Examples of Deferrable Obligation in a sentence
Deferrable Obligation: A Collateral Obligation which by its terms permits the deferral and/or capitalization of payment of accrued, unpaid interest.
The identity of each Deferring Obligation, the Moody’s Collateral Value, S&P Collateral Value and Market Value of each Deferring Obligation and Partial Deferrable Obligation, and the date of which interest was last paid in full in Cash thereon.
Deferrable Obligation: A Collateral Obligation which by its terms permits the deferral and/or capitalization of payment of any accrued, unpaid interest; provided, however, that Deferrable Obligations shall not include any security received in connection with an Offer.
With respect to a Deferrable Obligation or Partial Deferrable Obligation, that portion of deferred or capitalized interest that remains unpaid and is included in the calculation of the Principal Balance of such Deferrable Obligation or Partial Deferrable Obligation.
Notwithstanding the foregoing definition, the Collateral Manager may declare any Deferrable Obligation to be a Deferring Obligation if, in the Collateral Manager's commercially reasonable judgment, the credit quality of the issuer of such asset has significantly deteriorated such that there is a reasonable expectation that such Deferrable Obligation will defer interest on the next scheduled and future payment dates.