Optional Termination Event definition

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

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Optional Termination Event means an event that occurs on the date on which the Ceding Insurer, at its option, has given an Optional Termination Notice to the Reinsurer and the Indenture Trustee that it has elected to terminate this Reinsurance Agreement at least ten (10) Business Days (but no more than seventy-five (75) calendar days) prior to the applicable Optional Termination Date.

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

The Reinsurance Premium (other than the Optional Termination Event Premium) shall be computed on the basis of the actual number of days elapsed in the applicable Premium Payment Period and a 360-day year.
This Reinsurance Agreement may not be cancelled or terminated prior to the later of: (a) the Scheduled Termination Date; and (b) any Extended Termination Date (but in no event later than the Final Extended Termination Date), except upon the occurrence of an Early Termination Event or Optional Termination Event (subject to any Extension Event except in the case of an Early Termination Event III).
In the event of an Optional Termination Event, the Ceding Insurer shall pay the Optional Termination Event Premium to the Reinsurer on the applicable Optional Termination Date, regardless of the occurrence of an Extension Event.
Notwithstanding anything herein to the contrary, a lack of referrals will only be an Optional Termination Event for the applicable Project.

More Definitions of Optional Termination Event

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 an event that has occurred if written notice (such notice, the “Optional Termination Notice”) by the Subordinated Investors has been delivered to the Lender (with a copy to the Securities Intermediary and the Collateral Administrator) designating a Business Day on which the Borrower Collateral shall be liquidated.

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

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