Deferrable Obligation definition
Deferrable Obligation. A Collateral Obligation (including any Permitted Deferrable Obligation) that by its terms permits the deferral or capitalization of payment of accrued, unpaid interest.
Deferrable Obligation. A Collateral Obligation that permits (under the terms of the related Underlying Documents) the deferral or capitalization of payment of accrued, unpaid interest (other than as a remedy for lender default); provided that if, as of any date, such Collateral Obligation no longer permits (under the terms of the related Underlying Documents) the deferral or capitalization of payment of accrued, unpaid interest, such Collateral Obligation will cease to be a Deferrable Obligation as of such date.
Deferrable Obligation. A Collateral Obligation (including any Permitted Deferrable Obligation) that by its terms permits the deferral or capitalization of payment of accrued, unpaid interest; provided that, solely for purposes of calculating compliance with the Concentration Limitations, a loan that carries a current cash pay interest rate of (in the case of a Permitted Deferrable Obligation that is a Fixed Rate Obligation) at least 5.00% and (in the case of a Permitted Deferrable Obligation that is a Floating Rate Obligation) at least the Reference Rate plus 1.00% per annum shall be deemed not to be a Deferrable Obligation.
Examples of Deferrable Obligation in a sentence
Deferrable obligations If it is a Deferrable Obligation, it (a) is a Permitted Deferrable Obligation and (b) is not deferring or capitalizing the payment of interest, paying interest "in kind" or otherwise has an interest "in kind" balance outstanding as of the Closing Date.
More Definitions of Deferrable Obligation
Deferrable Obligation. A Collateral Obligation (including any Permitted Deferrable Obligation) that by its terms permits the deferral or capitalization of payment of accrued, unpaid interest (other than any supplemental interest in the case of a Collateral Obligation that continues to pay interest (other than such supplemental interest) in cash on a current basis in accordance with (x) the terms of the Collateral Obligation as such terms existed prior to the applicable deferral or capitalization of interest or (y) market terms applicable to such Obligor, as certified to the Issuer by the Collateral Manager). “Deferring Obligation”: A Deferrable Obligation (other than a Permitted Deferrable Obligation) that is deferring the payment of the cash interest due thereon and has been so deferring the payment of such cash interest due thereon for the shorter of two consecutive accrual periods or one year, which deferred capitalized interest has not, as of the date of determination, been paid in Cash. “Delayed Drawdown Collateral Obligation”: A Collateral Obligation that (a) requires the Issuer to make one or more future advances to the borrower under the Underlying Documents relating 26 thereto, (b) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates, and (c) does not permit the re-borrowing of any amount previously repaid by the borrower thereunder; but any such Collateral Obligation will be a Delayed Drawdown Collateral Obligation only until all commitments by the Issuer to make advances to the borrower expire or are terminated or are reduced to zero. “Deliver” or “Delivered” or “Delivery”: The taking of the following steps: (i) in the case of each Certificated Security (other than a Clearing Corporation Security), Instrument and Participation Interest in which the underlying loan is represented by an Instrument, (a) causing the delivery of such Certificated Security or Instrument to the Custodian by registering the same in the name of the Custodian or its affiliated nominee or by endorsing the same to the Custodian or in blank; (b) causing the Custodian to indicate continuously on its books and records that such Certificated Security or Instrument is credited to the applicable Account; and (c) causing the Custodian to maintain continuous possession of such Certificated Security or Instrument; (ii) in the case of each Uncertificated Security (other than a Clearing Corporation Security), (a) causing such Uncertificated Security to be continuously registe...
Deferrable Obligation. A Collateral Obligation that by its terms permits the deferral or capitalization of payment of accrued, unpaid interest; provided that a loan that requires, by the terms of its applicable Underlying Instruments, interest to be paid in cash at a rate of (in the case of a Permitted Deferrable Obligation that is a Fixed Rate Obligation) at least 4.00% and (in the case of a Permitted Deferrable Obligation that is a Floating Rate Obligation) at least the Benchmark plus 3.00% per annum shall be deemed not to be a Deferrable Obligation under this Indenture.
Deferrable Obligation means a Collateral Debt Obligation (including for the avoidance of doubt a High-Yield Debt Security) which by its terms permits the deferral of payment of accrued, unpaid interest.
Deferrable Obligation. An obligation which, by the terms of its underlying instruments, is permitted to “pay in kind” or defer interest payments.
Deferrable Obligation. A Collateral Obligation that by its terms permits the deferral or capitalization of payment of accrued, unpaid interest (other than supplemental interest in the case of a Collateral Obligation that continues to pay interest in cash on a current basis in accordance with the terms of such Collateral Obligation as such terms existed prior to the applicable deferral or capitalization of interest); provided that the foregoing shall include any Permitted Deferrable Obligation other than, for purposes of clause (xii) of the Concentration Limitations, any Permitted Deferrable Obligation that carries a current cash pay interest rate of not less than the Benchmark plus 3% per annum, so long as, at the time of acquisition of such Permitted Deferrable Obligation, (x) no more than 10% of the Collateral Principal Amount consists of Deferrable Obligations whose acquisition would have resulted in a failure to satisfy clause (xii) of the Concentration Limitations but for this proviso and (y) no more than 5% of the Collateral Principal Amount consists of Deferrable Obligations that do not have an S&P Rating and a Fitch Rating of at least B- at such time and whose acquisition would have resulted in a failure to satisfy clause (xii) of the Concentration Limitations but for this proviso.
Deferrable Obligation. A Collateral Obligation (including any Permitted Deferrable Obligation) that by its terms permits the deferral or capitalization of payment of accrued, unpaid interest (other than any supplemental interest in the case of a Collateral Obligation that continues to pay interest (other than such supplemental interest) in cash on a current basis in accordance with (x) the terms of the Collateral Obligation as such terms existed prior to the applicable deferral or capitalization of interest and (y) as certified to the Issuer by the Collateral Manager, market terms applicable to such Obligor.
Deferrable Obligation. A Collateral Obligation that by its terms permits the deferral or capitalization of payment of accrued, unpaid interest (other than supplemental interest in the case of a Collateral Obligation that continues to pay interest in cash on a current basis in accordance with the terms of such Collateral Obligation as such terms existed prior to the applicable deferral or capitalization of interest); provided that the foregoing shall include any Permitted Deferrable Obligation other than, for purposes of clause (xii) of the Concentration Limitations, any Permitted Deferrable Obligation that carries a current cash pay interest rate of not less than (i) in the case of a Floating Rate Obligation, the Benchmark plus 50% of the stated interest spread over the applicable benchmark with respect to such Deferrable Obligation (excluding the denomination of any supplemental interest) or (ii) in the case of a Fixed Rate Obligation, 50% of the stated interest on such Deferrable Obligation (excluding from the denominator any supplemental interest), in each case, so long as, at the time of acquisition of such Permitted Deferrable Obligation, (x) no more than 10.0% of the Collateral Principal Amount consists of Deferrable Obligations whose acquisition would have resulted in a failure to satisfy clause (xii) of the Concentration Limitations but for this proviso and (y) no more than 5% of the Collateral Principal Amount consists of Deferrable Obligations that do not have an S&P Rating and a Fitch Rating of at least B- at such time and whose acquisition would have resulted in a failure to satisfy clause (xii) of the Concentration Limitations but for this proviso.