Deferrable Obligation. A Collateral Obligation (including any Permitted Deferrable Obligation) that by its terms permits the deferral or capitalization of payment of accrued, unpaid interest.
Deferrable Obligation. A Collateral Obligation that permits (under the terms of the related Underlying Documents) the deferral or capitalization of payment of accrued, unpaid interest (other than as a remedy for lender default); provided that if, as of any date, such Collateral Obligation no longer permits (under the terms of the related Underlying Documents) the deferral or capitalization of payment of accrued, unpaid interest, such Collateral Obligation will cease to be a Deferrable Obligation as of such date.
Deferrable Obligation means a Collateral Obligation (including for the avoidance of doubt High Yield Debt) which by its terms permits the deferral of payment of accrued, unpaid interest.
Examples of Deferrable Obligation in a sentence
A Collateral Obligation (including any Permitted Deferrable Obligation) that by its terms permits the deferral or capitalization of payment of accrued, unpaid interest.
A Collateral Obligation (including any Permitted Deferrable Obligation) which by its terms permits the deferral or capitalization of payment of accrued, unpaid interest.
Any Deferrable Obligation the Underlying Instrument of which carries a current cash pay interest rate of not less than (a) in the case of a Floating Rate Obligation, LIBOR plus 1.00% per annum or (b) in the case of a Fixed Rate Obligation, the zero-coupon swap rate in a fixed/floating interest rate swap with a term equal to five years.
The amount of Principal Proceeds, if any, applied towards the purchase of capitalized interest on a Permitted Deferrable Obligation.
As of any Measurement Date, the number obtained by dividing (a) the Aggregate Coupon by (b) the Aggregate Principal Balance of all Fixed Rate Obligations as of such Measurement Date, excluding (1) any Defaulted Obligation and (2) any Deferrable Obligation to the extent of any non-cash interest.
More Definitions of Deferrable Obligation
Deferrable Obligation. An obligation which, by the terms of its underlying instruments, is permitted to “pay in kind” or defer interest payments.
Deferrable Obligation. A Collateral Obligation (including any Permitted Deferrable Obligation) that by its terms permits the deferral or capitalization of payment of accrued, unpaid interest; provided that a loan that requires, by the terms of its applicable Underlying Documents, interest to be paid in cash at a rate of (in the case of a Permitted Deferrable Obligation that is a Fixed Rate Obligation) at least 5.00% and (in the case of a Permitted Deferrable Obligation that is a Floating Rate Obligation) at least the Reference Rate plus 4.00% per annum shall be deemed not to be a Deferrable Obligation.
Deferrable Obligation. A Collateral Obligation that by its terms permits the deferral or capitalization of payment of accrued, unpaid interest; provided that a loan that requires, by the terms of its applicable Underlying Instruments, interest to be paid in cash at a rate of (in the case of a Permitted Deferrable Obligation that is a Fixed Rate Obligation) at least 4.00% and (in the case of a Permitted Deferrable Obligation that is a Floating Rate Obligation) at least the Benchmark plus 3.00% per annum shall be deemed not to be a Deferrable Obligation under this Indenture.
Deferrable Obligation. A Collateral Obligation (including any Permitted Deferrable Obligation) that by its terms permits the deferral or capitalization of payment of accrued, unpaid interest (other than any supplemental interest in the case of a Collateral Obligation that continues to pay interest (other than such supplemental interest) in cash on a current basis in accordance with (x) the terms of the Collateral Obligation as such terms existed prior to the applicable deferral or capitalization of interest and (y) as certified to the Issuer by the Collateral Manager, market terms applicable to such Obligor.
Deferrable Obligation. A Collateral Obligation that by its terms permits the deferral or capitalization of payment of accrued, unpaid interest (other than supplemental interest in the case of a Collateral Obligation that continues to pay interest in cash on a current basis in accordance with the terms of such Collateral Obligation as such terms existed prior to the applicable deferral or capitalization of interest); provided that the foregoing shall include any Permitted Deferrable Obligation other than, for purposes of clause (xii) of the Concentration Limitations, any Permitted Deferrable Obligation that carries a current cash pay interest rate of not less than the Benchmark plus 3% per annum, so long as, at the time of acquisition of such Permitted Deferrable Obligation, (x) no more than 10% of the Collateral Principal Amount consists of Deferrable Obligations whose acquisition would have resulted in a failure to satisfy clause (xii) of the Concentration Limitations but for this proviso and (y) no more than 5% of the Collateral Principal Amount consists of Deferrable Obligations that do not have an S&P Rating and a Fitch Rating of at least B- at such time and whose acquisition would have resulted in a failure to satisfy clause (xii) of the Concentration Limitations but for this proviso.
Deferrable Obligation. A Collateral Obligation (including any Permitted Deferrable Obligation) that by its terms permits the deferral or capitalization of payment of accrued, unpaid interest. “Deferred Interest”: The meaning specified in Section 2.7(a). “Deferring Obligation”: A Deferrable Obligation that is deferring the payment of the cash interest due thereon and has been so deferring the payment of such cash interest due thereon (i) with respect to Collateral Obligations that have an S&P Rating of at least “BBB-”, for the shorter of two consecutive accrual periods or one year, and (ii) with respect to Collateral Obligations that have an S&P Rating of “BB+” or below, for the shorter of one accrual period or six consecutive months, which deferred capitalized interest has not, as of the date of determination, been paid in Cash. “Delayed Drawdown Collateral Obligation”: A Collateral Obligation that (a) requires the Issuer to make one or more future advances to the borrower under the Underlying Documents relating thereto, (b) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates, and (c) does not permit the re-borrowing of any amount previously repaid by the borrower thereunder; but any such Collateral Obligation will be a Delayed Drawdown Collateral Obligation only until all commitments by the Issuer to make advances to the borrower expire or are terminated or are reduced to zero. “Deliver” or “Delivered” or “Delivery”: The taking of the following steps: (i) in the case of each Certificated Security (other than a Clearing Corporation Security), Instrument and Participation Interest in which the underlying loan is represented by an Instrument, (a) causing the delivery of such Certificated Security or Instrument to the Custodian by registering the same in the name of the Custodian or its affiliated nominee or by endorsing the same to the Custodian or in blank; (b) causing the Custodian to indicate continuously on its books and records that such Certificated Security or Instrument is credited to the applicable Account; and (c) causing the Custodian to maintain continuous possession of such Certificated Security or Instrument;
Deferrable Obligation. A Collateral Obligation (not including any Partial Deferring Obligation) which by its terms permits the deferral or capitalization of payment of accrued, unpaid interest.