Default of a Counterparty definition

Default of a Counterparty means a default of the Swap Counterparty under the Swap Agreement or a default of the Securities Loan Counterparty under the Securities Loan Agreement, in each case which results in a Mandatory Redemption;
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Default of a Counterparty means a default of the Swap Counterparty under the Swap Agreement or a default of the Securities Loan Counterparty under the Securities Loan Agreement, in each case which results in a Mandatory Redemption. Reliance on Creditworthiness of Natixis The ability of the Issuer to meet its obligations under the Notes will be dependent on its receipt of payments from Natixis as Counterparty under (i) the Swap Agreement and (ii) the Securities Loan Agreement (each as defined below). Consequently, the Issuer is relying not only on the performance and/or market value of the Charged Assets, but also on the creditworthiness of Natixis in respect of the performance of its obligations in its capacity as Counterparty under (i) the Swap Agreement and (ii) the Securities Loan Agreement. If the Counterparty defaults in making a payment under the Swap Agreement or the Securities Loan Agreement, or is insolvent or insolvency proceedings are instituted in respect of the Counterparty, the ability of the Issuer to meet its obligations to make payments on any outstanding Notes might consequently be prejudiced. The risk is mitigated by (a) the Swap Counterparty's obligation to post collateral on a daily basis under the two way credit support annex up to the then current market value of the Swap Agreement and (b) the collateralisation of the Securities Loan Agreement (subject to the collateral adjustment arrangements described below (see "Collateral adjustment arrangements")). Reliance on third parties The Issuer is party to contracts with a number of other third parties who have agreed to perform services in relation to the Notes. In particular, but without limitation, the Custodian under the Custody Agreement, the Principal Paying Agent, Issue Agent, Transfer Agent, Registrar and Calculation Agent under the Note Agency Agreement and the Management and Administration Service Provider under the Management and Administration Agreement have all agreed to provide services with respect to the Notes. If any of the above parties were to fail to perform their obligations under the respective agreements to which they are party, Noteholders may be affected. Modifications, Waivers and Consents The Conditions of the Notes may be modified by resolution of Noteholders. Modifications to the terms and conditions of the Notes may be made without the consent of any Noteholders
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Default of a Counterparty means a default of the Swap Counterparty under the Swap Agreement or a default of the Securities Loan Counterparty under the Securities Loan Agreement, in each case which results in a Mandatory Redemption. The Notes may be redeemed prior to maturity on the occurrence of an Event of Default or a Mandatory Redemption Event Prospective investors should be aware that in case of early redemption of the Notes (1) in case of an Event of Default in accordance with Condition 11 (Events of Default) or in the case of a mandatory redemption for, inter alia, taxation reasons or for illegality in accordance with Condition 8.2 (Mandatory Redemption), but excluding a mandatory redemption due to a termination of the Securities Loan Agreement under Condition 8.2.1(b), the Notes shall be redeemed at their Redemption Amount (as defined in the Terms and Conditions) as determined by the Calculation Agent, and (2) in the case of a mandatory redemption due to a termination of the Securities Loan Agreement under Condition 8.2.1(b), the aggregate of the amounts realised or received by the Issuer after (i) liquidation of the Underlying Assets and (ii) receipt of any termination payments under the Swap Agreement and the Securities Loan Agreement, may be insufficient to pay in full the Redemption Amount (subject to a minimum of zero). In these circumstances the shortfall will be borne by Noteholders and no further amount shall be payable by the Issuer. Reliance on Creditworthiness of NATIXIS The ability of the Issuer to meet its obligations under the Notes will be dependent on its receipt of payments from NATIXIS as Counterparty under (i) the Swap Agreement and (ii) the Securities Loan Agreement (each as defined below). Consequently, the Issuer is relying not only on the performance and/or market value of the Charged Assets, but also on the creditworthiness of NATIXIS in respect of the performance of its obligations in its capacity as Counterparty under
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Examples of Default of a Counterparty in a sentence

  • Any shortfall will be borne by the Holders and by the other Secured Creditors provided always that claims of the Counterparties (as defined below) shall rank prior to the claims of the Noteholders, except if Mandatory Redemption has occurred as a result ofthe Default of a Counterparty where Noteholders' claims shall rank senior to the Counterparties.

  • Any shortfall will be borne by the Holders and by the other Secured Creditors provided always that claims of the Counterparties (as defined below) shall rank prior to the claims of the Noteholders, except if Mandatory Redemption has occurred as a result of the Default of a Counterparty where Noteholders' claims shall rank senior to the Counterparties.

Related to Default of a Counterparty

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

  • Loan Event of Default means any of the events specified in Section 5.1 of the Loan Agreement, provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, event or act has been satisfied.

  • PTC Event of Default means, with respect to each Trust Agreement, the failure to pay within 10 Business Days after the due date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest due on such Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).

  • cross-default obligation means a term of any agreement or arrangement whereby the Appointee's liability to pay or repay any debt or other sum arises or is increased or accelerated by reason of a default of any person other than the Appointee. 6.12 Without prejudice to the application of paragraph 6.2 the Appointee shall declare or pay dividends only in accordance with a dividend policy which has been approved by the Board of the Appointee and which complies with the following principles -

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

  • Specified Event of Default means an Event of Default under Section 7.01(a), (b), (h) or (i).

  • Acceleration Event of Default means an Event of Default under Section 5.1(a), (d), (e) or (f), whatever the reason for such Acceleration Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.

  • Issuer Event of Default means the occurrence of any of the following events:

  • Servicer Event of Default One or more of the events described in Section 7.01.

  • Guarantee Event of Default means a default by the Guarantor on any of its payment or other obligations under this Guarantee.

  • Hedging Disruption Event means any event which, in the Issuer’s reasonable opinion, would make it illegal or commercially unfeasible for the Issuer to continue to hedge its obligations in relation to the Bond.

  • Potential Event of Default means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

  • Bankruptcy Event of Default means any Event of Default under Section 8.01(f) of the Credit Agreement.

  • Collateral Event of Default has the meaning set forth in Section 13.01(b).

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

  • Unmatured Event of Default means any event which, with the giving of notice, the passage of time or both, would constitute an Event of Default.

  • Master Servicer Event of Default One or more of the events described in Section 7.01.

  • Guarantor Event of Default means the occurrence of any “Event of Default” under and as defined in the Performance Guaranty.

  • Event of Default has the meaning specified in Section 8.01.

  • Declaration Event of Default means an “Event of Default” as defined in the Declaration.

  • Owner Event of Default shall have the meaning set forth in Section 18.3.

  • Payment Event of Default means an Event of Default specified in Section 7.1(a).

  • Indenture Event of Default means an "Event of Default" as defined in the Indenture.

  • Potential Issuer Event of Default means any condition, event or act which, with the lapse of time and/or the issue, making or giving of any notice, certification, declaration, demand, determination and/or request and/or the taking of any similar action and/or the fulfilment of any similar condition, would constitute an Issuer Event of Default;

  • Liquidity Event of Default with respect to any Liquidity Facility, has the meaning assigned to such term in such Liquidity Facility.

  • Triggering Event of Default means (i) any Event of Default with respect to an obligation of the Mortgage Loan Borrower to pay money due under the Mortgage Loan or (ii) any non-monetary Event of Default as a result of which the Mortgage Loan becomes a Specially Serviced Mortgage Loan (which, for clarification, shall not include any imminent Event of Default (i.e., subclause (vii) of the definition of Special Servicing Loan Event)).