Permitted Deferrable Obligation. Any Deferrable Obligation that by the terms of the related Underlying Document requires at all times the payment in cash of an interest rate of not less than (a) in the case of a Floating Rate Obligation, the Reference Rate 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 at the time the Issuer committed to purchase such Deferrable Obligation.
Permitted Deferrable Obligation. Any Deferrable Obligation that (or the Underlying Document 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.
Permitted Deferrable Obligation. Any Deferrable Obligation that, as any date of determination, currently requires (under the terms of the related Underlying Documents and the Obligor’s most recent election, if applicable) the payment in cash of an interest rate of not less than (a) in the case of a Floating Rate Obligation, the benchmark applicable to such Collateral Obligation 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 Permitted 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.
The amount of Principal Proceeds, if any, applied towards the purchase of capitalized interest on a Permitted Deferrable Obligation.
A Deferrable Obligation (other than a Permitted 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 for the shorter of two consecutive accrual periods or one year, which deferred capitalized interest has not, as of the date of determination, been paid in Cash.
As of any Measurement Date, the sum of the products obtained by multiplying, in the case of each Fixed Rate Obligation (including, for any Permitted Deferrable Obligation, only the required current cash interest required by the Underlying Documents thereon), (i) the stated coupon on such Collateral Obligation expressed as a percentage and(ii) the Principal Balance of such Collateral Obligation.
More Definitions of Permitted Deferrable Obligation
Permitted Deferrable Obligation. A Deferrable Obligation that (a) is a First Lien Loan and (b) the Underlying Instruments with respect to which provide for periodic payments of accrued and unpaid interest in cash on a current basis at a rate of at least the London interbank offered rate plus 3.00%.
Permitted Deferrable Obligation. Any Deferrable Obligation that (or the Underlying Document of which) carries a current cash pay interest rate of not less than (a) in the case of a Floating Rate Obligation, the Reference Rate 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. “Permitted Liens”: With respect to the Assets: (i) security interests, liens and other encumbrances created pursuant to the Transaction Documents, (ii) with respect to agented Collateral Obligations, security interests, liens and other encumbrances in favor of the lead agent, the collateral agent or the paying agent on behalf of all holders of indebtedness of such Obligor under the related facility, (iii) with respect to any Equity Security, any security interests, liens and other encumbrances granted on such Equity Security to secure indebtedness of the related Obligor and/or any security interests, liens and other rights or encumbrances granted under any governing documents or other agreement between or among or binding upon the Issuer as the holder of equity in such Obligor and (iv) security interests, liens and other encumbrances, if any, which have
Permitted Deferrable Obligation. Any Deferrable Obligation that (or the Underlying Documents of which) carries a 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. A Deferrable Obligation, that (under the terms of the related Underlying Documents) requires, as of the Obligor’s most recent election, the payment in cash of an interest rate of less than Benchmark plus 1.00% per annum for more than two consecutive quarters shall cease to be a Permitted Deferrable Obligation until such time, if ever, that such Deferrable Obligation has required (under the terms of the related Underlying Documents) the payment in cash of an interest rate of Benchmark plus 1.00% per annum for at least two consecutive quarters, upon which such Deferrable Obligation shall become a Permitted Deferrable Obligation.
Permitted Deferrable Obligation. Any Deferrable Obligation that (or the Underlying Instruments of which) carries a 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; provided, however, that a restructured Collateral Obligation or a new Collateral Obligation, in each case, received in connection with an insolvency, bankruptcy, reorganization, debt restructuring or workout of the obligor thereof that, after such restructuring or receipt thereof (as applicable), either (x) permits the deferral of all interest or (y) has a current cash pay interest rate lower than required by clause (a) or clause (b) of this definition may be deemed a Permitted Deferrable Obligation by the Collateral Manager in its sole discretion.
Permitted Deferrable Obligation. Any Deferrable Obligation that by the terms of the related Underlying Document requires (as of the Obligor’s most recent election), the payment in cash of an 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. A Deferrable Obligation, that (under the terms of the related Underlying Documents) requires, as of the Obligor’s most recent election, the payment in cash of an interest rate of less than Benchmark plus
Permitted Deferrable Obligation. Any Deferrable Obligation that xxxx of any date of determination, currently requires (under the terms of the related Underlying Documents carries a current cash payand the Obligor’s most recent election, if applicable) the payment in cash of an interest rate of not less than (a) in the case of a Floating Rate Obligation, the Reference Ratebenchmark applicable to such Collateral Obligation plus 1.000.50 % 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 at the time the Issuer committed to purchase such Deferrable Obligation.
Permitted Deferrable Obligation. 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 2.00% 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.