Current Pay Collateral Debt Obligation definition

Current Pay Collateral Debt Obligation means a Collateral Debt Obligation (other than a DIP Loan) (i) as to which a bankruptcy, insolvency or receivership proceeding has been instituted with respect to the obligor thereof, (ii) which has no interest or principal payments which are due and unpaid, (iii) with respect to which the Collateral Manager has certified to the Trustee in writing that, in the Collateral Manager's reasonable judgment, the obligor of such Collateral Debt Obligation will continue to make scheduled payments of interest thereon, and (iv) (A) during the Moody's Rating Period only, which has (1) a Moody's Rating no lower than "Caa1" (and if it has a Moody's Rating of "Caa1", is not on credit watch negative for possible downgrade) by Moody's and its Market Value is at least 80% of its Principal Balance or
Sample 1
Current Pay Collateral Debt Obligation. ” means a Collateral Debt Obligation (other than a DIP Loan) (i) (A) as to which a bankruptcy, insolvency or receivership proceeding has been instituted with respect to the obligor thereof or (B) that, during the S&P Rating Period only, has an S&P Rating of "“CC"” or lower, (ii) which has no interest or principal payments which are due and unpaid, (iii) with respect to which the Collateral Manager has certified to the Trustee in writing that, in the Collateral Manager's reasonable judgment, the obligor of such Collateral Debt Obligation will continue to make scheduled payments of interest thereon, and (iv) (A) during the Moody's Rating Period only, which has (1) a Moody's Rating no lower than "Caa1" (and if it has a Moody's Rating of "Caa1", is not on credit watch negative for possible downgrade by Moody's) and its Market Value is at least 80% of its Principal Balance or (2) a Moody's Rating no lower than "Caa2" (and if it has a Moody's Rating of "Caa2", is not on credit watch negative for possible downgrade by Moody's) and its Market Value is at least 85% of its Principal Balance (it being agreed that such Market Value shall have been determined without regard to clause (v) of the definition of "Market Value"), (B) with respect to which, if the obligor thereof is subject to a bankruptcy proceeding, the obligor thereof has been the subject of an order of a bankruptcy court
Sample 1
Current Pay Collateral Debt Obligation means a Collateral Debt Obligation (other than a DIP Loan) (i) (A) as to which a bankruptcy, insolvency or receivership proceeding has been instituted with respect to the obligor thereof or (B) that, during the S&P Rating Period only, has an S&P Rating of "CC" or lower, (ii) which has no interest or principal payments which are due and unpaid, (iii) with respect to which the Collateral Manager has certified to the Trustee in writing that, in the Collateral Manager's reasonable judgment, the obligor of such Collateral Debt Obligation will continue to make scheduled payments of interest thereon, and
Sample 1

More Definitions of Current Pay Collateral Debt Obligation

Current Pay Collateral Debt Obligation means a Collateral Debt Obligation (other than a DIP Loan) (i) (A) as to which a bankruptcy, insolvency or receivership proceeding has been instituted with respect to the obligor thereof or (B) that, during the S&P Rating Period only, has an S&P Rating of “CC” or lower, (ii) which has no interest or principal payments which are due and unpaid, (iii) with respect to which the Collateral Manager has certified to the Trustee in writing that, in the Collateral Manager's reasonable judgment, the obligor of such Collateral Debt Obligation will continue to make scheduled payments of interest thereon, and (iv) (A) during the Moody's Rating Period only, which has (1) a Moody's Rating no lower than "Caa1" (and if it has a Moody's Rating of "Caa1", is not on credit watch negative for possible downgrade by Moody's) and its Market Value is at least 80% of its Principal Balance or (2) a Moody's Rating no lower than "Caa2" (and if it has a Moody's Rating of "Caa2", is not on credit watch negative for possible downgrade by Moody's) and its Market Value is at least 85% of its Principal Balance (it being agreed that such Market Value shall have been determined without regard to clause (v) of the definition of "Market Value"), (B) with respect to which, if the obligor thereof is subject to a bankruptcy proceeding, the obligor thereof has been the subject of an order of a bankruptcy court that permits such obligor to make the scheduled payments on such Collateral Debt Obligation and (CB) which has a Market Value of at least 80% of its Principal Balance (it being agreed that such Market Value shall have been determined without regard to clause (v) of the definition of “Market Value”); provided that, to the extent the Aggregate Principal Amount of Current Pay Collateral Debt Obligations exceeds 7.5% of the Aggregate Collateral Balance at any time, such excess over 7.5% will be deemed to constitute Defaulted Obligations; provided, further that, in the event a Moody's Rating has been withdrawn with respect to a Collateral Debt Obligation, the Moody's Rating in effect immediately prior to such withdrawal shall be used for the purposes of clause (iv)(A) of this definition. The Current Pay Collateral Debt Obligations (or portion thereof) deemed to constitute such excess shall be the Current Pay Collateral Debt Obligations (or portion thereof) with the lowest Market Values (assuming that such Market Value is expressed as a percentage of the principal balance of such Current Pay Colla...
Sample 1
Current Pay Collateral Debt Obligation means a Collateral Debt Obligation (other than a DIP Loan) (i) (A) as to which a bankruptcy, insolvency or receivership proceeding has been instituted with respect to the obligor thereof or (B) that, during the S&P Rating Period, has an S&P Rating of “CC” or lower, (ii) which has no interest or principal payments which are due and unpaid,
Sample 1
Current Pay Collateral Debt Obligation means a Collateral Debt Obligation (other than a DIP Loan) (i) (A) as to which a bankruptcy, insolvency or receivership proceeding has been instituted with respect to the obligor thereof or (B) that has an S&P Rating of "CC" or lower, (ii) which hasthat would otherwise be treated as a Defaulted Obligation but as to which no interest or principal payments which are due and unpaid, and (iiii) with respect to which the Collateral Manager has certified to the Trustee in writing that, in the Collateral Manager's reasonable judgment, the obligor of such Collateral Debt Obligation will continue to make scheduled payments of interest thereon, and (ivii) (A) with respect to which, if the obligor thereof is subject to a bankruptcy proceeding, the obligor thereof has been the subject of an order of a bankruptcy court that permits such obligor to make the scheduled payments on such Collateral Debt Obligation and (B) either (x) the issuer of such Collateral Debt Obligation has made a Distressed Exchange and the Collateral Debt Obligation is already held by the Issuer and is either subject to the Distressed Exchange or ranks equal to or higher in priority than the obligation subject to the Distressed Exchange, or (y) which has a Market Value of at least 80% of its Principal Balance (it being agreed that such Market Value shall have been determined
Sample 1
Current Pay Collateral Debt Obligation means a Collateral Debt Obligation (other than a DIP Loan) (i) (A) as to which a bankruptcy, insolvency or receivership proceeding has been instituted with respect to the issuer or obligor thereof or (B) that has an S&P Rating of "CC" or lower, (ii) which has no interest or principal payments which are due and unpaid, (iii) with respect to which the Collateral Manager has certified to the Trustee in writing that, in the Collateral Manager's reasonable judgment, the issuer or obligor of such Collateral Debt Obligation will continue to make scheduled payments of interest thereon, and (iv) (A) with respect to which, if the issuer or obligor thereof is subject to a bankruptcy proceeding, the issuer or obligor thereof has been the subject of an order of a bankruptcy court that permits such issuer or obligor to make the scheduled payments on such Collateral Debt Obligation, and (B) which has a Market Value of at least 80% of its Principal Balance (it being agreed that such Market Value shall have been determined without regard to clause (v) of the definition of "Market Value"); provided that, to the extent the Aggregate Principal Amount of Current Pay Collateral Debt Obligations exceeds [7.5]% of the Aggregate Collateral Balance at any time, such excess over [7.5]% will be deemed to constitute Defaulted Obligations. The Current Pay Collateral Debt Obligations (or portion thereof) deemed to constitute such excess shall be the Current Pay Collateral Debt Obligations (or portion thereof) with the lowest Market Values (assuming that such Market Value is expressed as a percentage of the principal balance of such Current Pay Collateral Debt Obligations).
Sample 1

Related to Current Pay Collateral Debt Obligation

  • Collateral Debt Obligation means any debt obligation or debt security purchased by or on behalf of the Issuer from time to time (or, if the context so requires, to be purchased by or on behalf of the Issuer) each of which satisfies the Eligibility Criteria, in the case of Synthetic Securities and Non-Euro Obligations, to the extent required to do so. References to Collateral Debt Obligations shall not include Collateral Enhancement Obligations, Eligible Investments or Exchanged Equity Securities. Obligations which are to constitute Collateral Debt Obligations in respect of which the Issuer has entered into a binding commitment to purchase but which have not yet settled shall be included as Collateral Debt Obligations in the calculation of the Portfolio Profile Tests at any time as if such purchase had been completed. For the avoidance of doubt, the failure of any obligation to satisfy the Eligibility Criteria at any time after the Issuer or the Investment Manager on behalf of the Issuer has entered into a binding agreement to purchase it, shall not cause such obligation to cease to constitute a Collateral Debt Obligation.

  • Second Priority Debt Obligations means the Initial Second Priority Debt Obligations and, with respect to any series, issue or class of Second Priority Debt, (a) all principal of, and interest (including, without limitation, any interest which accrues after the commencement of any Bankruptcy Case, whether or not allowed or allowable as a claim in any such proceeding) payable with respect to, such Second Priority Debt, (b) all other amounts payable to the related Second Priority Debt Parties under the related Second Priority Debt Documents and (c) any renewals or extensions of the foregoing.

  • debt obligation means a public security, as defined by Government Code 1201.002, secured by and payable from ad valorem taxes. The term does not include public securities that are designated as self-supporting by the political subdivision issuing the securities. Gov’t Code 1251.051(1)

  • Debt Obligations means any debt obligations issued or guaranteed by the Government of Japan.

  • Initial Additional First Lien Obligations means the [Obligations] as such term is defined in the Initial Additional First-Lien Security Agreement.

  • Additional First Lien Obligations means, with respect to any Series of Additional First Lien Obligations, (a) all principal of, and interest (including, without limitation, any interest which accrues after the commencement of any Bankruptcy Case, whether or not allowed or allowable as a claim in any such proceeding) payable with respect to, such Additional First Lien Obligations, (b) all other amounts payable to the related Additional First Lien Secured Parties under the related Additional First Lien Documents and (c) any renewals of extensions of the foregoing.

  • Second Priority Debt means any Indebtedness of the Borrower or any other Grantor guaranteed by the Guarantors (and not guaranteed by any Subsidiary that is not a Guarantor), including the Initial Second Priority Debt, which Indebtedness and guarantees are secured by the Second Priority Collateral on a pari passu basis (but without regard to control of remedies, other than as provided by the terms of the applicable Second Priority Debt Documents) with any other Second Priority Debt Obligations and the applicable Second Priority Debt Documents which provide that such Indebtedness and guarantees are to be secured by such Second Priority Collateral on a subordinate basis to the Senior Debt Obligations (and which is not secured by Liens on any assets of the Borrower or any other Grantor other than the Second Priority Collateral or which are not included in the Senior Collateral); provided, however, that (i) such Indebtedness is permitted to be incurred, secured and guaranteed on such basis by each Senior Debt Document and Second Priority Debt Document and (ii) except in the case of the Initial Second Priority Debt hereunder, the Representative for the holders of such Indebtedness shall have become party to this Agreement pursuant to, and by satisfying the conditions set forth in, Section 8.09 hereof. Second Priority Debt shall include any Registered Equivalent Notes and Guarantees thereof by the Guarantors issued in exchange therefor.

  • Secured Longer-Term Indebtedness means, as at any date, Indebtedness for borrowed money (other than Indebtedness hereunder) of the Borrower (which may be Guaranteed by Subsidiary Guarantors) that (a) has no amortization (other than for amortization in an amount not greater than 1% of the aggregate initial principal amount of such Indebtedness per annum (or an amount in excess of 1% of the aggregate initial principal amount of such Indebtedness per annum on terms mutually agreeable to the Borrower and the Required Lenders)) or mandatory redemption, repurchase or prepayment prior to, and a final maturity date not earlier than, six months after the Maturity Date; (b) is incurred pursuant to documentation containing (i) financial covenants, covenants governing the borrowing base, if any, covenants regarding portfolio valuations, and events of default that are no more restrictive in any respect than those set forth in this Agreement (other than, if such Indebtedness is governed by a customary indenture or similar instrument, events of default that are customary in indentures or similar instruments and that have no analogous provisions in this Agreement or credit agreements generally) (provided that, upon the Borrower’s request, this Agreement will be deemed to be automatically amended (and, upon the request of the Administrative Agent or the Required Lenders, the Borrower and the Lenders shall enter into a document evidencing such amendment), mutatis mutandis, to make such covenants more restrictive in this Agreement as may be necessary to meet the requirements of this clause (b)(i)) and (ii) other terms (other than interest and any commitment or related fees) that are no more restrictive in any material respect than those set forth in this Agreement; and (c) ranks pari passu with the obligations under this Agreement and is not secured by any assets of any Person other than any assets of any Obligor pursuant to the Security Documents and the holders of which, or the agent, trustee or representative of such holders on behalf of and for the benefit of such holders, have agreed to be bound by the provisions of the Security Documents in a manner reasonably satisfactory to the Administrative Agent and the Collateral Agent. For the avoidance of doubt, (a) Secured Longer-Term Indebtedness shall also include any refinancing, refunding, renewal or extension of any Secured Longer-Term Indebtedness so long as such refinanced, refunded, renewed or extended Indebtedness continues to satisfy the requirements of this definition and (b) any payment on account of Secured Longer-Term Indebtedness shall be subject to Section 6.12.

  • Term Loan Obligations means the “Obligations” as defined in the Term Loan Credit Agreement.

  • Net Obligation means the amount owed to PJMSettlement and PJM for purchases from the PJM Markets, Transmission Service, (under Tariff, Parts II and III , and other services pursuant to the Agreements, after applying a deduction for amounts owed to a Participant by PJMSettlement as it pertains to monthly market activity and services. Should other markets be formed such that Participants may incur future Obligations in those markets, then the aggregate amount of those Obligations will also be added to the Net Obligation.

  • First Lien Term Loans means the “Term Loans” as defined in the First Lien Credit Agreement.

  • Additional Second Lien Obligations means, with respect to any Grantor, any obligations of such Grantor owed to any Additional Second Lien Secured Party (or any of its Affiliates) in respect of the Additional Second Lien Documents.

  • First Lien Indebtedness means any Indebtedness for borrowed money (which, for the avoidance of doubt, does not include Purchase Money Indebtedness, and any related Liens thereto) secured by a Lien on any assets of the Issuer or any Restricted Subsidiary ranking pari passu with the Liens securing the Notes Obligations.

  • First Lien Loan A Mortgage Loan secured by a first lien Mortgage on the related Mortgaged Property. Fitch: Fitch, Inc., or its successor in interest.

  • Priority Debt means, as of any date, the sum (without duplication) of (i) Indebtedness of the Company and its Subsidiaries secured by Liens not otherwise permitted by Sections 10.4(a) through (h), and (ii) outstanding unsecured Indebtedness of Subsidiaries not otherwise permitted by Sections 10.3(a) through (d).

  • Second Lien Indebtedness means the Indebtedness of the Loan Parties owing to the Second Lien Agent and the Second Lien Lenders under the Second Lien Credit Agreement, which Indebtedness is on terms and conditions reasonably acceptable to the Collateral Agent.

  • Junior Priority Obligations means the Original Second Lien Obligations and any Additional Obligations constituting Junior Priority Debt.

  • Second Lien Term Loans means the “Term Loans” under and as defined in the Second Lien Credit Agreement.

  • Second Lien Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • Senior Priority Obligations as defined in the Base Intercreditor Agreement.

  • Term Loan Priority Collateral as defined in the Intercreditor Agreement.

  • Principal Debt means, at any time, the unpaid principal balance of all Borrowings.

  • Loan Obligations means (a) the due and punctual payment by the Borrower of (i) the unpaid principal of and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans made to the Borrower under this Agreement, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by the Borrower under this Agreement in respect of any Letter of Credit, when and as due, including payments in respect of reimbursement of disbursements, interest thereon (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) and obligations to provide Cash Collateral and (iii) all other monetary obligations of the Borrower owed under or pursuant to this Agreement and each other Loan Document, including obligations to pay fees, expense reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), and (b) the due and punctual payment of all obligations of each other Loan Party under or pursuant to each of the Loan Documents.

  • Notes Priority Collateral has the meaning set forth in the Intercreditor Agreement.

  • Attributable Receivables Indebtedness at any time shall mean the principal amount of Indebtedness which (i) if a Permitted Receivables Facility is structured as a secured lending agreement, would constitute the principal amount of such Indebtedness or (ii) if a Permitted Receivables Facility is structured as a purchase agreement, would be outstanding at such time under the Permitted Receivables Facility if the same were structured as a secured lending agreement rather than a purchase agreement.

  • Consolidated First Lien Indebtedness means Consolidated Indebtedness that is secured by a first priority Lien (other than Permitted Liens) on assets of any Borrower or Restricted Subsidiary.