Offsetting Credit Default Swap definition

Offsetting Credit Default Swap means an unfunded credit default swap entered into between the Issuer (as protection buyer) and an Offsetting Credit Default Swap Counterparty (as protection seller), the Reference Obligation(s) of which is a Collateral Debt Obligation owned by the Issuer, the effect of which hedges the Issuer's credit exposure under such Collateral Debt Obligation.
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Offsetting Credit Default Swap means an unfunded credit default swap entered into by the Issuer (as protection buyer) under an ISDA Master Agreement pursuant to which the Offsetting Credit Default Swap Counterparty (as protection seller) is required to make payments to the Issuer, provided that:
Sample 1
Offsetting Credit Default Swap means an unfunded credit default swap entered into by the Issuer (as protection buyer) under an ISDA Master Agreement pursuant to which the Offsetting Credit Default Swap Counterparty (as protection seller) is required to make payments to the Issuer upon the occurrence of specified Credit Events in respect of the related Reference Obligation, provided that:
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Examples of Offsetting Credit Default Swap in a sentence

  • However, in the event of the insolvency of the Offsetting Credit Default Swap Counterparty, the Issuer will be treated as a general creditor of such Offsetting Credit Default Swap Counterparty.

  • The Rating Agencies may downgrade any of the Rated Notes if the Offsetting Credit Default Swap Counterparty is not in compliance with the Offsetting Credit Default Swap Counterparty rating requirements set forth herein.

  • Consequently, the Issuer will be subject to the credit risk of the Offsetting Credit Default Swap Counterparty as well as that of the Reference Obligor.

  • As a result, concentrations of Offsetting Credit Default Swaps in any one Offsetting Credit Default Swap Counterparty may subject the Notes to an additional degree of risk with respect to defaults by such Offsetting Credit Default Swap Counterparty as well as by the Reference Obligor.

  • It is expected that the Initial Purchaser and/or one or more of its Affiliates, with acceptable credit support arrangements, if necessary, may act as Offsetting Credit Default Swap Counterparties with respect to all or a portion of the Offsetting Credit Default Swaps, which may create certain conflicts of interest.

  • Such Offsetting Credit Default Swap Transactions are subject to certain risks including those described above.

  • No assurance can be given that the Offsetting Credit Default Swap Counterparty will be able to maintain its ratings.

  • Funded Basis Obligation means a Cash Obligation in respect of which the Issuer has Acquired an Offsetting Credit Default Swap Transaction under which such Cash Obligation is the Reference Obligation and the obligor thereunder is the Reference Entity.

  • Consequently, the Issuer will be subject to the credit risk of the Offsetting Credit Default Swap Counterparty as well as that of the reference obligor.

  • Although the Portfolio Manager will not perform independent credit analysis of the Offsetting Credit Default Swap Counterparties on behalf of the Issuer, any such relevant Offsetting Credit Default Counterparty, or an entity guaranteeing such Offsetting Credit Default Counterparty, individually and in the aggregate will be required to satisfy the required ratings set forth under “The Portfolio - Management of the Portfolio– Offsetting Credit Default Swaps” and “Bivariate Risk Table”.

Related to Offsetting Credit Default Swap

  • Credit Default Swap means any credit default swap entered into as a means to (i) invest in bonds, notes, loans, debentures or securities on a leveraged basis or (ii) hedge the default risk of bonds, notes, loans, debentures or securities.

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

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

  • Specified Existing Revolving Credit Commitment shall have the meaning provided in Section 2.14(g)(ii).

  • Forbearance Default means (A) the occurrence of any Default (as defined in the GE Loan Agreement) or any Event of Default (as defined in the TCFC Loan Agreement) other than the Specified Defaults, (B) the failure of any Borrower or any other Loan Party to comply timely with any term, condition, or covenant set forth in this Agreement, (C) the failure of any representation or warranty made by any Borrower or any other Loan Party under or in connection with this Agreement to be true and complete in all material respects as of the date when made or any other breach of any such representation or warranty in any material respect, (D) any occurrence, event or change in facts or circumstances occurring on or after the Effective Date that would have a Material Adverse Change (as defined in either Loan Agreement) on any Borrower or any other Loan Party or any of their respective financial conditions, businesses, prospects or assets, (E) (I) any breach by Travis or any other Loan Party of any provision of the Merxxx Xgreement or any other agreement, instrument or document executed in connection therewith, (II) any failure by Travis or TRMC to satisfy any condition precedent to txx xxxectiveness of the Merger Agreement or any other agreement, instrument or document executed in connection therewith, (III) any termination or purported termination by any party thereto of the Merger Agreement, or (IV) any other failure of the Merger Agreement to remain in full force and effect at any time, (F) any breach by Tracker of any of the provisions of that certain letter agreement dated on or about the date hereof between Tracker and Lender (the "Tracker Letter Agreement"), including, without limitation, any failure by Tracker to fund any working capital shortfall of Travis pursuant to Section 7 of the Tracker Letter Agreement, ox (X) any determination made by Lender in its sole discretion at any time that Lender, Travis and Tracker (or its affiliate, TMRC) have failed or arx xxxble to reach agreement on the terms for restructuring the credit facilities under the Loan Documents or on any other matters referenced in Section 6.03(g) of the Merger Agreement. Any Forbearance Default shall constitute an immediate Default under the GE Loan Agreement and an immediate Event of Default under the TCFC Loan Agreement.

  • Existing Revolving Credit Facility means the $600,000,000 (subject to increase in accordance with its terms) revolving credit facility evidenced by that certain Amended and Restated Revolving Credit Agreement dated as of June 14, 2022 by and among the Borrower, the Parent, the lenders from time to time party thereto as “Lenders”, and JPMorgan Chase Bank, N.A., as Agent.

  • Loan Default means an event, which with the giving of notice or lapse of time or both, would become a Loan Event of Default.

  • Potential Defaulting Lender means, at any time, (i) any Lender with respect to which an event of the kind referred to in the definition of “Lender Insolvency Event” has occurred and is continuing in respect of any Subsidiary of such Lender, or (ii) any Lender that has notified, or whose Lender Parent or a Subsidiary thereof has notified, the Administrative Agent, the Borrower or any LC Issuing Bank in writing, or has stated publicly, that it does not intend to comply with its funding obligations generally under other loan agreements, credit agreements and other similar agreements, unless such writing or statement states that such position is based on such Lender’s determination that one or more conditions precedent to funding cannot be satisfied (which conditions precedent, together with the applicable default, if any, will be specifically identified in such writing or public statement). Any determination by the Administrative Agent that a Lender is a Potential Defaulting Lender under any of clauses (i) and (ii) above will be conclusive and binding absent manifest error, and such Lender will be deemed a Potential Defaulting Lender (subject to Section 2.19(f) hereof) upon notification of such determination by the Administrative Agent to the Borrower, the LC Issuing Banks and the Lenders.

  • Majority Revolving Credit Facility Lenders the Majority Facility Lenders in respect of the Revolving Credit Facility.

  • Revolving Credit Facility means, at any time, the aggregate amount of the Revolving Credit Lenders’ Revolving Credit Commitments at such time.

  • Refinancing Revolving Credit Commitments shall have the meaning provided in Section 2.14(h).

  • Extended Revolving Credit Facility means each Class of Extended Revolving Credit Commitments established pursuant to Section 2.15(a)(ii).

  • Default under Specified Transaction provisions of Section 5(a)(v) will not apply to Party A and will not apply to Party B.

  • Counterparty Downgrade Collateral Account means an interest-bearing account of the Issuer with the Custodian into which all Counterparty Downgrade Collateral is to be deposited.

  • Financing Default means an event which would constitute (or with notice or lapse of time or both would constitute) an event of default (which event of default has not been cured) under or would otherwise violate or breach (i) any financing arrangement of the Company or any of its Subsidiaries in effect as of the time of the aforementioned event, and any extensions, renewals, refinancings or refundings thereof in whole or in part; and (ii) any provision of the Company's or any of its Subsidiary's constitutional documents.

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

  • Default Under First Lien With respect to each Second Lien Loan, the related First Lien Loan related thereto is in full force and effect, and there is no default, breach, violation or event which would permit acceleration existing under such first Mortgage or Mortgage Note, and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event which would permit acceleration thereunder;

  • Hedging Event means, with respect to the Notes, the occurrence of an event that has a material adverse effect on Royal Bank’s ability to place, maintain or modify any hedge, including without limitation:

  • Specified Defaults means, collectively, the Existing Defaults and the Anticipated Defaults.

  • Indenture Default means, with respect to any Indenture, any Event of Default (as such term is defined in such Indenture) thereunder.

  • Note Event of Default means any “Event of Default” specified in Section 5.1 of the Indenture.

  • Debt Repayment Triggering Event means any event or condition which gives, or with the giving of notice or lapse of time would give, the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any of its subsidiaries.

  • Note Default Interest Spread means a rate per annum equal to three percent (3.0%); provided, however, that if the weighted average of the Senior Note Default Rate and the Note B Default Rate would exceed the maximum rate permitted by applicable law, the note default interest spread shall equal (i) the rate at which the weighted average of the Senior Note Default Rate and the Note B Default Rate equals the maximum rate permitted by applicable law minus (ii) the Mortgage Loan Rate.

  • Lender Default means (i) the refusal or failure of any Lender to make available its portion of any incurrence of Loans, which refusal or failure is not cured within one Business Day after the date of such refusal or failure, unless such Lender notifies the Administrative Agent in writing that such refusal or failure is the result of such Lender’s good faith determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in writing) has not been satisfied, (ii) the failure of any Lender to pay over to the Administrative Agent, any Swingline Lender, any Letter of Credit Issuer or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute, (iii) a Lender has notified, in writing, the Borrower or the Administrative Agent that it does not intend to comply with its funding obligations under this Agreement or has made a public statement to that effect with respect to its funding obligations under this Agreement, or a Lender has publicly announced that it does not intend to comply with its funding obligations under other loan agreements, credit agreements or similar facilities generally, (iv) a Lender has failed to confirm in a manner reasonably satisfactory to the Administrative Agent that it will comply with its funding obligations under this Agreement, (v) a Distressed Person has admitted in writing that it is insolvent or such Distressed Person becomes subject to a Lender-Related Distress Event or (vi) a Lender has become the subject of a Bail-in Action.

  • Existing Revolving Credit Agreement means that certain Revolving Credit Agreement, dated as of August 29, 2018, among the Borrower, the other borrowers party thereto, the lenders and letter of credit issuers from time to time party thereto and Xxxxx Fargo Bank, National Association, as administrative agent (as amended, restated, supplemented or otherwise modified from time to time).

  • Existing Revolving Credit Commitment shall have the meaning provided in Section 2.14(g)(ii).