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. Any Collateral Obligation included in the Assets as to which:
Defaulted Obligation means a Collateral Debt Obligation:
Examples of Defaulted Obligation in a sentence
Until so notified, the Trustee shall not be deemed to have any notice or knowledge that a Collateral Obligation has become a Defaulted Obligation.
Notwithstanding anything in this Indenture to the contrary, the Collateral Manager shall give the Trustee and the Collateral Administrator prompt written notice should any Collateral 22015383.7 -22- Obligation become a Defaulted Obligation.
Such calculations shall be based upon the principal amount of such Collateral Obligation, except in the case of Defaulted Obligations and Credit Risk Obligations, in which case the calculations will 22015383.7 -53- be based upon the Principal Proceeds received on the disposition or sale of such Defaulted Obligation or Credit Risk Obligation.
More Definitions of Defaulted Obligation
Defaulted Obligation. (x) Each Workout Loan unless and until the date on which it meets the definition of “Collateral Obligation” (as determined on such date and without giving effect to any exclusions for Workout Loans set forth in the definition of “Collateral Obligation”) and (y) any Collateral Obligation included in the Assets as to which:
Defaulted Obligation means the failure of the Issuer to make or procure any payment in
Defaulted Obligation means any Collateral Obligation:
Defaulted Obligation has the meaning set forth in Schedule 3.
Defaulted Obligation means any Collateral Asset owned by the Borrower, as of any date of determination:
Defaulted Obligation means a Collateral Debt Obligation in respect of which:
Defaulted Obligation. Any Collateral Obligation, (i) as to which: (a) any payment due (whether scheduled, unscheduled, by way of acceleration or otherwise) under the Underlying Instruments is not made when due and such nonpayment is continuing for the lesser of (x) any applicable grace period and (y) three Business Days, provided that in the event the payment is received after three Business Days but within any applicable grace period (up to a maximum of five Business Days), such Collateral Obligation will no longer be considered a Defaulted Obligation,; (b) the nonpayment event described in clause (a) above occurs on another material obligation for borrowed money of the obligor that is senior or pari passu in right of payment with such Collateral Obligation,; (c) except in the case of a Collateral Obligation which is a DIP Collateral Obligation, the obligor in respect of such Collateral Obligation has, or others have, instituted proceedings to have such Obligor adjudicated as bankrupt or insolvent or placed into receivership and such proceedings have not been stayed or dismissed and the Collateral Obligation has not received adequate protection and current interest, or such Obligor has filed for protection under Chapter 11 of the United States Bankruptcy Code,; or (d) except in the case of a Collateral Obligation (or, in the case of a Participation Interest, the underlying Senior Secured Loan) which is a DIP Collateral Obligation, such Collateral Obligation or the obligor in respect of such Collateral Obligation or another obligation for borrowed money of such Obligor is rated "CC", "D" or "SD" by a Rating Agencyhas either (x) an S&P Rating of "CC" or "SD" or lower, or had such rating immediately before such rating was withdrawn, or (y) for so long as the Class A-1 Notes are Outstanding, a DBRS Long Term Rating of "C" or "D", or had such a rating immediately before such rating was withdrawn; (ii) that is a Participation Interest in a loan or other debt security that would, if such loan or other debt security were a debt obligation, constitute a "Defaulted Obligation" under clause (i) above (a "Defaulted Participation Interest"); (iii) that is a Participation Interest (other than a Defaulted Participation Interest) with respect to which (a) the long-term debt or deposit obligations of the selling institution are rated "CC", "D" or "SD" by S&P or any such debt or deposit obligations shall cease to be rated by S&Phas (x) an S&P Rating of "CC" or "SD" or lower or had such rating i...