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 an Illegality Event does not affect all Lenders, the Agent shall make a good faith effort to cause the Lenders that are not affected by such Illegality Event to purchase the Loans held by the affected Lenders.

• 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.

• Upon the occurrence of an Illegality Event, the Issuer may, but is not obliged to, redeem the Securities at any time prior to maturity by giving an Early Redemption Notice to the Securityholders.

• Upon the occurrence of an Illegality Event, the affected Lender may give written notice (the “Illegality Notice”) to the Borrower and the Facility Agent of such event, including reasonable details of the relevant circumstances.

More Definitions of Illegality Event

Illegality Event has the meaning specified in Section 2.11.

Illegality Event has the meaning specified in Section 3.02.

Illegality Event means an event as a result of which it becomes and continues to be unlawful for the Company 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 has the meaning set forth in Section 5.5.9 of the Participation Agreement.