Defaulted Credit definition

Defaulted Credit means, on any day, each Reference Entity in respect of which an Event Determination Date has occurred (save for where the Reference Entity is a Reference Entity in respect of which an Event Determination Date relating only to an M(M)R Restructuring has occurred, in which case that Reference Entity shall, in relation to the Remaining Credit Position, be treated as a non-Defaulted Credit).

Defaulted Credit means, on any day, each Reference Entity in respect of which the Conditions to Settlement have been satisfied (save for where the Reference Entity is a Reference Entity in respect of which either “Restructuring Maturity Limitation and Fully Transferable Obligation Applicable” or “Modified Restructuring Maturity Limitation and Conditionally Transferable Obligation Applicable” is specified in the relevant Standard and “Multiple Credit Event Notices” is also specified as applicable in such Standard and in respect of which an Event Determination Date relating only to a Restructuring has occurred, in which case that Reference Entity shall, in relation to the Remaining Credit Position, be treated as a non-Defaulted Credit).

Defaulted Credit means, on any day, each Reference Entity in respect of which a Credit Event Date has occurred or, in the case of a Reference Entity in respect of which “Multiple Credit Event Notices” is stated to be applicable in the relevant Standard and in respect of which a Restructuring Credit Event has occurred, and subject to the terms hereof, in respect of which the Calculation Agent has given a Valuation Date Designation Notice to (i) in respect of the Notes, the Company and (ii) in respect of the Swap Transaction, the Issuing Counterparty.

Examples of Defaulted Credit in a sentence

• During such suspension period, the Calculation Agent is not obliged to, nor is it entitled to, take any action in connection with the settlement of any Defaulted Credit.

• The Calculation Agent shall require each Dealer to provide firm bid quotations (exclusive of unpaid interest and expressed as a percentage of the unpaid principal) for a purchase of an amount of the Reference Obligation of the relevant Defaulted Credit with an outstanding principal amount or Due and Payable Amount equal to the Quotation Amount (a “Full Quotation”) as of the Valuation Time on such Valuation Date.

• Such Reference Entity shall be treated as a separate Defaulted Credit in respect of each relevant Exercise Amount and all provisions related to the calculation of principal and interest payable under the Notes shall be construed accordingly.

• For this purpose the Credit Position of any relevant Reference Entity which is a Defaulted Credit shall be zero, except in the case of a Reference Entity in respect of which a Restructuring Credit Event has occurred and in respect of which “Multiple Credit Event Notices” is specified as being applicable in the relevant Standard where the Credit Position shall be the Remaining Credit Position.

• In the definition of “Liquidation Proceeds” references to the Outstanding Charged Assets and to the Company Posted Collateral shall be deemed to refer to a proportionate amount of the Outstanding Charged Assets and the Company Posted Collateral, respectively, equal to the proportion which the relevant Exercise Amount bears to the Credit Position of the relevant Defaulted Credit (subject to adjustment for rounding).

• Such Reference Entity shall be treated as a separate Defaulted Credit in respect of each relevant Exercise Amount and all provisions related to the calculation of principal and interest payable under the Securities shall be construed accordingly.

• For any Defaulted Credit in respect of which an Exercise Amount was not specified as of the relevant date of determination of such Defaulted Credit, after any relevant Exercise Amount is specified, the Remaining Credit Position shall be reduced accordingly and the provisions otherwise applicable in respect of such Defaulted Credit shall continue to apply to the extent of any Remaining Credit Position following such reduction.

• For this purpose the Credit Position of any relevant Reference Entity which is a Defaulted Credit shall be zero, except in the case of a Reference Entity in respect of which a Restructuring has occurred and in respect of which “Multiple Credit Event Notices” is specified as being applicable in the relevant Standard where the Credit Position shall be the Remaining Credit Position.

• The Seller shall have the right to repurchase on the first Business Day immediately preceding each Settlement Date (each, a "Repurchase Date"), and subject to certain conditions precedent all outstanding Purchased Receivables arising from a Credit Card Agreement which has become a Renegotiated Agreement, a Defaulted Credit Card Agreement or a Delinquent Credit Card Agreement.

• A Reference Entity in relation to which “Multiple Credit Event Notices” is stated to be applicable in the relevant Standards which has been subject to a Restructuring Credit Event shall be treated as a separate Defaulted Credit in respect of each such Settlement Designation Notice with a Credit Position equal to the relevant Designated Amount and all provisions related to the calculation of principal and interest payable under the Notes shall be construed accordingly.

More Definitions of Defaulted Credit

Defaulted Credit has the meaning specified in the definition of “Defaulting Lender”.

Defaulted Credit means, on any day, each Reference Entity in respect of which a Credit Event Date has occurred.

Defaulted Credit means, on any day, each Reference Entity with respect to which an Event Determination Date has occurred (save for where a Reference Entity is a Reference Entity with respect to which an Event Determination Date relating only to an M(M)R Restructuring has occurred, in which case that Reference Entity shall, with respect to the Remaining Credit Position, be treated as a non-Defaulted Credit).