Material Credit Event definition

Material Credit Event means, with respect to Buyer, (a) any event that results in Buyer’s failure to meet the Credit Requirements applicable to Buyer, (b) Buyer’s long term credit rating comes under review by a rating agency for possible downgrade, or (c) if the Alliance has reasonable grounds to believe that Buyer’s creditworthiness would no longer warrant investment grade status (e.g., because Buyer defaults on material payment obligations to third parties).
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Material Credit Event means any event that results in a Party’s failure to meet the Performance Assurance Requirements applicable to it; or if Seller has provided or caused to be provided a Guaranty from a Qualified Guarantor in satisfaction of its Performance Assurance Requirements, then any of the following shall be deemed to be a Material Credit Event: (a) any representation or warranty made by a Guarantor in connection with this Agreement is false or misleading in any material respect when made or when deemed made or repeated; (b) the failure of a Guarantor to make any payment required or to perform any other material covenant or obligation in any Guaranty made in connection with this Agreement and such failure is not remedied within thirty (30) calendar days after written notice; (c) a Downgrade Event has occurred; (d) a Guarantor becomes Bankrupt; (e) the failure of a Guarantor’s Guaranty to be in full force and effect for purposes of this Agreement (other than in accordance with its terms) prior to the satisfaction of all obligations of such Party under this Agreement without the written consent of the other Party; or (f) a Guarantor shall repudiate, disaffirm, disclaim, or reject, in whole or in part, or challenge the validity of any Guaranty.
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Material Credit Event means any event that results in a Party’s failure to meet the Performance Assurance Requirements applicable to it; or if Seller has provided or caused to be provided a Guaranty from a Qualified Guarantor in satisfaction of its Performance Assurance Requirements, then any of the following shall be deemed to be a Material Credit Event: (a) a representation or warranty made by a Guarantor that is false or misleading in any material respect when made or when deemed made or repeated; (b) the failure of a Guarantor to make any payment required or to perform any other material covenant or obligation in any Guaranty made in connection with this Agreement and such failure is not remedied within thirty (30) calendar days after written notice; (c) a Downgrade Event has occurred; (d) a Guarantor becomes Bankrupt; (e) the failure of a Guarantor’s Guaranty to be in full force and effect for purposes of this Agreement (other than in accordance with its terms) prior to the satisfaction of all obligations of such Party under this Agreement without the written consent of the other Party; or
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Examples of Material Credit Event in a sentence

  • If at any time there occurs a Material Credit Event with respect to Buyer, then an Event of Default will be deemed to have occurred pursuant to Section 16 of the Power Purchase Agreement.

  • Buyer shall Notify Seller of the occurrence of any event which, with notice or the passage of time or both, would constitute a Material Credit Event with respect to Buyer, which Notice shall be given by Buyer within 5 Business Days of the occurrence of such event.

  • If the requested information is not provided in accordance with this Agreement within 30 Days after receipt of such Notice, or if Buyer is not otherwise able to show that a Material Credit Event with respect to Buyer has not occurred, Seller will be entitled to assume that a Material Credit Event with respect to Buyer has occurred.

  • Seller shall notify TVA in writing of the occurrence of any event that, with notice or the passage of time or both, would constitute a Material Credit Event with respect to Seller, which notice shall be given by Seller within five (5) Business Days of the occurrence of such event.

  • If at any time there shall occur a Material Credit Event with respect to Seller, and such Material Credit Event is not cured or replacement Performance Assurance is not provided within ten (10) calendar days’ notice of such event, then an Event of Default shall be deemed to have occurred pursuant to Section 9.1(f) of the Agreement to which this Exhibit D is attached.

  • Seller shall notify LUB in writing of the occurrence of any event that, with notice or the passage of time or both, would constitute a Material Credit Event with respect to Seller, which notice shall be given by Seller within five (5) Business Days of the occurrence of such event.

  • If at any time there shall occur a Material Credit Event with respect to Seller, and such Material Credit Event is not cured within thirty (30) Days' notice of such event, then an Event of Default shall be deemed to have occurred pursuant to Section 8.1(d) of this Agreement.

  • If the requested information is not provided in accordance with this Agreement within thirty (30) Days after receipt of such written notice, or if Seller's Guarantor or Seller is not otherwise able to show that a Material Credit Event with respect to Seller's Guarantor has not occurred, Buyer shall be entitled to assume that a Material Credit Event with respect to Seller's Guarantor has occurred.

  • If at any time there shall occur a Material Credit Event with respect to Buyer, and such Material Credit Event is not cured within thirty (30) Days' notice of such event, then an Event of Default shall be deemed to have occurred pursuant to Section 8.1(d) of this Agreement.

  • If the requested information is not provided in accordance with this Agreement within thirty (30) Days after receipt of such written notice, or if Buyer is not otherwise able to show that a Material Credit Event with respect to Buyer has not occurred, Seller shall be entitled to assume that a Material Credit Event with respect to Buyer has occurred.


More Definitions of Material Credit Event

Material Credit Event means any event that results in Seller’s failure to meet the Performance Assurance Requirements. If Seller has provided or caused to be provided a Letter of Credit in satisfaction of its Performance Assurance Requirements, then any of the following shall be deemed to be a Material Credit Event: (a) a representation or warranty made by a Qualified Bank is false or misleading in any material respect at any point during the term of this Agreement with regard to the Qualified Bank’s; (b) the failure of an obligation in any Letter of Credit made in connection with this Agreement and such failure is not remedied within ten (10) calendar days after written notice; (c) a Downgrade Event has occurred; (d) a Qualified Bank becomes Bankrupt or its ownership or control is assumed by the Federal Deposit Insurance Corporation; (e) the failure of the Letter of Credit to be in full force and effect or extended for purposes of this Agreement (other than in accordance with its terms) prior to the satisfaction of all of Seller’s obligations under this Agreement without TVA’s written consent; or (f) the Qualified Bank repudiates, disaffirms, disclaims, or rejects, in whole or in part, or challenges the validity of, its Letter or Credit.
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Material Credit Event means any event that results in a Party's failure to meet the Credit Requirements applicable to it.
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Material Credit Event means, if applicable, (a) Customer’s Guarantor is not a Creditworthy Person; and (b) Customer has not provided or converted or caused to be provided or converted Credit Support as required hereunder.
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Material Credit Event means any event that results in Seller’s failure to meet the Performance Assurance Requirements. If Seller has provided or caused to be provided a Letter of Credit in satisfaction of its Performance Assurance Requirements, then any of the following shall be deemed to be a Material Credit Event: (a) a representation or warranty made by a Qualified Bank is false or misleading in any material respect at any point during the term of this Agreement with regard to the Qualified Bank’s; (b) the failure of an obligation in any Letter of Credit made in connection with this Agreement and such failure is not remedied within ten
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Material Credit Event means any event that results in Seller’s failure to meet the Performance Assurance Requirements. If Seller has provided or caused to be provided a Letter of Credit or Guaranty in satisfaction of its Performance Assurance Requirements, then any of the following shall be deemed to be a Material Credit Event: (a) a representation or warranty made by a Qualified Bank or a Guarantor is false or misleading in any material respect at any point during the term of this Agreement with regard to the Qualified Bank’s or Guarantor’s financial information; (b) the failure of a Guarantor to make any payment required or to perform any other material covenant or obligation in any Letter of Credit or Guaranty made in connection with this Agreement and such failure is not remedied within ten (10) calendar days after written notice; (c) a Downgrade Event has occurred; (d) a Qualified Bank or the Guarantor becomes Bankrupt; (e) the failure of the Letter of Credit or the Guaranty to be in full force and effect for purposes of this Agreement (other than in accordance with its terms) prior to the satisfaction of all of Seller’s obligations under this Agreement without LUB’s written consent; or (f) the Qualified Bank or the Guarantor repudiates, disaffirms, disclaims, or rejects, in whole or in part, or challenges the validity of, its Letter or Credit or Guaranty.
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Material Credit Event means that Tenant has achieved and maintained a minimum Market Capitalization of not less than $35,000,000 as computed in accordance with generally accepted accounting principles, consistently applied. For purposes of this grammatical paragraph, “Market Capitalization”) means the product of (1) the number of outstanding shares of Tenant on the last day of the applicable financial quarter (i.e., the most recently completed quarter), and (2) the average closing share price of Tenant’s stock during the last thirty (30) calendar days of the applicable financial quarter.
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Related to Material Credit Event

  • Material Credit Facility means, as to the Company and its Subsidiaries,

  • Credit Event shall have the meaning assigned to such term in Section 4.01.

  • Credit Event UPB means, with respect to any Credit Event Reference Obligation, the unpaid principal balance thereof as of the end of the Reporting Period related to the Payment Date that it became a Credit Event Reference Obligation.

  • Credit Event Notice means an irrevocable notice from the Issuer or the Swap Counterparty, as the case may be, to the other party (in the form and delivered in the manner described in the Default Swap) that describes a Credit Event that occurred on or after the Effective Date of the Default Swap.

  • Extension of Credit means, as to any Lender, the making of a Loan by such Lender or the issuance of, or participation in, a Letter of Credit by such Lender.

  • Credit Event Upon Merger has the meaning specified in Section 5(b).

  • Additional Credit Party means each Person that becomes a Guarantor by execution of a Joinder Agreement in accordance with Section 5.10.

  • L/C Credit Extension means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof.

  • Credit Event Amount means, with respect to any Payment Date, the aggregate amount of the Credit Event UPBs of all Credit Event Reference Obligations for the related Reporting Period.

  • Additional Credit Facilities means any credit facilities added pursuant to Sections 2.22, 2.23 or 9.02(c).

  • Revolving Extensions of Credit as to any Revolving Lender at any time, an amount equal to the sum of (a) the aggregate principal amount of all Revolving Loans held by such Lender then outstanding, (b) such Lender’s Revolving Percentage of the L/C Obligations then outstanding and (c) such Lender’s Revolving Percentage of the aggregate principal amount of Swingline Loans then outstanding.

  • L/C Credit Extension means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof.

  • Additional Credit Extension Amendment means an amendment to this Agreement providing for any Incremental Commitments which shall be consistent with the applicable provisions of this Agreement relating to such Incremental Commitments and otherwise reasonably satisfactory to the Administrative Agent and the Borrower.

  • Letter of Credit Default means with respect to a Letter of Credit, the occurrence of any of the following events:

  • Letter of Credit Related Person has the meaning specified therefor in Section 2.11(f) of the Agreement.

  • Extensions of Credit means, as to any Lender at any time, (a) an amount equal to the sum of (i) the aggregate principal amount of all Revolving Credit Loans made by such Lender then outstanding, (ii) such Lender’s Revolving Credit Commitment Percentage of the L/C Obligations then outstanding and (iii) such Lender’s Revolving Credit Commitment Percentage of the Swingline Loans then outstanding, or (b) the making of any Loan or participation in any Letter of Credit by such Lender, as the context requires.

  • Total Revolving Extensions of Credit at any time, the aggregate amount of the Revolving Extensions of Credit of the Revolving Lenders outstanding at such time.

  • Revolving Credit Extension Request shall have the meaning provided in Section 2.15(a)(ii).

  • ABL Credit Facility means, collectively, the senior secured revolving credit facility, swing loans, and letters of credit provided for by the ABL Credit Agreement.

  • Credit transaction means any transaction by the terms of which the repayment of money loaned or loan commitment made, or payment for goods, services, or properties sold or leased, is to be made at a future date or dates.

  • Original Credit Agreement shall have the meaning assigned to such term in the recitals hereto.

  • Total Extensions of Credit at any time, the aggregate amount of the Extensions of Credit of the Lenders outstanding at such time.

  • Credit Event Net Loss means, with respect to any Credit Event Reference Obligation, an amount equal to the excess, if any, of:

  • Credit Event Net Gain means, with respect to any Credit Event Reference Obligation, an amount equal to the excess, if any, of:

  • Outstanding Letters of Credit shall have the meaning given such term in Section 2.02(j).

  • Existing ABL Credit Agreement means that certain ABL credit agreement, dated as of April 19, 2013, among Petco Animal Supplies, Inc., the lenders party thereto, Bank of America, N.A., (as successor to Credit Suisse AG) as administrative agent, Xxxxx Fargo Bank, National Association, as collateral agent, and the subsidiaries of Petco Animal Supplies, Inc. from time to time party thereto, as amended by that certain First Amendment to the ABL Credit Agreement, dated as of November 21, 2014.