Underlying Obligor means with respect to an Underlying Obligation, the issuer in the case of a Bond, the borrower in the case of a Loan, or the principal obligor in the case of any other Underlying Obligation.

Underlying Obligor. Individually and collectively, as the context may require, the Mortgagor and other obligor or obligors under an Asset, including (i) any Person that has not signed the related Mortgage Note but owns an interest in the related Underlying Mortgaged Property, which interest has been encumbered to secure such Asset, and (ii) any other Person who has assumed or guaranteed the obligations of such Mortgagor under the Mortgage Loan Documents relating to an Asset.

Underlying Obligor. Individually and collectively, as the context may require, (a) in the case of a Purchased Asset that is a Whole Loan, the Mortgagor and each obligor and guarantor under such Purchased Asset, including (i) any Person who has not signed the related Mortgage Note but owns an interest in the related Mortgaged Property, which interest has been encumbered to secure such Purchased Asset, and (ii) any other Person who has assumed or guaranteed the obligations of such Mortgagor under the Purchased Asset Documents relating to such Purchased Asset, (b) in the case of a Purchased Asset that is a Senior Interest, the Mortgagor and each obligor and any other Person who has assumed or guaranteed the related Whole Loan, and (c) in the case of any Purchased Asset that is a Mezzanine Loan, (i) all underlying obligors with respect to the related Whole Loan and the owner of the related Mortgaged Property, (ii) the borrower under the related Mezzanine Loan, and (iii) any other Person who has assumed or guaranteed the obligation of such Mezzanine Loan borrower.

Examples of Underlying Obligor in a sentence

For purposes of the application of the Obligation Characteristics or the Deliverable Obligation Characteristics to an Underlying Obligation, references to the Reference Entity shall be deemed to refer to the Underlying Obligor.
For purposes of the application of the Obligation Characteristics or the Valuation Obligation Characteristics to an Underlying Obligation, references to the Reference Entity shall be deemed to refer to the Underlying Obligor.
The Issuer and each Holder shall each be deemed to represent to the other on each Trade Date that, in connection with a Reference Entity, neither the other person nor any of the other person's Affiliates have made any representation whatsoever with respect to the Reference Entity, the Reference Obligation, any Obligation, any Valuation Obligation, any Underlying Obligor or any Underlying Obligation on which it is relying or is entitled to rely.
In the case of a Guarantee and an Underlying Obligation, references to the Reference Entity in Section 4.7(a) shall be deemed to refer to the Underlying Obligor and the reference to the Reference Entity in Section 4.7(b) shall continue to refer to the Reference Entity.
For the purposes of the application of the Obligation Characteristics or the Reference Obligation Characteristics to an Underlying Obligation or Insured Instrument, as the case may be, references to the Reference Entity shall be deemed to refer to the Underlying Obligor or Insured Obligor, as the case may be.

More Definitions of Underlying Obligor

Underlying Obligor means, collectively, each Person obligated to make payments under an Underlying Contract.

Underlying Obligor means any individual or entity other than the Reference Entity who has entered into an Underlying Obligation.

Underlying Obligor means, with respect to any Mortgage Loan, the Person who is the obligor, maker or mortgagor on such Mortgage Loan and not the guarantor of such Mortgage Loan.

Underlying Obligor. Individually and collectively, as the context may require, the Mortgagor or Mezzanine Borrower and other obligor or obligors under a Purchased Asset, including (a) any Person who has not signed the related Mortgage Note but owns an interest in the related Mortgaged Property, which interest has been encumbered to secure such Purchased Asset, and (b) any other Person who has assumed or guaranteed the obligations of such Mortgagor under the Mortgage Loan Documents relating to a Purchased Asset.

Underlying Obligor means each of the borrowers and/or guarantors under or in respect of an Underlying Instrument or, as the case may be, the borrowers who have the underlying obligations to repay the amount borrowed under the relevant Underlying Instrument.