Material Covenant Default definition
Material Covenant Default. A default by an Obligor with respect to any Collateral Obligation, and subject to any grace periods contained in the related Underlying Document, that gives rise to the right of the lender(s) thereunder to accelerate the principal of such Collateral Obligation.
Material Covenant Default. A default by an Obligor with respect to any Collateral Obligation, and subject to any grace periods contained in the related Underlying Document, that gives rise to the right of the lender(s) thereunder to accelerate the principal of such Collateral Obligation. “Maturity”: With respect to any Debt, the date on which the unpaid principal of such Debt becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. “Maturity Amendment”: With respect to any Collateral Obligation, any waiver, modification, amendment or variance that would extend the stated maturity date of such Collateral Obligation. For the avoidance of doubt, a waiver, modification, amendment or variance that would extend the stated maturity date of the credit facility of which a Collateral Obligation is part, but would not extend the stated maturity date of the Collateral Obligation held by the Issuer, does not constitute a Maturity Amendment. “Measurement Date”: (i) Any day on which a purchase of a Collateral Obligation occurs, (ii) any Determination Date, (iii) the date as of which the information in any Monthly Report prepared hereunder is calculated, (iv) with five Business Days’ prior written notice to the Issuer, the Collateral Manager, the Collateral Administrator and the Trustee, any Business Day requested by S&P and (v) the Effective Date. “Member State”: Any member state of the European Union.
Material Covenant Default means a default by an Obligor with respect to any Collateral Loan and, subject to any grace periods contained in the Related Contracts, that gives rise to the right of the lender(s) thereunder to accelerate the principal of such Collateral Loan.
Examples of Material Covenant Default in a sentence
The Issuer shall provide notice to Fitch of any Maturity Amendments or Material Covenant Default with respect to Underlying Assets.
The Issuer shall give notice to Fitch of any such Fitch Specified Event, Maturity Amendment or Material Covenant Default within a reasonable period of time after an Officer of the Issuer obtains actual knowledge of such Fitch Specified Event, Maturity Amendment or Material Covenant Default.
More Definitions of Material Covenant Default
Material Covenant Default. A default by an Obligor with respect to any Collateral Obligation, and subject to any grace periods contained in the related Underlying Document, that gives rise to the right of the lender(s) thereunder to accelerate the principal of such Collateral Obligation.; provided that a default by an Obligor with respect to any Collateral Obligation that is due to an administrative or clerical error or omission, as determined by the Collateral Manager in it’s reasonable discretion, shall not constitute a Material Covenant Default. ““Maturity””: With respect to any NoteDebt , the date on which the unpaid principal of such NoteDebt becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of(if applicable) or by acceleration, call for redemption or otherwise.
Material Covenant Default means with respect to any Senior Debt, the occurrence of any event of default or breach of any incurrence or maintenance covenant or any other provision contained therein or in any agreement under which Senior Debt may be issued restricting or relating to: maintenance of working capital, liquidity, current ratio, fixed or interest charges coverage, net worth, allowance for bad debt reserves or debt-to-capitalization ratio; the amount or classes of Debt (including without limitation, Guaranties) which may at any time be incurred or outstanding; permitted Liens; mergers or acquisitions; sale of significant assets; change of control, limitation on prepayment of Debt, default under other Debt, representations and warranties, permitted investments, impairment of collateral; maintenance of borrowing base; or the making of Restricted Payments.