Bankruptcy Credit Event definition

Bankruptcy Credit Event means the occurrence of a Credit Event as a result of Bankruptcy, and with each of “Credit Event” and “Bankruptcy” having the meaning given to them in the ISDA Credit Derivatives Definitions.

Bankruptcy Credit Event. (each as defined in the 2014 ISDA Credit Derivatives Definitions) or any similar or equivalent definition to have occurred with respect to the Borrower or any Guarantor immediately prior to such date of determination; provided, that, notwithstanding the foregoing, (I) Derivative Instruments in respect of an index that includes the Parent or any Subsidiary or any instrument issued or guaranteed by the Parent or any other Subsidiary shall not be deemed to create a short position with respect to such Indebtedness, so long as (1) such index is not created, designed, administered or requested by such Lender or its Affiliates and (2) the Borrower and the other Subsidiaries and any instrument issued or guaranteed by the Borrower or the Subsidiaries, collectively, shall represent less than 5% of the components of such index and (II) credit derivative transactions or other derivatives transactions not documented using the ISDA Definitions shall be deemed to create a short position with respect to any Indebtedness if such transactions offer the Lender or its Affiliates protection against a decline in the value of such Indebtedness, or in the credit quality of the Parent or any Subsidiary, in each case, other than as part of an index so long as (x) such index is not created, designed, administered or requested by such Lender or its Affiliates and (y) the Borrower and the Subsidiaries, and any instrument issued or guaranteed by the Borrower or the Subsidiaries, collectively, shall represent less than 5% of the components of such index. “Net Short Representation” has the meaning specified in Section 9.25(a). 52 Doc#: US1:15347125v11

Bankruptcy Credit Event. (each as defined in the 2014 ISDA Credit Derivatives Definitions) to have occurred with respect to the Company or any Guarantor immediately prior to such date of determination. “Netted Cash” means, at any date of determination, the aggregate amount of all unrestricted cash and Cash Equivalents of the Company and its Restricted Subsidiaries. “Non-Guarantor Subsidiary” means any Restricted Subsidiary that is not a Guarantor. “Non-Recourse Debt” means Indebtedness of a Person: (1) as to which neither the Company nor any Restricted Subsidiary (a) provides any Guarantee or credit support of any kind (including any undertaking, Guarantee, indemnity, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable (as a guarantor or otherwise); (2) no default with respect to which (including any rights that the holders thereof may have to take enforcement action against an Unrestricted Subsidiary) would permit (upon notice, lapse of time or both) any holder of any other Indebtedness of the Company or any Restricted Subsidiary to declare a default under such other Indebtedness or cause the payment thereof to be accelerated or payable prior to its Stated Maturity; and (3) the explicit terms of which provide there is no recourse against any of the assets of the Company or its Restricted Subsidiaries, except that Standard Securitization Undertakings shall not be considered recourse. “Note Guarantee” means, individually, any Guarantee of payment of the Notes and the Company’s other Obligations under this Indenture by a Guarantor pursuant to the terms of this Indenture and any supplemental indenture thereto, and, collectively, all such Guarantees. “Notes” means the Initial Notes and more particularly means any Note authenticated and delivered under this Indenture. For all purposes of this Indenture, the term “Notes” shall also include any Additional Notes that may be issued under a supplemental indenture and Notes to be issued or authenticated upon transfer, replacement or exchange of Notes. “Obligations” means any principal, interest (including any interest accruing subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law), other monetary obligations, penalties, fees, indemnifications, reimbursements (including reimbursement obligations wi...

Examples of Bankruptcy Credit Event in a sentence

• Such replacement will be chosen either by the Issuer, with the prior approval of the Trustee and (unless either a Counterparty Bankruptcy Credit Event in relation to the Swap Counterparty or a Swap Counterparty Event has occurred) the Swap Counterparty or by the Noteholders acting by Extraordinary Resolution.

• The Calculation Agent or the Determination Agent, as applicable, shall only be liable to obtain any quotation and/or make any determination or calculation required in connection with the occurrence of an Early Redemption Trigger Date in respect of a Swap Counterparty Bankruptcy Credit Event upon the earlier of (i) it being notified by the Issuer or the Trustee of the occurrence of such Early Redemption Trigger Date and (ii) it reasonably determining that an Early Redemption Trigger Date has occurred.

• Notwithstanding anything to the contrary in Condition 19 or the Trust Deed, any Noteholder may deliver a request in writing to the Issuer (copied to the Determination Agent and the Trustee) requesting the Issuer to convene a meeting of Noteholders to be convened to consider an Extraordinary Resolution to resolve that a Swap Counterparty Bankruptcy Credit Event has occurred and to instruct the Issuer to deliver an Early Redemption Notice in respect of the Notes.

• For the avoidance of doubt, the Trustee shall not be required to monitor whether any Swap Counterparty Bankruptcy Credit Event has occurred and shall have no obligation, responsibility or liability for giving or not giving any notice thereof to the Issuer.

• Until the Trustee has received express written notice to the contrary, the Trustee may assume that no Swap Counterparty Bankruptcy Credit Event has occurred.

• Any such request must (i) describe the Swap Counterparty Bankruptcy Credit Event alleged to have occurred, and (ii) contain information that reasonably confirms that the Swap Counterparty Bankruptcy Credit Event has occurred which in the sole opinion by the Issuer is satisfactory evidence of the occurrence of the Swap Counterparty Bankruptcy Credit Event.

• The Calculation Agent or the Determination Agent, as applicable, shall only be required to obtain any quotation and/or make any determination or calculation required in connection with the occurrence of an Early Redemption Event in respect of a Swap Counterparty Bankruptcy Credit Event upon its being notified by the Issuer or the Trustee of the occurrence of such Early Redemption Event.

• Notwithstanding anything to the contrary in Condition 18 or the Trust Deed, any Noteholder may deliver a request in writing to the Issuer, the Determination Agent and the Trustee for a meeting of Noteholders to be convened to consider an Extraordinary Resolution to resolve that a Swap Counterparty Bankruptcy Credit Event has occurred and to instruct the Issuer to deliver an Early Redemption Notice in respect of the Notes.

• The Disposal Agent shall be entitled to rely on a Liquidation Commencement Notice without investigation of whether the relevant Liquidation Event has occurred, save that in the case of notice from one or more Noteholders of the occurrence of a Swap Counterparty Bankruptcy Credit Event, the Disposal Agent shall be required to verify that such event has occurred by checking “www.isda.org” or any such successor website of The International Swaps and Derivatives Association, Inc.

• Any such request must (A) describe the Swap Counterparty Bankruptcy Credit Event alleged to have occurred, and (B) contain information that reasonably confirms that the Swap Counterparty Bankruptcy Credit Event has occurred which in the sole opinion by the Issuer is satisfactory evidence of the occurrence of the Swap Counterparty Bankruptcy Credit Event.

More Definitions of Bankruptcy Credit Event

Bankruptcy Credit Event. (each as defined in the 2014 ISDA Credit Derivatives Definitions) to have occurred with respect to any Issuer or any Guarantor immediately prior to such date of determination. “New Project” means (x) each facility, branch or office which is either a new facility, branch or office or an expansion, relocation, remodeling, or substantial modernization of an existing facility, branch or office owned by Holdings or its Restricted Subsidiaries which in fact commences operations and (y) each creation (in one or a series of related transactions) of a business unit to the extent such business unit commences operations or each expansion (in one or a series of related transactions) of business into a new market. “Non-Cash Charges” means (a) any non-cash impairment charge or asset write-off or write-down related to intangible assets (including goodwill), long-lived assets, and Investments in debt and equity securities pursuant to GAAP, (b) all non-cash losses from Investments recorded using the equity method, (c) all Non-Cash Compensation Expenses, (d) the non-cash impact of acquisition method accounting, and (e) other non-cash charges (provided, in each case, that if any non-cash charges represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period). “Non-Cash Compensation Expense” means any non-cash expenses and costs that result from the issuance of stock-based awards, partnership interest-based awards and similar incentive based compensation awards or arrangements. “Note Guarantee” means the Guarantee by each Guarantor of the Issuers’ obligations under this Indenture and the Notes, executed pursuant to the provisions of this Indenture. “Notes” has the meaning assigned to it in the preamble to this Indenture. The Initial Notes and the Additional Notes shall be treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes. “Notes Secured Parties” means the Collateral Agent, the Trustee and the Holders.