Issuer Default definition

Issuer Default. Any occurrence which is, or with notice or the lapse of time or both would become, an Issuer Event of Default.

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Issuer Default has the meaning specified in Section 17.1. “ISTs” has the meaning specified in Section 5.1(a).

Issuer Default means any of the following events: (w) if an Act of Bankruptcy (as defined in a Related Indenture) shall have occurred; (x) if any provision of any Transaction Document applicable to any Issuer or the lien and security interest purported to be created by any Issuer under any Transaction Document shall at any time for any reason cease to be valid and binding in accordance with its terms on such Issuer or shall be declared to be null and void, or if any Issuer shall deny that it has any further liability or obligation thereunder; (y) if any Issuer shall have asserted that it has no liability or obligations under any Transaction Document to which it is a party or if any Governmental Authority having jurisdiction over any Issuer shall find or rule that any material provision of any Transaction Document to which such Issuer is a party is not valid and binding on such Issuer; or (z) if any Issuer shall otherwise fail to comply with the terms and conditions of any Transaction Document to which such Issuer is a party and such failure to comply results in Fannie Mae having the right to declare an Event of Default under this Agreement or any other Transaction Document.

Examples of Issuer Default in a sentence

• Issuer Default Risk: In the event that a structured product issuer becomes insolvent and defaults on their listed securities, the Customer will be considered an unsecured creditor and will have no preferential claim to any assets held by the issuer.

• Upon any such waiver, such Issuer Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Issuer Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture.

• In the case of any such waiver, the Issuer, the Indenture Trustee and the Bondholders of such Series shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Issuer Default or impair any right consequent thereto.

• Where this Indenture provides for notice to the Rating Agencies that have assigned a rating to any Class of a Series, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute an Issuer Default with respect to such Series.

• Upon receiving such notice of resignation, the Servicer with the consent of the Surety Bond Issuer (unless a Surety Bond Issuer Default shall have occurred and be continuing) shall promptly appoint a successor Trustee and Collateral Agent by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Trustee and Collateral Agent and one copy to the successor Trustee and Collateral Agent.

• Issuer Default Risk Investors will be considered as unsecured creditors and will have no preferential claims to any assets held by a structured product issuer in the event that the structured investment product issuer become insolvent and defaults on the listed product issued by it.

• Each successor Registrar and Paying Agent shall be a qualified institution selected by the Company and, so long as a Credit Facility is in effect and no Support Facility Issuer Default has occurred and is continuing, the issuer of a Support Facility, and approved and appointed by the Authority.

• Issuer Default Risk – In the event that a structured product issuer becomes insolvent and defaults on their listed securities, investors will be considered as unsecured creditors and will have no preferential claims to any assets held by the issuer.

• So long as no Surety Bond Issuer Default shall have occurred and be continuing, the Surety Bond Issuer may, on behalf of all the Holders of Certificates, waive any default by the Servicer in the performance of its obligations hereunder and its consequences, except a default in making any required deposits to or payments from the Certificate Account in accordance with the Agreement.

• No Supplemental Participation Agreement or amendments to the Participation Agreement affecting the rights or obligations of the Support Facility Issuer which take effect while any Support Facility is in effect may, so long as no Support Facility Issuer Default has occurred and is continuing, be entered into by the Authority and the Company or be consented to by the Holders without written consent of each Support Facility Issuer.

More Definitions of Issuer Default

Issuer Default means any of the following events:

Issuer Default means, in the case of Rated Notes only, that all transactions under the Swap Agreement are terminated by reason of the occurrence of an event described in Section 5(a) or 5(b) of the ISDA Master Agreement in respect of the Issuer in respect of which the Issuer is the Defaulting Party or sole Affected Party (as such terms are defined in the Swap Agreement).

Issuer Default means that (i) (x) the Issuer, Units Issuer or any of Issuer’s other Subsidiaries fails to make any payment (whether of principal or interest and regardless of amount) in respect of any Indebtedness of such party in a principal amount in excess of the Issuer Default Threshold, when and as the same shall become due and payable, and (y) any event or condition occurs that results in any Indebtedness of the Issuer, Units Issuer or any of Issuer’s other Subsidiaries in a principal amount in excess of the Issuer Default Threshold becoming due prior to its scheduled maturity, or requiring the prepayment, repurchase, redemption or defeasance thereof prior to its scheduled maturity; provided that this clause (i) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; or (ii) there occurs under any Swap Contract to which the Issuer, Units Issuer or any of Issuer’s other Subsidiaries is a party an early termination date (howsoever defined in such Swap Contract) resulting from any event of default (howsoever defined in such Swap Contract) under such Swap Contract as to which the Issuer, Units Issuer or any of Issuer’s other Subsidiaries is the defaulting party (howsoever defined in such Swap Contract) or any termination event (howsoever defined in such Swap Contract) under such Swap Contract as to which the Issuer, Units Issuer or any of Issuer’s other Subsidiaries is an affected party (however defined in such Swap Contract) and in either event the Swap Termination Value owed by the Issuer, Units Issuer or any of Issuer’s other Subsidiaries as a result thereof is greater than the Issuer Default Threshold;

Issuer Default has the meaning specified in Section 17.1.

Issuer Default shall have the meaning given that term in section 7.2(c).