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 means a Collateral Obligation (including for the avoidance of doubt High Yield Debt) which by its terms permits the deferral of payment of accrued, unpaid interest.
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; provided that a loan that requires, by the terms of its applicable Underlying Documents, 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 5.00% and (in the case of a Permitted Deferrable Obligation that is a Floating Rate Obligation) at least the Reference Rate plus 4.00% per annum shall be deemed not to be a Deferrable Obligation.
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 (xvi) of the Concentration Limitations, (1) 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 from the denominator any supplemental interest) or (ii) in the case of a Fixed Rate Loan, 50% of the stated interest rate 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 15% of the Collateral Principal Amount consists of Deferrable Obligations whose acquisition would have resulted in a failure to satisfy clause (xvi) 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 (xvi) of the Concentration Limitations but for this proviso and (2) any Permitted Deferrable Obligation that is not currently deferring the 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).
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. 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 (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) 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 (xvi) 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 (xvi) 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 (xvi) of the Concentration Limitations but for this proviso.
Deferrable Obligation. A Collateral Obligation that by its terms permits the deferral or capitalization of payment of accrued, unpaid interest. For the avoidance of doubt, for purposes of calculating the numerator (but not the denominator) of any component of the Weighted Average Floating Spread, Weighted Average Coupon, Excess Weighted Average Floating Spread and Excess Weighted Average Coupon, each Deferrable Obligation shall be excluded from each such numerator (but not the denominator) to the extent of any interest that may be deferred or capitalized, and is not required to be paid currently in cash thereon pursuant to the terms of the related Underlying Documents (regardless of whether such portion that may be deferred or capitalized is currently paying in cash).