Potential Issuer Event of Default definition

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;

Potential Issuer Event of Default has the meaning given to it in Condition 13 (Meetings of Holders of the Covered Bonds, Modification and Waiver);

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; and

Examples of Potential Issuer Event of Default in a sentence

• Notify the Trustee and Ambac in writing immediately upon becoming aware of the occurrence of any Issuer Event of Default or Potential Issuer Event of Default.

• The Trustee shall direct Ambac to pay all sums payable under the Financial Guarantee to the Principal Paying Agent; provided that at any time after the occurrence of an Issuer Event of Default, a Potential Issuer Event of Default or an Ambac Event of Default or in the event that the Trustee considers that it would be inappropriate for such sums to be paid to the Principal Paying Agent, the Trustee may require Ambac to make payments to the Trustee or as it may otherwise direct.

• This Deed, being signed by the Issuer and a member of the LLP Management Board of the LLP, constitutes a certificate that there is no Issuer Event of Default, LLP Event of Default, Potential Issuer Event of Default or Potential LLP Event of Default outstanding at the date of this Deed or will occur as a result of the terms of this Deed.

• So long as any of the Bonds remain outstanding the Issuer and/or NEDL will, forthwith upon becoming aware of any Issuer Event of Default or Potential Issuer Event of Default, give notice in writing thereof to the Trustee and to Ambac.

More Definitions of Potential Issuer Event of Default

Potential Issuer Event of Default means an event or circumstance which would with the giving of notice and/or lapse of time and/or the issuing of a certificate become an Issuer Event of Default;

Potential Issuer Event of Default has the meaning given to that term in the Trust Deed.

Potential Issuer Event of Default means an event or circumstance which could with the giving of notice, lapse of time, issue of a certificate and/or fulfilment of any other requirement provided for in Programme Term 3(a) (Issuer Events of Default) become an Issuer Event of Default.

Potential Issuer Event of Default means any event which may become (with the passage of time, the giving of notice, the making of any determination or any combination thereof) an Issuer Event of Default;

Potential Issuer Event of Default has the meaning given to that term in the Trust Deed. "Put Option" has the meaning given to that term in Condition 13 of the Bonds. "Rating Agencies" means, collectively, Xxxxx'x Investor Services Inc. ("Moody's") and Standard & Poor's Rating Services, a division of The McGraw Hill Companies Inc. ("S&P") or the successors of such entities as are identified by Ambac. "Relevant Indebtedness" means any indebtedness (whether being principal, premium, interest or other amounts) in the form of or represented by notes, bonds, debentures, debenture stock, loan stock or other securities, whether issued for cash or in whole or in part for a consideration other than cash, and which, with the agreement of the person issuing the same, are quoted, listed or ordinarily dealt in on any stock exchange or recognised over-the-counter or other securities market. -4- "Security Interest" means a mortgage, charge, lien, pledge or other security interest. "Subscription Agreement" means the subscription agreement dated 29 April 2005 between inter alios the Issuer, Ambac and the Royal Bank of Scotland plc (in its capacity as manager of the Bonds). "Subsidiary" means a subsidiary or subsidiary undertaking within the meaning of the Companies Act. "Tax" means any tax, levy, duty or other charge or withholding of a similar nature (including any penalty or interest payable thereon in connection with any failure to pay or any delay in paying the same). "Tax Credit" means a credit against, relief or remission for, or repayment of any Tax. "Tax Deduction" means a deduction or withholding for or on account of Tax from a payment under a Finance Document. "Treaty on European Union" means the Treaty of Rome of 25 March 1957, as amended by the Single Xxxxxxxx Xxx 0000 and the Maastricht Treaty (which was signed at Maastricht on 7 February 1992 and came into force on 1 November 1993). "Trustee" means HSBC Trustee (C.I.) Limited or any successor thereto or replacement thereof in accordance with the Trust Deed. "Trust Deed" means the Trust Deed dated on or about the date of this Agreement between the Issuer, Ambac and the Trustee.

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