Restructuring Credit Event definition

Restructuring Credit Event means a Credit Event which meets the requirements of a “Restructuring”. The Principal Paying Agent on behalf of the Company shall as soon as practicable give notice to the Noteholders of the determination by the Calculation Agent of the existence or occurrence of a Credit Event or the existence or occurrence of a Potential Failure to Pay or a Potential Repudiation/Moratorium which leads to a reduction in the amount payable on any date. All calculations and determinations made by the Calculation Agent in relation to the Notes shall (save in the case of manifest error at the time the relevant determination is made) be final and binding on the Company, the Trustee, the agents appointed under the Agency Agreement and the Noteholders and Couponholders. All calculations and determinations made by the Calculation Agent in relation to the Swap Transaction shall (save in the case of manifest error at the time the relevant determination is made) be final and binding on Morgan and the Issuing Counterparty. In selecting any Reference Obligations hereunder, the Calculation Agent is under no obligation to the Noteholders, the Couponholders or any other person and, provided that the obligation selected meets the criteria in the definition of “Reference Obligations”, is entitled, and indeed will endeavour, to select obligations with the lowest price of any obligations which meet such criteria. In making any selection, the Calculation Agent will not be liable to account to the Noteholders, the Couponholders or any other person for any profit or other benefit to it or any of its affiliates which may result directly or indirectly from any such selection. No person shall have any right to enforce any term or condition of the Notes or the Swap Transaction under the Contracts (Rights of Third Parties) Act 1999. The rights and obligations of the parties under the Notes and the Swap Transaction respectively are irrespective of the existence or amount of the parties’ credit exposure to a Reference Entity and no party need suffer any loss or provide evidence of any loss as a result of the occurrence of a Credit Event.
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Restructuring Credit Event means a Credit Event resulting from a “Restructuring” (as defined in the Credit Derivatives Definitions).
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Restructuring Credit Event means a Credit Event which meets the requirements of a “Restructuring”.
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Examples of Restructuring Credit Event in a sentence

  • The M(M)R Restructuring Credit Event relates to a Mod R or Mod Mod R Restructuring Credit Event.

  • This mirrors the right the Swap Counterparty would have under a credit default swap to trigger partial settlement of the credit default swap following an M(M)R Restructuring Credit Event and related Event Determination Date.

  • In certain circumstances where (a) "Financial Reference Entity Terms" and "Governmental Intervention" applies in respect of the Reference Entity and there is (i) a Governmental Intervention Credit Event; or (ii) a Restructuring Credit Event in respect of the Reference Obligation where such Restructuring does not constitute a Governmental Intervention or (b) a Restructuring Credit Event occurs in respect of a Sovereign, then a related asset package may also be deliverable.

  • Multiple Holder Obligation means an Obligation that (i) at the time the Credit Event Notice is delivered, is held by more than three holders that are not affiliates of each other and (ii) with respect to which a percentage of holders (determined pursuant to the terms of the Obligation as in effect on the date of such event) at least equal to sixty-six-and-two-thirds is required to consent to the event which would otherwise constitute a 'Restructuring' Credit Event.

  • The only exception is with regards to Restructuring European Single Name CDS Contracts created following the occurrence of a Restructuring Credit Event in respect of an iTraxx Component Transaction.

  • Following the occurrence of a Restructuring Credit Event, LCH SA will create (on one or, if the Novation Cut-off Date in respect of Index Cleared Transactions is prior to the Novation Cut- off Date in respect of Initial Single Name Cleared Transactions, two or more occasions) Restructuring Matched Pairs in accordance with Section 8.1 (Creation of Matched Pairs).

  • Matched CDS Buyers and Matched CDS Sellers must only use the Manual Notice Process to deliver (1) MP Notices that are Restructuring Credit Event Notices and Notices to Exercise Movement Option where permitted by paragraphs 6.3(f)(v) or 6.3(f)(vi); (2) Notices to Exercise Movement Option where permitted by paragraph 6.3(g)(xi); and (3) Notices of Physical Settlement, NOPS Amendment Notices and Asset Package Delivery Notices.

  • In relation to each CDS Contract which is an Old Index CDS where a Relevant Restructuring Credit Event has occurred in relation to a Component Transaction, the Clearing House (for itself and on behalf of each relevant CDS Clearing Member, Sponsor, Sponsored Principal and Customer) will submit relevant data to Deriv/SERV as soon as practicable after the DTCC Reversioning Date in order to record the relevant New Trades and any related Customer-CM CDS Transactions.

  • Subject as set out in Section 7 (Delivery of Notices and Fallbacks), and notwithstanding anything to the contrary in the terms of any Cleared Transaction, Clearing Members may only deliver Credit Event Notices in relation to a Restructuring Credit Event during the CEN Triggering Period following notification of Restructuring Matched Pairs by LCH SA and subjectalways to the terms of the relevant Restructuring Cleared Transaction and, where applicable, the DTCC Rules.

  • Subject as set out in Section 7 (Delivery of Notices and Fallbacks), and notwithstanding anything to the contrary in the terms of any Cleared Transaction, Clearing Members may only deliver Credit Event Notices in relation to a Restructuring Credit Event during the CEN Triggering Period following notification of Restructuring Matched Pairs by LCH SA and subject always to the terms of the relevant Restructuring Cleared Transaction and, where applicable, the DTCC Rules.


More Definitions of Restructuring Credit Event

Restructuring Credit Event means the determination by the Calculation Agent that Publicly Available Information exists confirming the existence or occurrence in respect of any Reference Entity or any Obligation of any Reference Entity of a “Restructuring”.The occurrence of a Restructuring Credit Event and a Credit Event Date with respect to a Reference Entity in respect of which “Multiple Credit Event Notices” is stated to be applicable in the relevant Standard shall not, provided that the Remaining Credit Position of such Reference Entity following such Credit Event Date is greater than zero, preclude the occurrence of a further Credit Event in respect of such Reference Entity.Once a Credit Event has occurred with respect to a Reference Entity in respect of which “Multiple Credit Event Notices” is stated to be applicable in the relevant Standard (other than a Restructuring Credit Event as a result of which the Remaining Credit Position of such Reference Entity is greater than zero), no further Credit Event or Uncured Default may occur with respect to such Reference Entity except to the extent that such Reference Entity is the Successor to one or more other Reference Entities (or Successor thereof) in respect of which no Credit Event (other than a Restructuring Credit Event as aforesaid with respect to a Reference Entity (or Successor thereof) which is itself a Reference Entity in respect of which “Multiple Credit Event Notices” is stated to be applicable in the relevant Standard and as a result of which the Remaining Credit Position of such Reference Entity (or Successor thereof) is greater than zero) has previously occurred.
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Related to Restructuring Credit Event

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

  • Credit Event UPB 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.

  • Refinancing Transactions means the transactions described under “Summary—The Refinancing Transactions” in the Offering Memorandum.

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

  • Restructuring Transactions means the transactions described in Article IV.B of the Plan.

  • Restructuring Transaction means a tax free distribution under section 355 of the internal revenue code and includes tax free transactions under section 355 of the internal revenue code that are commonly referred to as spin offs, split ups, split offs, or type D reorganizations.

  • Restructuring Date means the date on which a Restructuring is legally effective in accordance with the terms of the documentation governing such Restructuring.

  • Financing Transactions means the execution, delivery and performance by each Loan Party of the Loan Documents to which it is to be a party, the borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of Credit hereunder.

  • Permitted Acquisition means any acquisition by Borrower or any of its wholly-owned Subsidiaries, whether by purchase, merger or otherwise, of all or substantially all of the assets of, all of the Equity Interests of, or a business line or unit or a division of, any Person; provided that:

  • 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.

  • Financing Transaction means a transaction in which a licensed provider obtains financing from a financing entity including any secured or unsecured financing, any securitization transaction, or any securities offering which is either registered or exempt from registration under federal and state securities law.

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

  • Collateral Acquisition Agreements means each of the agreements entered into by the Issuer in relation to the purchase by the Issuer of Collateral Debt Obligations from time to time.

  • Pro Forma Transaction means any transaction consummated as part of any Permitted Acquisition, together with each other transaction relating thereto and consummated in connection therewith, including any incurrence or repayment of Indebtedness.

  • Revolving Credit Facilities means the collective reference to the Dollar Revolving Credit Facility and the Alternative Currency Revolving Credit Facility.

  • Specified Acquisition means one or more acquisitions of assets or entities or operating lines or divisions in any rolling 12-month period for an aggregate purchase price of not less than $50,000,000.

  • Revolving Credit Documents means the Revolving Credit Agreement and the Revolving Credit Collateral Documents.

  • Revolving Credit Agreement means that certain Revolving Credit Agreement dated as of August 30, 2004 between the Company, certain of its Subsidiaries and the banks and financial institutions listed therein, as such agreement may be replaced, amended, supplemented or otherwise modified from time to time.

  • Incremental Facility Closing Date has the meaning set forth in Section 2.14(d).

  • Revolving Credit Facility means, at any time, the aggregate amount of the Revolving Credit Lenders’ Revolving Credit Commitments at such time.

  • Make-Whole Acquisition means the occurrence, prior to any Conversion Date, of one of the following:

  • Existing Credit Facility means the credit facility evidenced by that certain Credit Agreement, dated as of October 26, 2006, by and among the Borrower, the lenders party thereto, and JPMCB, as administrative agent, as amended.

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

  • Transformative Acquisition means any acquisition or Investment by the Borrower or any Restricted Subsidiary that is either (a) not permitted by the terms of this Agreement immediately prior to the consummation of such acquisition or Investment or (b) if permitted by the terms of this Agreement immediately prior to the consummation of such acquisition or Investment, would not provide the Borrower and its Restricted Subsidiaries with adequate flexibility under this Agreement for the continuation and/or expansion of their combined operations following such consummation, as determined by the Borrower acting in good faith.

  • Restructuring Transactions Memorandum means a document, to be included in the Plan Supplement, that sets forth the material components of the Restructuring Transactions and a description of the steps to be carried out to effectuate the Restructuring Transactions in accordance with the Plan, including the reorganization of the Debtors and issuance of the New Valaris Equity, through the Chapter 11 Cases, the Plan, or any Implementation Mechanism (including, in the United Kingdom, through the Administration).

  • Existing Credit Documents means (a) the Existing Credit Agreement, (b) the promissory notes made by Borrower thereunder, and (c) all deeds of trust, mortgages, security agreements, and other documents, instruments or agreements executed and delivered in connection therewith by any Restricted Person, or any predecessor in interest to any Restricted Person.