanding, together with accrued interest and all other amounts accrued and outstanding under this Contract on the date indicated by the Bank in its notice to the Borrower.
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 it becomes unlawful in any applicable jurisdiction, or if it becomes contrary to any Sanctions, for the Bank to:
Illegality Event means that, as determined by the Calculation Agent in its sole and absolute discretion:
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 shall have the meaning given to such term in Section 2.29.