Adverse Credit Event definition

Adverse Credit Event means with respect to Seller, Buyer or Seller’s Guarantor, as applicable, that one or more of its Credit Ratings have been downgraded to a level below BBB- or Baa3; or with respect to Seller’s Guarantor, a failure to meet each of the conditions set forth in Section 8.2(a)(ii); or with respect to Seller, Buyer or Seller’s Guarantor, as applicable, such entity is no longer rated.
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Adverse Credit Event means if you commit an act of bankruptcy or if you are insolvent and are unable to pay your debts as they fall due or legal proceedings are commenced (and not dismissed within 30 days) or, if you are a company an order is made or any step is taken toward dissolution or a receiver, liquidator, trustee, administrator or similar officer is appointed in respect of you or any of your assets;
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Examples of Adverse Credit Event in a sentence

  • However, if an Adverse Credit Event happens or you are dealing with any unforeseen hardship, you may notify us or your Adviser under clause 5 of the Mortgage of Life Policy and we will work through your options with you.

  • The Loan is immediately due and payable if an Adverse Credit Event happens or you are in default under this Agreement under Condition 7 below.

  • External Debt Ratios in Middle-Income Countries at Time of Adverse Credit Event, 1970–2001aPercent CountryInitial year of credit eventExternal debt-to-GNP ratio in initial yearExternal debt-to-exports ratio in initial yearAlbaniaSources: World Bank, Global Development Finance, various issues; Beim and Calomiris (2001); Standard & Poor’s Credit Week, various issues.

  • If a child is cared for under section 20 the Local Authority does not share PR – the parents retain full PR.

  • Where an Adverse Credit Event takes place, the Company may in its absolute discretion (instead of exercising its right to terminate this Agreement under Clause 19.3) request via notice to the Customer and the Customer shall provide, increase or replace any Security Cover (that must always be reasonably acceptable to the Company).

Related to Adverse Credit Event

  • Credit Event shall have the meaning assigned to such term in Section 4.01.

  • Credit Event UPB With respect to any Credit Event Reference Obligation, the unpaid principal balance thereof as of the end of the Reporting Period related to the Payment Date that it became a Credit Event Reference Obligation.

  • DC Credit Event Announcement means, with respect to the Reference Entity, a public announcement by the DC Secretary that the relevant Credit Derivatives Determinations Committee has Resolved that an event that constitutes a Credit Event has occurred on or after the Credit Event Backstop Date and on or prior to the Extension Date, provided that if the Credit Event occurred after the Scheduled Maturity Date, the DC Credit Event Announcement must relate to the relevant Potential Failure to Pay, in the case of a Grace Period Extension Date, or the relevant Potential Repudiation/Moratorium, in the case of a Repudiation/Moratorium Evaluation Date.

  • Credit Event Notice means an irrevocable notice from the Issuer or the Swap Counterparty, as the case may be, to the other party (in the form and delivered in the manner described in the Default Swap) that describes a Credit Event that occurred on or after the Effective Date of the Default Swap.

  • Credit Event Amount With respect to each Payment Date, the aggregate amount of the Credit Event UPBs of all Credit Event Reference Obligations for the related Reporting Period.

  • L/C Credit Extension means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof.

  • Credit Event Net Gain With respect to any Credit Event Reference Obligation, an amount equal to the excess, if any, of (a) the related Net Liquidation Proceeds; over (b) the sum of (i) the related Credit Event UPB; (ii) the total amount of prior principal forgiveness modifications, if any, on the related Credit Event Reference Obligation; and (iii) delinquent accrued interest thereon, calculated at the related Current Accrual Rate from the related last paid interest date through the date Freddie Mac determines such Reference Obligation has been reported as a Credit Event Reference Obligation.

  • Revolving Credit Extension Request shall have the meaning provided in Section 2.14(f)(ii).

  • Initial Borrowing Date means the date occurring on or after the Effective Date on which the initial Borrowing of Loans occurs.

  • Tranche B Term Loan as defined in Section 2.1.

  • Credit Event Reference Obligation means, with respect to any Payment Date, any Reference Obligation with respect to which a Credit Event has occurred.

  • L/C Credit Extension means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof.

  • Reversed Credit Event Reference Obligation With respect to any Payment Date means a Reference Obligation formerly in the Reference Pool that became a Credit Event Reference Obligation in a prior Reporting Period that is found in the related Reporting Period, through Xxxxxxx Mac’s quality control process, to have an Underwriting Defect or a data correction that invalidates the previously determined Credit Event.

  • Extension of Credit means, as to any Lender, the making of a Loan by such Lender (or a participation therein by a Lender) or the issuance of, or participation in, a Letter of Credit by such Lender.

  • Tranche C Term Loan as defined in Section 2.1.

  • Discharge of Credit Agreement Obligations means, with respect to any Shared Collateral, the Discharge of the Credit Agreement Obligations with respect to such Shared Collateral; provided that the Discharge of Credit Agreement Obligations shall not be deemed to have occurred in connection with a Refinancing of such Credit Agreement Obligations with additional First Lien Obligations secured by such Shared Collateral under an Additional First Lien Document which has been designated in writing by the Administrative Agent (under the Credit Agreement so Refinanced) to the Additional First Lien Collateral Agent and each other Authorized Representative as the “Credit Agreement” for purposes of this Agreement.

  • Tranche A Borrowing Base means, at any time of calculation, an amount equal to:

  • Credit Event Net Loss With respect to any Credit Event Reference Obligation, an amount equal to the excess, if any, of (a) the sum of: (i) the related Credit Event UPB; (ii) the total amount of prior principal forgiveness modifications, if any, on the related Credit Event Reference Obligation; and (iii) delinquent accrued interest thereon, calculated at the related Current Accrual Rate from the related last paid interest date through the date Freddie Mac determines such Reference Obligation has been reported as a Credit Event Reference Obligation, over (b) the related Net Liquidation Proceeds.

  • Credit Extension Date means the Borrowing Date for an Advance or the issuance date for a Facility LC.

  • Borrowing Date any Business Day specified by the Borrower as a date on which the Borrower requests the relevant Lenders to make Loans hereunder.

  • Tranche B Term Loans means Loans made or deemed made by the Tranche B Term Lenders pursuant to Section 2.01(b) or pursuant to Section 1 of the First Amendment to 2009 Credit Agreement.

  • Credit Extension means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

  • Aggregate Borrowing Base means the aggregate amount of the U.S. Borrowing Base and the Canadian Borrowing Base; provided that the maximum amount of the Canadian Borrowing Base which may be included in the Aggregate Borrowing Base is the Canadian Sublimit.

  • Initial Borrowing means the first Borrowing by the Borrower under this Agreement.

  • Canadian Swingline Loan means any Loan made by the Canadian Swingline Lender pursuant to Section 2.12.

  • U.S. Swingline Loan means a Loan made pursuant to Section 2.04 as a “U.S. Swingline Loan.”