Collateral Obligation definition
Collateral Obligation means a Loan owned by the Borrower, excluding the Retained Interest thereon.
Collateral Obligation. A Senior Secured Loan (including, but not limited to, interests in Broadly Syndicated Loans and Middle Market Loans acquired by way of a purchase or assignment), or a Participation Interest therein, or a Second Lien Loan, or a Participation Interest therein, or a Permitted Non-Loan Asset, that as of the date of purchase by the Issuer:
Collateral Obligation. (a) A Senior Secured Loan, (b) a First-Lien Last-Out Loan, (c) a Second Lien Loan (including, but not limited to, interests in such loans acquired by way of a purchase or assignment), (d) a Participation Interest in a Senior Secured Loan, First-Lien Last-Out Loan or a Second Lien Loan or (e) a Workout Loan, that (x) as of the date the Issuer commits to purchase (or ORCC commits to contribute to the Issuer) such obligation, (y) if a portion of the proceeds from a prepayment of a Collateral Obligation are exchanged (other than in connection with a restructuring of a Collateral Obligation due to financial distress or for the purpose of avoiding a payment default) as consideration for a new obligation, as of the date the Issuer commits to such exchange or (z) in the case of a Workout Loan, as of the date of acquisition thereof, such obligation:
Examples of Collateral Obligation in a sentence
The Collateral Manager may direct the Collateral Trustee to sell any Collateral Obligation in order to repay the Secured Debt at the earliest Stated Maturity of any Secured Debt Outstanding.
Not later than the Cut-Off Date for any Collateral Obligation purchased in accordance with this Section 12.2, the Collateral Manager shall deliver by e-mail or other electronic transmission to the Collateral Trustee and the Collateral Administrator an Officer’s certificate of the Collateral Manager certifying that such purchase complies with this Section 12.2 and Section 12.4.
Upon initial purchase or acquisition of any such obligations, funds deposited in the Revolver Funding Account in respect of any Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation will be treated as part of the purchase price therefor.
Any sale of a Collateral Obligation or an Equity Security (other than a Substitute Collateral Obligation) to the Collateral Manager, an Affiliate of the Collateral Manager or an Affiliate of the Issuer shall be at a purchase price at least equal to the current Fair Market Value of such Collateral Obligation or Equity Security and certified by the Collateral Manager to the Collateral Trustee.
The Collateral Manager may direct the Collateral Trustee to sell any Collateral Obligation to OTF II at any time in connection with an optional purchase or substitution of such Collateral Obligation pursuant to Section 12.3, it being understood that such sales will be subject to the Purchase and Substitution Limit.
More Definitions of Collateral Obligation
Collateral Obligation means a Liability that is Collateral and includes any such constituting or arising under any instrument.
Collateral Obligation means an Eligible Senior Secured Loan or an Eligible Second Lien Loan, or, in each case, a Participation Interest therein that as of the date of acquisition by the Borrower (or its binding commitment to acquire the same) meets each of the following criteria:
Collateral Obligation means any debt obligation or debt security purchased (including by way of a Participation) by or on behalf of the Issuer from time to time (or, if the context so requires, to be purchased by or on behalf of the Issuer) and which satisfies the Eligibility Criteria at the time that any commitment to purchase is entered into by or on behalf of the Issuer (or the Participation Agreement is entered into in respect of a Participation). References to Collateral Obligations shall include Non-Euro Obligations but shall not include Collateral Enhancement Obligations, Eligible Investments or Exchanged Equity Securities. Obligations which are to constitute Collateral Obligations in respect of which the Issuer has entered into a binding commitment to purchase but which have not yet settled shall be included as Collateral Obligations in the calculation of the Portfolio Profile Tests, Collateral Quality Tests, the Coverage Tests, the Reinvestment Par Value Test and all other tests and criteria applicable to the Portfolio at any time as if such purchase had been completed. Each Collateral Obligation in respect of which the Issuer has entered into a binding commitment to sell, but in respect of which such sale has not yet settled, shall be excluded from being Collateral Obligations solely for the purpose of the calculation of the Portfolio Profile Tests, Collateral Quality Tests, the Coverage Tests, the Reinvestment Par Value Test and all other tests and criteria applicable to the Portfolio at any time as if such sale had been completed. The failure of any obligation to satisfy the Eligibility Criteria at any time after the Issuer or the Collateral Manager on behalf of the Issuer has entered into a binding agreement to purchase it, shall not cause such obligation to cease to constitute a Collateral Obligation unless it is an Issue Date Collateral Obligation which does not satisfy the Eligibility Criteria on the Issue Date. A Collateral Obligation which has been restructured (whether effected by way of an amendment to the terms of such Collateral Obligation (including but not limited to an extension of its maturity) or by way of substitution of new obligations and/or change of Obligor) shall only constitute a Collateral Obligation for the purpose of the calculation of the Portfolio Profile Tests, Collateral Quality Tests, Coverage Tests, Reinvestment Par Value Test and all other tests and criteria applicable to the Portfolio if it satisfies the Restructured Obligation Crite...
Collateral Obligation provided that the Collateral Manager in its reasonable business judgment has determined that (i) at the time of the exchange, the Received Obligation has a better likelihood of recovery or is of better value or quality than the Exchanged Obligation, (ii) at the time of the exchange, if the Received Obligation is a loan, such Received Obligation is no less senior in right of payment with regard to its Obligor’s other outstanding indebtedness than the Exchanged Obligation is in right of payment with regard to its Obligor’s other outstanding indebtedness, (iii) each Overcollateralization Ratio Test will be satisfied, maintained or improved, (iv) when determining the period during which the Issuer holds the Received Obligation, the period during which the Issuer held the Exchanged Obligation will be added to the period beginning at the time of acquisition of the Received Obligation and running through the applicable date of determination for all purposes herein, (v) the aggregate Principal Balance of the obligations received in Bankruptcy Exchanges (in the aggregate) since the Closing Date is not more than 10.0% of the Target Initial Par Amount and (vi) the aggregate Principal Balance of the obligations received in Bankruptcy Exchanges held by the Issuer at such time does not exceed 5.0% of the Target Initial Par Amount; provided that (a) to the extent that any payment is required from the Issuer in connection therewith it will be payable only from amounts on deposit in the Contribution Account, Ramp-Up Account and/or any Interest Proceeds available to pay for the purchase and/or exchange, and (b) Interest Proceeds may not be used to acquire a Received Obligation in a Bankruptcy Exchange if such use would likely result, in the Collateral Manager’s reasonable discretion, in a failure to pay interest on the Secured Notes on the next succeeding Payment Date. “Bankruptcy Filing”: The meaning specified in Section 7.23. “Bankruptcy Law”: The federal Bankruptcy Code, Title 11 of the U.S. Code, the Companies Winding Up Rules, 2018 of the Cayman Islands, Part V of the Companies Act (2021 Revision) of the Cayman Islands and the Bankruptcy Act (2021 Revision) of the Cayman Islands, each as amended from time to time. “Bankruptcy Subordination Agreement”: The meaning specified in Section 5.4(e). “Base Management Fee”: The fee payable by the Issuer as compensation for the performance of the obligations of the Collateral Manager in arrears on each Payment Date pursuant
Collateral Obligation. Means (a) with respect to any Loan or Bond originated by the Issuer or its Affiliates, that, at the time it is purchased (or a commitment is made to purchase such obligation) by the Issuer, satisfies each of the following criteria:
Collateral Obligation. A debt obligation that is a Senior Secured Loan (including, but not limited to, interests in middle market loans acquired by way of a purchase or assignment), a Second Lien Loan, a Senior Secured Note or a DIP Collateral Obligation (or a Participation Interest in any of the foregoing), that as of the date the Issuer commits to acquire such Asset (or, in the case of a Collateral Restructured Asset, as of any date on or after the date of acquisition thereof):
Collateral Obligation. A Senior Secured Loan, a First-Lien Last-Out Loan or a Second Lien Loan (including, but not limited to, interests in such loans acquired by way of a purchase or assignment) or a Participation Interest therein that (x) as of the date the Issuer commits to purchase (or ORCC commits to contribute to the Issuer) such obligation or (y) if a portion of the proceeds from a prepayment of a Collateral Obligation are exchanged (other than in connection with a restructuring of a Collateral Obligation due to financial distress or for the purpose of avoiding a payment default) as consideration for a new obligation, as of the date the Issuer commits to such exchange, such obligation: