CLO Security definition

CLO Security means a security that entitles the holders thereof to receive payments that depend on the cash flow from a portfolio of commercial or industrial bank loans, corporate loans, other securities or any combination of the foregoing. For the avoidance of doubt, CLO Securities may include bespoke synthetic collateralised debt obligations.
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CLO Security means securities that entitle the holders thereof to receive payments that depend (except for rights or other assets designed to assure the servicing or timely distribution of proceeds to holders of such securities) on the cash flow from a portfolio comprised primarily of loans generally having the following characteristics: (1) the underlying loans have varying contractual maturities; (2) repayment thereof can vary substantially from the contractual payment schedule (if any), with early prepayment of individual loans depending on numerous factors specific to the particular issuers or obligors and upon whether, in the case of loans bearing interest at a fixed rate, such loans include an effective prepayment premium; and (3) proceeds from such repayments can for a limited period and subject to compliance with certain eligibility criteria be reinvested in additional loans; provided, however, that CLO Securities shall not include Dutch Ineligible Securities or obligations whereby the Collateral Manager manages the portfolio of loans or is a party entitled to receive payments as a purchaser of credit protection.
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Related to CLO Security

  • of a Security means the principal of the Security plus the premium, if any, payable on the Security which is due or overdue or is to become due at the relevant time.

  • Quasi-Security means an arrangement or transaction described in paragraph (b) below.

  • Bid Security means the bid security provided by the Contractor to the Authority in accordance with the Request for Proposal, and which is to remain in force until substituted by the Performance Security;

  • LCR Security means any commercial paper or security (other than equity securities issued to Parent or any Originator that is a consolidated subsidiary of Parent under GAAP) within the meaning of Paragraph __.32(e)(viii) of the final rules titled Liquidity Coverage Ratio: Liquidity Risk Measurement Standards, 79 Fed. Reg. 197, 61440 et seq. (October 10, 2014).

  • Relevant Security means the Stock, any other equity security of the Company or any of its subsidiaries and any security convertible into, or exercisable or exchangeable for, any Stock or other such equity security.