Collateral Default definition

Collateral Default means either (i) a compulsory redemption (howsoever described) of the Charged Assets; or (ii) a distribution or return of capital and/or assets to holders of the Charged Assets following the winding up or liquidation of the Conduit Company.

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Collateral Default means any of the following events:

Collateral Default means an event of default, payment default or like event (however described) in respect of the Collateral as a result of which the Notes are redeemed pursuant to Condition 7(b).

Examples of Collateral Default in a sentence

• If on any Transfer Date, the Collateral Default Amount for the prior Monthly Period exceeds the amount of Excess Spread which is allocated and available to fund such amount pursuant to subsection 4.11(g), the Collateral Interest Amount will be reduced by the amount of such excess but not by more than the lesser of the Collateral Default Amount and the Collateral Interest Amount for such Transfer Date (a "Collateral Charge-Off").

• If on any Transfer Date, the Collateral Default Amount for the prior Monthly Period exceeds the amount of Excess Spread which is allocated and available to fund such amount pursuant to subsection 4.11(g), the Collateral Interest will be reduced by the amount of such excess but not by more than the lesser of the Collateral Default Amount and the Collateral Interest for such Transfer Date (a "Collateral Charge-Off").

• If on any Determination Date, the Collateral Default Amount for such Determination Date exceeds the amount allocated and available to fund such amount pursuant to subsections 4.6(d)(ix), (x) and (xii) and 4.6(g), the Collateral Interest will be reduced by the amount of such excess but not by more than the lesser of the Collateral Default Amount and the Collateral Interest for such Transfer Date (a "Collateral Interest Charge-Off").

• In the event that such reduction would cause the Class D Investor Interest to be a negative number, the Class D Investor Interest will be reduced to zero and the Collateral Interest Amount will be reduced by the amount by which the Class D Investor Interest would have been reduced below zero, but not by more than the Collateral Default Amount for such Transfer Date (a "Collateral Charge-Off").

• If on any Transfer Date, the Collateral Default Amount for the prior Monthly Period exceeds the amount of Excess Spread which is allocated and available to fund such amount pursuant to subsection 4.13(g), the Collateral Interest will be reduced by the amount of such excess but not by more than the lesser of the Collateral Default Amount and the Collateral Interest for such Transfer Date (a "Collateral Charge-Off").

More Definitions of Collateral Default

Collateral Default means a determination by the Calculation Agent, in its absolute discretion, that any one or more obligations constituting the Collateral has been or has become capable of being declared due and payable before they would otherwise have been declared due and payable as a result of, or on the basis of, the occurrence of any condition or event (howsoever described and including without limitation a failure to pay any principal or interest).

Collateral Default means a determination by the Swap Calculation Agent in its absolute discretion that either: (i) the Collateral has become repayable or become capable of being declared due and payable prior to its stated maturity for whatever reason; or (ii) there has been a payment default in respect of the Collateral; in each case without regard to any grace period or to any conditions precedent to the commencement of any grace period; or (iii) any withholding tax has been imposed on amounts payable under all or any part of the Collateral.

Collateral Default means the determination by the Calculation Agent in its absolute discretion of the occurrence of (i) a compulsory or mandatory redemption (howsoever described) of the Charged Assets; or (ii), following the winding up, liquidation of or any termination of the Fund, a distribution or return of capital and/or assets to shareholders of the Fund. A Collateral Default may be determined to have taken place after the occurrence of a Mandatory Redemption Event, an Additional Mandatory Redemption Event or the delivery of an Issuer Optional Redemption Notice.

Collateral Default means any Mortgage Asset included or proposed to be included in the Collateral (a) that is thirty (30) or more days delinquent under the terms of the related Mortgage Loan Documents, (b) for which there is a non-monetary default (beyond any applicable notice and cure period) under the terms of the related Mortgage Loan Documents, (c) for which there is any breach of a representation or warranty under Schedule 1.1(c) or (d) with respect to which the related Obligor is the subject of an Insolvency Proceeding or Insolvency Event.

Collateral Default means any Mortgage Asset included or proposed to be included in the Collateral (a) that is thirty (30) or more days delinquent under the terms of the related Mortgage Loan Documents (including any Preferred Equity Interest or Equity Asset that has not been paid during such period), (b) for which there is a non-monetary default (beyond any applicable notice and cure period) under the terms of the related Mortgage Loan Documents, (c) for which there is any breach or a representation or warranty under Schedule 1.1(c) or (d) with respect to which the related Obligor is the subject of an Insolvency Proceeding or Insolvency Event.

Collateral Default means a determination by the Calculation Agent acting in its sole and absolute discretion and in good faith and a commercially reasonable manner that: (i) the Collateral has become repayable or become capable of being declared due and payable prior to its stated maturity for whatever reason; (ii) there has been a payment default in respect of the Collateral (without regard to any grace period applicable thereto); or (iii) an event of default howsoever described in the terms and conditions of the Collateral or any other terms and conditions of any document affecting the terms and conditions of the Collateral has occurred which, in the opinion of the Calculation Agent, could have a material adverse effect on the ability of the obligor of the Collateral to make payments under the Collateral.

Collateral Default means a determination by the Calculation Agent acting in its sole and absolute discretion, that there has been a failure to pay any amount due to be paid in respect of the Collateral within a period of five Business Days (or such longer period as the Calculation Agent shall determine in its sole and absolute discretion) following the date on which such amount is due to be paid under the terms and conditions of the Collateral.