Default of the Counterparty means a default of the Counterparty under the Interest Rate Swap Agreement which results in a Mandatory Redemption;
Default of the Counterparty means a default of the Counterparty under the Interest Rate Swap Agreement which results in a Compartment Liquidity Event;
Default of the Counterparty means a default of the Swap Counterparty under the Swap Agreement 1 or the Swap Agreement 2, in each case which results in a termination of the relevant Swap Agreement. 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 Swap Counterparty under the Swap Agreements (each as defined below). Consequently, the Issuer is relying not only on the performance and/or market value of the Charged Assets and the Restricted Newbelco Shares, but also on the creditworthiness of Natixis in respect of the performance of its obligations in its capacity as Swap Counterparty. Under the Guarantee, the Noteholders will be dependent on Natixis as Guarantor (each as defined below). Consequently, the Noteholders are relying on the creditworthiness of Natixis in respect of the performance of its obligations in its capacity as Guarantor under the Guarantee. If the Swap Counterparty defaults in making a payment under the Swap Agreements or is insolvent or insolvency proceedings are instituted in respect of the Swap 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 the Swap Counterparty's obligation to post collateral on a monthly basis under the two way credit support annex up to the then current market value of the Swap Agreements. BRRD risk applicable to Natixis as Swap Counterparty and as Guarantor Risks relating to regulatory measures could materially impact Natixis and its ability to satisfy its obligations under the Swap Agreement and under the Guarantee. The EU Bank Recovery and Resolution Directive of 15 May 2014 ("BRRD") has been formally transposed into French law by an order dated 20 August 2015 (ordonnance No. 2015-1024 portant diverses dispositions d'adaptation de la législation au droit de l'Union Européenne en matière financière (the "Order")). This Order amends and supplements the provisions of the French Law no. 2013-672 of 26 July 2013 on the separation and the regulation of banking activities (Loi n° 2013-672 du 26 juillet 2013 de séparation et de régulation des activités bancaires) (the "French Separation Law") which had, among other provisions, given various resolution powers to the resolution board of the ACPR. The resolution measures decided by the ACPR in accordance with the Order and the French Separation Law (together: the "French R...
Examples of Default of the Counterparty in a sentence
National Hepatitis C Prevention Strategy: A Comprehensive Strategy for the Prevention and Control of Hepatitis C Virus Infection and its Consequences, 2001.
Any shortfall will be borne by the Holders and by the other Secured Creditors, provided always that claims of the Counterparty (as defined below) shall rank prior to the claims of the Noteholders, except if there has been a Default of the Counterparty where Noteholders's claims shall rank senior to the Counterparty's.
More Definitions of Default of the Counterparty
Default of the Counterparty means a default of the Swap Counterparty under the Swap Agreement 1 or the Swap Agreement 2, in each case which results in a termination of the relevant Swap Agreement;