Partial Deferrable Obligation means any obligation the underlying instruments of which permit a portion of interest payable thereon on any payment or distribution date to be deferred and/or capitalized.
Partial Deferrable Obligation. Any Collateral Obligation with respect to which under the related Underlying Instruments (a) a portion of the interest due thereon is required to be paid (and currently is being paid) in Cash on each payment date therefor and is not permitted to be deferred or capitalized (which portion shall at least be equal to LIBOR or the applicable index with respect to which interest on such Collateral Obligation is calculated (or, in the case of a fixed rate Collateral Obligation, at least equal to the forward swap rate for a designated maturity equal to the scheduled maturity of such Collateral Obligation)) and (b) the issuer thereof or obligor thereon may defer or capitalize the remaining portion of the interest due thereon.
Partial Deferrable Obligation. Any Collateral Obligation that by its terms permits the deferral or capitalization of payment of accrued, unpaid interest and that by the terms of the related Underlying Document carries a required current cash pay interest rate of not less than (a) in the case of a Floating Rate Obligation, the Benchmark 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.
Examples of Partial Deferrable Obligation in a sentence
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.
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.
More Definitions of Partial Deferrable Obligation
Partial Deferrable Obligation means any obligation the underlying instruments of which permit a portion of interest payable thereon on any payment or distribution date to be deferred and/or capitalized. "Structured Finance Obligation" means any obligation issued by a special purpose vehicle and secured directly by, referenced to, or representing ownership of, a pool of receivables or other financial assets of any obligor, including collateralized debt obligations and mortgage-backed securities. "Synthetic Security" means a security or swap transaction, other than a participation interest or a letter of credit, that has payments associated with either payments of interest on and/or principal of a reference obligation or the credit performance of a reference obligation. "Zero-Coupon Security" means any debt security that by its terms (a) does not bear interest for all or part of the remaining period that it is outstanding or (b) pays interest only at its stated maturity.
Partial Deferrable Obligation. Any obligation the Reference Instruments of which permit a portion of interest payable thereon on any payment or distribution date to be deferred and/or capitalized.
Partial Deferrable Obligation has the meaning specified in Schedule 4.