Defaulted Security means any Collateral Debt Security or any other security included in the Collateral:
Defaulted Security means any Acceptable Security which expires, is determined, is no longer considered Acceptable Security in accordance with the provisions of this Agreement or otherwise becomes invalid.
Examples of Defaulted Security in a sentence
Serve as a member of any “creditors’ committee” with respect to any obligation included in the Collateral which has become or, in the Collateral Manager’s reasonable opinion, may become a Defaulted Security.
In addition, with respect to any Defaulted Security, so long as no Event of Default has occurred and is continuing, the Collateral Manager, on behalf of the Issuer, may instruct the trustee for such Defaulted Security to enforce the Issuer’s rights under the Underlying Instruments governing such Defaulted Security or any applicable law, rule or regulation in any manner permitted under the Indenture.
More Definitions of Defaulted Security
Defaulted Security means any Pledged Security with respect to which (i) there has occurred and is continuing any default or event of default under the related Underlying Instrument which entitles the holders thereof, with the giving of notice or passage of time or both, to accelerate the maturity of all or a portion of the principal amount of such Pledged Security, (ii) any bankruptcy, insolvency or receivership proceeding has been initiated in connection with the issuer of such Pledged Security or Eligible Security or there has been effected any distressed exchange or any other debt restructuring where the issuer or obligor of such Pledged Security has offered the debt holders a new security or package of securities that does not meet the definition of “Collateral Debt Security” contained herein, (iii) is rated “D” or “SD” by Standard & Poor’s, (iv) is rated “CC” or below by Fitch or (v) the Collateral Manager knows the issuer thereof or obligor thereon is in default (without giving effect to any applicable grace period or waiver) as to payment of principal and/or interest on another obligation (and such default has not been cured or waived) which is senior or pari passu in right of payment to such Pledged Security; provided, that any such security shall be considered a Defaulted Security only until such time as the default or event of default has been cured or waived and such security otherwise satisfies the criteria for inclusion of securities in the Collateral described in the definition of “Collateral Debt Security” or “Eligible Investments,” as applicable to such security.
Defaulted Security means, as of any date of determination, any Collateral Debt Security, or, as the context requires, any other security included in the Portfolio or any security which the Issuer may purchase as to which:
Defaulted Security means any Collateral Debt Security as to which (a) there has occurred a default as to the payment of principal and/or interest (beyond any applicable notice or grace period) that has remained uncured and unwaived for more than 30 calendar days, (b) the rating of such Collateral Debt Security from Standard & Poor’s (if rated by Standard & Poor’s) is “SD” or “D” or was “SD” or “D” when such rating was withdrawn by Standard & Poor’s, (c) an Insolvency Event has occurred with respect to the relevant borrower and adequate collateral does not exist for the benefit of the Borrower to repay all principal of and interest on such Collateral Debt Security outstanding at the time of such realization (as determined by MCG in accordance with its Credit and Collection Policy) or (f) there has been effected any distressed exchange or other debt package of securities that amount to a diminished financial obligation to the Borrower with respect to the Collateral Debt Security; provided that, in each case, such Collateral Debt Security will only constitute a “Defaulted Security” for so long as such default has not been cured or waived and is otherwise still continuing.
Defaulted Security means any Collateral Debt Security in the Warehouse Portfolio with respect to which (i) the maturity of all or a portion of any payment due under such obligation is accelerated; (ii) there has occurred and is continuing a default as to payment of principal and/or interest, which default entitles the holders thereof, with notice or passage of time or both, to accelerate the maturity of all or a portion of the principal amount of such obligation, but only until such default or event of default has been cured or waived; (iii) the issuer thereof is in default as to payment of principal and/or interest on another obligation (and such default has not been cured or waived) which is senior or pari passu in right of payment to such Collateral Debt Security; (iv) the rating of such Collateral Debt Security by any Rating Agency falls to “CCC” (or equivalent) or below (or is suspended or withdrawn); or (v) the issuer thereof becomes bankrupt or insolvent or otherwise subject to governmental or regulatory intervention.
Defaulted Security means a Collateral Debt Obligation:
Defaulted Security means a Collateral Debt Security in respect of which:
Defaulted Security means a Security: (i) as to which the Obligor thereof has taken any action, or suffered any event to occur, of the type constituting an Insolvency Event, or (ii) as to which any other event has occurred and is continuing which has caused, the acceleration of the maturity of all or a portion of the principal of such Security, or which otherwise entitles, or with the giving of notice or the passage of time or both could entitle, the holder or holders of such Security to take actions for the enforcement of such Security or any collateral or security therefor.