Substitute Collateral Debt Obligation definition

Substitute Collateral Debt Obligation means a Collateral Debt Obligation purchased in substitution for a previously held Collateral Debt Obligation pursuant to the terms of the Investment Management Agreement and which satisfies both the Eligibility Criteria and the Reinvestment Criteria.

Substitute Collateral Debt Obligation means a Collateral Debt Obligation purchased out of Principal Proceeds pursuant to the terms of the Investment Management Agreement and which satisfies both the Eligibility Criteria and the Reinvestment Criteria.

Substitute Collateral Debt Obligation means any Eligible Collateral Debt Obligation which is substituted for an Ineligible Collateral Debt Obligation pursuant to Section 6.1, which satisfies each of the following conditions: (a) the aggregate Outstanding Principal Balance of such Eligible Collateral Debt Obligation shall be equal to or greater than the Outstanding Principal Balance of the Originator Collateral Debt Obligation to be replaced; (b) all representations and warranties of the Seller contained in Section 4.1 shall be true and correct as of the Substitution Date of any such Substitute Collateral Debt Obligation and (c) the substitution of any Substitute Collateral Debt Obligation does not cause an Amortization Event, Default or Event of Default to occur under the Credit Agreement.

Examples of Substitute Collateral Debt Obligation in a sentence

• In addition, the Collateral Quality Tests, Portfolio Profile Tests and Coverage Tests must be satisfied after giving effect to the purchase of any Substitute Collateral Debt Obligation after the Effective Date or, (subject to certain specified exceptions) if not satisfied prior to such purchase, the relevant thresholds and amounts calculated pursuant thereto must be maintained or improved after giving effect to such purchase.

• In addition, the Percentage Limitations, the Coverage Tests and the Collateral Quality Tests must be satisfied after giving effect to the purchase of any Substitute Collateral Debt Obligation after the Effective Date or, if not satisfied prior to such purchase, the relevant thresholds and amounts calculated pursuant thereto must be maintained or improved after giving effect to such purchase.

• For the avoidance of doubt (a) the failure of any obligation to satisfy any Eligibility Criteria at any time after the Issuer has acquired the beneficial interest pursuant to the Vendor Trust Deed shall not cause such obligation to cease to constitute a Collateral Debt Obligation and (b) a Substitute Collateral Debt Obligation constitutes a Collateral Debt Obligation.

• In addition, the Collateral Quality Tests, Percentage Limitations and Coverage Tests must be satisfied after giving effect to the purchase of any Substitute Collateral Debt Obligation after the Effective Date or, subject to certain specified exceptions, if not satisfied prior to such purchase, the relevant thresholds and amounts calculated pursuant thereto must be maintained or improved after giving effect to such purchase.

• In the event that the Lead Investment Manager and the Junior Investment Manager are not able to agree on an acquisition or disposal of a Collateral Debt Obligation in the circumstances described above where the consent of the Junior Investment Manager is required, such Collateral Debt Obligation or Substitute Collateral Debt Obligation may not be acquired or disposed of (as the case may be), which may have an adverse effect on the return on the Notes.

More Definitions of Substitute Collateral Debt Obligation

Substitute Collateral Debt Obligation means a Collateral Debt Obligation purchased out of Principal Proceeds or in substitution for a previously held Collateral Debt Obligation, Defaulted Obligation or Exchanged Equity Security pursuant to the terms of the Collateral Management Agreement, and which satisfies both the Eligibility Criteria and the Reinvestment Criteria;

Substitute Collateral Debt Obligation means a Collateral Debt Obligation purchased out of Principal Proceeds pursuant to the terms of the Portfolio Management Agreement and which satisfies (to the extent required to do so pursuant to the Portfolio Management Agreement) the Eligibility Criteria, the Reinvestment Criteria and, in the case of purchases effected following the end of the Reinvestment Period, the Additional Reinvestment Criteria.

Substitute Collateral Debt Obligation means any Collateral Debt Obligation, approved by the Administrative Agent in its sole discretion, which is substituted for an Ineligible Collateral Debt Obligation pursuant to Section 2.4(c).

Substitute Collateral Debt Obligation means any Collateral Debt Obligation which is substituted for an Ineligible Collateral Debt Obligation pursuant to Section 2.4(c), which satisfies each of the following conditions: (a) the aggregate Outstanding Principal Balance of such Collateral Debt Obligation shall be equal to or greater than the Outstanding Principal Balance of the Collateral Debt Obligation to be replaced; (b) all representations and warranties of the Borrower with respect to such Collateral Debt Obligation contained in Section 4.1(y) shall be true and correct as of the Substitution Date of any such Substitute Collateral Debt Obligation; (c) the substitution of any Substitute Collateral Debt Obligation does not cause an Amortization Event, Default or Event of Default to occur; and (d) the Administrative Agent shall have given its prior written consent with respect to such substitution; provided that, the Administrative Agent’s failure to respond within five (5) Business Days of its confirmation of receipt (by e-mail or telephone) of the Borrower’s or the Servicer’s written request (in accordance with Section 12.2) to provide consent to any substitution, shall be deemed to be the Administrative Agent’s consent to such substitution.

Substitute Collateral Debt Obligation means any Collateral Debt Obligation which is substituted for an Ineligible Collateral Debt Obligation pursuant to Section 2.4(c), which satisfies each of the following conditions: (a) the aggregate Outstanding Principal Balance of such Collateral Debt Obligation shall be equal to or greater than the Outstanding Principal Balance of the Collateral Debt Obligation to be replaced; (b) all representations and warranties of the Borrower with respect to such Collateral Debt Obligation contained in Section 4.1(y) shall be true and correct as of the Substitution Date of any such Substitute Collateral Debt Obligation; (c) the substitution of any Substitute Collateral Debt Obligation does not cause an Amortization Event, Default or Event of Default to occur; and (d) as of the date on which such Collateral Debt Obligation becomes part of the Collateral, the Collateral Quality Test is satisfied; provided that if immediately prior to such date, the Collateral Quality Test was not satisfied, such test is maintained or improved after giving effect to the inclusion of such Collateral Debt Obligation in the Collateral.

Substitute Collateral Debt Obligation means a Collateral Debt Obligation purchased out of Principal Proceeds and/or Unused Proceeds pursuant to the terms of the Portfolio Management Agreement and which satisfies the Eligibility Criteria, the Reinvestment Criteria and to the extent that it is subject to a Currency Hedge Transaction Agreement, the Sterling Reinvestment Criteria.

Substitute Collateral Debt Obligation means a Collateral Debt Obligation purchased in substitution for a previously held Collateral Debt Obligation or purchased out of Principal Proceeds, in each case, pursuant to the terms of the Portfolio Management Agreement, and which satisfies the Eligibility Criteria. For the avoidance of doubt, the failure of any Collateral Debt Obligation to satisfy the Eligibility Criteria at any time after the Issuer (or the Portfolio Manager on behalf of the Issuer pursuant to the Portfolio Management Agreement) agreed to purchase such Collateral Debt Obligation shall not cause such Collateral Debt Obligation to cease to be a Substitute Collateral Debt Obligation.