Negative Credit Event definition

Negative Credit Event means any of the following arising:

Negative Credit Event means, with respect to an Acceptable Bank that has issued an Acceptable Letter of Credit, a downgrade in (including the withdrawal of) the Acceptable Bank’s long-term unsecured senior debt rating by S&P, Moody’s or Fitch such that the Acceptable Bank no longer meets the credit criteria set forth in the definition of “Acceptable Bank.”

Negative Credit Event for the purposes of this Agreement means any of the following occurring: A. failure by the Contracting Retailer to pay within 10 days of the due date any amount payable (and which is not disputed in accordance with the relevant contract) by it pursuant to any borrowing or cash advances owed to a financial lender and in the currency in which such amount is payable; or B. the Contracting Retailer: (a) is unable or admits inability to pay its debts (as defined by Section 123 of the Insolvency Act 1986) as they fall due; or (b) suspends making payments on any of its debts other than in the normal course of business as a going concern; or (c) by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness; or C. failure by the Contracting Retailer to pay within 10 days of the due date any amount payable to the Contracting Wholesaler or any other Wholesaler under any Wholesale Contract, under the Wholesale-Retail Code, the Market Arrangements Code, or otherwise (and which amount is not disputed in accordance with the relevant terms of that contract), and in the currency in which such amount is payable; or D. the Contracting Retailer fails to maintain Credit Worthiness Grade; or E. the Contracting Retailer ceases to be the counterparty of the Contracting Wholesaler in relation to the Wholesale Contract.

More Definitions of Negative Credit Event

Negative Credit Event means the occurrence of any Affiliate Transaction (or series of related Affiliate Transactions) the effect of which is to cause (1) (x) the Debt to Company Proved Reserves Ratio, calculated on a pro forma basis immediately after giving effect to such Affiliate Transaction (or series of related Affiliate Transactions) being greater than (y) the Debt to Company Proved Reserves Ratio immediately prior to such Affiliate Transaction (or series of related Affiliate Transactions) or (2) (x) the Debt to EBITDA Ratio, calculated on a pro forma basis immediately after giving effect to such Affiliate Transaction (or series of related Affiliate Transactions) being greater than (y) the Debt to EBITDA Ratio immediately prior to such Affiliate Transaction (or series of related Affiliate Transactions).

Negative Credit Event means, with respect to an Acceptable LC Bank that has issued an Acceptable Letter of Credit, a downgrade in (including the withdrawal of) the Acceptable LC Bank’s long-term unsecured senior debt rating by S&P, Moody’s or Fitch such that the Acceptable LC Bank no longer meets the Credit Requirements.

Negative Credit Event means any of the following arising: 1.5.1 the failure by the Retailer to pay, within 10 Business Days of the due date, any amount payable by it pursuant to any debt due to any lender and in the currency in which such amount is payable;

Negative Credit Event has the meaning given to such term in the Equity Contribution Agreement.

Negative Credit Event for the purposes of this Agreement means any of the following occurring: A. failure by the Contracting Retailer to pay within 10 days of the due date any amount payable by it pursuant to any debt due to any lender and in the currency in which such amount is payable; or B. the Contracting Retailer: (a) is unable or admits inability to pay its debts as they fall due; or (b) suspends making payments on any of its debts; or (c) by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness; or C. failure by the Contracting Retailer to pay within 10 days of the due date any amount payable to the Contracting Wholesaler or any other Wholesaler under any Wholesale Contract, under the Wholesale-Retail Code, the Market Arrangements Code, or otherwise, and in the currency in which such amount is payable; or D. the Contracting Retailer fails to maintain Investment Grade Status; or E. the Contracting Retailer ceases to be the counterparty of the Contracting Wholesaler in relation to the Wholesale Contract.

Negative Credit Event means, with respect to an Acceptable LC Bank that has issued an Acceptable Letter of Credit, other than Investec Bank PLC as Issuing Bank under the Credit Agreement, a downgrade in (including the withdrawal of) the Acceptable LC Bank’s long-term unsecured senior debt rating by S&P, Moody’s or Fitch such that the Acceptable LC Bank no longer meets the Credit Requirements.”

Negative Credit Event means with respect to an Acceptable Issuing Bank that has issued a Contingent Equity LC, a downgrade in (including the withdrawal of) the Acceptable Issuing Bank’s long-term unsecured senior debt rating by S&P, Xxxxx’x or Fitch such that the Acceptable Bank no longer meets the credit criteria set forth in the definition of “Acceptable Bank” and the Contingent Equity LC, if not drawn upon pursuant to its terms within such time period, is not replaced with a replacement Contingent Equity LC issued by an Acceptable Bank within 30 days of such downgrade. “Non-Recourse Parties” shall have the meaning ascribed thereto in Section 4.12. “Non-Renewal Drawing Date” shall have the meaning ascribed thereto in Section 2.01(d)(iv). “Parent” shall have the meaning ascribed thereto in the preamble. “Reduction Certificate” shall mean a certificate in the form attached as an annex to the Contingent Equity LC to be delivered to the issuer thereof to effect a reduction in the amount available to be drawn on the Contingent Equity LC. “Remedies Direction” shall have the meaning ascribed thereto in the Collateral Agency Agreement. “Secured Obligations” shall have the meaning ascribed thereto in the Collateral Agency Agreement. “Support Termination Date” shall have the meaning ascribed thereto in Section 4.1.1. “Transfer Date” shall have the meaning ascribed thereto in the Collateral Agency Agreement.