Obligor Event definition

Obligor Event means any of the following events:
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Obligor Event means each of the following events (but in the case of the happening of any of the events described in paragraph (b) below or (other than the happening of any such event in relation to the Obligor) paragraphs (d), (e), (g) and (h) below, only if the Delegate shall have certified in writing to the Trustee and the Obligor that such event is, in its opinion, materially prejudicial to the interests of the Certificateholders):
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Obligor Event means each of the following events:
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Examples of Obligor Event in a sentence

  • If a Collateral Obligor Event occurs with respect to a Collateral Obligor the Redemption Amount will be limited to the Calculation Amount at the election of the Calculation Agent acting in its sole and absolute discretion.

  • If Mortgaged Properties are sold following an Obligor Event of Default, there is no assurance that the net proceeds of such sale will be sufficient to pay in full all amounts due under the Intercompany Loan Agreement.

  • The occurrence of an Obligor Event of Default which is continuing will entitle the Obligor Security Trustee to pursue any of the courses of action available to it as set out in "—Acceleration of Secured Obligations and Enforcement of Obligor Security", page 143, below and "—Security Trust and Intercreditor Deed", page 143, below.Security Group Priority of Payments The Cash Manager has agreed to apply Available Cash to make payments in accordance with the Security Group Pre-Enforcement Priority of Payments.

  • The Issuer has undertaken in the Trust Deed that, annually and also within 14 days of any request by the Trustee, it will certify to the Trustee that no Adverse Obligor Event has occurred.

  • The Obligor Security Trustee will not itself monitor whether any such event has occurred but will (unless expressly informed to the contrary) rely on the Investor Reports and Compliance Certificates to determine whether an Obligor Event of Default, Potential Obligor Event of Default, P1 Trigger Event or P2 Trigger Event has occurred.

  • The Obligor undertakes that it shall forthwith notify the Trustee of any Obligor Event or Trustee Event (and, in either case, the steps, if any, being taken to remedy it) in each case promptly upon becoming aware of its occurrence.

  • No action taken (or not taken) during an Investment Grade Status Period or prior to an Investment Grade Status Period in compliance with the covenants then applicable may constitute an Obligor Event or an event which, with the passage of time or the giving of notice, or both, would constitute an Obligor Event under the Certificates in the event that suspended covenants and provisions are subsequently reinstated or suspended, as the case may be.

  • Calculations under the reinstated Condition 5.3 will be made as if Condition 5.3 had been in effect since the Issue Date except that no Obligor Event will be deemed to have occurred solely by reason of the Incurrence of Financial Indebtedness made while the provisions of Condition 5.3 were suspended.

  • The occurrence of an Obligor Event of Default which is continuing will entitle the Obligor Security Trustee to pursue any of the courses of action available to it as set out in "—Acceleration of Secured Obligations and Enforcement of Obligor Security", page 149, below and "—Security Trust and Intercreditor Deed", page 149, below.Security Group Priority of Payments The Cash Manager has agreed to apply Available Cash to make payments in accordance with the Security Group Pre-Enforcement Priority of Payments.

  • Should the value of the Receivables decreases due to an Obligor Event or any action of the Pledgor, the Security Agent has the right to require the Pledgor to stop such action or/and require the Pledgor to take remedial measures to restore the value of the Receivables, or require the Pledgor to provide additional security acceptable to the Security Agent.


More Definitions of Obligor Event

Obligor Event means, with respect to a Loan, (a) the failure by an Obligor to pay when due (whether a Scheduled Payment, at maturity, upon required prepayment, acceleration, demand or otherwise) the Loan and the indebtedness evidenced by the related Note or any Related Document, or any interest or premium thereon, which failure continues after the applicable grace period, if any, specified in such Note or Related Document relating to such Loan; or (b) any representation or warranty made or given hereunder with respect to such Loan shall have been false or incorrect when made or given; or (c) the making by an Obligor of a prepayment of the Loan (whether such prepayment is optional or required, or pursuant to the acceleration thereof, or otherwise).
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Obligor Event means, with respect to any Series, any of the following events:
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Related to Obligor Event

  • Change of Control Repurchase Event means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.

  • Issuer Event of Default means the occurrence of any of the following events:

  • Insolvency Event means, with respect to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.

  • Specified Event of Default means an Event of Default under Section 7.01(a), (b), (h) or (i).