Distressed Loan Asset means, as of any date of determination, a Loan Asset (a) the Obligor of which is the subject of a bankruptcy, insolvency, liquidation or other similar proceedings, (b) which is in default beyond the applicable grace period, if any, as to payment of principal or interest, (c) which is otherwise classified by the Adviser or the Borrower as “distressed” or “non-performing,” (d) in respect of which the related Obligor is rated less than “Ca” by Moody’s or less than “CC” by S&P or which, if unrated, is in the reasonable judgment of the Adviser of equivalent credit quality or (e) in respect of which there is a default or a breach of a material provision under the related Loan Documents or a “default” or “event of default” has occurred and is continuing under the related Loan Documents; provided, that any such Loan Asset that (i) has an Asset Value which is greater than eighty percent (80%) of its par value as of such date of determination and (ii) is not in default beyond any applicable grace period as to payment of interest shall not constitute a Distressed Loan Asset and shall constitute a Class B Loan Asset for all purposes hereunder.
Distressed Loan Asset means a Loan Asset (i) the Obligor of which is the subject of a bankruptcy, insolvency, liquidation or other similar proceedings, (ii) which is in default (unless cured or waived) beyond the applicable grace periods, if any, as to payment of principal or interest or other amount owing under the applicable Loan Documents; provided, however, that if such Loan Asset is past due as to the payment of principal or interest or otherwise for a period of time equal to or greater than forty-five (45) consecutive days, such Loan Asset shall be deemed to constitute a Distressed Loan Asset regardless of whether or not the applicable grace period in respect of such Loan Asset has expired, (iii) which is otherwise classified by the Adviser or the Borrower as "non-performing", (iv) in respect of which the related Obligor is rated "Caa" or lower by Moody's or "CCC" or lower by S&P or which, if unrated, are in the reasonable judgment of the Adviser, of equivalent credit quality, (v) which is not part of a senior credit facility, or (vi) which is otherwise not classified as a "Senior Loan" by the Adviser.
Distressed Loan Asset means a Loan Asset (i) the Obligor of which is the subject of a bankruptcy, insolvency, liquidation or other similar proceedings, (ii) which is in default (unless cured or waived) beyond the applicable grace periods, if any, as to payment of principal or interest or other amount owing under the applicable Loan Documents, or (iii) which is otherwise classified by the Adviser or the Borrower as "non-performing", (iv) in respect of which the related Obligor is rated "Caa" or lower by Moody's or "CCC" or lower by S&P or which, if unrated, are in the reasonable judgment of the Adviser, of equivalent credit quality, (v) which is not part of a senior credit facility, or (vi) which is otherwise not classified as a "Senior Loan" by the Adviser.
Examples of Distressed Loan Asset in a sentence
Upon the sale of the Distressed Loan Asset Pool described in the Action Notice, the Borrower will remit proceeds of the sale to the Lender to the extent necessary to pay (i) the outstanding principal balance of the Distressed Loan plus all accrued and unpaid interest thereon and (ii) the Capital Contribution (as defined in the LLC Agreement) of the Lender as the CVI Member (as defined in the LLC Agreement) in respect of the Distressed Loan Asset Pool.
Upon the sale of the Distressed Loan Asset Pool described in the Action Notice, the Borrower will remit proceeds of the sale to the Lender to the extent necessary to pay the outstanding principal balance of the Distressed Loan plus all accrued and unpaid interest thereon.
More Definitions of Distressed Loan Asset
Distressed Loan Asset means a Loan Asset (i) the Obligor of which is the subject of a bankruptcy, insolvency, liquidation or other similar proceedings, (ii) which is in default as to payment of principal or interest or otherwise under the applicable Loan Documents, (iii) in respect of which there is a default or a breach of a material provision under the related Loan Documents, or (iv) which is otherwise classified by the Advisor of the Borrower as "distressed" or "non-performing" pursuant to GAAP, or (v) in respect of which the related Obligor which is rated "Caa" or lower by Moody's or "CCC" or lower by S&P or which, if unrated, are in the reasonable judgment of the Advisor, of equivalent credit quality.
Distressed Loan Asset means, as of any date of determination, a Loan Asset (a) the Obligor of which is the subject of a bankruptcy, insolvency, liquidation or other similar proceedings, (b) which is in default beyond the applicable grace period, if any, as to payment of principal or interest, (c) which is otherwise classified by the Adviser or the Borrower as "distressed" or "non-performing," (d) in respect of which the related Obligor is rated less than "Ca" by Moody's or less than "CC" by S&P or which, if unrated, is in the reasonable judgment of the Adviser of equivalent credit quality or (e) in respect of which there is a default or a breach of a material provision under the related Loan Documents or a "default" or "event of default" has occurred and is continuing under the related Loan Documents.
Distressed Loan Asset means a Loan Asset (i) the Obligor of which is the subject of a bankruptcy, insolvency, liquidation or other similar proceedings, (ii) which is in default (unless cured or waived) beyond the applicable grace periods, if any, as to payment of principal or interest or other amount owing under the applicable Loan Documents; provided, however, that if such Loan Asset is past due as to the payment of principal or interest or otherwise for a period of time equal to or greater than forty-five (45) consecutive days, such Loan Asset shall be deemed to constitute a Distressed Loan Asset regardless of whether or not the applicable grace period in respect of such Loan Asset has expired, (iii) which is otherwise classified by the Adviser or the Borrower as “distressed” or “non-performing”, (iv) in respect of which the related Obligor is rated “Caa1” or lower by Moody’s or “CCC+” or lower by S&P or which, if unrated, is in the reasonable judgment of the Adviser of equivalent credit quality, (v) which is not part of a senior credit facility, or (vi) which is otherwise not classified as a “Senior Loan” by the Adviser; provided, that a DIP Loan Asset shall not constitute a Distressed Loan Asset due to a failure to comply with the foregoing clauses (i) or (iv).
Distressed Loan Asset set forth in Section 1.01 of the Credit Agreement shall be amended by (i) deleting the word "or" set forth immediately prior to clause (vi) thereof, and (ii) adding the following in its entirety at the end of clause (vi) thereof: ", or (vii) which has an Asset Value which is less than thirty-seven and one-half percent (37.5%) of its par value."
Distressed Loan Asset appearing in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
Distressed Loan Asset means, as of any date of determination, a Loan Asset (a) in respect of which the related Obligor is rated less than "Ca" by Moody's or less than "CC" by S&P or which, if unrated, is in thx reasonable judgment of the Adviser, of equivalent credit quality or (b) which is otherwise classified by the Adviser or the Borrower as "distressed" or "non-performing"."