Permitted Deferrable Obligation. Any Deferrable Obligation that by the terms of the related Underlying Document requires at all times the payment in cash of an interest rate of not less than (a) in the case of a Floating Rate Obligation, the Reference Rate plus 1.00% per annum or (b) in the case of a Fixed Rate Obligation, the zero-coupon swap rate in a fixed/floating interest rate swap with a term equal to five years at the time the Issuer committed to purchase such Deferrable Obligation.
Permitted Deferrable Obligation. Any Deferrable Obligation that (or the Underlying Document of which) carries a current cash pay interest rate of not less than (a) in the case of a Floating Rate Obligation, LIBOR plus 1.00% per annum or (b) in the case of a Fixed Rate Obligation, the zero-coupon swap rate in a fixed/floating interest rate swap with a term equal to five years.
Permitted Deferrable Obligation. Any Deferrable Obligation that (or the Underlying Document of which) carries a current cash pay interest rate of not less than (a) in the case of a Floating Rate Obligation, the Reference Rate plus 1.0% per annum or (b) in the case of a Fixed Rate Obligation, the zero-coupon swap rate in a fixed/floating interest rate swap with a term equal to five years. “Permitted Liens”: With respect to the Assets: (i) security interests, liens and other encumbrances created pursuant to the Transaction Documents, (ii) with respect to agented Collateral Obligations, security interests, liens and other encumbrances in favor of the lead agent, the collateral agent or the paying agent on behalf of all holders of indebtedness of such Obligor under the related facility, (iii) with respect to any Equity Security, any security interests, liens and other encumbrances granted on such Equity Security to secure indebtedness of the related Obligor
Examples of Permitted Deferrable Obligation in a sentence
Deferrable obligations If it is a Deferrable Obligation, it (a) is a Permitted Deferrable Obligation and (b) is not deferring or capitalizing the payment of interest, paying interest "in kind" or otherwise has an interest "in kind" balance outstanding as of the Closing Date.
More Definitions of Permitted Deferrable Obligation
Permitted Deferrable Obligation. A Deferrable Obligation that (a) is a First Lien Loan and (b) the Underlying Instruments with respect to which provide for periodic payments of accrued and unpaid interest in cash on a current basis at a rate of at least the London interbank offered rate plus 3.00%.
Permitted Deferrable Obligation. Any Deferrable Obligation that, as any date of determination, currently requires (under the terms of the related Underlying Documents and the Obligor’s most recent election, if applicable) the payment in cash of an interest rate of not less than (a) in the case of a Floating Rate Obligation, the benchmark applicable to such Collateral Obligation plus 1.00% per annum or (b) in the case of a Fixed Rate Obligation, the zero-coupon swap rate in a fixed/floating interest rate swap with a term equal to five years.
Permitted Deferrable Obligation. Any Deferrable Obligation the Underlying Instrument of which carries a current cash pay interest rate of not less than (a) in the case of a Floating Rate Obligation, Term SOFR plus 1.00% per annum or (b) in the case of a Fixed Rate Obligation, the zero-coupon swap rate in a fixed/floating interest rate swap with a term equal to five years.
Permitted Deferrable Obligation means as of any date of determination a Deferrable Obligation in respect of which the related Underlying Instrument provides for periodic payments of interest thereon in cash no less frequently than semi-annually and the portion of interest required to be paid in cash under the terms of the related Underlying Instrument results in the outstanding principal amount of such Collateral Obligation having an effective rate of current interest paid in cash as of the applicable Cut-Off Date of not less than (i) if such Collateral Obligation is a Fixed Rate Obligation, 8.0% per annum; and (ii) if such Collateral Obligation is a Floating Rate Obligation, the applicable Benchmark plus 5.0% per annum.
Permitted Deferrable Obligation. Any Deferrable Obligation that (or the Underlying Documents of which) carries a current cash pay interest rate of not less than (a) in the case of a Floating Rate Obligation, the Benchmark plus 1.00% per annum or (b) in the case of a Fixed Rate Obligation, the zero-coupon swap rate in a fixed/floating interest rate swap with a term equal to five years. A Deferrable Obligation, that (under the terms of the related Underlying Documents) requires, as of the Obligor’s most recent election, the payment in cash of an interest rate of less than Benchmark plus 1.00% per annum for more than two consecutive quarters shall cease to be a Permitted Deferrable Obligation until such time, if ever, that such Deferrable Obligation has required (under the terms of the related Underlying Documents) the payment in cash of an interest rate of Benchmark plus 1.00% per annum for at least two consecutive quarters, upon which such Deferrable Obligation shall become a Permitted Deferrable Obligation.
Permitted Deferrable Obligation. Any Deferrable Obligation that by the terms of the related Underlying Document requires (as of the Obligor’s most recent election), the payment in cash of an interest rate of not less than (a) in the case of a Floating Rate Obligation, the Benchmark plus 1.00% per annum or (b) in the case of a Fixed Rate Obligation, the zero-coupon swap rate in a fixed/floating interest rate swap with a term equal to five years. A Deferrable Obligation, that (under the terms of the related Underlying Documents) requires, as of the Obligor’s most recent election, the payment in cash of an interest rate of less than Benchmark plus
Permitted Deferrable Obligation. Any Deferrable Obligation the Underlying Instrument of which carries a current cash pay interest rate of not less than (a) in the case of a Floating Rate Obligation, LIBOR plus 2.00% per annum or (b) in the case of a Fixed Rate Obligation, the zero-coupon swap rate in a fixed/floating interest rate swap with a term equal to five years.