Defaulted Obligation definition

Defaulted Obligation means any Investment in Indebtedness (i) as to which, (x) a default as to the payment of principal and/or interest has occurred and is continuing for a period of thirty two (32) consecutive days with respect to such Indebtedness (without regard to any grace period applicable thereto, or waiver thereof) or (y) a default not set forth in clause (x) has occurred and the holders of such Indebtedness have accelerated all or a portion of the principal amount thereof as a result of such default; (ii) as to which a default as to the payment of principal and/or interest has occurred and is continuing on another material debt obligation of the Portfolio Company under such Indebtedness which is senior or pari passu in right of payment to such Indebtedness; (iii) as to which the Portfolio Company under such Indebtedness or others have instituted proceedings to have such Portfolio Company adjudicated bankrupt or insolvent or placed into receivership and such proceedings have not been stayed or dismissed or such Portfolio Company has filed for protection under Chapter 11 of the United States Bankruptcy Code (unless, in the case of clause (ii) or (iii), such debt is a DIP Loan, in which case it shall not be deemed to be a Defaulted Obligation under such clause); (iv) as to which a default rate of interest has been and continues to be charged for more than 120 consecutive days, or foreclosure on collateral for such debt has been commenced and is being pursued by or on behalf of the holders thereof; or (v) as to which the Borrower has delivered written notice to the Portfolio Company declaring such Indebtedness in default or as to which the Borrower otherwise exercises significant remedies following a default.
Defaulted Obligation means a Collateral Debt Obligation:
Defaulted Obligation. Any Collateral Obligation included in the Assets as to which:

Examples of Defaulted Obligation in a sentence

  • Under the Collateral Management and Administration Agreement and as described herein, the Collateral Manager may only, on behalf of the Issuer, dispose of a limited percentage of Collateral Obligations in any period of 12 calendar months and, in addition, any Collateral Obligation that meets the definition of a Defaulted Obligation, an Exchanged Equity Security and, subject to the satisfaction of certain conditions, a Credit Risk Obligation or Credit Improved Obligation.

  • Generally, deteriorations in the business environment or increases in the business risks facing any particular Obligor may result in downgrade of its obligations, which may result in such obligation becoming a Credit Risk Obligation, a S&P CCC Obligation or Fitch CCC Obligation (and therefore potentially subject to haircuts in the determination of the Par Value Tests and restriction in the Portfolio Profile Tests) or a Defaulted Obligation.


More Definitions of Defaulted Obligation

Defaulted Obligation means the failure of the Issuer to make or procure any payment in
Defaulted Obligation means the failure of the Issuer to make or procure any payment inrespect of the Redemption of any Commodity Securities when due, and such failure is not remedied within 48 hours of receipt of notice requiring remedy of the same provided that if the amount paid by a Commodity Contract Counterparty under the terms of a Facility Agreement in respect of a Commodity Contract Termination as a result of such Redemption is subject to any withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of any relevant jurisdiction or any political sub-division thereof or any authority thereof having power to tax, as required by law (as modified by the practice of any relevant governmental revenue authority) then in effect, and that Commodity Contract Counterparty is not obliged under that Facility Agreement to make any additional payment in respect of the withholding or deduction and the net amount is so paid or procured to be paid by the Issuer in respect of that Redemption, that shall not be a Defaulted Obligation
Defaulted Obligation means any Collateral Debt Obligation (or portion thereof, in the case of clause (h) below) as to which: (a) a default as to the payment of principal and/or interest has occurred and is continuing (without regard to any waiver thereof or grace period applicable thereto) with respect to such Collateral Debt Obligation; provided that any such default may continue for a period of up to five Business Days or seven calendar days (whichever is greater) from the date of such default if the Collateral Manager has certified to the Trustee that the payment failure is not due to credit-related reasons, (b) a default has occurred and is continuing with respect to such Collateral Debt Obligation which in the sole judgment of the Collateral Manager will likely result in a default as to the payment of principal and/or interest on such Collateral Debt Obligation, (c) an act of insolvency or bankruptcy with respect to the obligor of such Collateral Debt Obligation has occurred and is continuing with respect to such Collateral Debt Obligation (and has not been stayed or dismissed for a period of 45 consecutive days); provided, however, that neither a Current Pay Collateral Debt Obligation nor a DIP Loan shall constitute a Defaulted Obligation under this clause (c) notwithstanding such insolvency or bankruptcy, (d) a payment default as described in clause (a) above has occurred and is continuing with respect to another obligation of the same obligor which is senior or pari passu in right of payment to such Collateral Debt Obligation, (e) such Collateral Debt Obligation has (1) a "probability of default rating" (as assigned by Moody's) of "D" or "LD" or (2) an S&P Rating of "SD" or an S&P Rating of "CC" or lower (or had an S&P Rating of "SD" or "CC" or lower, which S&P Rating has since been withdrawn); provided that a DIP Loan shall not constitute a Defaulted Obligation under this clause (e) notwithstanding any such rating, (f) such Collateral Debt Obligation is a Deferrable Collateral Debt Obligation and (A1) it is rated "Baa3" or higher by Moody's or "BBB-" or higher by S&P and any portion of interest accrued on such Deferrable Collateral Debt Obligation is added to the principal balance of such obligation for a period equal to the lesser of (x) two payment periods and (y) one year or (B2) it is rated lower than "Baa3" by Moody's or "BBB-" by S&P and any portion of interest accrued on such Deferrable Collateral Debt Obligation is added to the principal balance of such obliga...
Defaulted Obligation has the meaning set forth in Schedule 3.
Defaulted Obligation means a Collateral Debt Obligation in respect of which:
Defaulted Obligation has the meaning specified in Annex C.
Defaulted Obligation means any Underlying Asset or any other debt obligation included in the pool of assets owned by the Issuer, as of any date of determination: