Distressed Security definition
Distressed Security means any security (a) the Issuer of which is the subject of a bankruptcy, insolvency, liquidation or other similar proceeding, (b) which is in default beyond the applicable grace period, if any, as to payment of any principal, interest, dividend or other distribution thereon, (c) that has a Distressed Rating, (d) which is otherwise classified by the Borrower or the Investment Adviser (or any sub-adviser) as “distressed” or “non-performing”, or (e) in respect of which a “default” or “event of default” has occurred and is continuing under the related indenture, loan documents or other governing agreements, in each case beyond any applicable grace period.