Bankruptcy Credit Event definition

Bankruptcy Credit Event means the occurrence of a Credit Event as a result of Bankruptcy, and with each of “Credit Event” and “Bankruptcy” having the meaning given to them in the ISDA Credit Derivatives Definitions.
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Bankruptcy Credit Event. (each as defined in the 2014 ISDA Credit Derivatives Definitions) or any similar or equivalent definition to have occurred with respect to the Borrower or any Guarantor immediately prior to such date of determination; provided, that, notwithstanding the foregoing, (I) Derivative Instruments in respect of an index that includes the Parent or any Subsidiary or any instrument issued or guaranteed by the Parent or any other Subsidiary shall not be deemed to create a short position with respect to such Indebtedness, so long as (1) such index is not created, designed, administered or requested by such Lender or its Affiliates and (2) the Borrower and the other Subsidiaries and any instrument issued or guaranteed by the Borrower or the Subsidiaries, collectively, shall represent less than 5% of the components of such index and (II) credit derivative transactions or other derivatives transactions not documented using the ISDA Definitions shall be deemed to create a short position with respect to any Indebtedness if such transactions offer the Lender or its Affiliates protection against a decline in the value of such Indebtedness, or in the credit quality of the Parent or any Subsidiary, in each case, other than as part of an index so long as (x) such index is not created, designed, administered or requested by such Lender or its Affiliates and (y) the Borrower and the Subsidiaries, and any instrument issued or guaranteed by the Borrower or the Subsidiaries, collectively, shall represent less than 5% of the components of such index. “Net Short Representation” has the meaning specified in Section 9.25(a). 52 Doc#: US1:15347125v11
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Bankruptcy Credit Event. (each as defined in the 2014 ISDA Credit Derivatives Definitions) to have occurred with respect to the Company or any Guarantor immediately prior to such date of determination. “Netted Cash” means, at any date of determination, the aggregate amount of all unrestricted cash and Cash Equivalents of the Company and its Restricted Subsidiaries. “Non-Guarantor Subsidiary” means any Restricted Subsidiary that is not a Guarantor. “Non-Recourse Debt” means Indebtedness of a Person: (1) as to which neither the Company nor any Restricted Subsidiary (a) provides any Guarantee or credit support of any kind (including any undertaking, Guarantee, indemnity, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable (as a guarantor or otherwise); (2) no default with respect to which (including any rights that the holders thereof may have to take enforcement action against an Unrestricted Subsidiary) would permit (upon notice, lapse of time or both) any holder of any other Indebtedness of the Company or any Restricted Subsidiary to declare a default under such other Indebtedness or cause the payment thereof to be accelerated or payable prior to its Stated Maturity; and (3) the explicit terms of which provide there is no recourse against any of the assets of the Company or its Restricted Subsidiaries, except that Standard Securitization Undertakings shall not be considered recourse. “Note Guarantee” means, individually, any Guarantee of payment of the Notes and the Company’s other Obligations under this Indenture by a Guarantor pursuant to the terms of this Indenture and any supplemental indenture thereto, and, collectively, all such Guarantees. “Notes” means the Initial Notes and more particularly means any Note authenticated and delivered under this Indenture. For all purposes of this Indenture, the term “Notes” shall also include any Additional Notes that may be issued under a supplemental indenture and Notes to be issued or authenticated upon transfer, replacement or exchange of Notes. “Obligations” means any principal, interest (including any interest accruing subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law), other monetary obligations, penalties, fees, indemnifications, reimbursements (including reimbursement obligations wi...
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Examples of Bankruptcy Credit Event in a sentence

  • Such replacement will be chosen either by the Issuer, with the prior approval of the Trustee and (unless either a Counterparty Bankruptcy Credit Event in relation to the Swap Counterparty or a Swap Counterparty Event has occurred) the Swap Counterparty or by the Noteholders acting by Extraordinary Resolution.

  • The Calculation Agent or the Determination Agent, as applicable, shall only be liable to obtain any quotation and/or make any determination or calculation required in connection with the occurrence of an Early Redemption Trigger Date in respect of a Swap Counterparty Bankruptcy Credit Event upon the earlier of (i) it being notified by the Issuer or the Trustee of the occurrence of such Early Redemption Trigger Date and (ii) it reasonably determining that an Early Redemption Trigger Date has occurred.

  • Notwithstanding anything to the contrary in Condition 19 or the Trust Deed, any Noteholder may deliver a request in writing to the Issuer (copied to the Determination Agent and the Trustee) requesting the Issuer to convene a meeting of Noteholders to be convened to consider an Extraordinary Resolution to resolve that a Swap Counterparty Bankruptcy Credit Event has occurred and to instruct the Issuer to deliver an Early Redemption Notice in respect of the Notes.

  • For the avoidance of doubt, the Trustee shall not be required to monitor whether any Swap Counterparty Bankruptcy Credit Event has occurred and shall have no obligation, responsibility or liability for giving or not giving any notice thereof to the Issuer.

  • Until the Trustee has received express written notice to the contrary, the Trustee may assume that no Swap Counterparty Bankruptcy Credit Event has occurred.

  • Any such request must (i) describe the Swap Counterparty Bankruptcy Credit Event alleged to have occurred, and (ii) contain information that reasonably confirms that the Swap Counterparty Bankruptcy Credit Event has occurred which in the sole opinion by the Issuer is satisfactory evidence of the occurrence of the Swap Counterparty Bankruptcy Credit Event.

  • The Calculation Agent or the Determination Agent, as applicable, shall only be required to obtain any quotation and/or make any determination or calculation required in connection with the occurrence of an Early Redemption Event in respect of a Swap Counterparty Bankruptcy Credit Event upon its being notified by the Issuer or the Trustee of the occurrence of such Early Redemption Event.

  • Notwithstanding anything to the contrary in Condition 18 or the Trust Deed, any Noteholder may deliver a request in writing to the Issuer, the Determination Agent and the Trustee for a meeting of Noteholders to be convened to consider an Extraordinary Resolution to resolve that a Swap Counterparty Bankruptcy Credit Event has occurred and to instruct the Issuer to deliver an Early Redemption Notice in respect of the Notes.

  • The Disposal Agent shall be entitled to rely on a Liquidation Commencement Notice without investigation of whether the relevant Liquidation Event has occurred, save that in the case of notice from one or more Noteholders of the occurrence of a Swap Counterparty Bankruptcy Credit Event, the Disposal Agent shall be required to verify that such event has occurred by checking “www.isda.org” or any such successor website of The International Swaps and Derivatives Association, Inc.

  • Any such request must (A) describe the Swap Counterparty Bankruptcy Credit Event alleged to have occurred, and (B) contain information that reasonably confirms that the Swap Counterparty Bankruptcy Credit Event has occurred which in the sole opinion by the Issuer is satisfactory evidence of the occurrence of the Swap Counterparty Bankruptcy Credit Event.

Related to Bankruptcy Credit Event

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

  • 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.

  • 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 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.

  • 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 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.

  • 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.

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

  • 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.

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

  • Initial Extension of Credit means the earlier to occur of the initial Borrowing and the initial issuance of a Letter of Credit hereunder.

  • Revolving Extensions of Credit as to any Revolving Lender at any time, an amount equal to the sum of (a) the aggregate principal amount of all Revolving Loans held by such Lender then outstanding, (b) such Lender’s Revolving Percentage of the L/C Obligations then outstanding and (c) such Lender’s Revolving Percentage of the aggregate principal amount of Swingline Loans then outstanding.

  • Letter of Credit Termination Date means the fifth Domestic Business Day prior to the Termination Date.

  • Letter of Credit Expiration Date means the day that is seven days prior to the Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day).

  • 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.

  • Letter of Credit Default means with respect to a Letter of Credit, the occurrence of any of the following events:

  • Total Revolving Extensions of Credit at any time, the aggregate amount of the Revolving Extensions of Credit of the Revolving Lenders outstanding at such time.

  • Request for Credit Extension means (a) with respect to a Borrowing, conversion or continuation of Committed Loans, a Committed Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swing Line Loan, a Swing Line Loan Notice.

  • Letter of Credit Agreement has the meaning specified in Section 2.03(a).

  • Revolving Facility Borrowing means a Borrowing comprised of Revolving Facility Loans.

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

  • 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.

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

  • Revolving Credit Termination Date means the earlier to occur of (i) the Current Termination Date then in effect and (ii) the date of termination in whole of the Commitments pursuant to Section 2.05(a) or 6.01.

  • Letter of Credit Advance means an advance made by any Issuing Bank or any Lender pursuant to Section 2.03(c).

  • Revolving Letter of Credit means a letter of credit issued by a Revolving Fronting Bank pursuant to Section 2.03(a) and shall also include each Existing Letter of Credit.