Current Pay Obligation definition

Current Pay Obligation means any Collateral Asset (other than a DIP Loan) that would otherwise be a Defaulted Obligation but as to which (i) no default has occurred and is continuing with respect to the payment of interest and any contractual principal or other scheduled payments (if any) and the most recent interest and contractual principal payment due (if any) was paid in cash and the Investment Adviser reasonably expects that the next interest payment due will be paid in cash on the scheduled payment date (which judgment may not subsequently be called into question as a result of subsequent events); (ii) if the issuer of such Collateral Asset is in a bankruptcy proceeding, the issuer has made all payments that the bankruptcy court has approved; (iii) for so long as Moody’s provides a rating of any Collateral Asset, such Collateral Asset has a facility rating from Moody’s of either (A) at least “Caa1” (and if “Caa1,” not on watch for downgrade) and its Current Market Value is at least 80% of its par value or (B) at least “Caa2” (and if “Caa2,” not on watch for downgrade) and its Current Market Value is at least 85% of its par value (provided that for purposes of this definition, with respect to a Collateral Asset already owned by the Borrower whose Moody’s Rating is based on a facility rating from Moody’s and such facility rating is withdrawn, the Moody’s Rating of such Collateral Asset shall be the last outstanding facility rating before the withdrawal); and (iv) the Additional Current Pay Criteria are satisfied; provided that to the extent the Aggregate Market Value of all Collateral Assets that would otherwise be Current Pay Obligations exceeds 7.5% of the Aggregate Commitments, such excess over 7.5% shall constitute Defaulted Obligations.
Current Pay Obligation means a Collateral Debt Obligation that would otherwise be a Defaulted Obligation, but as to which:
Current Pay Obligation. Any Collateral Obligation that would otherwise be treated as a Defaulted Obligation but as to which no payments are due and payable that are unpaid and with respect to which the Collateral Manager has certified to the Trustee (with a copy to the Collateral Administrator) in writing that it believes, in its reasonable business judgment, that the Obligor of such Collateral Obligation (a) is current on all interest payments, principal payments and other amounts due and payable thereunder and will continue to make scheduled payments of interest thereon and will pay the principal thereof and all other amounts due and payable thereunder by maturity or as otherwise contractually due, (b) if the Obligor is subject to a bankruptcy proceeding, it has been the subject of an order of a bankruptcy court that permits it to make the scheduled payments on such Collateral Obligation and all interest payments, principal payments and other amounts due and payable thereunder have been paid in Cash when due and (c) the Collateral Obligation has a Market Value of at least 80% of its par value.

Examples of Current Pay Obligation in a sentence

If a Collateral Obligation included in the Assets would be deemed a Current Pay Obligation but for the applicable percentage limitation in the proviso to clause (x) of the proviso to the definition of Defaulted Obligation, then the Current Pay Obligations with the lowest Market Value (assuming that such Market Value is expressed as a percentage of the Principal Balance of such Current Pay Obligations as of the date of determination) shall be deemed Defaulted Obligations.

If a Collateral Obligation included in the Assets would be deemed a Current Pay Obligation but for the applicable percentage limitation in the proviso to clause (x) of the proviso to the definition of “Defaulted Obligation”, then the Current Pay Obligations with the lowest Market Value (assuming that such Market Value is expressed as a percentage of the Principal Balance of such Current Pay Obligations as of the date of determination) shall be deemed Defaulted Obligations.

For the purposes of calculating the Moody’s Weighted Average Rating Factor, any Collateral Obligation that is a Current Pay Obligation or a Defaulted Obligation shall be excluded.

The identity of each Current Pay Obligation, the Market Value of each such Current Pay Obligation, and the percentage of the Collateral Principal Amount comprised of Current Pay Obligations.

For the purposes of calculating the Moody’s Weighted Average Rating Factor, any Collateral Obligation that is a Defaulted Obligation (or, to the extent that the Aggregate Principal Balance of all Collateral Obligations that would be Current Pay Obligations exceeds 7.5% in Aggregate Principal Balance of the Current Portfolio, any Current Pay Obligation that constitutes such excess over 7.5%) shall be excluded.


More Definitions of Current Pay Obligation

Current Pay Obligation means a Collateral Debt Obligation designated as such by the Investment Manager which would otherwise be a Defaulted Obligation and as to which (i) the most recent cash principal and interest payments due were paid in cash, and with no previously missed interest payments remaining unpaid that were not waived, and the Investment Manager reasonably expects that the next interest payment due will be paid in cash, (ii) the Moody’s Rating of such Collateral Debt Obligation is at least “Caa2” and is based on a rating (either public or private) from Moody’s and (iii) if the Obligor of such Collateral Debt Obligation is subject to a bankruptcy proceeding, a bankruptcy court has authorised the payment of interest due and payable on such Collateral Debt Obligation.
Current Pay Obligation means any Collateral Obligation (other than a Corporate Rescue Loan) that would otherwise be treated as a Defaulted Obligation but as to which no payments are due and payable that are unpaid and with respect to which the Collateral Manager believes, in its reasonable business judgment, that:
Current Pay Obligation means a Defaulted Obligation as to which: (i) all prior cash interest payments due were paid in cash and the Manager has no reason to expect will cease to make interest and principal payments when due thereon in cash, (ii) the Facility Rating of such Collateral Obligation is at least "Caa2" and (iii) if the issuer of such Collateral Obligation is subject to a bankruptcy proceeding, a bankruptcy court has authorized the payment of interest and principal due and payable on such Collateral Obligation (provided that (i) the aggregate principal balance of all Collateral Obligations deemed to be Current Pay Obligations shall not exceed 10% of the Collateral Principal Amount, (ii) at any time at which the aggregate principal balance of all Collateral Obligations then owned by the Issuer which constituted "Current Pay Obligations" at the time of their purchase equals or exceeds 5.0% of the Collateral Principal Amount, Collateral Obligations which the Issuer proposes to purchase that meet the foregoing criteria shall be deemed not to constitute "Current Pay Obligations" and may not be purchased and (iii) any Collateral Obligation which the Issuer proposes to purchase that meets the foregoing criteria shall be deemed not to constitute a "Current Pay Obligation" and may not be purchased unless the Market Value thereof is at least 80% of the principal balance thereof).
Current Pay Obligation has the meaning specified in Annex C.
Current Pay Obligation means any Collateral Loan that would otherwise be a Defaulted Collateral Loan but as to which:
Current Pay Obligation means a Collateral Debt Obligation that would otherwise be a Defaulted Obligation as to which (i) all prior cash interest payments due were paid in cash and the Investment Manager reasonably expects that the next interest payment due will be paid in cash, (ii) the Moody's Rating of such Collateral Debt Obligation is at least "Caa2" and is based on a rating (either public or private) from Moody's (provided that, in the event that a rating is withdrawn or is otherwise unavailable with respect to a Current Pay Obligation, then the most recent public rating thereof from Moody's shall apply or such rating as is otherwise advised by Moody's, in each case until a credit estimate is provided by Moody's), (iii) the Market Value is at least 80 per cent. of the outstanding principal amount and (iv) if the Obligor of such Collateral Debt Obligation is subject to a bankruptcy proceeding, a bankruptcy court has authorised the payment of interest due and payable on such Collateral Debt Obligation; provided that the Aggregate Principal Balance of all Collateral Debt Obligations which constitute "Current Pay Obligations" may not exceed 5 per cent. of the Aggregate Collateral Balance and to the extent that the Aggregate Principal Balance of Collateral Debt Obligationswhich constitute "Current Pay Obligations" are in excess of such amount, such Aggregate Principal Balance to the extent of such excess shall not constitute Current Pay Obligations but shall constitute Defaulted Obligations, provided further that where the Aggregate Principal Balance of any Collateral Debt Obligations which constitute "Current Pay Obligations" is in excess of such amount, the Investment Manager (acting on behalf of the Issuer) may, in its absolute discretion, select which Collateral Debt Obligations (the Aggregate Principal Balance of which constitutes such excess) comprise Current Pay Obligations for the purposes of this definition.
Current Pay Obligation means a Collateral Debt Security which would otherwise be a Defaulted Security and: (i) which has no interest payments which are due and unpaid, (ii) which can be legally paid by the Obligor on its next payment due date, and which payment is not at risk of being set aside on any bankruptcy, insolvency or receivership proceeding in connection with such Obligor and (iii) which either is rated “Caa1” or above by Moody’s and the Market Value is at least 80 per cent. of par, or is rated “Caa2” by Moody’s or above and the Market Value is at least 85 per cent. of par and(iv) which the Collateral Manager certifies, for and on behalf of the Issuer, that it can be treated as a Current Pay Obligation, provided always that no more than 5 per cent. of the Maximum Investment Amount will be comprised of Current Pay Obligations at any time.