Credit Support Default definition

Credit Support Default provisions of Section 5(a)(iii) will apply to Party A and will not apply to Party B.

Credit Support Default provisions of Section 5(a)(iii) will not apply to BNY or Counterparty.

Credit Support Default provisions of Section 5(a)(iii) of the Agreement will be inapplicable to Party B.

Examples of Credit Support Default in a sentence

• Only one cure period shall apply to a single event giving rise to a Credit Breach, Financial Default or Credit Support Default.

• If PJM determines that a Market Participant is in Credit Breach, or that a Financial Default or Credit Support Default exists, PJM may issue to the Market Participant a breach notice and/or a Collateral Call or demand for additional documentation or assurances.

• Application of Collateral towards a Financial Default, Credit Breach or Credit Support Breach shall not be considered a cure of such Credit Breach, Financial Default or Credit Support Default unless the Participant is determined by PJM to be in full compliance with all requirements of this Attachment Q after such application.

• When a party breaches its obligations under the master agreement (other than failure to deliver).• Credit Support Default.

• The Breach of Agreement provisions of Section 5(a)(ii), the Credit Support Default provisions of Section 5(a)(iii), the Misrepresentation provisions of Section 5(a)(iv), the Default under Specified Transaction provisions of Section 5(a)(v), the Cross Default provisions of Section 5(a)(vi), Tax Event Upon Merger provisions of Section 5(b)(iii), and the Credit Event Upon Merger provisions of Section 5(b)(iv) will not apply to Party A and will not apply to Party B.

More Definitions of Credit Support Default

Credit Support Default provisions of Section 5(a)(iii) will apply to Party A and will not apply to Party B except that Section 5(a)(iii)(1) will apply to Party B solely in respect of Party B’s obligations under Paragraph 3(b) of the Credit Support Annex; provided, however, that notwithstanding anything to the contrary in Section 5(a)(iii)(1), any failure by Party A to comply with or perform any obligation to be complied with or performed by Party A under the Credit Support Annex shall not constitute an Event of Default under Section 5(a)(iii) unless (A) a Required Ratings Downgrade Event has occurred and been continuing for 30 or more Local Business Days and (B) such failure is not remedied on or before the third Local Business Day after notice of such failure is given to Party A.

Credit Support Default provisions of Section 5(a)(iii) will not apply to Counterparty and will not apply to BSFP unless BSFP has obtained a guarantee or posted collateral pursuant to paragraph 12 below.

Credit Support Default means (a) the failure of any Guarantor of a Market Participant to make any payment, or to perform, observe, meet or comply with any provisions of the applicable Guaranty or Credit Support Document that has not been cured or remedied, after any required notice has been given and an opportunity to cure (if any) has elapsed, (b) a representation made or deemed made by a Guarantor in any Credit Support Document that proves to be false, incorrect or misleading in any material respect when made or deemed made, (c) the failure of a Guaranty or other Credit Support Document to be in full force and effect prior to the satisfaction of all obligations of such Participant to PJM, without PJM’s consent, or (d) a Guarantor repudiating, disaffirming, disclaiming or rejecting, in whole or in part, its obligations under the Guaranty or challenging the validity of the Guaranty. Credit Support Document:

Credit Support Default provisions of Section 5(a)(iii) will apply to Party A and will not apply to Party B except that Section 5(a)(iii)(1) will apply to Party B solely in respect of Party B’s obligations under Paragraph 3(b) of the Credit Support Annex; provided, however, that notwithstanding anything to the contrary in Section 5(a)(iii)(1), any failure by Party A to comply with or perform any obligation to be complied with or performed by Party A under the Credit Support Annex shall not constitute an Event of Default under Section 5(a)(iii) unless (A) a Xxxxx’x Second Trigger Downgrade Event has occurred and been continuing for 30 or more Local Business Days, (B) an S&P Required Ratings Downgrade Event has occurred and been continuing for 10 or more Local Business Days, (C) a Fitch Required Ratings Downgrade Event has occurred and been continuing for 30 or more days, or (D) a DBRS Required Ratings Downgrade Event has occurred and been continuing for 30 or more days.

Credit Support Default provisions of Section 5(a)(iii) will not apply to Party A, unless Party A has obtained a guarantee or posted collateral following a Collateralization Event or Ratings Event, and will not apply to Party B.

Credit Support Default provisions of Section 5(a)(iii) will not apply to IXIS or Counterparty.

Credit Support Default means (a) the failure of any Guarantor of a Market Participant to make any payment, or to perform, observe, meet or comply with any provisions of the applicable Guaranty or Credit Support Document that has not been cured or remedied, after any required notice has been given and an opportunity to cure (if any) has elapsed, (b) a representation made or deemed made by a Guarantor in any Credit Support Document that proves to be false, incorrect or misleading in any material respect when made or deemed made, (c) the failure of a Guaranty or other Credit Support Document to be in full force and effect prior to the satisfaction of all obligations of such Participant to PJM, without PJM’s consent, or (d) a Guarantor repudiating, disaffirming, disclaiming or rejecting, in whole or in part, its obligations under the Guaranty or challenging the validity of the Guaranty.