Collateral Default definition

Collateral Default means any of the following events:

Collateral Default means either (i) a compulsory redemption (howsoever described) of the Charged Assets; or (ii) a distribution or return of capital and/or assets to holders of the Charged Assets following the winding up or liquidation of the Conduit Company.

Collateral Default means an event of default, payment default or like event (however described) in respect of the Collateral as a result of which the Notes are redeemed pursuant to Condition 7(b).

Examples of Collateral Default in a sentence

• In particular, the value of such Original Collateral will be affected in the event that the Original Collateral Obligor is or is likely to be dissolved, liquidated or wound up (which may occur in conjunction with an Original Collateral Default) and could be zero.

• Consequently, the Issuer is exposed not only to the occurrence of an Original Collateral Default in relation to the Original Collateral and the volatility in the market value of the Collateral, but also to the ability of the Swap Counterparty to perform its obligations under the Swap Agreement.

• On or before each Transfer Date, the Servicer shall calculate the Collateral Default Amount.

• If on any Transfer Date, the Collateral Default Amount for the prior Monthly Period exceeds the amount of Excess Spread which is allocated and available to fund such amount pursuant to subsection 4.11(g), the Collateral Interest will be reduced by the amount of such excess but not by more than the lesser of the Collateral Default Amount and the Collateral Interest for such Transfer Date (a "Collateral Charge-Off").

• A Bond Collateral Default is anticipated to result in a breach by the Issuer of the Issuer Maintenance Covenant, which will (unless in the opinion of the Trustee such action is contrary to the interests of the Noteholders) result in the Notes being redeemed early.

More Definitions of Collateral Default

Collateral Default means a determination by the Calculation Agent acting in its sole and absolute discretion, that one or more obligations constituting the Collateral have been or have become capable of being declared due and payable before they would otherwise have become due and payable as a result of, or on the basis of, the occurrence of any condition or event (howsoever described and including without limitation a failure to pay any principal or interest).

Collateral Default means either (i) a compulsory redemption (howsoever described) of the Charged Assets; or (ii) a distribution or return of capital and / or assets to holders of the Charged Assets following the winding up or liquidation of the Margin Account Provider.

Collateral Default means the determination by the Calculation Agent in its absolute discretion of the occurrence of (i) a compulsory or mandatory redemption (howsoever described) of the Charged Assets; or (ii), following the winding up, liquidation of or any termination of the Fund, a distribution or return of capital and/or assets to shareholders of the Fund. A Collateral Default may be determined to have taken place after the occurrence of a Mandatory Redemption Event, an Additional Mandatory Redemption Event or the delivery of an Issuer Optional Redemption Notice.

Collateral Default means a determination by the Swap Calculation Agent in its absolute discretion that either: (i) the Collateral has become repayable or become capable of being declared due and payable prior to its stated maturity for whatever reason; or (ii) there has been a payment default in respect of the Collateral; in each case without regard to any grace period or to any conditions precedent to the commencement of any grace period; or (iii) any withholding tax has been imposed on amounts payable under all or any part of the Collateral.

Collateral Default means a determination by the Swap Calculation Agent in its absolute discretion that: (i) the Collateral has become repayable or become capable of being declared due and payable prior to its stated maturity for whatever reason; (ii) there has been a payment default in respect of the Collateral; or (iii) an event of default howsoever described in the Collateral Terms or any other terms and conditions of any document affecting the Collateral Terms has occurred which in the opinion of the Swap Counterparty could have a material adverse effect on the ability of the obligor of the Collateral to make payments under the Collateral Terms. A payment default under the Collateral will be deemed to have occurred if any payment under the Collateral has not been made within 5 Business Days of its due date or such longer period as the Swap Calculation Agent may determine in its absolute discretion.

Collateral Default means any Mortgage Asset included or proposed to be included in the Collateral (a) that is thirty (30) or more days delinquent under the terms of the related Mortgage Loan Documents (including any Preferred Equity Interest or Equity Asset that has not been paid during such period), (b) for which there is a non-monetary default (beyond any applicable notice and cure period) under the terms of the related Mortgage Loan Documents, (c) for which there is any breach or a representation or warranty under Schedule 1.1(c) or (d) with respect to which the related Obligor is the subject of an Insolvency Proceeding or Insolvency Event.

Collateral Default means any Mortgage Asset included or proposed to be included in the Collateral (a) that is thirty (30) or more days delinquent under the terms of the related Mortgage Loan Documents, (b) for which there is a non-monetary default (beyond any applicable notice and cure period) under the terms of the related Mortgage Loan Documents, (c) for which there is any breach of a representation or warranty under Schedule 1.1(c) or (d) with respect to which the related Obligor is the subject of an Insolvency Proceeding or Insolvency Event.