Common use of Defaulted Obligation Clause in Contracts

Defaulted Obligation. Any Portfolio Asset as to which (a) there has occurred a default as to the payment of principal and/or interest and/or capitalized interest (without regard to any notice requirement or grace period) (provided that such default may continue for a period of up to three Business Days from the date of such default without such Portfolio Asset constituting a Defaulted Obligation if the Collateral Manager has certified to the Trustee that the payment failure is not due to credit-related reasons), (b) such Portfolio Asset is a Participation Interest with respect to which the Selling Institution has defaulted in any respect in the performance of any of its payment obligations under the Participation Interest, (c) there has occurred a default as to the payment of principal and/or interest (without regard to any notice requirement or grace period) on any other material obligation of any Portfolio Asset Obligor on such Portfolio Asset that is senior or pari passu in right of payment to such Portfolio Asset and such default would, upon the satisfaction of any applicable notice requirement or the termination or expiration of any applicable grace period, constitute a default, event of default or similar condition or event (howsoever described) under the terms of the instrument or agreement pursuant to which such other material obligation was issued or created, (d) an Insolvency Event has occurred with respect to any Portfolio Asset Obligor on such Portfolio Asset or (e) such Portfolio Asset is a Participation Interest in a Loan that would, if such Loan were a Portfolio Asset, constitute a “Defaulted Obligation”; provided that, in each of the cases set forth in clauses (a) through (e) above, such Portfolio Asset will only constitute a “Defaulted Obligation” for so long as such default has not been cured or waived (excluding any waiver granted by the Collateral Manager, the Sole Shareholder, the Issuer or any entity which controls, is controlled by or under common control with any of the foregoing (whether such control is de jure or de facto) unless the Valuation Agent has consented to such waiver).

Defaulted Obligation. Any Portfolio Asset as to which (a) there has occurred a default as to the payment of principal and/or interest and/or capitalized interest (without regard to any notice requirement or grace period) (provided that such default may continue for a period of up to three Business Days from the date of such default without such Portfolio Asset constituting a Defaulted Obligation if the Collateral Manager has certified to the Trustee that the payment failure is not due to credit-related reasons), (b) such Portfolio Asset is a an Eligible Participation Interest with respect to which the Selling Institution has defaulted in any respect in the performance of any of its payment obligations under the Eligible Participation Interest, (c) there has occurred a default as to the payment of principal and/or interest (without regard to any notice requirement or grace period) on any other material obligation of any Portfolio Asset Obligor on such Portfolio Asset that is senior or pari passu in right of payment to such Portfolio Asset and such default would, upon the satisfaction of any applicable notice requirement or the termination or expiration of any applicable grace period, constitute a default, event of default or similar condition or event (howsoever described) under the terms of the instrument or agreement pursuant to which such other material obligation was issued or created, (d) an Insolvency Event has occurred with respect to any Portfolio Asset Obligor on such Portfolio Asset or (e) such Portfolio Asset is a an Eligible Participation Interest in a Loan that would, if such Loan were a Portfolio Asset, constitute a “Defaulted Obligation”; provided that, in each of the cases set forth in clauses (a) through (e) above, such Portfolio Asset will only constitute a “Defaulted Obligation” for so long as such default has not been cured or waived (excluding any waiver granted by the Collateral Manager, the Sole Shareholder, the Issuer or any entity which controls, is controlled by or under common control with any of the foregoing (whether such control is de jure or de facto) unless the Valuation Agent has consented to such waiver).

Defaulted Obligation. Any Portfolio Asset as to which (a) there has occurred a default as to the payment of principal and/or interest and/or capitalized interest (without regard to any notice requirement or grace period) (provided that such default may continue for a period of up to three five Business Days from the date of such default without such Portfolio Asset constituting a Defaulted Obligation if the Collateral Manager has certified to the Trustee that the payment failure is not due to credit-related reasons), (b) such Portfolio Asset is a an Eligible Participation Interest with respect to which the Selling Institution has defaulted in any respect in the performance of any of its payment obligations under the Eligible Participation Interest, (c) there has occurred a default as to the payment of principal and/or interest (without regard to any notice requirement or grace period) on any other material obligation of any Portfolio Asset Obligor on such Portfolio Asset that is senior or pari passu in right of payment to such Portfolio Asset for which the lesser of (x) a period of five Business Days and (y) the applicable grace period (if any) under the terms of the instrument or agreement pursuant to which such other material obligation was issued or created has terminated or expired and such default would, upon the satisfaction of any applicable notice requirement or the termination or expiration of any applicable grace period, constitute a default, event of default or similar condition or event (howsoever described) under the terms of the instrument or agreement pursuant to which such other material obligation was issued or created, (d) an Insolvency Event has occurred with respect to any Portfolio Asset Obligor on such Portfolio Asset or (e) such Portfolio Asset is a an Eligible Participation Interest in a Loan that would, if such Loan were a Portfolio Asset, constitute a “"Defaulted Obligation”"; provided that, in each of the cases set forth in clauses (a) through (e) above, such Portfolio Asset will only constitute a “"Defaulted Obligation” " for so long as such default has not been cured at the end of the applicable cure period or has not been waived (excluding any waiver granted solely by the Collateral Manager, the Sole Shareholder, the Issuer or and/or any entity which controls, is controlled by or under common control with any of the foregoing (whether such control is de jure or de facto) unless the Valuation Agent has consented to such waiver).

Defaulted Obligation. Any Portfolio Asset as to which one or more of the following has occurred: (a) there has occurred a default as to the payment of principal and/or interest and/or capitalized interest (without regard to any notice requirement or grace period) (provided that such default may continue for a period of up to three five Business Days from the date of such default without such Portfolio Asset constituting a Defaulted Obligation if the Collateral Manager has certified to the Trustee that the payment failure is not due to credit-related reasonsdefault), (b) there has occurred any other default with respect to such Portfolio Asset is a Participation Interest with respect to which the Selling Institution has defaulted in any respect that in the performance reasonable opinion of any the Liquidation Agent will likely result in a default as to the payment of its payment obligations principal and/or interest on such Portfolio Asset under the Participation InterestUnderlying Instrument (whether upon any acceleration thereof or otherwise), (c) there has occurred a default as to the payment of principal and/or and or interest (without regard to any notice requirement or grace period) which continues for a period of five Business Days on any other material obligation of any Portfolio Asset Obligor on such Portfolio Asset that is senior or pari passu in right of payment to such Portfolio Asset and such default would, upon the satisfaction delivery of any applicable notice requirement or the termination or expiration of any applicable grace periodsuch notice, constitute a default, event of default or similar condition or event (howsoever described) under the terms of the instrument or agreement pursuant to which such other material obligation Portfolio Asset was issued or created, (d) an Insolvency Event a bankruptcy or insolvency event has occurred with respect to any Portfolio Asset Obligor obligor on such Portfolio Asset or (e) such there has been effected any modification, amendment or waiver to any Underlying Instrument or any exchange or other restructuring involving a Portfolio Asset is a Participation Interest that either (i) impacts the final maturity date, interest rate or principal balance of the Portfolio Asset or (ii) eliminates or modifies any covenant (including, without limitation, any affirmative, negative or financial covenant) in a Loan the Underlying Instrument, unless in all cases the Liquidation Agent has notified the Collateral Manager that wouldit does not consent to such modification, if such Loan were a Portfolio Asset, constitute a “Defaulted Obligation”amendment or waiver or exchange or restructuring; provided that, in each of the cases set forth in clauses (a) through (ed) above, such Portfolio Asset will only constitute a “Defaulted Obligation” Obligation for so long as such default has not been cured or waived (excluding any waiver granted by the Collateral Manager, the Sole ShareholderMember, the Issuer or any entity which controls, is controlled by or under common control with any of the foregoing (whether such control is de jure or de facto) unless the Valuation Liquidation Agent has consented to such waiver).

Defaulted Obligation. Any Portfolio Asset as to which (a) there has occurred a default as to the payment of principal and/or interest and/or capitalized interest (without regard to any notice requirement or grace period) (provided that such default may continue for a period of up to three five Business Days from the date of such default without such Portfolio Asset constituting a Defaulted Obligation if the Collateral Manager has certified to the Trustee that the payment failure is not due to credit-related reasons), (b) such Portfolio Asset is a an Eligible Participation Interest with respect to which the Selling Institution has defaulted in any respect in the performance of any of its payment obligations under the Eligible Participation Interest, (c) there has occurred a default as to the payment of principal and/or interest (without regard to any notice requirement or grace period) on any other material obligation of any Portfolio Asset Obligor on such Portfolio Asset that is senior or pari passu in right of payment to such Portfolio Asset for which the lesser of (x) a period of five Business Days and (y) the applicable grace period or notice requirement (if any) under the terms of the instrument or agreement pursuant to which such other material obligation was issued or created has terminated or expired and such default would, upon the satisfaction of any applicable notice requirement or the termination or expiration of any applicable grace periodperiod or notice requirement, constitute a default, event of default or similar condition or event (howsoever described) under the terms of the instrument or agreement pursuant to which such other material obligation was issued or created, (d) an Insolvency Event has occurred with respect to any Portfolio Asset Obligor on such Portfolio Asset or (e) such Portfolio Asset is a an Eligible Participation Interest in a Loan that would, if such Loan were a Portfolio Asset, constitute a “Defaulted Obligation”; provided that, in each of the cases set forth in clauses (a) through (e) above, such Portfolio Asset will only constitute a “Defaulted Obligation” for so long as such default has not been cured at the end of the applicable cure period or has not been waived (excluding any waiver granted solely by the Collateral Manager, the Sole Shareholder, the Issuer or and/or any entity which controls, is controlled by or under common control with any of the foregoing (whether such control is de jure or de facto) unless the Valuation Agent has consented to such waiver).