Examples of Guarantor LP Event of Default in a sentence
For the purposes of these Terms and Conditions a “Covered Bond Guarantee Activation Event” means the earlier to occur of (i) an Issuer Event of Default, service of an Issuer Acceleration Notice on the Issuer and service of a Notice to Pay on the Guarantor LP; and (ii) a Guarantor LP Event of Default and service of a Guarantor LP Acceleration Notice on the Issuer and the Guarantor LP.
A breach of the Amortization Test will constitute a Guarantor LP Event of Default and will entitle the Bond Trustee to serve a Guarantor LP Acceleration Notice on the Guarantor LP (see “Summary of the Principal Documents – Guarantor LP Agreement – Asset Coverage Test” and “Credit Structure – Asset Coverage Test”).
However, failure by the Guarantor LP to pay Guaranteed Amounts corresponding to the Final Redemption Amount or the balance thereof, as the case may be, on the Extended Due for Payment Date and/or pay Guaranteed Amounts constituting Scheduled Interest on any Original Due for Payment Date or the Extended Due for Payment Date will (subject to any applicable grace period) be a Guarantor LP Event of Default.
Students guilty of academic misconduct or fraud or scholastic dishonesty may be administratively dropped from the course or courses with a grade of “F” by the Dean of Instruction and may be subject to disciplinary action, up to and including a misconduct suspension or expulsion.
This will occur (subject to no Guarantor LP Event of Default having occurred) if the Final Terms or Pricing Supplement for a relevant Series of Covered Bonds provides that such Covered Bonds are subject to an Extended Due for Payment Date which, as noted above, will be the case unless amendments are made to the Guarantor LP Agreement.
Such failure to pay by the Guarantor LP shall not constitute a Guarantor LP Event of Default.
If a Guarantor LP Event of Default occurs, as discussed further in Condition 7.2 “Guarantor LP Events of Default” on page 128 of this Prospectus, and the Security created by or pursuant to the Security Agreement is enforced, the proceeds from the realization of the Charged Property may not be sufficient to meet the claims of all the Secured Creditors, including the holders of the Covered Bonds.
If a Guarantor LP Event of Default occurs, as discussed further in Condition 7.2 “Guarantor LP Events of Default” on page 135 of this Prospectus, and the Security created by or pursuant to the Security Agreement is enforced, the proceeds from the realization of the Charged Property may not be sufficient to meet the claims of all the Secured Creditors, including the holders of the Covered Bonds.
If a Guarantor LP Event of Default occurs, as discussed further in Condition 7.02 “Guarantor LP Events of Default” on page 140 of this Prospectus, and the Security created by or pursuant to the Security Agreement is enforced, the proceeds from the realization of the Charged Property may not be sufficient to meet the claims of all the Secured Creditors, including the holders of the Covered Bonds.
The occurrence of an Issuer Event of Default does not constitute a Guarantor LP Event of Default.