Obligor Default definition

Obligor Default means (a) the failure by an Obligor to pay when due (whether a Scheduled Payment, at maturity, upon required prepayment, acceleration, demand or otherwise) the Loan and the indebtedness evidenced by the related Note or any Related Document, or any interest or premium thereon, which failure continues after the applicable grace period, if any, specified in such Note or Related Document relating to such Loan; or (b) the failure by an Obligor to perform any term or covenant on its part to be performed under any Loan, related Note or Related Document which failure continues after the applicable grace period, if any, specified in the Note or Related Document, if the effect of such failure to perform is to accelerate or to permit the acceleration of the maturity of the indebtedness evidenced by such Note or Related Document; or (c) the occurrence of an event or condition whereby the indebtedness related to the Loan of any Obligor shall be declared to be due and payable or required to be prepaid (other than by regularly scheduled required prepayment) prior to the stated maturity thereof.

Obligor Default has the meaning given to it under section 6.5 of the Note.

Obligor Default means a default pursuant to Article 178 of the Regulation;

Examples of Obligor Default in a sentence

• The Borrower shall give written notice to the Administrative Agent, the Lenders and the Calculation Agent of any Underlying Obligor Default with respect to any Portfolio Asset as promptly as possible after learning thereof.

• The value used to determine the Total Portfolio Value of any Portfolio Asset for which (A) an Underlying Obligor Default pursuant to clause (a) thereof has occurred and is continuing will be reduced to 50% of the outstanding par, or if such Underlying Obligor Default continues for more than 30 days, will be reduced to zero, and (B) an Underlying Obligor Default pursuant to clause (c) thereof has occurred and is continuing will be reduced to zero.

• No Obligor Default (as defined below in Section 9(c)), or event which with the passage of time or giving of notice, or both, would become an Obligor Default, exists and Debtor had no knowledge of any fact that may impair the Contract's validity.

• Buyer shall promptly notify Servicer of any payment default by an Obligor under a Note of which it obtains knowledge and Servicer shall promptly notify Buyer, Seller and Guarantor of the occurrence of any payment or other Obligor Default or of a Loan becoming a Defaulted Loan.

• Furthermore, if an event may be both a potential Collateral Obligor Default Event and a Mandatory Redemption Event or other event under these Securities then the Calculation Agent may in its sole and absolute discretion determine whether such event constitutes a Collateral Obligor Default Event or a Mandatory Redemption Event or such other event under these Securities.

More Definitions of Obligor Default

Obligor Default means a Default or Event of Default as defined in any agreement or instrument evidencing, governing, or issued in connection with the Senior Lender Indebtedness, including, but not limited to, the Senior Credit Agreement or other Senior Loan Documents, or any default under or breach of any such agreement or instrument.

Obligor Default. Section 6.4 “Note Subscription Agreement” Recitals “Optional Redemption” Section 4.3 “Optional Redemption Event” Section 4.3

Obligor Default is “continuing” if it has not been remedied or waived.

Obligor Default means, In respect of a Purchased Receivable, the Obligor failing to pay the Face Amount before close of business on the Consolidated Maturity Date for that Purchased Receivable;

Obligor Default means (a) the failure by a Obligor to pay when due (whether a Monthly Payment, at maturity, upon required prepayment, acceleration, demand or otherwise) the Loan and the indebtedness evidenced by related Note or any Related Document, or any interest or premium thereon which failure continues after the applicable grace period, if any, failure continues after the applicable grace period, if any, specified in such Note or Related Document relating to such Loan; or (b) the failure by an Obligor to perform any term or covenant on its part to be performed under any Loan, related Note or Related Document which failure continues after the applicable grace period, if any, specified in the Note or Related Document, if the effect of such failure to perform is to accelerate or to permit the acceleration of the maturity of the indebtedness evidenced by such Note or Related Document; or (c) the occurrence of an event or condition whereby the indebtedness related to the Loan of any Obligor shall be declared to be due and payable or required to be prepaid (other than by regularly scheduled required prepayment) prior to the stated maturity thereof.

Obligor Default means any breach or failure of an Obligor to promptly fulfill any obligation under the related Paper on which such Obligor is named as obligor or any other document executed in connection therewith.

Obligor Default means, with respect to any Obligor: (i) any default by such Obligor under a Lease which default continues uncured for more than the period of grace, if any, specified in such Lease; or (ii) a default under an Obligor Guaranty which default continues uncured for more than the period of grace, if any, specified in such Obligor Guaranty.