Issuer Default. Any occurrence which is, or with notice or the lapse of time or both would become, an Issuer Event of Default.
Issuer Default has the meaning specified in Section 17.1. “ISTs” has the meaning specified in Section 5.1(a).
Issuer Default means any of the following events: (w) if an Act of Bankruptcy (as defined in a Related Indenture) shall have occurred; (x) if any provision of any Transaction Document applicable to any Issuer or the lien and security interest purported to be created by any Issuer under any Transaction Document shall at any time for any reason cease to be valid and binding in accordance with its terms on such Issuer or shall be declared to be null and void, or if any Issuer shall deny that it has any further liability or obligation thereunder; (y) if any Issuer shall have asserted that it has no liability or obligations under any Transaction Document to which it is a party or if any Governmental Authority having jurisdiction over any Issuer shall find or rule that any material provision of any Transaction Document to which such Issuer is a party is not valid and binding on such Issuer; or (z) if any Issuer shall otherwise fail to comply with the terms and conditions of any Transaction Document to which such Issuer is a party and such failure to comply results in Fannie Mae having the right to declare an Event of Default under this Agreement or any other Transaction Document.
Examples of Issuer Default in a sentence
In addition, during the existence of an Issuer Default or a Purchaser Default, as applicable, the non-defaulting Party may exercise all other rights and remedies available to it at Law or in equity, including without limitation mandamus, injunction and action for specific performance, to enforce any covenant, agreement or term of this Agreement.
More Definitions of Issuer Default
Issuer Default means that (i) (x) the Issuer, Units Issuer or any of Issuer’s other Subsidiaries fails to make any payment (whether of principal or interest and regardless of amount) in respect of any Indebtedness of such party in a principal amount in excess of the Issuer Default Threshold, when and as the same shall become due and payable, and (y) any event or condition occurs that results in any Indebtedness of the Issuer, Units Issuer or any of Issuer’s other Subsidiaries in a principal amount in excess of the Issuer Default Threshold becoming due prior to its scheduled maturity, or requiring the prepayment, repurchase, redemption or defeasance thereof prior to its scheduled maturity; provided that this clause (i) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; or (ii) there occurs under any Swap Contract to which the Issuer, Units Issuer or any of Issuer’s other Subsidiaries is a party an early termination date (howsoever defined in such Swap Contract) resulting from any event of default (howsoever defined in such Swap Contract) under such Swap Contract as to which the Issuer, Units Issuer or any of Issuer’s other Subsidiaries is the defaulting party (howsoever defined in such Swap Contract) or any termination event (howsoever defined in such Swap Contract) under such Swap Contract as to which the Issuer, Units Issuer or any of Issuer’s other Subsidiaries is an affected party (however defined in such Swap Contract) and in either event the Swap Termination Value owed by the Issuer, Units Issuer or any of Issuer’s other Subsidiaries as a result thereof is greater than the Issuer Default Threshold;
Issuer Default shall have the meaning given that term in section 7.2(c).
Issuer Default means, in the case of Rated Notes only, that all transactions under the Swap Agreement are terminated by reason of the occurrence of an event described in Section 5(a) or 5(b) of the ISDA Master Agreement in respect of the Issuer in respect of which the Issuer is the Defaulting Party or sole Affected Party (as such terms are defined in the Swap Agreement).
Issuer Default means any of the following events: