This excerpt taken from the LUX 20-F filed Jun 28, 2006.
Material Adverse Effect means a material adverse effect on:
(a) the business, or financial condition of the Group taken as a whole;
(b) the ability of an Obligor to perform its payment obligations under the Finance Documents; or
(c) the validity or enforceability of the Finance Documents or the rights or remedies of any Finance Party under the Finance Documents.