Default Credit Support definition

Default Credit Support means Credit Support provided by Seller to Buyer under Section 9.2(d), 9.2(j), 9.2(k) or 9.2(l) pursuant to the terms of those sections which amount must be in addition to any Development Period Security or Operating Period Security required hereunder at any time.
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Examples of Default Credit Support in a sentence

  • The failure of Seller to provide, maintain and/or replenish the Development Period Security, the Operating Period Security or the Default Credit Support as required pursuant to this Agreement, and such failure continues for more than five (5) Business Days after Buyer has provided written notice thereof to Seller.

  • Neither the Development Period Security nor the Operating Period Security includes any Default Credit Support, and the unused portion (if any) of such Default Credit Support will be returned to Seller within thirty (30) days after the earlier of (a) the cure of the related Default, or (b) the time Credit Support is required to be returned to Seller under Section 6.2.

  • The Parties agree that if Seller has posted more than one type of Credit Support to Buyer, Seller can, in its sole discretion, select the type of Credit Support for Buyer to return; provided, however, that Buyer shall not be required to return the specified Credit Support if immediately after such return, Seller would be required to post additional Credit Support pursuant to the calculation of Operating Period Security or Default Credit Support.

  • Any Credit Support with respect to Operating Period Security or Default Credit Support provided under this Agreement that is unused at the time of the expiration or termination of this Agreement shall be returned to Seller only after any such Credit Support has been used to satisfy any outstanding Obligations of Seller in existence at such time.

  • Neither the Development Period Security nor the Operating Period Security includes any Default Credit Support, and the unused portion (if any) of such Default Credit Support will be returned to Seller within thirty (30) days after the earlier of (i) the cure of the related Default, (ii) the expiration of the Term or (iii) termination of this Agreement under Section 9.3(b) or Section 10.1(c).

  • Provided such Obligations have been satisfied, such Credit Support with respect to Operating Period Security or Default Credit Support shall be returned to Seller within thirty (30) days after the earlier of (a) the expiration of the Term or (b) termination of this Agreement under Article 8, Section 9.3(b) or Section 10.1(c).

  • The Trustee, on behalf of the Certificateholders, shall assert claims under the Securities, the Credit Support, the Swap Agreement, any Swap Guarantee and the Permitted Investments, and shall take such reasonable steps as may be necessary to receive payment or to permit recovery thereunder in the case of any Security Default, Credit Support Default, Swap Default or any default related to the Permitted Investments, as the case may be, subject in all cases to Article X.

Related to Default Credit Support

  • QFC Credit Support has the meaning specified in Section 11.21.

  • Credit Support Instrument" "Credit Support Provider"

  • credit supporter means a person or company that provides a guarantee or alternative credit support for any of the payments to be made by an issuer of securities as stipulated in the terms of the securities or in an agreement governing rights of, or granting rights to, holders of the securities;

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

  • S&P Credit Support Amount means, for any Valuation Date, the excess, if any, of:

  • Substitute Credit Support has the meaning specified in Paragraph 4(d)(i).

  • Fitch Credit Support Amount means, for any Valuation Date, the excess, if any, of:

  • Eligible Credit Support means Eligible Collateral and Other Eligible Support.

  • Credit Support Amount has the meaning specified in Paragraph 3.

  • Credit Support Balance means, with respect to a Transferor on a Valuation Date, the aggregate of all Eligible Credit Support that has been transferred to or received by the Transferee under this Annex, together with any Distributions and all proceeds of any such Eligible Credit Support or Distributions, as reduced pursuant to Paragraph 2(b), Paragraph 3(c)(ii) or Paragraph 6. Any Equivalent Distributions or Interest Amount (or portion of either) not transferred pursuant to Paragraph 5(c)(i) or (ii) will form part of the Credit Support Balance.

  • Posted Credit Support means Posted Collateral and Other Posted Support.

  • Credit Support Provider has the meaning specified in the Schedule.

  • Credit Support Instrument The instrument or document pursuant to which the Credit Support for a given Series (or Class within such Series) is provided, as specified in the applicable Supplement.

  • Senior Credit Support Depletion Date The date on which the Class Certificate Balance of each Class of Subordinated Certificates has been reduced to zero.

  • Applicable Credit Support Percentage As defined in Section 4.02(e).

  • Credit Support Instruments has the meaning set forth in Section 3.01(a).

  • Original Applicable Credit Support Percentage With respect to each of the following Classes of Subordinated Certificates, the corresponding percentage described below, as of the Closing Date: Class M...................4.25% Class B-1.................2.30% Class B-2.................1.50% Class B-3.................1.00% Class B-4.................0.55% Class B-5.................0.20%

  • Liquidity Provider Ratings Event means the Liquidity Provider shall fail to maintain at any time short-term debt ratings in one of the two highest ratings categories from the Requisite NRSROs or, if applicable, such other short-term debt ratings as may be required for the VRDP Shares to satisfy the eligibility criteria under Rule 2a-7 under the 1940 Act.

  • Credit Support Annex means the Credit Support Annex annexed to this Agreement.

  • Credit Support Depletion Date The first Distribution Date on which the Certificate Principal Balances of the Subordinate Certificates have been reduced to zero.

  • Matured LC Obligations means all amounts paid by LC Issuer on drafts or demands for payment drawn or made under or purported to be made under any Letter of Credit and all other amounts due and owing to LC Issuer under any LC Application for any Letter of Credit, to the extent the same have not been repaid to LC Issuer (with the proceeds of Loans or otherwise).

  • 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.

  • Discharge of Credit Agreement Obligations means, with respect to any Shared Collateral, the Discharge of the Credit Agreement Obligations with respect to such Shared Collateral; provided that the Discharge of Credit Agreement Obligations shall not be deemed to have occurred in connection with a Refinancing of such Credit Agreement Obligations with an Additional Senior Debt Facility secured by such Shared Collateral under one or more Additional Senior Debt Documents which has been designated in writing by the Administrative Agent (under the Credit Agreement so Refinanced) to the Designated Senior Representative as the “Credit Agreement” for purposes of this Agreement.

  • Mid-Swap Floating Leg Benchmark Rate means EURIBOR (if the Specified Currency is euro), LIBOR for the Specified Currency (if the Specified Currency is U.S. dollars, Pounds Sterling or Swiss Francs), CIBOR (if the Specified Currency is Danish Kroner), NIBOR (if the Specified Currency is Norwegian Kroner), STIBOR (if the Specified Currency is Swedish Kronor) or (in the case of any other Specified Currency) the benchmark rate most closely connected with such Specified Currency and selected by the Calculation Agent in its discretion after consultation with the Issuer;

  • Bank Product Collateralization means providing cash collateral (pursuant to documentation reasonably satisfactory to Agent) to be held by Agent for the benefit of the Bank Product Providers (other than the Hedge Providers) in an amount determined by Agent as sufficient to satisfy the reasonably estimated credit exposure with respect to the then existing Bank Product Obligations (other than Hedge Obligations).

  • Alternate Credit Facility means any irrevocable direct pay letter of credit, insurance policy or similar credit enhancement or support facility for the benefit of the Trustee, the terms of which Alternate Credit Facility shall in all respects material to the registered owners of the Bonds be the same (except for the term set forth in such Alternate Credit Facility) as those of the Letter of Credit.