Credit Default definition

Credit Default means “Event of Default” under and as defined in the Current Credit Agreement (as in effect on the First Amendment Effective Date).

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Credit Default has the meaning given such term in Clause 24(c).

Credit Default means any Default which is (or may be) the subject of measures provided for in the Credit Policy, and Credit Defaults shall be construed accordingly;

Examples of Credit Default in a sentence

Upon the occurrence of a Letter of Credit Default, Seller agrees to Transfer to Buyer either a substitute Letter of Credit or Cash, in each case on or before the first Business Day after the occurrence thereof (or the third (3rd) Business Day after the occurrence thereof if only clause (a) under the definition of Letter of Credit Default applies).
Upon the occurrence of a Letter of Credit Default, ▇▇▇▇▇▇ agrees to Transfer to Buyer either a substitute Letter of Credit or Cash, in each case on or before the first (1st) Business Day after the occurrence thereof (or the fifth (5th) Business Day after the occurrence thereof if only clause (i) under the definition of Letter of Credit Default applies).
If a Letter of Credit Default occurs with respect to an outstanding Letter of Credit, Seller shall within five (5) Business Days following receipt of Buyer’s notice of the Letter of Credit Default, as applicable, transfer to Buyer substitute Credit Support.
For purposes of this clause (ii), the aggregate value of substitute Credit Support that Seller is required to transfer to Buyer must be at least equal to the amount required to cause the total value of all outstanding Credit Support, calculated excluding the value of (x) the expiring Letter of Credit, or (y) the Letter of Credit to which the Letter of Credit Default applies, as applicable, to be at least equal to the Credit Support Amount then applicable to Seller.
In the case of the occurrence of any Credit Default, Seller may notify Buyer that the PBF Line of Credit has been reduced to zero.

More Definitions of Credit Default

Credit Default shall occur (i) if Customer fails to make full and timely payment for all amounts due (subject to Section 5 herein governing billing disputes). In the event of a Credit Default, Atron Solutions may, in addition to its rights available to it at law or in equity: (i) suspend any or all Services to Customer upon written notice;

Credit Default. : means Level 1 Credit Default or Level 2 Credit Default;

Credit Default has the meaning set forth in the Disbursement Agreement.

Credit Default with respect to any particular Contract or the Customer -------------- thereunder means any payment default by such Customer which continues for a period of 90 days, default by the Customer under the terms of the Contract (but not including any default arising solely from the Customer's failure to make Payments), the filing of a voluntary or involuntary bankruptcy petition naming such Customer as debtor thereunder, the commencement of any other insolvency 25 of 30 proceedings by or against such Customer, the failure by such Customer to continue its business or legal existence, the meeting by such Customer with a committee of its creditors, the making of any assignment or the appointment of any receiver for any such Creditor or its property, or any other similar event evidencing an insolvency of or imposing upon or seeking any insolvency relief for such Customer.

Credit Default means any condition or event which with the giving of notice or lapse of time or both would, unless cured or waived, become a Credit Event of Default.

Credit Default has the meaning set forth in Section 6.14(c).

Credit Default shall occur (i) if Customer fails to make full and timely payment for all amounts due (subject to Section 5 herein governing billing disputes) and/or (ii) if Customer falls to comply with a request for assurance as provided in Section 6. In the event of a Credit Default, WilTel may, in addition to its rights available to it at law or in equity: (i) suspend any or all Services to Customer upon written notice; (ii) cease accepting or processing Service Orders; and/or (iii) terminate this WMSA upon written notice. If this WMSA is terminated because of a Credit Default, all Early Termination Charges (defined in Section 19 below) shall apply.